VIT Research Portfolio

Large-Cap Growth Utilizing Our Analysts' Best Ideas
NAV As of 08/16/19 $35.81

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Fund Facts

Details Performance (As of 08/16/19) Morningstar (As of 07/31/19)
09/13/93 Inception Date
$527.50M Total Net Assets (As of 07/31/19)
GROSS 0.83%
NET 0.83%
Annual Expense Ratio
(As of fiscal year end 12/31/18)
1.59% 1 Day Return
22.01% YTD Return
Category
Large Growth
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 investing in the best ideas from each global research sector team, this U.S. large-cap growth portfolio seeks long-term growth of capital with volatility similar to its peers. Our analysts identify industry-leading companies with brand power, enduring business models and strong competitive positioning.

Why Invest in the Portfolio

    Managed by Sector Experts

  1. Our teams of dedicated sector specialists conduct independent, differentiated research to construct unique sector portfolios that are combined to form a diversified fund. This design allows investors to benefit directly from the insights and expertise of Janus Henderson’s equity research team.
  2. Pure Stock Picking Approach

  3. Each of our experienced global sector teams builds a high-conviction portfolio of their best ideas. All ideas and position sizes are debated and fully vetted before entry into the portfolio.
  4. Minimize the Macro

  5. This Portfolio’s disciplined investment process is designed to minimize macro risks by aligning sector allocations with the benchmark. This allows fundamental, bottom-up stock selection within each sector to be the primary driver of returns.

Portfolio Management

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 Research Portfolio – SS Shares 5.25% 22.87% 12.98% 15.87% 11.55% 14.01% 8.43%
Russell 1000® Growth Index 4.64% 21.49% 11.56% 18.07% 13.39% 16.28% 9.60%
S&P 500® Index 4.30% 18.54% 10.42% 14.19% 10.71% 14.70% 9.58%
Core Growth Index 4.47% 20.01% 11.00% 16.13% 12.06% 15.50% 9.63%
Inception: Sep 13, 1993 3M YTD 1YR 3YR 5YR 10YR Since Inception
VIT Research Portfolio – SS Shares 1.53% 24.88% 11.16% 14.67% 12.30% 13.25% 8.47%
Russell 1000® Growth Index 2.38% 24.23% 10.82% 17.13% 14.25% 15.74% 9.67%
S&P 500® Index 1.69% 20.24% 7.99% 13.36% 11.34% 14.03% 9.60%
Core Growth Index 2.03% 22.22% 9.41% 15.25% 12.80% 14.89% 9.67%
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 (%) 22 62 52 68 74
Large Growth Category
Rank/Count
325/1402 847/1342 691/1286 799/1117 324/434
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 26 62 50 70 74
Large Growth Category
Rank/Count
392/1405 835/1346 670/1289 826/1121 325/434

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 1000® GROWTH INDEX

3 YEAR 5 YEAR
Information Ratio -0.87 -0.64
Alpha -1.48 -1.31
Tracking Error 2.50 2.58
Beta 0.98 0.99
R-Squared (%) 96.47 96.14

UP AND DOWN MARKET CAPTURE (%)
VS. RUSSELL 1000® GROWTH INDEX

3 YEAR 5 YEAR
Up Capture Ratio 90.32 94.47
Down Capture Ratio 96.18 101.93

STANDARD DEVIATION

3 YEAR 5 YEAR
VIT Research Portfolio 13.18 13.11
Russell 1000® Growth Index 13.27 12.98

SHARPE RATIO

3 YEAR 5 YEAR
VIT Research Portfolio 1.03 0.89
Russell 1000® Growth Index 1.18 1.03

ANNUAL FEES & EXPENSES

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

SERVICE SHARES
Management Fees 0.48%
12b-1 Fees 0.25%
Other Expenses 0.10%
Total Gross Expenses 0.83%
Waivers -
Total Net Expenses 0.83%

Characteristics

Index represents the Russell 1000® Growth Index.

TOP HOLDINGS

(As of 07/31/2019)

% of Portfolio
Microsoft Corp 8.34
Amazon.com Inc 6.32
Alphabet Inc 5.91
Apple Inc 3.39
Visa Inc 3.16
Adobe Inc 3.00
Mastercard Inc 2.89
Facebook Inc 2.57
salesforce.com Inc 2.53
Texas Instruments Inc 2.52
TOTAL 40.63

PORTFOLIO CHARACTERISTICS

(As of 07/31/19)

PORTFOLIO INDEX
Number of Holdings
Equity Issues
83
528
Market Capitalization
Weighted Average
$315.04B
$326.22B
Portfolio Turnover Rate
(1-year trailing)
43.29%
-
Price/Earnings Ratio
(1-year forward)
33.49
29.96
Price/Book Ratio
(1-year forward)
8.74
9.88
Earnings Growth Rate
(1-year forward)
9.62%
9.43%

DEVELOPED VS. EMERGING MARKET

(As of 07/31/19)

% OF PORTFOLIO % OF INDEX
U.S. 99.65 99.62
Cash & Equivalents 0.35 -

SECTOR ALLOCATION

(As of 07/31/19)

% OF PORTFOLIO % OF INDEX
Information Technology 38.11 37.63
Health Care 14.35 14.27
Communication Services 13.18 11.73
Consumer Discretionary 13.15 14.56
Industrials 8.80 9.73
Consumer Staples 3.39 4.69
Financials 3.32 3.20
Materials 3.04 1.40
Real Estate 1.95 2.44
Energy 0.25 0.35
Utilities 0.11 -
Cash & Equivalents 0.35 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 07/31/2019)

% OF PORTFOLIO % OF INDEX
Over $100B 56.72 59.13
$50B to $100B 9.91 12.56
$10B to $50B 26.45 22.58
$5B to $10B 5.30 5.16
$1B to $5B 1.27 0.57

REGIONAL ALLOCATION

(As of 07/31/19)

% OF PORTFOLIO % OF INDEX
North America 99.65 99.61
Cash & Equivalents 0.35 -

Commentary & Literature

2Q19 Portfolio Commentary Highlights

  • Stocks gained ground in the second quarter, but were volatile.
  • The Portfolio outperformed its benchmarks during the period.
  • We believe compelling, long-term growth opportunities can continue to be found throughout the market’s sectors.

Read The Full Commentary