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4Q17 Global & International Equity
VIT Overseas Portfolio Institutional Shares: 471021709/JAIGX
Service Shares: 471021667
as of 12/31/17
Portfolio Description
INVESTMENT STYLE
An international equity portfolio seeking to grow capital by investing with conviction in companies outside the U.S. where the portfolio manager believes the market underestimates free cash flow growth. The Portfolio considers both growth and value criteria as it seeks to deliver strong, risk-adjusted returns over the long term, regardless of market conditions.
SMALL
MID
LARGE
X
VALUE
BLEND GROWTH
MARKET CAPITALIZATION
Morningstar Style Box™ Category Foreign Large Blend
1 yr
3 yr
5 yr
10 yr
Since Inception (5/2/94)
3.98
31.12
3.89
2.51
-0.63
8.81
3.92
30.80
3.63
2.25
-0.88
8.65
MSCI All Country World ex-U.S. IndexSM
5.00
27.19
7.83
6.80
1.84
N/A*
MSCI EAFE® Index
4.23
25.03
7.80
7.90
1.94
5.22
Portfolio Management
Performance (%)
4Q17
George Maris, CFA Julian McManus Garth Yettick, CFA
Institutional Shares Service Shares
Portfolio Characteristics Inception Date
5/2/94
Assets
$821.78M
Number of Holdings Equity Issues
52
Turnover (1 year trailing)
31.91%
Weighted Average Market Cap
$103.33B
Distribution Frequency
Semiannually
Expense Ratios (%) Gross
Net
0.52
0.52
Service Shares 0.77
0.77
Inst Shares
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. For the most recent month-end performance call 800.668.0434 or visit janushenderson.com/VITperformance. High absolute short-term performance is not typical and may not be achieved in the future. Such results should not be the sole basis for evaluating material facts in making an investment decision.
Calendar Year Returns (%)
2008 2009 2010
2011
2012 2013 2014 2015 2016 2017
Institutional Shares
-52.11 79.56 25.31 -32.17 13.47 14.56 -11.87 -8.59 -6.45 31.12
MSCI All Country World ex-U.S. IndexSM
-45.53 41.45 11.15 -13.71 16.83 15.29 -3.87 -5.66
4.50 27.19
Hypothetical Growth of $10,000 Since Inception Institutional Shares
MSCI EAFE® Index
$100,000 $80,000
$73,723
$60,000 $40,000
$33,347
$20,000 $10,000 5/2/94 Source: Morningstar, Inc.
2000
2005
2010
2015
12/31/17
Portfolio Manager information is as of 1/1/18. *Since inception index return is not available for indices created subsequent to fund inception. 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. This Portfolio has a performance-based management fee that may adjust up or down based on the Portfolio’s performance. Returns shown do not represent actual returns since they do not include insurance charges. Returns shown would have been lower had they included insurance charges. Continued on back page.
VIT Overseas Portfolio (as of 12/31/17) Risk Statistics (3 Year)
Fund
Index
Alpha
-5.24
—
Developed vs. Emerging Market Exposure (%) Non-U.S. Developed
71.65
75.27
Non-U.S. Emerging
27.09
24.73
Top Holdings (%)
Fund
Beta
1.27
1.00
R-squared (%)
86.52
100.00
Standard Deviation
16.43
12.04
0.21
0.62
Sharpe Ratio
Statistics are for the Fund’s “parent” share class (typically that with the longest history).
Fund
BNP Paribas SA
4.47
Alibaba Group Holding Ltd (ADR)
4.38
Index
Top Countries (%)
Fund
Index
Diageo PLC
4.10
Japan
17.82
16.51
Nippon Telegraph & Telephone Corp
3.97
France
14.70
7.33
Rio Tinto Ltd
3.76
United Kingdom
12.88
12.22
Mitsubishi UFJ Financial Group Inc
3.69
China
11.80
7.35
Tencent Holdings Ltd
3.44
Netherlands
8.18
2.48
ING Groep NV
3.37
India
6.53
2.17
ASML Holding NV
2.94
Hong Kong
5.25
2.45
AIA Group Ltd
Brazil
4.59
1.69
Total
37.05
Australia
3.76
4.75
Canada
2.49
6.56
Sector Allocation (%)
Fund
Index
Regions (%)
Financials
24.10
23.14
Fund
Index
Information Technology
17.29
11.52
Europe
42.32
45.28
Consumer Discretionary
14.80
11.30
Asia/Pacific Ex Japan
31.51
26.36
Industrials
8.81
11.86
Japan
17.83
16.50
Health Care
7.85
7.63
Latin America
4.59
2.92
Materials
7.48
8.15
North America
2.49
6.56
Consumer Staples
6.94
9.57
Energy
5.61
6.74
Telecommunication Services
3.97
4.03
Utilities
1.14
2.90
Real Estate
0.75
3.16
Cash & Equivalents
1.26
—
2.93
For more information, please visit janushenderson.com. Index represents the MSCI All Country World ex-U.S. IndexSM. Holdings are subject to change without notice. For a complete list of holdings as of the most recent publicly available disclosure period, visit janushenderson.com/VIT. Equity country, regional, sector and industry weights based on MSCI and GICS classifications. Fixed income country, regional, sector and industry weights based on Barclays classifications. Performance may be affected by risks that include those associated with nondiversification, portfolio turnover, short sales, potential conflicts of interest, foreign and emerging markets, initial public offerings (IPOs), high-yield and high-risk securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), derivatives, and commoditylinked investments. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details. Foreign securities are subject to additional risks including currency fluctuations, political and economic uncertainty, increased volatility, lower liquidity and differing financial and information reporting standards, all of which are magnified in emerging markets. Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment. MSCI All Country World ex USA IndexSM reflects the equity market performance of global developed and emerging markets, excluding the U.S. MSCI EAFE® (Europe, Australasia, Far East) Index reflects the equity market performance of developed
markets, excluding the U.S. and Canada. Alpha compares risk-adjusted performance relative to an index. Positive alpha means outperformance on a risk-adjusted basis. Beta measures the volatility of a security or portfolio relative to an index. Less than one means lower volatility than the index; more than one means greater volatility. R-squared (R2) measures the relationship between portfolio and index performance on a scale of 0.00 (0%) to 1.00 (100%). A higher R2 indicates more of the portfolio's performance is affected by market movements and vice versa. Standard Deviation measures historical volatility. Higher standard deviation implies greater volatility. Sharpe Ratio measures riskadjusted performance using excess returns versus the "risk-free" rate and the volatility of those returns. A higher ratio means better return per unit of risk.
Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus or, if available, a summary prospectus containing this and other information, please call Janus Henderson at 800.668.0434 or download the file from janushenderson.com/VIT. Read it carefully before you invest or send money. Janus Henderson is a trademark of Janus Henderson Investors. © Janus Henderson Investors. The name Janus Henderson Investors includes HGI Group Limited, Henderson Global Investors (Brand Management) Sarl and Janus International Holding LLC. Janus Henderson Distributors C-1217-14337 04-15-18 199-15-28939 01-18