For Financial Professionals in the US

JAMVX VIT Mid Cap Value Portfolio

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

NAV
$15.90
As of 05/26/2023

1-Day Change
$0.10 (0.63%)
 As of 05/26/2023

YTD Return
-2.81%
As of 05/26/2023

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

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.

View Our Insights

PORTFOLIO MANAGEMENT

Kevin Preloger

Kevin Preloger

Portfolio Manager, Team Leader

Industry since 1997. Joined Firm in 2002.

Justin Tugman, CFA

Justin Tugman, CFA

Portfolio Manager, Team Leader

Industry since 2000. Joined Firm in 2004.

Performance

RETURNS (%) (As of 03/31/2023)
Mid Cap Value Portfolio - Class IS Shares Russell Midcap® Value Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(05/01/2003)
Mid Cap Value Portfolio - Class IS Shares 0.06 0.06 -4.91 16.50 5.30 7.40 9.42
Russell Midcap® Value Index 1.32 1.32 -9.22 20.69 6.54 8.80 10.31
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.

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

RETURNS (%) (As of 04/30/2023)
Mid Cap Value Portfolio - Class IS Shares Russell Midcap® Value Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(05/01/2003)
Mid Cap Value Portfolio - Class IS Shares -7.26 0.00 0.54 12.60 5.25 7.36 9.38
Russell Midcap® Value Index -6.24 1.33 -3.47 15.76 6.43 8.68 10.26
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.

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

Calendar Year Returns (%)
Mid Cap Value Portfolio - Class INSTITUTIONAL Shares Russell Midcap® Value Index
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Mid Cap Value Portfolio - Class INSTITUTIONAL Shares -5.56 19.73 -0.92 30.35 -13.63 13.94 19.03 -3.47 8.77 26.09
Russell Midcap® Value Index -12.03 28.34 4.96 27.06 -12.29 13.34 20.00 -4.78 14.75 33.46

MORNINGSTAR PERCENTILE

(As Of 03/31/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 34 96 79 80 54
Mid-Cap Value | Rank/Count 118/404 373/396 291/385 254/332 124/224
(As Of 04/30/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 32 95 80 80 54
Mid-Cap Value | Rank / Count 131/401 369/392 292/381 249/328 125/225

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

RISK / REWARD
VS. Russell Midcap® Value Index		 3YR 5YR
Information Ratio -0.77 -0.34
Alpha -1.36 -0.86
Tracking Error 4.48 4.19
Beta 0.88 0.89
R-squared (%) 94.88 96.89
UP/DOWN MARKET CAPTURE (%)
VS. Russell Midcap® Value Index		 3YR 5YR
Up Capture Ratio 84.52 86.61
Down Capture Ratio 92.71 91.83
STANDARD DEVIATION 3YR 5YR
Mid Cap Value Portfolio 16.97 19.59
Russell Midcap® Value Index 18.83 21.66
SHARPE RATIO 3YR 5YR
Mid Cap Value Portfolio 0.66 0.18
Russell Midcap® Value Index 0.78 0.23
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 12/31/2022)
INSTITUTIONAL SHARES
Management Fees 0.50%
Other Expenses 0.17%
Total Gross Expenses 0.67%
Waivers 0.00%
Total Net Expenses 0.67%

Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on April 28, 2023. This contractual waiver may be terminated or modified only at the discretion of the Portfolio's Board of Trustees.

 

Portfolio

Index represents the Russell Midcap® Value Index.

Top Holdings (As of 04/30/2023)
% of Portfolio
Alliant Energy Corp 2.58
Hartford Financial Services Group Inc 2.57
Cardinal Health Inc 2.48
Laboratory Corp of America Holdings 2.41
Entergy Corp 2.37
MSC Industrial Direct Co Inc 2.31
Equity LifeStyle Properties Inc 2.29
Baker Hughes Co 2.05
Kellogg Co 1.96
L3Harris Technologies Inc 1.96
Total 22.98
View full holdings
Portfolio Characteristics (As of 04/30/2023)
  PORTFOLIO INDEX
Number of Holdings
Equity Issues		 71 696
Market Capitalization
Weighted Average		 $19.56B $19.55B
Portfolio Turnover Rate
(1-year trailing)		 54.40% -
Price/Earnings Ratio
(1-year forward)		 14.19 14.09
Price/Book Ratio
 2.24 2.05
Earnings Growth Rate
(1-year forward)		 6.33% 13.64%
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

Related Insights

Our intellectual capital is readily available and central to our Knowledge Shared approach"
The value of small caps for the road ahead
Mar 21, 2023
Timely & Topical

The value of small caps for the road ahead

Taking stock of small caps with an eye on the market environment ahead.

4 min read

Emergent Issues Steering A Volatile Market
Jul 28, 2022

Emergent Issues Steering A Volatile Market

We expect key issues that have materialized this year to be influential in market movements going forward.

5 min read