AST T. Rowe Price Natural Resources Portfolio
Advanced Series Trust
Expense ratio
Net assets1
$193.86M
Holdings1
92
Category
US Equity
Return

Investment objective & strategy

As of April 18, 2024 · prospectus

Objective. The investment objective of the Portfolio is to seek long-term capital growth primarily through the investment in common stocks of companies that own or develop natural resources (such as energy products, precious metals, and forest products) and other basic commodities.

Strategy. In pursuing its investment objective, the Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in the securities of natural resource companies. The Portfolios subadviser, T. Rowe Price Associates, Inc., invests primarily in the common stocks of natural resource companies whose earnings and tangible assets could benefit from accelerating inflation. The Portfolio also may invest in other growth companies that we believe have strong potential for earnings growth but do not own or develop natural resources. The relative percentages invested in natural resource and non-natural resource companies can vary depending on economic and monetary conditions and the Portfolios subadviser's outlook for inflation. Natural resource companies in which the Portfolio invests typically … In pursuing its investment objective, the Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in the securities of natural resource companies. The Portfolios subadviser, T. Rowe Price Associates, Inc., invests primarily in the common stocks of natural resource companies whose earnings and tangible assets could benefit from accelerating inflation. The Portfolio also may invest in other growth companies that we believe have strong potential for earnings growth but do not own or develop natural resources. The relative percentages invested in natural resource and non-natural resource companies can vary depending on economic and monetary conditions and the Portfolios subadviser's outlook for inflation. Natural resource companies in which the Portfolio invests typically own, develop, refine, service or transport resources, including energy, metals, forest products, industrials, utilities, chemicals, real estate, and other basic commodities that can be produced and marketed profitably when both labor costs and prices are rising. In pursuing its investment objective, the Portfolio has the discretion to deviate from its normal investment criteria, as previously described, and purchase securities that the Portfolio believes will provide an opportunity for substantial appreciation. These situations might arise when the Portfolio believes a security could increase in value for a variety of reasons, including an extraordinary corporate event, a new product introduction or innovation, a favorable competitive development, or a change in management. The Portfolio may also invest in other investment companies and illiquid investments. The Portfolio may invest up to 50% of its total assets in foreign and emerging markets securities, including American Depositary Receipts and securities of companies in developing countries, which offer increasing opportunities for natural resource-related growth. The Portfolio may enter into forward foreign currency exchange contracts in connection with its foreign investments. The Portfolios investments in foreign securities, or even in US companies with significant overseas investments, may decline in value because of declining foreign currencies or adverse political and economic events overseas, although currency risk may be somewhat reduced because many commodities markets are dollar based.

Top holdings

As of Dec. 31, 2024 · N-PORT
SecurityTickerValue% of fund
PGIM Institutional Money Market Fund - D $17.04M 8.79%
EXXON MOBIL CORP $10.96M 5.66%
CONOCOPHILLIPS $8.19M 4.23%
SHELL PLC $7.40M 3.82%
CHEVRON CORP $6.45M 3.33%
WILLIAMS COS INC $5.60M 2.89%
LINDE PLC $5.28M 2.72%
EOG RESOURCES INC $5.01M 2.58%
TOTALENERGIES SE $4.83M 2.49%
CAN NATURAL RES $4.19M 2.16%
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Allocation by sector

As of December 31, 2024 · N-PORT
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Portfolio moves

Sep 30, 2024 → Dec 31, 2024
Opened
10
Exited
10
Increased
17
Decreased
65
Unchanged
0

How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.

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Advisers

As of December 31, 2024 · N-CEN
FirmRole
PGIM INVESTMENTS LLC Adviser
T. Rowe Price Associates, Inc. Sub-adviser
AST Investment Services, Inc. Adviser

Footnotes

  1. Net assets and holdings count as of December 31, 2024, from the fund's N-PORT filing.

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