VIT Mid Cap Value Portfolio

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

NAV
$16.15
As of 02/21/2020

1-Day Change
-$0.13 (-0.80%)
As of 02/21/2020

YTD Return
0.19%
As of 02/21/2020

Morningstar Rating

As of 01/31/2020

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 12/31/2019)
VIT Mid Cap Value Portfolio - Class SS Shares Russell Midcap® Value Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(12/31/2002)
VIT Mid Cap Value Portfolio - Class SS Shares 5.98 30.05 30.05 8.39 7.81 9.44 10.11
Russell Midcap® Value Index 6.36 27.06 27.06 8.10 7.62 12.41 11.19
RETURNS (%) (As of 01/31/2020)
VIT Mid Cap Value Portfolio - Class SS Shares Russell Midcap® Value Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(12/31/2002)
VIT Mid Cap Value Portfolio - Class SS Shares 3.66 -1.67 16.49 7.01 8.04 9.52 9.94
Russell Midcap® Value Index 3.73 -1.95 12.96 6.80 7.50 12.50 11.00
CALENDAR YEAR RETURNS (%)
VIT Mid Cap Value Portfolio - Class SS Shares Russell Midcap® Value Index
 
  2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
VIT Mid Cap Value Portfolio - Class SS Shares 32.92 15.36 -2.98 10.79 25.81 8.44 -3.69 18.76 13.63 -13.82
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 12/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 15 32 35 89 45
Mid-Cap Value Category|Rank/Count 79/429 131/408 134/397 290/326 118/250
(As Of 01/31/2020)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 6 28 25 86 43
Mid-Cap Value Category|Rank/Count 28/431 118/410 112/399 279/326 114/251
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 01/31/2020 Svc Shares)

RISK / REWARD
VS. Russell Midcap® Value Index
3YR 5YR
Information Ratio 0.09 0.20
Alpha 0.56 1.06
Tracking Error 2.51 2.68
Beta 0.94 0.92
R-squared (%) 96.34 95.63
UP/DOWN MARKET CAPTURE (%)
VS. Russell Midcap® Value Index
3YR 5YR
Up Capture Ratio 93.33 90.85
Down Capture Ratio 89.92 83.77
STANDARD DEVIATION 3YR 5YR
VIT Mid Cap Value Portfolio 12.55 11.90
Russell Midcap® Value Index 13.05 12.64
SHARPE RATIO 3YR 5YR
VIT Mid Cap Value Portfolio 0.43 0.59
Russell Midcap® Value Index 0.39 0.51
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 12/31/2018)
SERVICE SHARES
Management Fees 0.64%
12b-1 Fees 0.25%
Other Expenses 0.17%
Total Gross Expenses 1.06%
Waivers 0.00%
Total Net Expenses 1.06%

Portfolio

Index represents the Russell Midcap® Value Index.

Top Holdings (As of 01/31/2020)
% of Portfolio
Equity LifeStyle Properties Inc 3.01
Globe Life Inc 2.94
Axis Capital Holdings Ltd 2.73
Evergy Inc 2.67
Fox Corp 2.59
M&T Bank Corp 2.53
WR Grace & Co 2.32
Lamar Advertising Co 2.31
Laboratory Corp of America Holdings 2.30
Citrix Systems Inc 2.28
Total 25.68
View full holdings
Portfolio Characteristics (As of 01/31/2020)
  PORTFOLIO INDEX
Number of Holdings
Equity Issues
65 630
Market Capitalization
Weighted Average
$13.50B $15.82B
Portfolio Turnover Rate
(1-year trailing)
41.50% -
Price/Earnings Ratio
(1-year forward)
20.30 20.14
Price/Book Ratio
(1-year forward)
2.98 2.68
Earnings Growth Rate
(1-year forward)
3.49% 1.41%

Sector Allocation % OF PORTFOLIO % of Index % OF PORTFOLIO % of Index (As of 01/31/2020)
Financials 23.06 18.36
Real Estate 14.10 14.45
Industrials 12.74 11.75
Materials 10.57 6.38
Information Technology 10.18 7.51
Utilities 8.58 12.06
Energy 3.96 5.05
Consumer Discretionary 3.83 8.90
Communication Services 3.78 3.87
Health Care 3.45 7.05
Consumer Staples 2.37 4.62
Cash & Equivalents 3.38 -
Regional Allocations % OF PORTFOLIO % of Index % OF PORTFOLIO % of Index (As of 01/31/2020)
North America 95.55 99.60
Africa/Mideast 1.07 -
Cash & Equivalents 3.38 -
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS % OF PORTFOLIO % OF INDEX % OF PORTFOLIO % OF INDEX (As of 01/31/2020)
$50B to $100B 1.22
$10B to $50B 49.80 66.31
$5B to $10B 25.01 23.89
$1B to $5B 20.59 9.75
Developed VS Emerging Markets % OF PORTFOLIO % of Index % OF PORTFOLIO % of Index (As of 01/31/2020)
U.S. 94.57 99.60
Non-U.S. Developed 2.05 0.34
Cash & Equivalents 3.38 -

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