AST Multi-Sector Fixed Income Portfolio
Actively managed U.S. bond fund
As of its 2026 Q2 report, AST Multi-Sector Fixed Income Portfolio held 921 positions with $8.52B in net assets. Its ten largest holdings made up 12.0% of the fund. The fund costs 0.72% a year. Over the 12 months to May 2026, it returned 6.6%, with dividends reinvested. In 2026 Q2 it added 39 new positions and exited 87.
The investment objective of the Portfolio is to seek to maximize total return, consistent with the preservation of capital. Total return is comprised of current income and capital appreciation.
The fund is managed by PGIM Fixed Income, which employs top-down economic analysis and bottom-up fundamental research to select a diversified portfolio of investment-grade bonds across multiple sectors, including corporate debt, government securities, and mortgage-related securities, while maintaining duration within one year of a custom blended benchmark. The subadviser may also hold up to 10% in below-investment-grade instruments or unrated securities deemed comparable in quality, and up to 30% in foreign-currency and emerging-market fixed income. Because security selection depends on the subadviser's credit analysis and outlook assessments, portfolio composition will diverge from the benchmark.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
PRUDENTIAL INVESTMENT PORTFOLIOS 9 | 3.40% | $289.35M | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 4.63% · due 2035-02-15 | 2.28% | $193.87M | — |
MICROSOFT CORP 2.52% · due 2050-06-01 | 1.10% | $93.59M | — |
ABBVIE INC 4.05% · due 2039-11-21 | 0.96% | $81.68M | — |
BANK OF AMERICA CORP 2.68% · due 2041-06-19 | 0.85% | $72.20M | — |
UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 1.88% · due 2051-02-15 | 0.75% | $63.90M | — |
BOEING COMPANY (THE) 5.93% · due 2060-05-01 | 0.75% | $63.89M | — |
CVS HEALTH CORP 3.25% · due 2029-08-15 | 0.64% | $54.61M | — |
(PIPA070) PGIM Core Government Money Market Fund | 0.62% | $52.91M | — |
AT&T INC 3.65% · due 2059-09-15 | 0.62% | $52.58M | — |
The 200 largest of 921 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 94.05% |
| Securitized | 4.42% |
| Cash & short-term | 4.02% |
| Stocks | 0.03% |
| Derivatives | -0.31% |
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
By sector
- Other
- 17.9%
- Utilities
- 16.3%
- Financials
- 8.3%
- Communication Services
- 7.4%
- 12 other sectors
- 50.2%
- Other
- 17.9%
- Utilities
- 16.3%
- Financials
- 8.3%
- Communication Services
- 7.4%
- International
- 7.3%
- Health Care
- 6.9%
- Information Technology
- 6.7%
- Government
- 6.5%
- Energy
- 6.2%
- Securitized
- 4.3%
- Cash
- 3.9%
- Industrials
- 3.4%
- Consumer Discretionary
- 2.4%
- Consumer Staples
- 1.5%
- Real Estate
- 0.6%
- Materials
- 0.4%
How it has done
C000123062 share class · total returns with dividends reinvested
Volatility over the last 12 months: 4.70%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Fees & fund details
AST Multi-Sector Fixed Income Portfolio is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Long duration
- Expense ratio, by class
- 0.72%
- Portfolio turnover
- 21.00% a year · as of 2026 Q2
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
39 new· the largest 7
87 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 98.5% |
| Floating rate | 1.5% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 2.8% |
| 1-3y | 4.8% |
| 3-5y | 3.1% |
| 5-10y | 9.7% |
| 10y+ | 78.5% |
| Unknown | 1.0% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 51% |
| Interest rates | 49% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +9.69 yr |
| High yield | +0.01 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.39 yr | 4% |
| 5 yr | 1.36 yr | 15% |
| 10 yr | 4.13 yr | 45% |
| 30 yr | 3.39 yr | 36% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.17 yr | 2% |
| 5 yr | 0.57 yr | 6% |
| 10 yr | 7.63 yr | 79% |
| 30 yr | 1.32 yr | 14% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.02 | +0.01 | +0.00 | $8.6k | $0 |
| 1 yr | +0.39 | +0.16 | +0.01 | $137.2k | $5.6k |
| 5 yr | +1.36 | +0.57 | +0.01 | $484.3k | $5.1k |
| 10 yr | +4.13 | +7.63 | +0.00 | $6.50m | $0 |
| 30 yr | +3.39 | +1.32 | +0.00 | $1.13m | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 9.28 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
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