JAMVX VIT Mid Cap Value Portfolio

Defensive-minded specialists aiming to identify undervalued mid-cap opportunities

NAV
$16.34
As of 12/04/2019

1-Day Change
$0.09 (0.55%)
As of 12/04/2019

YTD Return
26.58%
As of 12/04/2019

Morningstar Rating

As of 10/31/2019

Overview

ABOUT THIS PORTFOLIO

As defensive value specialists, we look to invest in high-quality companies with strong management teams, stable balance sheets, and durable competitive advantages that are trading at attractive valuations. We seek to achieve excess returns over full market cycles, with less risk than our benchmark and peers as measured by standard deviation, beta and down market capture.

WHY INVEST IN THIS PORTFOLIO

Attractive Reward/Risk

Our disciplined valuation process measures downside risk before upside potential and invests in securities with favorable reward/risk ratios.

High-Conviction Process

The portfolio typically holds between 60 to 90 stocks with business fundamentals considered more important than fluctuations in the wider economy.

Different Than the Benchmark

The benchmark is not used as a starting point for portfolio construction, which should lead to high active share.

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

Kevin Preloger

Portfolio Manager

Industry since 1997. Joined Firm in 2002.

Justin Tugman, CFA

Portfolio Manager

Industry since 2000. Joined Firm in 2004.

Performance

RETURNS (%) (As of 09/30/2019)
VIT Mid Cap Value Portfolio - Class IS Shares Russell Midcap® Value Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(05/01/2003)
VIT Mid Cap Value Portfolio - Class IS Shares 3.12% 22.94% 4.60% 8.74% 7.64% 9.57% 10.37%
Russell Midcap® Value Index 1.22% 19.47% 1.60% 7.82% 7.55% 12.29% 10.96%
RETURNS (%) (As of 11/30/2019)
VIT Mid Cap Value Portfolio - Class IS Shares Russell Midcap® Value Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(05/01/2003)
VIT Mid Cap Value Portfolio - Class IS Shares 7.18% 27.28% 14.05% 8.37% 7.62% 9.84% 10.49%
Russell Midcap® Value Index 7.41% 23.31% 10.37% 7.65% 7.13% 12.65% 11.05%
CALENDAR YEAR RETURNS (%)
VIT Mid Cap Value Portfolio - Class IS Shares Russell Midcap® Value Index
 
  2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
VIT Mid Cap Value Portfolio - Class IS Shares 33.69 15.66 -2.64 11.14 26.09 8.77 -3.47 19.03 13.94 -13.63
Russell Midcap® Value Index 34.21 24.75 -1.38 18.51 33.46 14.75 -4.78 20.00 13.34 -12.29

MORNINGSTAR PERCENTILE

(As Of 09/30/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 8 24 29 84 34
Mid-Cap Value Category|Rank/Count 33/422 90/394 113/375 261/317 79/237
(As Of 10/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 7 33 28 87 34
Mid-Cap Value Category|Rank/Count 33/424 121/398 109/389 279/325 82/244
GROWTH OF A HYPOTHETICAL INVESTMENT

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

RISK / REWARD
VS. Russell Midcap® Value Index
3YR 5YR
Information Ratio 0.13 0.03
Alpha 0.73 0.56
Tracking Error 2.49 2.74
Beta 0.95 0.92
R-squared (%) 96.50 95.31
UP/DOWN MARKET CAPTURE (%)
VS. Russell Midcap® Value Index
3YR 5YR
Up Capture Ratio 94.64 89.98
Down Capture Ratio 90.07 86.07
STANDARD DEVIATION 3YR 5YR
VIT Mid Cap Value Portfolio 12.81 11.89
Russell Midcap® Value Index 13.27 12.55
SHARPE RATIO 3YR 5YR
VIT Mid Cap Value Portfolio 0.60 0.51
Russell Midcap® Value Index 0.55 0.47
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 12/31/2018)
INSTITUTIONAL SHARES
Management Fees 0.64%
12b-1 Fees -
Other Expenses 0.17%
Total Gross Expenses 0.81%
Waivers 0.00%
Total Net Expenses 0.81%

Portfolio

Index represents the Russell Midcap® Value Index.

(As of 10/31/2019)
% of Portfolio
Equity LifeStyle Properties Inc 3.22
Globe Life Inc 2.94
RenaissanceRe Holdings Ltd 2.85
Evergy Inc 2.81
Mid-America Apartment Communities Inc 2.65
M&T Bank Corp 2.54
Axis Capital Holdings Ltd 2.47
Laboratory Corp of America Holdings 2.44
Cedar Fair LP 2.38
Lamar Advertising Co 2.34
Total 26.64
View full holdings
Portfolio Characteristics (As of 10/31/2019)
  PORTFOLIO INDEX
Number of Holdings
Equity Issues
62 633
Market Capitalization
Weighted Average
$12.95B $15.41B
Portfolio Turnover Rate
(1-year trailing)
42.37% -
Price/Earnings Ratio
(1-year forward)
17.86 19.90
Price/Book Ratio
(1-year forward)
2.98 2.35
Earnings Growth Rate
(1-year forward)
5.89% 0.20%

Sector Allocation % OF PORTFOLIO % of Index % OF PORTFOLIO % of Index (As of 10/31/2019)
Financials 22.86 18.88
Real Estate 15.05 14.92
Industrials 12.42 11.73
Materials 10.77 6.56
Information Technology 10.53 7.24
Utilities 7.43 11.53
Consumer Discretionary 4.45 9.13
Energy 3.70 5.26
Health Care 3.52 6.60
Consumer Staples 2.66 4.44
Communication Services 2.58 3.71
Cash & Equivalents 4.03 -
Regional Allocations % OF PORTFOLIO % of Index % OF PORTFOLIO % of Index (As of 10/31/2019)
North America 94.90 99.61
Africa/Mideast 1.07 -
Cash & Equivalents 4.03 -
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS % OF PORTFOLIO % OF INDEX % OF PORTFOLIO % OF INDEX (As of 10/31/2019)
$50B to $100B 1.37
$10B to $50B 46.75 64.89
$5B to $10B 26.80 24.14
$1B to $5B 21.05 10.93
Developed VS Emerging Markets % OF PORTFOLIO % of Index % OF PORTFOLIO % of Index (As of 10/31/2019)
U.S. 94.13 99.61
Non-U.S. Developed 1.84 0.33
Cash & Equivalents 4.03 -

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