VIT Enterprise Portfolio

Moderate Mid-Cap Growth Equities
NAV As of 08/16/19 $74.24

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Fund Facts

Details Performance (As of 08/16/19) Morningstar (As of 07/31/19)
09/13/93 Inception Date
$1.51B Total Net Assets (As of 07/31/19)
GROSS 0.97%
NET 0.97%
Annual Expense Ratio
(As of fiscal year end 12/31/18)
Morningstar Fee Level (As of 07/31/19)
Fee Level Group
Mid Cap No Load
(out of 300 funds)
Morningstar Fee Level Below Average
View Morningstar Fee Level
1.41% 1 Day Return
25.50% YTD Return
Category
Mid-Cap Growth
ic_star ic_star ic_star ic_star ic_star
537 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 *
Important Morningstar Information

Overview

Client Commitment

By taking a moderate approach to an asset class with potential for fast growth, this mid-cap growth portfolio has demonstrated lower volatility than the index. Unlike many competitor products that focus on short-term growth rates, this strategy seeks to invest in companies exhibiting sustainable and durable growth.

Why Invest in the Portfolio

    “Smart Growth” Approach

  1. The Portfolio’s investment approach focuses on long duration, sustainable growth companies with strong competitive advantages and large addressable markets. We seek to avoid companies with rapid but unsustainable, short-term growth profiles.
  2. Deep, Specialized Team

  3. The Portfolio benefits from in-depth fundamental research, supported by a broad team of analysts, a team of small-mid-cap specialists, and a portfolio management team with experience in the mid-cap space.
  4. Growth Potential with Tempered Volatility

  5. Offering exposure to medium-sized companies with resilient business models, this equity portfolio is designed to weather a variety of market environments and take on moderately less risk than the index.

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 Enterprise Portfolio – SS Shares 7.26% 26.41% 17.02% 19.27% 14.66% 17.53% 11.11%
Russell MidCap® Growth Index 5.40% 26.08% 13.94% 16.49% 11.10% 16.02% 10.02%
Inception: Sep 13, 1993 3M YTD 1YR 3YR 5YR 10YR Since Inception
VIT Enterprise Portfolio – SS Shares 4.62% 28.58% 15.12% 18.12% 15.59% 16.72% 11.14%
Russell MidCap® Growth Index 3.22% 29.03% 14.15% 15.51% 12.30% 15.41% 10.09%
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
Performance for Service Shares that includes periods prior to 12/31/99 reflects the performance of Institutional Shares, adjusted to reflect the expenses of Service Shares.

MORNINGSTAR PERCENTILE

(As of 06/30/2019)
(As of 07/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 12 14 4 5 21
Mid-Cap Growth Category
Rank/Count
79/609 99/580 23/550 18/504 29/147
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 21 14 4 6 21
Mid-Cap Growth Category
Rank/Count
149/609 99/579 24/549 25/504 29/147

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. RUSSELL MIDCAP® GROWTH INDEX

3 YEAR 5 YEAR
Information Ratio 0.88 1.14
Alpha 4.21 4.56
Tracking Error 3.30 3.13
Beta 0.88 0.88
R-Squared (%) 95.10 95.34

UP AND DOWN MARKET CAPTURE (%)
VS. RUSSELL MIDCAP® GROWTH INDEX

3 YEAR 5 YEAR
Up Capture Ratio 99.49 101.42
Down Capture Ratio 78.74 78.41

STANDARD DEVIATION

3 YEAR 5 YEAR
VIT Enterprise Portfolio 12.92 12.45
Russell MidCap® Growth Index 14.25 13.76

SHARPE RATIO

3 YEAR 5 YEAR
VIT Enterprise Portfolio 1.32 1.20
Russell MidCap® Growth Index 0.99 0.83

ANNUAL FEES & EXPENSES

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

SERVICE SHARES
Management Fees 0.64%
12b-1 Fees 0.25%
Other Expenses 0.08%
Total Gross Expenses 0.97%
Waivers -
Total Net Expenses 0.97%

Characteristics

Index represents the Russell MidCap® Growth Index.

TOP HOLDINGS

(As of 07/31/2019)

% of Portfolio
Nice Ltd (ADR) 2.51
Constellation Software Inc/Canada 2.29
Global Payments Inc 2.26
CoStar Group Inc 2.12
Cooper Cos Inc 2.10
Boston Scientific Corp 2.07
Aon PLC 2.06
Microchip Technology Inc 2.03
WEX Inc 2.00
TE Connectivity Ltd 1.92
TOTAL 21.36

PORTFOLIO CHARACTERISTICS

(As of 07/31/19)

PORTFOLIO INDEX
Number of Holdings
Equity Issues
80
399
Market Capitalization
Weighted Average
$18.28B
$18.17B
Portfolio Turnover Rate
(1-year trailing)
12.90%
-
Price/Earnings Ratio
(1-year forward)
24.33
30.01
Price/Book Ratio
(1-year forward)
5.16
9.28
Earnings Growth Rate
(1-year forward)
9.74%
12.37%

DEVELOPED VS. EMERGING MARKET

(As of 07/31/19)

% OF PORTFOLIO % OF INDEX
U.S. 82.77 98.27
Non-U.S. Developed 11.16 1.08
Cash & Equivalents 6.07 -

SECTOR ALLOCATION

(As of 07/31/19)

% OF PORTFOLIO % OF INDEX
Information Technology 32.03 33.38
Industrials 19.02 16.74
Health Care 16.24 15.02
Financials 11.23 4.46
Consumer Discretionary 7.77 15.20
Real Estate 3.52 2.76
Energy 1.69 1.28
Materials 1.25 2.83
Communication Services 1.18 5.13
Cash & Equivalents 6.07 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 07/31/2019)

% OF PORTFOLIO % OF INDEX
$50B to $100B 5.48 1.95
$10B to $50B 54.66 71.45
$5B to $10B 29.46 23.93
$1B to $5B 4.33 2.66

REGIONAL ALLOCATION

(As of 07/31/19)

% OF PORTFOLIO % OF INDEX
North America 88.84 98.27
Africa/Mideast 2.50 -
Europe 1.40 0.60
Asia/Pacific Ex Japan 1.19 1.13
Cash & Equivalents 6.07 -

Commentary & Literature

2Q19 Portfolio Commentary Highlights

  • Stocks gained ground in the second quarter, but were volatile
  • The Portfolio outperformed its benchmark.
  • We remain concerned about high valuations for pockets of the mid-cap market.

Read The Full Commentary