Strategy. The portfolios sub-adviser, Janus Henderson Investors US LLC (the sub-adviser), under normal conditions, invests primarily in common stocks selected for their growth potential, and normally invests at least 80% of the portfolios net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of medium-sized companies. The sub-adviser considers medium-sized companies to be those whose market capitalization falls within the range of companies included in the Russell Midcap Growth Index 1 , a benchmark of the portfolio, which as of December 31, 2024, was between approximately $ 343 million to $151.9 billion. The portfolio may also invest in foreign securities, which may include investments in emerging markets, and it may invest up to 5% of its … Show more… The portfolios sub-adviser, Janus Henderson Investors US LLC (the sub-adviser), under normal conditions, invests primarily in common stocks selected for their growth potential, and normally invests at least 80% of the portfolios net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of medium-sized companies. The sub-adviser considers medium-sized companies to be those whose market capitalization falls within the range of companies included in the Russell Midcap Growth Index 1 , a benchmark of the portfolio, which as of December 31, 2024, was between approximately $ 343 million to $151.9 billion. The portfolio may also invest in foreign securities, which may include investments in emerging markets, and it may invest up to 5% of its net assets in exchange traded funds. The sub-adviser applies a bottom-up approach in choosing investments. In other words, the portfolio manager looks at companies one at a time to determine if a company is an attractive investment opportunity and if it is consistent with the portfolios investment policies. Show less