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For Financial Professionals in the US

JAMVX VIT Mid Cap Value Portfolio

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

NAV
$18.91
As of 04/02/2026

1-Day Change
$0.04 (0.21%)
 As of 04/02/2026

YTD Return
6.42%
As of 04/02/2026

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.

Portfolio Management

Justin Tugman, CFA: Portfolio Manager
Justin Tugman, CFA

Portfolio Manager

Industry since 2000. Joined Firm in 2004.

Performance

RETURNS (%) (As of 12/31/2025)
VIT Mid Cap Value Portfolio Institutional Class Russell Midcap® Value Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(12/31/2002)
VIT Mid Cap Value Portfolio Institutional Class 2.04 6.50 6.50 10.29 8.70 8.66 9.64
Russell Midcap® Value Index 1.42 11.05 11.05 12.27 9.83 9.78 10.63
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 02/28/2026)
VIT Mid Cap Value Portfolio Institutional Class Russell Midcap® Value Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(12/31/2002)
VIT Mid Cap Value Portfolio Institutional Class 11.31 11.14 17.29 12.44 10.20 10.31 10.08
Russell Midcap® Value Index 9.27 9.21 19.33 13.89 10.17 11.31 10.98
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 (%)
VIT Mid Cap Value Portfolio Institutional Class Russell Midcap® Value Index
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
VIT Mid Cap Value Portfolio Institutional Class 6.50 13.11 11.40 -5.56 19.73 -0.92 30.35 -13.63 13.94 19.03
Russell Midcap® Value Index 11.05 13.07 12.71 -12.03 28.34 4.96 27.06 -12.29 13.34 20.00
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.

Morningstar Percentile

 (As of 03/31/2026) 1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 51 52 54 68 57
US Fund Mid-Cap Value | Rank/Count 188/414 177/393 173/383 206/345 123/217
 (As of 03/31/2026) 1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 51 52 54 68 52
US Fund Mid-Cap Value | Rank / Count 188/414 177/393 173/383 206/345 112/217

Growth of a Hypothetical Investment

Mid Cap Value Portfolio - Institutional Shares Russell Midcap® Value Index Mid-Cap Value Russell 3000 TR Index
Source: Morningstar, Inc.

This graph compares the performance of a hypothetical $1 investment in the fund, the fund’s Morningstar category average and its benchmark(s). Fund performance is on a Net Asset Value (NAV) basis with net income reinvested where applicable.

Returns-Based Statistics (As of 02/28/2026 Class INSTITUTIONAL Shares)

RISK / REWARD
VS. Russell Mid Cap Value TR USD		 3YR 5YR
Information Ratio -0.50 -0.07
Alpha -1.09 0.19
Tracking Error 3.02 3.27
Beta 0.94 0.93
R-squared (%) 95.98 96.43
UP/DOWN MARKET CAPTURE (%)
Russell Mid Cap Value TR USD		 3YR 5YR
Up Capture Ratio 91.27 91.84
Down Capture Ratio 97.32 93.22
STANDARD DEVIATION 3YR 5YR
Mid Cap Value Portfolio 14.51 15.96
Russell Mid Cap Value TR USD 15.07 16.92
SHARPE RATIO 3YR 5YR
Mid Cap Value Portfolio 0.47 0.39
Russell Mid Cap Value TR USD 0.57 0.38
Annual Fees & Expenses (As of the most recent prospectus)
INSTITUTIONAL SHARES
Management Fees 0.75%
Other Expenses 0.18%
Total Gross Expenses 0.93%
Waivers 0.00%
Total Net Expenses 0.93%

Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on April 30, 2025. 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 02/28/2026)
% of Fund
Alliant Energy Corp 2.78
Casey's General Stores Inc 2.29
Agree Realty Corp 2.29
Entergy Corp 2.24
Freeport-McMoRan Inc 2.20
Littelfuse Inc 2.15
Everest Group Ltd 2.09
Expand Energy Corp 2.05
Wintrust Financial Corp 2.04
Lamar Advertising Co 2.02
TOTAL 22.15
View full holdings
Portfolio Characteristics (As of 02/28/2026)
  PORTFOLIO INDEX
Number of Holdings
Equity Issues		 77 712
Market Capitalization
Weighted Average		 $30.05B $30.63B
Portfolio Turnover Rate
(1-year trailing)		 34.18% -
Price/Earnings Ratio
(1-year forward)		 17.19 16.70
Price/Book Ratio
 2.57 2.57
Earnings Growth Rate
(1-year forward)		 13.24% 14.53%
Sector Allocation % of Fund % of Index % of Fund % of Index As of 02/28/2026
Equity country, regional, sector and industry weights primarily based on MSCI and GICS classifications.
Regional Allocation % of Fund % of Index % of Fund % of Index As of 02/28/2026
Developed vs Emerging Markets % of Fund % of Index % of Fund % of Index As of 02/28/2026
Market Capitalization Range of Equity Holdings % of Fund % of Index % of Fund % of Index As of 02/28/2026

Documents

Related Insight

Small cap and value: Monitoring the shift in market leadership
Mar 26, 2026
Timely & Topical

Small cap and value: Monitoring the shift in market leadership

Since last April, small-cap and value stocks have outperformed large-cap growth and big tech. Can the rotation continue?

Read More

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