AST Capital Growth Asset Allocation Portfolio

C000018399 Fund Overview

AST Capital Growth Asset Allocation Portfolio is a US mutual fund managed by Advanced Series Trust, categorised as United States Large Cap Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Advanced Series Trust
• Category: United States Large Cap Blend / Core Equity
• Assets under management: $11.30B
• 1-year return: 17.2%
• SEC CIK: 0000814679
• SEC series ID: S000006791
• Share class ID: C000018399

C000018399 Investment Objective and Strategy

AST Capital Growth Asset Allocation Portfolio describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Advanced Series Trust.

Investment objective

The investment objective of the Portfolio is to obtain the highest potential total return consistent with its specified level of risk tolerance.

Principal investment strategy

The Portfolios asset allocation generally provides for an allotment of approximately 75% of Portfolio assets to a combination of domestic and international equity strategies and an allotment of approximately 25% of Portfolio assets to a combination of US fixed income, global hedged bond, and emerging market bond investment strategies. To achieve its investment strategies, the Portfolio may invest in other pooled investment vehicles (collectively referred to as underlying portfolios). The asset allocation strategy is determined by the Manager and PGIM Quantitative Solutions LLC (PGIM Quantitative Solutions), the subadviser to the Portfolio. As a general matter, PGIM Quantitative Solutions begins by constructing a neutral allocation for the Portfolio. Each neutral allocation initially divides the assets for the Portfolio across three broad-based securities benchmark indexes.

These three benchmark indexes are the Russell 3000 Index, the MSCI EAFE Index (GD) and the Bloomberg US Aggregate Bond Index. The neutral allocation will emphasize investments in the equity asset class. The selection of specific combinations of underlying Portfolios for the Portfolio generally will be determined by the Manager. The Manager will employ various quantitative and qualitative research methods to establish weighted combinations of underlying Portfolios that are consistent with the neutral allocation for the Portfolio. PGIM Quantitative Solutions will then perform its own forward-looking assessment of macroeconomic, market, financial, security valuation, and other factors. As a result of this assessment, PGIM Quantitative Solutions will further adjust the neutral allocation and the preliminary underlying Portfolio weights for the Portfolio based upon its views on certain factors.

The Portfolio may invest in other pooled investment vehicles, including other portfolios of the Trust, other open-end or closed-end investment companies, and both active and passive exchange-traded funds (ETFs), unit investment trusts, and domestic or foreign private investment pools (including investment companies not registered under the 1940 Act, such as hedge funds) (collectively referred to as underlying portfolios). In addition to the Portfolio's investment in those underlying pooled portfolios, the Portfolio may also invest its assets in the AST PGIM Fixed Income Central Portfolio (the PGIM Central Portfolio). The PGIM Central Portfolio is a special type of investment vehicle for sole use by certain asset allocation portfolios, including the Portfolio. The PGIM Central Portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in investment grade bonds.

Rather than buy bonds directly, the Portfolio may invest in the PGIM Central Portfolio. The Portfolio may invest without limit in the PGIM Central Portfolio. The remainder of the Portfolio's assets will be managed directly by subadvisers to the Portfolio. Those percentages and allocations are subject to change by the Manager and PGIM Quantitative Solutions. Included in the directly managed portion is an overlay strategy managed by PGIM Quantitative Solutions for liquidity and asset allocation purposes. The Portfolio allocates approximately 15-25% of its net assets to the overlay strategy, which is employed through an overlay sleeve. The overlay strategy seeks to allow for the efficient management of Portfolio-level risk and changes in the Portfolios asset levels, liquidity, and asset allocations.

The overlay strategy is also used to access and adjust exposures to various asset classes and underlying strategy allocations. The overlay strategy is invested primarily in (i) derivative instruments including, but not limited to, swaps, forwards, index futures, other futures contracts, and options thereon to provide liquid exposure to the applicable equity and fixed income benchmark indices; and (ii) cash, money market equivalents, short-term debt instruments, money market funds, and short-term debt funds to satisfy all applicable margin requirements for the futures contracts and to provide additional portfolio liquidity to satisfy large-scale redemptions. The overlay strategy may also invest in ETFs for additional exposure to relevant markets. The overlay strategy may temporarily deviate from the allocation indicated due to redemptions in the Portfolio or other circumstances relevant to the Portfolios overall investment process.

C000018399 Holdings

Top 10 holdings of AST Capital Growth Asset Allocation Portfolio by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all C000018399 holdings

C000018399 Portfolio Allocation

Asset-class allocation of AST Capital Growth Asset Allocation Portfolio by percentage of net assets, from the latest SEC N-PORT filing.

C000018399 Performance

Total returns for C000018399 (as of 2026-10-01), from SEC filings.

C000018399 Risk Information

Risk metrics for C000018399, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 9.5%

C000018399 Costs and Fees

C000018399 costs about $86 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.86%
• Gross expense ratio: 0.98%
• Portfolio turnover: 65%
• Brokerage commissions: 1.14 bps of average net assets (SEC N-CEN)

C000018399 Cashflows

Over the 12 months to 2026-06, AST Capital Growth Asset Allocation Portfolio had net outflows of $2.21B, from monthly SEC N-PORT filings.

C000018399 Debt Constituents

Largest debt holdings of AST Capital Growth Asset Allocation Portfolio by percentage of net assets, from the latest SEC N-PORT filing.

C000018399 Prospectus and SEC Filings

Official AST Capital Growth Asset Allocation Portfolio filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-04-16
• Prospectus (485BPOS) — filed 2025-04-17
• Prospectus supplement (497) — filed 2024-11-08
• Portfolio holdings (N-PORT) — filed 2026-08-27
• Portfolio holdings (N-PORT) — filed 2026-05-27
• Portfolio holdings (N-PORT) — filed 2026-02-27
• Annual census (N-CEN) — filed 2026-03-13
• Annual census (N-CEN) — filed 2025-03-14

Related Funds

Other United States Large Cap Blend / Core Equity funds tracked on ABC INVEST:

• Vanguard Total Stock Market Index Fund (VTSMX)
• Vanguard 500 Index Fund (VFINX)
• iShares Core S&P 500 ETF (IVV)
• Fidelity 500 Index Fund (FXAIX)
• Vanguard Institutional Index Fund (VINIX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.