JAFLX VIT Flexible Bond Portfolio

For 25 years, this active fixed income strategy has been anchoring investor portfolios given its focus on risk-adjusted returns and capital preservation

NAV
$12.04
As of 12/04/2019

1-Day Change
-$0.02 (-0.17%)
As of 12/04/2019

YTD Return
9.49%
As of 12/04/2019

Overview

ABOUT THIS PORTFOLIO

This dynamic core bond portfolio leverages a bottom-up, fundamentally driven investment process designed to generate risk-adjusted outperformance and capital preservation. Throughout its 25 year history, the Portfolio has utilized an active and flexible approach to manage across a variety of market and rate cycles.

WHY INVEST IN THIS PORTFOLIO

Dynamic Core Bond Holding
By emphasizing risk-adjusted returns and capital preservation, the portfolio can serve as a foundation for a fixed income portfolio. The strategy uses a bottom-up, fundamentally driven investment process that seeks to identify the best opportunities across fixed income sectors, including up to 35% high yield.

Integrated Research
Partnership and fluid communication between fixed income and equity analysts promote idea generation. Credit research emphasizes free-cash-flow generation, quality of management and security valuation.

Sophisticated Risk Management
Our proprietary fixed income portfolio and risk-management system, Quantum Global, is integrated into the investment process at each step. We identify and measure the sources of risk in the portfolio at multiple levels to confirm that the portfolio is positioned as intended.

Knowledge. Shared

At Janus Henderson, we believe in the sharing of expert insight for better investment and business decisions. We call this ethos Knowledge. Shared.

PORTFOLIO MANAGEMENT

Darrell Watters

Head of U.S. Fundamental Fixed Income | Portfolio Manager

Industry since 1986. Joined Firm in 1993.

Mayur Saigal

Portfolio Manager

Industry since 2002. Joined Firm in 2005.

Michael Keough

Portfolio Manager

Industry since 2006. Joined Firm in 2007.

Performance

RETURNS (%) (As of 09/30/2019)
VIT Flexible Bond Portfolio - Class IS Shares Bloomberg Barclays U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(09/13/1993)
VIT Flexible Bond Portfolio - Class IS Shares 2.57% 8.94% 9.51% 2.82% 2.99% 4.35% 6.21%
Bloomberg Barclays U.S. Aggregate Bond Index 2.27% 8.52% 10.30% 2.92% 3.38% 3.75% 5.19%
RETURNS (%) (As of 11/30/2019)
VIT Flexible Bond Portfolio - Class IS Shares Bloomberg Barclays U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(09/13/1993)
VIT Flexible Bond Portfolio - Class IS Shares 0.08% 9.39% 10.55% 3.94% 2.81% 4.17% 6.18%
Bloomberg Barclays U.S. Aggregate Bond Index -0.28% 8.79% 10.79% 4.10% 3.08% 3.59% 5.17%
CALENDAR YEAR RETURNS (%)
VIT Flexible Bond Portfolio - Class IS Shares Bloomberg Barclays U.S. Aggregate Bond Index
 
  2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
VIT Flexible Bond Portfolio - Class IS Shares 13.22 7.97 6.74 8.34 -0.14 4.94 0.22 2.46 3.62 -1.00
Bloomberg Barclays U.S. Aggregate Bond Index 5.93 6.54 7.84 4.22 -2.02 5.97 0.55 2.65 3.54 0.01

MORNINGSTAR PERCENTILE

(As Of 09/30/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 55 75 73 52 7
Intermediate Core-Plus Bond Category|Rank/Count 320/627 434/590 377/532 244/468 7/192
(As Of 10/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 51 74 74 49 7
Intermediate Core-Plus Bond Category|Rank/Count 301/626 414/586 380/532 232/466 7/189
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 10/31/2019 Inst Shares)

RISK / REWARD
VS. Bloomberg Barclays U.S. Aggregate Bond Index
3YR 5YR
Information Ratio -0.21 -0.50
Alpha 0.19 0.01
Tracking Error 0.76 0.75
Beta 0.89 0.88
R-squared (%) 95.10 94.38
UP/DOWN MARKET CAPTURE (%)
VS. Bloomberg Barclays U.S. Aggregate Bond Index
3YR 5YR
Up Capture Ratio 90.22 86.97
Down Capture Ratio 84.96 85.85
STANDARD DEVIATION 3YR 5YR
VIT Flexible Bond Portfolio 3.01 2.77
Bloomberg Barclays U.S. Aggregate Bond Index 3.29 3.06
SHARPE RATIO 3YR 5YR
VIT Flexible Bond Portfolio 0.52 0.67
Bloomberg Barclays U.S. Aggregate Bond Index 0.52 0.73
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 12/31/2018)
INSTITUTIONAL SHARES
Management Fees 0.50%
12b-1 Fees -
Other Expenses 0.11%
Total Gross Expenses 0.61%
Waivers 0.00%
Total Net Expenses 0.61%

Portfolio

Index represents the Bloomberg Barclays U.S. Aggregate Bond Index.

(As of 10/31/2019)
% of Portfolio
United States Treasury Note/Bond, 1.75%, 07/31/24 3.60
United States Treasury Note/Bond, 2.25%, 08/15/49 2.68
United States Treasury Note/Bond, 2.12%, 05/31/21 2.67
United States Treasury Note/Bond, 2.00%, 05/31/24 2.35
United States Treasury Note/Bond, 2.38%, 02/29/24 1.54
United States Treasury Note/Bond, 1.75%, 06/30/24 1.43
United States Treasury Note/Bond, 1.62%, 08/15/29 1.19
United States Treasury Note/Bond, 3.00%, 02/15/49 1.06
Ginnie Mae, 4.50%, 11/20/19 0.88
Freddie Mac Pool, 3.00%, 09/01/47 0.80
Total 18.20
View full holdings
Portfolio Characteristics (As of 10/31/2019)
  PORTFOLIO INDEX
Number of Holdings
Debt Issues
491 10863
Portfolio Turnover Rate
(1-year trailing)
164.66% -
Weighted Average Maturity
(years)
7.89 13.06
Effective Duration
(years)
5.61 5.77

Sector Allocation % OF PORTFOLIO % of Index % OF PORTFOLIO % of Index (As of 10/31/2019)
US Preferred Stock 0.21 -
Credit-Investment Grade 39.50 25.09
MBS 25.70 26.88
Treasuries 18.93 39.80
Credit-High Yield 6.65 0.01
CMO 4.09 -
ABS 3.47 0.45
CMBS 0.92 2.01
Government Related 0.12 4.83
Cash & Equivalents 0.41 -
Regional Allocations % OF PORTFOLIO % of Index % OF PORTFOLIO % of Index (As of 10/31/2019)
North America 97.90 92.97
Europe 1.57 3.27
Latin America 0.12 1.08
Cash & Equivalents 0.41 -
Developed VS Emerging Markets % OF PORTFOLIO % of Index % OF PORTFOLIO % of Index (As of 10/31/2019)
U.S. 97.55 91.81
Non-U.S. Developed 1.92 5.25
Non-U.S. Emerging 0.12 1.61
Cash & Equivalents 0.41 -
MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS % OF PORTFOLIO % OF INDEX % OF PORTFOLIO % OF INDEX (As of 10/31/2019)
< 1 yr 2.31 0.89
1 - 3 yrs 12.85 20.40
3 - 5 yrs 26.24 14.64
5 - 7 yrs 22.91 10.29
7 - 10 yrs 22.50 10.03
10 - 20 yrs 2.91 8.15
> 20 yrs 9.14 35.60
N/A 0.52 -
Credit Quality of Fixed Income Holdings % OF PORTFOLIO % of Index % OF PORTFOLIO % of Index (As of 10/31/2019)
Aaa 47.42 72.07
Aa 0.49 3.43
A 9.76 10.67
Baa 33.41 13.82
Ba 6.18 0.01
B 1.71 -
NOT RATED 0.41 -

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