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For Financial Professionals in the US

VIT Flexible Bond Portfolio

For 25 years, this active fixed income strategy has been anchoring investor portfolios given its focus on risk-adjusted returns and capital preservation

NAV
$11.05
As of 02/21/2025

1-Day Change
$0.05 (0.45%)
 As of 02/21/2025

YTD Return
1.66%
As of 02/21/2025

Overview

About This Portfolio

This dynamic core bond portfolio leverages a bottom-up, fundamentally driven investment process designed to generate risk-adjusted outperformance and capital preservation. Throughout its 25 year history, the Portfolio has utilized an active and flexible approach to manage across a variety of market and rate cycles.

Why Invest in This Portfolio

Dynamic Core Bond Holding
By emphasizing risk-adjusted returns and capital preservation, the portfolio can serve as a foundation for a fixed income portfolio. The strategy uses a bottom-up, fundamentally driven investment process that seeks to identify the best opportunities across fixed income sectors, including up to 35% high yield.

Integrated Research
Partnership and fluid communication between fixed income and equity analysts promote idea generation. Credit research emphasizes free-cash-flow generation, quality of management and security valuation.

Sophisticated Risk Management
Our proprietary fixed income portfolio and risk-management system, Quantum Global, is integrated into the investment process at each step. We identify and measure the sources of risk in the portfolio at multiple levels to confirm that the portfolio is positioned as intended.

Portfolio Management

Greg Wilensky, CFA

Head of US Fixed Income/Head of Core Plus | Portfolio Manager

Industry since 1993. Joined Firm in 2020.

Michael Keough

Portfolio Manager

Industry since 2006. Joined Firm in 2007.

John Lloyd

Lead, Multi-Sector Credit Strategies | Portfolio Manager

Industry since 1998. Joined Firm in 2005.

Performance

RETURNS (%) (As of 12/31/2024)
VIT Flexible Bond Portfolio Service Class Bloomberg U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(09/13/1993)
VIT Flexible Bond Portfolio Service Class -3.08 1.63 1.63 -2.69 0.09 1.35 4.98
Bloomberg U.S. Aggregate Bond Index -3.06 1.25 1.25 -2.41 -0.33 1.35 4.25
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.

Mutual fund performance for some periods may incorporate returns from older share classes, adjusted for fees and expenses. Visit janushenderson.com/synthetic for specific details.
RETURNS (%) (As of 01/31/2025)
VIT Flexible Bond Portfolio Service Class Bloomberg U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(09/13/1993)
VIT Flexible Bond Portfolio Service Class 0.16 0.64 2.19 -1.82 -0.18 1.23 4.98
Bloomberg U.S. Aggregate Bond Index -0.07 0.53 2.07 -1.52 -0.60 1.19 4.26
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.

Mutual fund performance for some periods may incorporate returns from older share classes, adjusted for fees and expenses. Visit janushenderson.com/synthetic for specific details.
Calendar Year Returns (%)
VIT Flexible Bond Portfolio Service Class Bloomberg U.S. Aggregate Bond Index
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
VIT Flexible Bond Portfolio Service Class 1.63 5.29 -13.90 -1.11 10.25 9.28 -1.29 3.35 2.22 -0.06
Bloomberg U.S. Aggregate Bond Index 1.25 5.53 -13.01 -1.54 7.51 8.72 0.01 3.54 2.65 0.55
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.

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

Mutual fund performance for some periods may incorporate returns from older share classes, adjusted for fees and expenses. Visit janushenderson.com/synthetic for specific details.

Morningstar Percentile

 (As of 12/31/2024)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 78 77 51 73 12
Intermediate Core-Plus Bond | Rank/Count 421/581 371/541 250/497 286/421 14/147
 (As of 01/31/2025)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 81 78 54 74 12
Intermediate Core-Plus Bond | Rank / Count 440/577 379/540 259/496 295/420 14/147

Growth of a Hypothetical Investment

Flexible Bond Portfolio - Service Shares Bloomberg U.S. Aggregate Bond Index Intermediate Core-Plus Bond
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 01/31/2025 Class SERVICE Shares)

RISK / REWARD
VS. Bloomberg U.S. Aggregate Bond TR Index		 3YR 5YR
Information Ratio -0.07 0.38
Alpha 0.06 0.87
Tracking Error 0.81 1.81
Beta 1.02 1.05
R-squared (%) 98.99 93.35
UP/DOWN MARKET CAPTURE (%)
Bloomberg U.S. Aggregate Bond TR Index		 3YR 5YR
Up Capture Ratio 102.19 116.38
Down Capture Ratio 101.92 105.71
STANDARD DEVIATION 3YR 5YR
Flexible Bond Portfolio 7.94 6.91
Bloomberg U.S. Aggregate Bond TR Index 7.75 6.37
SHARPE RATIO 3YR 5YR
Flexible Bond Portfolio -0.70 -0.35
Bloomberg U.S. Aggregate Bond TR Index -0.71 -0.48
Annual Fees & Expenses (As of the most recent prospectus)
SERVICE SHARES
Management Fees 0.50%
12b-1 Fees 0.25%
Other Expenses 0.14%
Total Gross Expenses 0.89%
Waivers -0.07%
Total Net Expenses 0.82%

Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on April 29, 2024. This contractual waiver may be terminated or modified only at the discretion of the Portfolio's Board of Trustees.

Portfolio

Index represents the Bloomberg Barclays U.S. Aggregate Bond Index.

Top Holdings (As of 01/31/2025)
% of Fund
United States Treasury Note/Bond, 4.62%, 11/15/44 2.29
United States Treasury Note/Bond, 4.25%, 11/15/34 2.27
United States Treasury Note/Bond, 4.25%, 08/15/54 1.93
United States Treasury Note/Bond, 4.25%, 01/31/30 1.10
Ginnie Mae, 3.50%, 02/20/25 0.86
Citigroup Inc, 5.59%, 11/19/34 0.81
Ginnie Mae, 2.50%, 02/20/25 0.75
United States Treasury Note/Bond, 4.62%, 06/30/26 0.67
Centene Corp, 4.25%, 12/15/27 0.59
Hasbro Inc, 6.05%, 05/14/34 0.58
TOTAL 11.85
View full holdings
Portfolio Characteristics (As of 01/31/2025)
  PORTFOLIO INDEX
Number of Holdings
Debt Issues		 676 13619
Portfolio Turnover Rate
(1-year trailing)		 157.23% -
Weighted Average Maturity
(years)		 6.92 12.37
Effective Duration
(years)		 6.42 6.05
Yield to Worst
 5.56% 4.85%
Sector Allocation % of Fund % of Index % of Fund % of Index As of 01/31/2025
Fixed Income country and/or regional weights primarily based on Bloomberg classifications.
Regional Allocation % of Fund % of Index % of Fund % of Index As of 01/31/2025
Developed vs Emerging Markets % of Fund % of Index % of Fund % of Index As of 01/31/2025
Credit Quality of Fixed Income Holdings % of Fund % of Index % of Fund % of Index As of 01/31/2025
Credit quality ratings reflect the middle rating received from Moody’s, Standard & Poor’s and Fitch, where all three agencies have provided a rating. If only two agencies rate a security, the lowest rating is used. If only one agency rates a security, that rating is used. Ratings are measured on a scale that ranges from Aaa (highest) to D (lowest).
Maturity Breakdown of Fixed Income Holdings % of Fund % of Index % of Fund % of Index As of 01/31/2025

Documents

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