ADVANCED SERIES TRUST - Prudential

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ADVANCED SERIES TRUSTANNUAL REPORT ‰ DECEMBER 31, 2014Based on the variable contract you own or the portfolios you invested in,you may receive additional reports that provide financial information onthose investment choices. Please refer to your variable annuity or variablelife insurance contract prospectus to determine which portfolios areavailable to you.The views expressed in this report and information about the Trust’sportfolio holdings are for the period covered by this report and are subjectto change thereafter.Please note that this document may include prospectus supplements thatare separate from and not a part of this report. Please refer to your variableannuity or variable life insurance contract prospectus to determine whichsupplements are applicable to you.For information regarding enrollment in the e-Delivery program, pleasesee the inside front cover of this report.AST AQR Emerging Markets Equity PortfolioAST BlackRock iShares ETF PortfolioAST Boston Partners Large-CapValue PortfolioAST Cohen & Steers Realty PortfolioAST Goldman Sachs Large-Cap Value PortfolioAST Goldman Sachs Mid-Cap Growth PortfolioAST Goldman Sachs Small-Cap Value PortfolioAST Herndon Large-Cap Value PortfolioAST International Growth PortfolioAST International Value PortfolioAST J.P. Morgan International Equity PortfolioAST Jennison Large-Cap Growth PortfolioAST Large-Cap Value PortfolioAST Loomis Sayles Large-Cap Growth PortfolioAST MFS Global Equity PortfolioAST MFS Growth PortfolioAST MFS Large-Cap Value PortfolioAST Mid-Cap Value PortfolioAST Neuberger Berman Mid-CapGrowth PortfolioAST Neuberger Berman/LSV Mid-CapValue PortfolioAST Parametric Emerging MarketsEquity PortfolioAST QMA Emerging Markets Equity PortfolioAST QMA Large-Cap PortfolioAST Small-Cap Growth PortfolioAST Small-Cap Growth Opportunities PortfolioAST Small-Cap Value PortfolioAST T. Rowe Price Equity Income PortfolioAST T. Rowe Price Large-Cap Growth PortfolioAST T. Rowe Price NaturalResources PortfolioAST Templeton Global Bond PortfolioAST Wellington Management HedgedEquity Portfolio

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Advanced Series TrustTable of ContentsAnnual ReportDecember 31, 2014䡲 LETTER TO CONTRACT OWNERS䡲 REPORT OF THE INVESTMENT MANAGER䡲 PRESENTATION OF PORTFOLIO HOLDINGS䡲 FEES AND EXPENSES䡲 FINANCIAL REPORTSSection ASchedule of Investments and Financial StatementsAST AQR Emerging Markets Equity Portfolio . . . . . . . . . .AST BlackRock iShares ETF Portfolio . . . . . . . . . . . . . . . . .AST Boston Partners Large-Cap Value Portfolio . . . . . . . .AST Cohen & Steers Realty Portfolio . . . . . . . . . . . . . . . . .AST Goldman Sachs Large-Cap Value Portfolio . . . . . . . .AST Goldman Sachs Mid-Cap Growth Portfolio . . . . . . . .AST Goldman Sachs Small-Cap Value Portfolio . . . . . . . .AST Herndon Large-Cap Value Portfolio . . . . . . . . . . . . . .AST International Growth Portfolio . . . . . . . . . . . . . . . . . .AST International Value Portfolio . . . . . . . . . . . . . . . . . . .AST J.P. Morgan International Equity Portfolio . . . . . . . . .AST Jennison Large-Cap Growth Portfolio . . . . . . . . . . . .AST Large-Cap Value Portfolio . . . . . . . . . . . . . . . . . . . . .AST Loomis Sayles Large-Cap Growth Portfolio . . . . . . . .AST MFS Global Equity Portfolio . . . . . . . . . . . . . . . . . . . .AST MFS Growth Portfolio . . . . . . . . . . . . . . . . . . . . . . . . .AST MFS Large-Cap Value Portfolio . . . . . . . . . . . . . . . . .AST Mid-Cap Value Portfolio . . . . . . . . . . . . . . . . . . . . . . .AST Neuberger Berman Mid-Cap Growth Portfolio . . . . .AST Neuberger Berman/LSV Mid-Cap Value Portfolio . . .AST Parametric Emerging Markets Equity Portfolio . . . . . .AST QMA Emerging Markets Equity Portfolio . . . . . . . . . .AST QMA Large-Cap Portfolio . . . . . . . . . . . . . . . . . . . . . .AST Small-Cap Growth Portfolio . . . . . . . . . . . . . . . . . . . .AST Small-Cap Growth Opportunities Portfolio . . . . . . . .AST Small-Cap Value Portfolio . . . . . . . . . . . . . . . . . . . . .AST T. Rowe Price Equity Income Portfolio . . . . . . . . . . .AST T. Rowe Price Large-Cap Growth Portfolio . . . . . . . .AST T. Rowe Price Natural Resources Portfolio . . . . . . . .AST Templeton Global Bond Portfolio . . . . . . . . . . . . . . .AST Wellington Management Hedged Equity Portfolio . .Glossary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Section BSection CSection DSection 3A192A203Notes to Financial StatementsFinancial HighlightsReport of Independent Registered Public Accounting FirmInformation about Trustees and Officers䡲 APPROVAL OF ADVISORY AGREEMENTSThis report may include financial information pertaining to certain portfolios that are not available through the variable lifeinsurance policy or variable annuity contract that you have chosen. Please refer to your variable life insurance or variable annuityprospectus to determine which portfolios are available to you.

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Advanced Series TrustLetter to Contract OwnersAnnual ReportDecember 31, 2014䡲 DEAR CONTRACT OWNERAt Prudential, our primary objective is to help investors achieve and maintain long-term financial success. This AdvancedSeries Trust annual report outlines our efforts to achieve this goal. We hope you find it informative and useful.Prudential has been building on a heritage of success for more than 135 years. The quality of our businesses and riskdiversification has enabled us to manage effectively through volatile markets over time. We believe the array of our productsprovides a highly attractive value proposition to clients like you who are focused on financial security.Your financial professional is the best resource to help you make the most informed investment decisions. Together, you canbuild a diversified investment portfolio that aligns with your long-term financial goals. Please keep in mind thatdiversification and asset allocation strategies do not assure a profit or protect against loss in declining markets.Thank you for selecting Prudential as one of your financial partners. We value your trust and appreciate the opportunity tohelp you achieve financial security.Sincerely,Robert F. O’DonnellPresident,Advanced Series TrustJanuary 30, 2015

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AST AQR Emerging Markets Equity PortfolioDecember 31, 2014Report of the Investment Manager - As of December 31, 2014 (Unaudited) 10,000 INVESTED SINCE MSCI Emerging Markets Index (GD)-1.82-2.30Past performance is no guarantee of future returns. The investment return and principal value ofan investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more orless than their original cost. Current performance may be lower or higher than the pastperformance data quoted.Portfolio Inception: 2/25/2013 Portfolio performance is net of investment fees and fund expenses, butnot contract charges, which, if included, would significantly lower the performance quoted.Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of suchfee waivers and/or expense reimbursements, total returns would be lower. 15,000 9,920 Portfolio 9,583 MSCI Emerging Markets Index (GD) 10,000 5,000 002/2503/3 30/1412/31/14Average Annual Total ReturnsFor the year ended December 31, 2014, the AST AQR Emerging Markets Equity Portfolio returned -3.13%.The net assets of the Portfolio at December 31, 2014 were 263.8 million.The investment objective of the Portfolio is to seek long-term capital appreciation. The Portfolio is subadvised by AQR Capital Management LLC.Emerging equity markets suffered in 2014 from lower commodity prices and a strong U.S. dollar. Falling commodity prices and weak demand fromEurope and China hurt many exporting countries, and the strong U.S. dollar led to declines in many emerging market currencies. Russia was amongthe worst performers due to a combination of geopolitical issues with Ukraine and falling oil prices. China outperformed as easier monetary policy fromthe People’s Bank of China (PBOC) led to a fourth quarter rally in Chinese equities.The Portfolio underperformed its benchmark, the MSCI Emerging Markets Index, which was down -1.82%.The Portfolio employs a disciplined approach emphasizing both top-down country and currency selection and bottom-up stock and industry selection.Investment views are generated using a multi-factor approach based on the combination of valuation, fundamental and price momentum, earningsquality, investor sentiment, stability, and management signaling measures. The overall strategy’s active risk is allocated 50% to stock and industryselection (the majority of this component is allocated to stock selection within industry), 25% to country selection, and 25% to currency selection.All three strategies detracted from performance — of the three strategies, the stock selection model detracted -0.15%, country selection detracted-0.34%, and currency selection detracted -0.52%. The stock selection model, which includes value and momentum within industries and investorsentiment, detracted least, while indirect momentum and management signaling detracted from performance as well. Within the country selectionmodel, the largest contributor to performance was Korea and the largest detractor was India. The currency selection model was the largest drag onPortfolio performance due to AQR’s slight overweight positions in the Hungarian Forint and Polish Zloty relative to the benchmark.Prudential Investments LLC is the manager of the Portfolio and a Prudential Financial company.The MSCI Emerging Markets Index (GD) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the globalemerging markets. The GD version does not reflect the impact of withholding taxes on reinvested dividends. These returns do not include the effect of any investmentmanagement expenses. These returns would have been lower if they included the effect of these expenses. Investors cannot invest directly in a market index. For acomplete list of holdings, please refer to the Schedule of Investments section of this report.1

AST BlackRock iShares ETF PortfolioDecember 31, 2014Report of the Investment Managers - As of December 31, 2014 (Unaudited) 10,000 INVESTED SINCE INCEPTIONSinceInception1/14 012/3Portfolio Inception: 4/29/2013 Portfolio performance is net of investment fees and fund expenses, butnot contract charges, which, if included, would significantly lower the performance quoted.Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of suchfee waivers and/or expense reimbursements, total returns would be lower. 5,0000/14Past performance is no guarantee of future returns. The investment return and principal value ofan investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more orless than their original cost. Current performance may be lower or higher than the pastperformance data quoted. 10,00009/318.910/1413.6606/3S&P 500 Index 15,0001/147.0203/36.141/13Blended Index 11,000 Portfolio 13,347 S&P 500 Year04/2Average Annual Total ReturnsThe Russell 2000 Index is a trademark/service mark of the Frank Russell Company. Russell is atrademark of the Frank Russell Company.For the year ended December 31, 2014, the AST BlackRock iShares ETF Portfolio returned 3.58%.The net assets of the Portfolio at December 31, 2014 were 232.9 million.The investment objective of the Portfolio is to maximize total return with a moderate level of risk. The Portfolio is subadvised by BlackRock FinancialManagement, Inc.The Portfolio underperformed its benchmark, the Blended Index, which returned 6.14%. The Portfolio’s underperformance was primarily due to lowerexposure than the benchmark to changes in interest rates and greater exposure to stocks in the euro zone and Japan. The Portfolio was overweight instocks over bonds through most of the year.The Portfolio’s stock performance was hurt by its exposure to the Japanese yen because the yen fell to multi-year lows, more than offsetting equityprice gains. Currency exposure aside, the Portfolio largely benefited from its overweight in developed markets, particularly the United States andJapan. The U.S. market had a strong year, supported by accelerating economic growth, falling unemployment, and reviving manufacturing. Japanbenefited from continued economic stimulus. On the other hand, euro zone stocks suffered from lackluster growth and deflationary forces, such ashigh unemployment, zero wage growth, and falling oil prices.With the belief that cyclical sectors are well-positioned to benefit from the U.S. economic recovery, the Portfolio maintained overweights in thefinancial, health care, and technology sectors, all three of which outperformed the broader S&P 500. In the first half of the year, the Portfolio initiateda position in the iShares U.S. Oil & Gas Exploration ETF based on relatively cheap valuations. This position detracted as oil prices ended the yearsharply down due to a supply glut and slowing global demand.The Portfolio’s bond holdings were hurt by underexposure to changing U.S. interest rates as yields unexpectedly fell over the period. The Portfolio alsowasn’t positioned to benefit from falling credit spreads for high yield bonds.Prudential Investments LLC and AST Investment Services, Inc. (ASTI) are co-managers of the Portfolio and are Prudential Financial companies.Blended Index consists of S&P 500 (25%), an unmanaged, market value-weighted index of 500 stocks generally representative of the broad stock market, Russell2000 Index (5%), an unmanaged capitalization-weighted index which is comprised of 2000 of the smallest capitalized U.S. domiciled companies whose common stockis traded in the U.S. on the New York Stock Exchange, American Stock Exchange and over-the-counter market, Barclays U.S. Aggregate Bond Index (52%), anunmanaged index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, and MSCI EAFE (Morgan Stanley CapitalInternational Europe, Australasia, Far East) Index (GD) (15%), an unmanaged capitalization-weighted index generally accepted as a benchmark for major overseasmarkets. The GD version does not reflect the impact of withholding taxes on reinvested dividends. Markit iBoxx U.S. Dollar Liquid High Yield Total Return Index (3%),is an index designed to provide a broad representation of the U.S. dollar-denominated high yield liquid corporate bond market. These returns do not include the effect ofany investment management expenses. These returns would have been lower if they included the effect of these expenses. Investors cannot invest directly in amarket index. For a complete list of holdings, please refer to the Schedule of Investments section of this report.2

AST Boston Partners Large-Cap Value PortfolioDecember 31, 2014Report of the Investment Managers - As of December 31, 2014 (Unaudited) 10,000 INVESTED SINCE INCEPTIONSinceInception13.2415.6416.14Past performance is no guarantee of future returns. The investment return and principal value ofan investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more orless than their original cost. Current performance may be lower or higher than the pastperformance data quoted. 20,000 15,000 10,000Portfolio inception: 9/25/2009. Portfolio performance is net of investment fees and fund expenses, butnot contract charges, which, if included, would significantly lower the performance quoted.Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of suchfee waivers and/or expense reimbursements, total returns would be lower. 5,000 014Russell 1000 Index 25,00012/31/15.541315.4212/31/13.4512Russell 1000 Value Index 18,532 Portfolio 21,935 Russell 1000 /31/5-Year091-Year09/25/Average Annual Total ReturnsThe Russell 1000 and 1000 Value Indexes are trademarks of the Frank Russell Company. Russell isa trademark of the Frank Russell Company.For the year ended December 31, 2014, the AST Boston Partners Large-Cap Value Portfolio returned 10.27%.The net assets of the Portfolio at December 31, 2014 were 696.1 million.The Portfolio’s investment objective is capital appreciation. The Portfolio is subadvised by Boston Partners.Note: Prior to November 24, 2014, the Portfolio was known as the AST Jennison Large-Cap Value Portfolio, and was subadvised by JennisonAssociates LLC (Jennison). The Portfolio’s performance for the period was largely a result of Jennison’s management.The Portfolio underperformed its benchmark, the Russell 1000 Value Index, which returned 13.45%.Stock selection in consumer discretionary was the largest detractor from relative results, driven by JC Penney, which was sold during the year. Bothconsumer staples and utilities fell short of expectations due primarily to stock selection, though an underweight to the sectors also hurt. Avon Productsand NRG Energy drove respective results in those sectors. Revenue and sales were disappointing for Avon Products. NRG Energy shares have been weigheddown by declining gas prices and concerns over the cash flow impact of two new initiatives — carbon capture and electric vehicle charging.Conversely stock selection in other sectors contributed positively to relative performance. In the health care sector, Actavis and HCA Holdings drove returns.Actavis reported good revenue and earnings and raised its sales and profit guidance. After major acquisitions, it has grown in size and scope, and is now,in the opinion of Boston Partners, a formidable brand/generic hybrid pharmaceutical company with a global scope. HCA Holdings, an operator of hospitalsand freestanding surgery centers, benefited from better-than-anticipated utilization as a result of the Affordable Care Act. Boston Partners likes itsindustry-leading scale, which drives cost synergies, significant cash flow, and large market share in fast-growing Texas and Florida.Relative gain in industrials was driven by advances in United Continental Holdings. Airlines generally outperformed the industrials sector and theoverall market. Earnings, revenue, and guidance were solid, as cost cuts and higher pricing took hold. United further announced a share buyback andappears on track to achieve several key revenue initiatives, including improvements to capacity management on Asian flights.Information technology holdings Flextronics and Applied Materials were also standouts. Flextronics, a global electronics manufacturer, enjoyed growthin its industrial and high reliability solutions businesses. Applied Materials benefited from solid earnings and margins. In Boston Partner’s view, thenew management team is executing well on improving margins, increasing growth in the Applied Global Services growth, and gaining market share inthe Solar & Display businesses.Prudential Investments LLC and AST Investment Services, Inc. (ASTI) are co-managers of the Portfolio and are Prudential Financial companies.Russell 1000 Value Index is an unmanaged index comprised of securities in the Russell 1000 Index with a less-than-average growth orientation. Companies in thisindex generally have low price-to-book and price-to-earnings ratios. Russell 1000 Index is an unmanaged, capitalization-weighted index which is comprised of 1,000 ofthe smallest capitalized U.S. domiciled companies whose common stock is traded in the U.S. on the New York Stock Exchange, American Stock Exchange, and over-thecounter market. These returns do not include the effect of any investment management expenses. These returns would have been lower if they included the effect ofthese expenses. Investors cannot invest directly in a market index. For a complete list of holdings, please refer to the Schedule of Investments section of this report.Jennison Associates LLC is a registered investment adviser and a Prudential Financial company.3

AST Cohen & Steers Realty PortfolioDecember 31, 2014Report of the Investment Managers - As of December 31, 2014 e US REIT Total Return Index31.7817.268.26FTSE NAREIT Equity REIT Index30.1416.888.31 10,000 INVESTED OVER 10 YEARS10-YearPast performance is no guarantee of future returns. The investment return and principal value ofan investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more orless than their original cost. Current performance may be lower or higher than the pastperformance data quoted.Portfolio performance is net of investment fees and fund expenses, but not contract charges, which, ifincluded, would significantly lower the performance quoted. Performance figures may reflect feewaivers and/or expense reimbursements. In the absence of such fee waivers and/or expensereimbursements, total returns would be lower. 30,000 23,010 Portfolio 22,230 FTSE NAREIT Equity REIT Index 20,000 10,000 ge Annual Total ReturnsFor the year ended December 31, 2014, the AST Cohen & Steers Realty Portfolio returned 30.91%.The net assets of the Portfolio at December 31, 2014 were 857.4 million.The investment objective of the Portfolio is to maximize total return through investment in real estate investment trusts (REITs). The Portfolio issubadvised by Cohen & Steers Capital Management, Inc.U.S. REITs rallied from a disappointing year in 2013 to post their best annual returns since 2006. Improving economic growth led to strengtheningfundamentals across all property types, while an unexpected decline in Treasury yields led to better investor sentiment toward higher-yielding equities.Apartment REITs did particularly well, defying expectations of a slowdown in cash-flow growth amid strong job gains and relatively modest newsupply. The regional mall sector was also resilient, benefiting in part from merger and acquisition activity. Mall owner Glimcher Realty had a largegain on a buyout offer from Washington Prime, which itself was formed in May as a spin off from Simon Property Group.Healthcare property REITs were top performers. While their growth rates were not as robust compared with many other sectors, investors found favor inhealthcare’s visible income streams in an environment of low interest rates. Hotels had a healthy gain. Earnings were resilient, although there wassome lowered guidance related to softening demand outside of the U.S. Self-storage owners, as with REITs broadly, continued to benefit from strongdemand, muted new supply and moderate leverage. Industrial real estate companies underperformed the index but still registered a 20% gain. Thesector was one property type that was restrained, relatively speaking, by concerns of higher supply.For the year, the Portfolio modestly underperformed its benchmark, the Wilshire US REIT Total Return Index, which returned 31.78%. Factors thatdetracted from relative performance included stock selection in the hotel and diversified sectors. Within diversified, the Portfolio held an out-of-indexposition in Forest City Enterprises, which had a relatively modest gain in the period.Stock selection in the regional mall sector helped relative performance. The Portfolio was overweight in Glimcher Realty, which rallied on news that thecompany had received an acquisition offer. The Portfolio no longer holds a position in Glimcher Realty. Favorable stock selection in the healthcareproperty and self-storage sectors also aided returns.Prudential Investments LLC and AST Investment Services, Inc. (ASTI) are co-managers of the Portfolio and are Prudential Financial companies.The Financial Times Stock Exchange National Association of Real Estate Investment Trusts (FTSE NAREIT) Equity REIT Index is an unmanaged index whichmeasures the performance of all real estate investment trusts listed on the New York Stock Exchange, the NASDAQ National Market, and the American Stock Exchange.Wilshire US REIT Total Return Index is a float-adjusted market capitalization-weighted index of publicly traded real estate securities, such as real estate investmenttrusts and real estate operating companies. S&P 500 Index is an unmanaged, market value-weighted index of 500 stocks generally representative of the broad stockmarket. These returns do not include the effect of any investment management expenses. These returns would have been lower if they included the effect of theseexpenses. Investors cannot invest directly in a market index. For a complete list of holdings, please refer to the Schedule of Investments section of this report.4

AST Goldman Sachs Large-Cap Value PortfolioDecember 31, 2014Report of the Investment Managers - As of December 31, 2014 (Unaudited)Average Annual Total 2%Russell 1000 Value Index13.4515.427.30 25,000S&P 500 Index13.6615.447.67 20,000Portfolio performance is net of investment fees and fund expenses, but not contract charges, which, ifincluded, would significantly lower the performance quoted. Performance figures may reflect feewaivers and/or expense reimbursements. In the absence of such fee waivers and/or expensereimbursements, total returns would be lower. 15,000 10,000 5,000 2/31/1012/31/1112/31/1212/31/1312/31/14Past performance is no guarantee of future returns. The investment return and principal value ofan investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more orless than their original cost. Current performance may be lower or higher than the pastperformance data quoted. 10,000 INVESTED OVER 10 YEARS 17,607 Portfolio 20,935 S&P 500 IndexThe Russell 1000 Value Index is a trademark/service mark of the Frank Russell Company. Russell isa trademark of the Frank Russell Company.For the year ended December 31, 2014, the AST Goldman Sachs Large-Cap Value Portfolio returned 13.13%.The net assets of the Portfolio at December 31, 2014 were 1,732.7 million.The investment objective of the Portfolio is to achieve long-term growth of capital. The Portfolio is subadvised by Goldman Sachs AssetManagement, L.P.Diverging global economies, strong merger and acquisition (M&A) activity, weakening oil prices, and declining U.S. interest rates were the majorthemes affecting U.S. equities. The U.S. economic recovery accelerated over the reporting period, particularly compared with other developed markets,fueling corporate earnings growth and equity returns. The decline in the unemployment rate to 5.8% and lower energy prices gave new hope to thepotential for a broader consumer recovery.In the second half of the year, U.S. equity market volatility picked up from exceptionally low levels, although the S&P 500 had no more than threeconsecutive down days, something not seen since 1928. M&A activity rose to its highest annual level since 2007, largely due to transactions within theinformation technology and health care sectors, both of which handily outperformed the broader market. Following the unexpected decline in U.S.interest rates, Real Estate Investment Trusts (REITs) and the utilities sector also outperformed the broader market. The energy sector underperformed,as concerns over rising U.S. supply and weakening global demand triggered a collapse in crude oil prices.The Portfolio slightly underperformed its benchmark, the Russell 1000 Value (the “Index”), which returned 13.45%. Relative to the Index, healthcarewas the top performing sector in the Portfolio, whereas financials was the worst performer.Kroger Co. was the top performing stock in the Portfolio. Strong quarterly earnings, driven by solid execution, helped the company maintain its positivemomentum throughout the year. Kroger has consistently been able to gain market share, driven by a focus on low prices, high convenience, andhealthy choices. Margins appear to have stabilized and can begin to expand, following many years of investment to improve its competitive position.Goldman Sachs believes the company’s acquisition of Harris Teeter Supermarkets could provide synergies and boost its earnings per share over thenext two to three years. In addition, further industry consolidation could be beneficial due to Kroger’s strong market share and stable cash flows.Southwestern Energy Co., an oil and natural gas exploration and production company, was the top overall detractor from relative performance. Infourth quarter, Southwestern Energy closed its previously announced acquisition of Marcellus and Utica shale assets from Chesapeake Energy andannounced a 1 billion share buyback program. Goldman Sachs continues to believe that the company has an underappreciated resource base,specifically in the Marcellus and Fayetteville Shale, and its newly acquired assets further enhance the company’s position and growth opportunities.Additionally, Goldman Sachs is positive on the company, encouraged by the mana

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