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JABLX

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VIT Balanced Portfolio

25 Years of Dynamic Asset Allocation
NAV As of 08/16/19 $36.97

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Fund Facts

Details Yields Morningstar (As of 07/31/19)
09/13/93 Inception Date
$4.63B Total Net Assets (As of 07/31/19)
GROSS 0.63%
NET 0.63%
Annual Expense Ratio
(As of fiscal year end 12/31/18)
Morningstar Fee Level (As of 07/31/19)
Fee Level Group
Moderate Allocation Institutional
(out of 166 funds)
Morningstar Fee Level Below Average
View Morningstar Fee Level
1.67% Distribution Yield at NAV
(As of 06/30/19)
30 Day SEC Yield (As of 07/31/19)
With Waivers 1.77%
Without Waivers 1.52%
N/A Distribution Frequency
Performance (As of 08/16/19)
0.90% 1 Day Return %
13.78% YTD Return
Category
Allocation-50% to 70% Equity
ic_star ic_star ic_star ic_star ic_star
666 Funds Rated
Overall Rating
(Based on risk-adjusted returns)
LARGE VALUE
LARGE BLEND
LARGE GROWTH
MID VALUE
MID BLEND
MID GROWTH
SMALL VALUE
SMALL BLEND
SMALL GROWTH
Equity Style Box *
HIGH LIMITED
HIGH MODERATE
HIGH EXTENSIVE
MEDIUM LIMITED
MEDIUM MODERATE
MEDIUM EXTENSIVE
LOW LIMITED
LOW MODERATE
LOW EXTENSIVE
Fixed Income Style Box *
Important Morningstar Information

Overview

Client Commitment

Janus Henderson VIT Balanced Portfolio’s dynamic asset allocation strategy has the flexibility to defensively position ahead of market volatility while seeking strong risk-adjusted returns. Unlike many competitor products, where asset allocations are constrained by static targets, the Portfolio’s asset allocations may vary between 35% and 65% equities depending on market conditions.

Why Invest in the Portfolio

    Dynamic Asset Allocation

  1. The Portfolio’s portfolio managers make allocation decisions based on their view of overall market risk and careful examination of individual security valuations across equity and fixed income markets.
  2. Integrated Research

  3. Our equity and fixed income analysts work side-by-side covering the same global sectors, facilitating deeper analysis of a company’s fundamental outlook and understanding of management’s true intentions.
  4. Seeks Consistent Results

  5. The end result is a multi-asset, core holding portfolio offering the potential for long-term capital appreciation with the flexibility to navigate uncertain and volatile markets.

Equity Allocation Adapting to Market Changes

VIT Balanced Portfolio equity allocation in relation to market volatility (12/31/97 – 6/30/19)

Cboe Volatility Index® or VIX® Index® shows the market’s expectation of 30-day volatility. It is constructed using the implied volatilities of a wide range of S&P 500® index options and is a widely used measure of market risk. The VIX Index volatility methodology is the property of Chicago Board of Options Exchange, which is not affiliated with Janus Henderson.

Featured Insights

Performance

RETURNS

(As of 06/30/2019)
(As of 07/31/2019)
Inception: Sep 13, 1993 3M YTD 1YR 3YR 5YR 10YR Since Inception
VIT Balanced Portfolio – IS Shares 3.96% 12.86% 10.18% 12.23% 7.93% 10.34% 9.88%
S&P 500® Index 4.30% 18.54% 10.42% 14.19% 10.71% 14.70% 9.58%
Bloomberg Barclays U.S. Aggregate Bond Index 3.08% 6.11% 7.87% 2.31% 2.95% 3.90% 5.15%
Balanced Index 3.90% 13.01% 9.75% 8.92% 7.36% 9.96% 7.83%
Inception: Sep 13, 1993 3M YTD 1YR 3YR 5YR 10YR Since Inception
VIT Balanced Portfolio – IS Shares 2.60% 14.52% 9.19% 11.64% 8.46% 9.88% 9.91%
S&P 500® Index 1.69% 20.24% 7.99% 13.36% 11.34% 14.03% 9.60%
Bloomberg Barclays U.S. Aggregate Bond Index 3.28% 6.35% 8.08% 2.17% 3.05% 3.75% 5.14%
Balanced Index 2.53% 14.02% 8.50% 8.41% 7.74% 9.53% 7.85%
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.
View Fees and Expenses

MORNINGSTAR PERCENTILE

(As of 06/30/2019)
(As of 07/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 8 1 4 16 6
Allocation-50% to 70% Equity Category
Rank/Count
42/748 5/726 19/682 71/556 10/217
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 5 1 5 16 4
Allocation-50% to 70% Equity Category
Rank/Count
27/734 6/712 19/670 68/549 8/210

CALENDAR YEAR PERFORMANCE

GROWTH OF A $10,000 HYPOTHETICAL INVESTMENT

Source: Morningstar, Inc.
This graph compares fund performance to that of the fund’s Morningstar category average and benchmark(s).

RETURNS-BASED STATISTICS

(As of 07/31/19 INST SHARES)

RISK / REWARD
VS. S&P 500® INDEX

3 YEAR 5 YEAR
Information Ratio -0.33 -0.57
Alpha 3.60 1.52
Tracking Error 5.26 5.06
Beta 0.58 0.60
R-Squared (%) 95.47 95.02

UP AND DOWN MARKET CAPTURE (%)
VS. S&P 500® INDEX

3 YEAR 5 YEAR
Up Capture Ratio 68.43 63.95
Down Capture Ratio 51.67 58.74

STANDARD DEVIATION

3 YEAR 5 YEAR
VIT Balanced Portfolio 7.24 7.40
S&P 500® Index 12.10 11.99

SHARPE RATIO

3 YEAR 5 YEAR
VIT Balanced Portfolio 1.41 1.02
S&P 500® Index 0.99 0.87

ANNUAL FEES & EXPENSES

(As of Fiscal Year End, 12/31/18)

INSTITUTIONAL SHARES
Management Fees 0.55%
12b-1 Fees -
Other Expenses 0.08%
Total Gross Expenses 0.63%
Waivers -
Total Net Expenses 0.63%

Characteristics

TOP HOLDINGS

(As of 07/31/2019)

% of Portfolio
Microsoft Corp 3.72
Mastercard Inc 2.89
Alphabet Inc 2.20
McDonald's Corp 1.97
US Bancorp 1.92
Boeing Co 1.87
Apple Inc 1.85
Costco Wholesale Corp 1.74
UnitedHealth Group Inc 1.69
Home Depot Inc 1.66
TOTAL 21.51

PORTFOLIO CHARACTERISTICS

(As of 07/31/19)

Number of Holdings - Equity Issues 64
Number of Holdings - Debt Issues 519
Market Capitalization
Weighted Average
$239.91B
Portfolio Turnover Rate
(1-year trailing)
80.43%
Price/Earnings Ratio
(1-year forward)
20.98
Price/Book Ratio
(1-year forward)
6.34
Earnings Growth Rate
(1-year forward)
8.74%
Weighted Average Maturity
(years)
9.43
Effective Duration
(years)
6.13

DEVELOPED VS. EMERGING MARKET

(As of 07/31/19)

% OF PORTFOLIO
U.S. 98.15
Non-U.S. Developed 1.51
Non-U.S. Emerging 0.03
Cash & Equivalents 0.31

CREDIT QUALITY OF FIXED INCOME HOLDINGS

(As of 07/31/19)

% OF PORTFOLIO
Aaa 8.98
Aa 10.63
A 3.63
Baa 12.18
Ba 3.92
B 0.54
Bond credit quality ratings provided by Barclays and 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).

SECTOR ALLOCATION

(As of 07/31/19)

% OF PORTFOLIO
Equity 59.81
Information Technology 15.13
Financials 7.84
Industrials 7.67
Consumer Discretionary 7.62
Health Care 7.26
Consumer Staples 5.81
Communication Services 4.44
Real Estate 1.84
Materials 1.19
Energy 1.01
Fixed Income 39.88
Credit-Investment Grade 14.48
MBS 10.42
Treasuries 8.21
Credit-High Yield 4.37
ABS 1.01
CMO 0.96
CMBS 0.34
Bank Loans 0.09
Cash & Equivalents 0.31

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 07/31/2019)

% OF PORTFOLIO
Over $100B 35.64
$50B to $100B 11.38
$10B to $50B 11.89
$1B to $5B 0.90

MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS

(As of 07/31/19)

% OF PORTFOLIO
< 1 yr 0.85
1 - 3 yrs 3.68
3 - 5 yrs 8.02
5 - 7 yrs 8.85
7 - 10 yrs 11.85
10 - 20 yrs 0.96
> 20 yrs 5.53
N/A 0.14

REGIONAL ALLOCATION

(As of 07/31/19)

% OF PORTFOLIO
North America 99.04
Europe 0.54
Africa/Mideast 0.08
Asia/Pacific Ex Japan 0.03
Cash & Equivalents 0.31

Commentary & Literature

2Q19 Portfolio Commentary Highlights

  • Equities wavered during the period, but ultimately finished higher.
  • The Fund performed in line with the Balanced Index.
  • Slowing economic growth and an array of geopolitical concerns are reasons for caution, but our outlook for equities is positive overall, supported in part by potential monetary easing in the U.S.

Read The Full Commentary