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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
$11.14
As of 11/20/2024

1-Day Change
-$0.02 (-0.18%)
 As of 11/20/2024

YTD Return
1.84%
As of 11/20/2024

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
Greg Wilensky, CFA

Head of U.S. Fixed Income | Head of Core Plus

Industry since 1993. Joined Firm in 2020.

Michael Keough
Michael Keough

Portfolio Manager

Industry since 2006. Joined Firm in 2007.

John Lloyd
John Lloyd

Lead, Multi-Sector Credit Strategies | Portfolio Manager

Industry since 1998. Joined Firm in 2005.

Performance

RETURNS (%) (As of 09/30/2024)
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 5.33 4.86 12.28 -1.72 0.82 1.76 5.12
Bloomberg U.S. Aggregate Bond Index 5.20 4.45 11.57 -1.39 0.33 1.84 4.39
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.

Performance for Service Shares prior to 12/31/99 reflects the performance of Institutional Shares, adjusted to reflect the expenses of Service Shares.

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

RETURNS (%) (As of 10/31/2024)
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 0.18 2.11 11.33 -2.51 0.23 1.40 5.02
Bloomberg U.S. Aggregate Bond Index 0.25 1.86 10.55 -2.20 -0.23 1.49 4.30
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.

Performance for Service Shares prior to 12/31/99 reflects the performance of Institutional Shares, adjusted to reflect the expenses of Service Shares.

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

Calendar Year Returns (%)
VIT Flexible Bond Portfolio Service Class Bloomberg U.S. Aggregate Bond Index
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
VIT Flexible Bond Portfolio Service Class 5.29 -13.90 -1.11 10.25 9.28 -1.29 3.35 2.22 -0.06 4.69
Bloomberg U.S. Aggregate Bond Index 5.53 -13.01 -1.54 7.51 8.72 0.01 3.54 2.65 0.55 5.97
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.

Performance for Service Shares prior to 12/31/99 reflects the performance of Institutional Shares, adjusted to reflect the expenses of Service Shares.

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

Morningstar Percentile

 (As of 09/30/2024)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 62 74 48 72 11
Intermediate Core-Plus Bond | Rank/Count 365/603 361/554 244/527 294/442 14/158
 (As of 10/31/2024)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 68 77 51 74 12
Intermediate Core-Plus Bond | Rank / Count 398/587 367/540 254/512 300/435 14/152

Returns-Based Statistics (As of 10/31/2024 Class SERVICE Shares)

RISK / REWARD
VS. Bloomberg U.S. Aggregate Bond TR Index		 3YR 5YR
Information Ratio -0.07 0.39
Alpha 0.04 0.86
Tracking Error 0.81 1.81
Beta 1.02 1.05
R-squared (%) 98.97 93.31
UP/DOWN MARKET CAPTURE (%)
Bloomberg U.S. Aggregate Bond TR Index		 3YR 5YR
Up Capture Ratio 101.28 115.77
Down Capture Ratio 101.25 105.29
STANDARD DEVIATION 3YR 5YR
Flexible Bond Portfolio 7.92 6.90
Bloomberg U.S. Aggregate Bond TR Index 7.76 6.36
SHARPE RATIO 3YR 5YR
Flexible Bond Portfolio -0.74 -0.27
Bloomberg U.S. Aggregate Bond TR Index -0.75 -0.40
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 10/31/2024)
% of Fund
United States Treasury Note/Bond, 3.88%, 08/15/34 2.60
United States Treasury Note/Bond, 4.12%, 08/15/44 2.29
United States Treasury Note/Bond, 4.12%, 10/31/29 2.29
United States Treasury Note/Bond, 4.62%, 05/15/54 1.86
Fannie Mae or Freddie Mac, 5.50%, 11/14/24 1.23
Ginnie Mae, 3.50%, 11/20/24 0.85
United States Treasury Note/Bond, 3.88%, 10/15/27 0.70
Fannie Mae or Freddie Mac, 4.00%, 11/14/24 0.70
United States Treasury Note/Bond, 4.62%, 06/30/26 0.67
Ginnie Mae, 2.50%, 11/20/24 0.63
TOTAL 13.82
View full holdings
Portfolio Characteristics (As of 10/31/2024)
  PORTFOLIO INDEX
Number of Holdings
Debt Issues		 654 13679
Portfolio Turnover Rate
(1-year trailing)		 180.08% -
Weighted Average Maturity
(years)		 7.14 12.53
Effective Duration
(years)		 6.44 6.12
Yield to Worst
 5.39% 4.73%
Sector Allocation % of Fund % of Index % of Fund % of Index As of 10/31/2024
Fixed Income country and/or regional weights primarily based on Bloomberg classifications.
Regional Allocation % of Fund % of Index % of Fund % of Index As of 10/31/2024
Developed vs Emerging Markets % of Fund % of Index % of Fund % of Index As of 10/31/2024
Credit Quality of Fixed Income Holdings % of Fund % of Index % of Fund % of Index As of 10/31/2024
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 10/31/2024

Documents

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