For Financial Professionals in the US

VIT Forty Portfolio

We believe our differentiated view from the market identifies growth where growth is scarce, positioning our investments to outperform the index over time

NAV
$36.95
As of 06/08/2023

1-Day Change
$0.29 (0.79%)
 As of 06/08/2023

YTD Return
21.31%
As of 06/08/2023

Morningstar Rating

As of 05/31/2023

Overview

ABOUT THIS PORTFOLIO

Concentrated large-cap growth portfolio, leveraging our three decades of experience in high-conviction investing. By investing in our best wide-moat ideas, the Portfolio seeks to add excess returns over the long term. Given its concentrated nature, the Portfolio may exhibit moderately higher volatility than its benchmark.

WHY INVEST IN THIS PORTFOLIO

High-Conviction Approach
Fundamental research-driven approach, investing with conviction in 30 to 40 of our best large-cap growth ideas where we believe we have a differentiated view from the market.

Innovative Wide-Moat Companies
Seeks companies with sustainable competitive advantages that capitalize on their competitive moat to grow market share globally over a multi-year period. Emphasizes dominant companies driving innovation and change through disruptive technologies, products or business models.

Stock Selection Drives Return
Stock picker’s portfolio designed to deliver long-term growth of capital with a high-conviction approach. Seeks to use risk wisely, leveraging our best ideas in a concentrated portfolio to drive potential outperformance of the index over time.

PORTFOLIO MANAGEMENT

Doug Rao

Doug Rao

Portfolio Manager

Industry since 1998. Joined Firm in 2013.

Nick Schommer, CFA

Nick Schommer, CFA

Portfolio Manager

Industry since 2007. Joined Firm in 2013.

Brian Recht

Brian Recht

Portfolio Manager | Research Analyst

Industry since 2011. Joined Firm in 2015.

Performance

RETURNS (%) (As of 03/31/2023)
Forty Portfolio - Class SS Shares Russell 1000® Growth Index S&P 500® Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(05/01/1997)
Forty Portfolio - Class SS Shares 14.05 14.05 -14.52 13.83 11.30 13.65 11.26
Russell 1000® Growth Index 14.37 14.37 -10.90 18.58 13.66 14.59 8.78
S&P 500® Index 7.50 7.50 -7.73 18.60 11.19 12.24 8.52
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.

Performance for Service Shares prior to 12/31/99 reflects the performance of Institutional Shares, adjusted to reflect the expenses of Service Shares.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

RETURNS (%) (As of 05/31/2023)
Forty Portfolio - Class SS Shares Russell 1000® Growth Index S&P 500® Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(05/01/1997)
Forty Portfolio - Class SS Shares 11.10 19.27 8.38 8.43 11.31 13.63 11.37
Russell 1000® Growth Index 12.81 20.76 9.55 12.85 13.84 14.76 8.95
S&P 500® Index 5.75 9.65 2.92 12.92 11.01 11.99 8.55
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.

Performance for Service Shares prior to 12/31/99 reflects the performance of Institutional Shares, adjusted to reflect the expenses of Service Shares.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Calendar Year Returns (%)
Forty Portfolio - Class SERVICE Shares Russell 1000® Growth Index
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Forty Portfolio - Class SERVICE Shares -33.73 22.60 39.03 36.85 1.72 29.99 1.94 11.94 8.47 30.89
Russell 1000® Growth Index -29.14 27.60 38.49 36.39 -1.51 30.21 7.08 5.67 13.05 33.48

MORNINGSTAR PERCENTILE

(As Of 03/31/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 71 67 34 20 6
Large Growth | Rank/Count 878/1255 735/1177 352/1130 193/1038 19/512
(As Of 05/31/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 33 62 36 21 5
Large Growth | Rank / Count 388/1227 653/1153 364/1105 212/1016 17/501

RETURNS-BASED STATISTICS (As of 04/30/2023 Inst Shares)

RISK / REWARD
VS. Russell 1000® Growth Index		 3YR 5YR
Information Ratio -0.98 -0.59
Alpha -3.60 -1.63
Tracking Error 4.37 3.82
Beta 0.99 0.97
R-squared (%) 96.03 96.70
UP/DOWN MARKET CAPTURE (%)
VS. Russell 1000® Growth Index		 3YR 5YR
Up Capture Ratio 89.62 92.09
Down Capture Ratio 101.61 98.22
STANDARD DEVIATION 3YR 5YR
Forty Portfolio 21.92 20.80
Russell 1000® Growth Index 21.69 20.99
SHARPE RATIO 3YR 5YR
Forty Portfolio 0.38 0.49
Russell 1000® Growth Index 0.58 0.59
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 12/31/2022)
SERVICE SHARES
Management Fees 0.48%
12b-1 Fees 0.25%
Other Expenses 0.07%
Total Gross Expenses 0.80%
Total Net Expenses 0.80%

Portfolio

Index represents the Russell 1000® Growth Index.

Top Holdings (As of 04/30/2023)
% of Portfolio
Microsoft Corp 10.77
Apple Inc 8.88
Amazon.com Inc 6.63
Mastercard Inc 6.59
Workday Inc 4.23
Advanced Micro Devices Inc 3.79
NVIDIA Corp 3.07
AbbVie Inc 3.03
Deere & Co 3.01
Meta Platforms Inc 2.97
Total 52.97
View full holdings
Portfolio Characteristics (As of 04/30/2023)
  PORTFOLIO INDEX
Number of Holdings
Equity Issues		 36 509
Market Capitalization
Weighted Average		 $727.35B $835.33B
Portfolio Turnover Rate
(1-year trailing)		 41.61% -
Price/Earnings Ratio
(1-year forward)		 25.21 23.72
Price/Book Ratio
 7.28 9.29
Earnings Growth Rate
(1-year forward)		 33.38% 26.80%
Sector Allocation % OF PORTFOLIO % of Index % OF PORTFOLIO % of Index (As of 04/30/2023)
Regional Allocation % OF PORTFOLIO % of Index % OF PORTFOLIO % of Index (As of 04/30/2023)
Market Capitalization Range of Equity Holdings % OF PORTFOLIO % of Index % OF PORTFOLIO % of Index (As of 04/30/2023)
Developed vs Emerging Markets % OF PORTFOLIO % of Index % OF PORTFOLIO % of Index (As of 04/30/2023)

Documents

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Our intellectual capital is readily available and central to our Knowledge Shared approach"
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