I’m intrigued myself about the fund’s lackluster performance. But like I said earlier, it’s a hard one to classify. Even Lipper (where I normally look) has it scored 3 (out of 5. Over 5 years it hasn’t even beaten their ultra-short (TRBUX) by a full two points. Go figure.
Exposure to PRFDX (Equity Income Fund) seems to have helped in recent years, so rule that one out as the detractor. All I can think is it might be tilted heavier towards high quality (read “rate-sensitive”) bonds than I had assumed or might prefer.
I think a fund like that ought to be able to hold 20-30% in below investment grade debt (and EM). I’ll guess RPSIX is not that high. Another thought: They probably have a good slug of inflation protected bonds in the mix - and those might have been a drag in recent years.
Don’t have time to search for the credit quality breakdown. If anybody has that for RPSIX please share.

FYI: The early October jolt of stock market volatility seemed to awaken investors briefly from a relative sense of calm and reminded us that pullbacks and downside risk are part of the price to be paid for upside performance.
Despite just about every investing fear imaginable, any long-term snapshot of stock market performance will illustrate a persistent bias toward positive performance. Whether looking back 10, 50, 100 years or more, the basic economics of investing in a broad range of publicly traded companies is difficult to deny.
On the subject of whether more market shake-ups are ahead, most financial advisers are rightly positioning the possible impact of the midterm elections along the lines of: "We're long-term investors" or "We don't have a crystal ball."
Regards,
Ted
https://www.google.com/search?source=hp&ei=pDfLW_bhBaOVjwTJrbTABw&q=Investors,+don't+lose+sleep+over+the+midterm+elections&btnK=Google+Search&oq=Investors,+don't+lose+sleep+over+the+midterm+elections&gs_l=psy-ab.3...3030.6789..8754...0.0..0.131.233.2j1......0....1j2..gws-wiz.....0..33i299.2_tpbvoSjLQ

Here's a piece on one of John Hancock's plans. It has a 1.69% plan fee - which might be paid by the employer, the employee, or split. If the employee pays that fee or part of it, it could make the fund expense look higher. The example in the article takes a 0.18% underlying fee expense and adds the 1.69% plan fee to come up with a 1.87% fund fee.
https://www.employeefiduciary.com/blog/john-oliver-should-be-upset-his-hancock-401k-fees-are-too-high
The column is a discussion of the Hancock plan John Oliver presented a couple of years ago (and was linked to by MFO, somewhere). Oliver starts talking about the plan around 12:00 in the video:

When things level out intend to buy some more

The problem is, how will you know when it's the time when things level out? It's easy to look back and see it as such.
I added healthcare at the start of this downturn, but it kept going down further, so now I'm not sure if I should hold.
Sold most of my EM, which after almost 2 years, turned out to be much ado about nothing, but at least I didn't lose.

FYI: Ten years after financial markets around the world tumbled toward chaos, they have an anniversary present for you: more stress.
After a gain of nearly 7 percent in the third quarter, October ushered in a rout in the U.S. equity markets. The Standard & Poor’s 500 index plunged 6.7 percent from Oct. 3 to Oct. 11, with Asian and European equities following suit. On Oct. 12, the S&P 500 bounced back with a 1.4 percent gain.
The equity market drama comes amid recent violent surges in Treasury yields and rising trade tensions. As earnings season begins, fear is mounting that these forces will cut into corporate profits and sound the death knell for growth stocks. Meanwhile, a strong U.S. dollar and heavy debt loads in many emerging markets, together with the trade turmoil, are leading to lower estimates for global economic expansion.
It’s a challenging period—and an opportunity. The market’s inevitable cycles, however painful, are made for disciplined investors.
Regards,
Ted
https://www.bloomberg.com/features/2016-how-to-invest-10k/?srnd=premium

FYI: Gold prices have rallied recently, but the metal’s behavior in recent years makes it a tricky wager for options investors.
Regards,
Ted
https://www.barrons.com/articles/gold-investing-options-1539918983?mod=djem_b_Weekly Feed for Barrons Magazine

FYI: Today is the anniversary of the 1987 stock-market crash, when the Dow Jones Industrial Average plunged 22.6%.
Think again. On Oct. 19, 1987 — 31 years ago today — the Dow DJIA, +0.12% plunged 22.6%. It was the worst stock-market crash in U.S. history. An equivalent percentage drop today would cause the Dow to skid more than 5,700 points.
Regards,
Ted
https://www.marketwatch.com/story/the-stock-market-is-overdue-for-a-one-day-5-or-10-plunge-2018-10-18/print

I haven't looked much at Invesco in the last couple of decades. That's when Invesco merged with AIM. That made it the 12th largest family. It's slid a bit since then, though it acquired Powershares (including QQQ) in 2006 and recently acquired Guggenheim.
https://www.nytimes.com/1996/11/05/business/invesco-to-acquire-aim-for-1.6-billion.html
https://www.fa-mag.com/news/the--powershares--name-is-no-more-39023.html
My recollection is that at the time Invesco had some curious sector funds, such as Invesco Leisure, Invesco Utilities, etc., as well as Invesco Dynamics (mid cap growth). AIM was a load family, focused on momentum growth (think AIM Constellation). Like American Century at the time, Invesco decided to go the load route.
https://www.thestreet.com/story/10004594/1/no-load-no-way-says-invesco.html
Gradually, Invesco merged away some of its quirky funds (while expanding Powershare non-vanilla ETFs), and did away with brand names AIM, Powershares, and Guggenheim.
https://www.invesco.com/pdf/IFPA-FLY-13-E.pdf (for example)
The only Invesco fund that caught my attention in recent years was LCEIX. Generally, the family seemed slightly pricey (though acceptable), with at best somewhat above average performance funds. Invesco was also involved in the 2003 market timing scandal.
https://www.marketwatch.com/story/invesco-aim-settle-fund-trading-charges-for-450-mln
Again, this is not a family I've followed much. More like bits and pieces than a cohesive picture.

Ouch - That one affects me. About 10% in Oppenheimer going back 25 years. A flawed outfit for sure, but I use (and like) some of their more exotic specialty finds for certain portfolio needs. My other houses steer clear, for the most part, of these niche funds. Currently I hold through Oppenheimer: a gold fund, an infrastructure fund, and a pretty good Alternatives fund. The last has had a rocky past, but current manager Michelle Borre, has done a nice job with it.
How good a manager is Invesco? Have they proven themselves ethical? Committed to shareholders? Reasonable re fees? Easy to deal with? One nice thing about Oppenheimer has been very low minimums. This allows you to scale into a new fund gradually or spread out a relatively small stake among several different funds. From an operating cost perspective, I’d suspect Invesco will look to increasing those minimums.
Is this likely to produce turnover among fund managers?
Here’s the AUM for each of my 3 funds as Lipper lists them. I’m surprised the infrastructure fund (recently acquired from Macguarie) has such a small amount.
OQGAX (global infrastructure) 23.86 M
OPGSX (gold/pm) 856.4 M
QVOPX (alternatives) 1.21 B
As one of the last standing “active management” types, I fear this news in itself will precipitate additional exodus out of Oppenheimer and in the direction of passive funds, making it even more expensive for Oppenheimer to manage their shrinking base and harder to retain talent.
Anybody here deal with Invesco? Thanks for any thoughts on how the buyout may affect existing investors.

Maybe it will continue to exist in some form. i thought radioshack also filed bankruptcy right? I still see them.

Filing chapter 11 gives Sears breathing room and protection for not being sued for not paying their creditors. They can restructure debt, which means people they owe money will likely get pennies on the dollar or nothing at all. Stock holders will get nothing. Bond holders may or may not get some payment. Assets or the entire company will either be bought by another company or, if they successfully come out of chapter 11 they can issue new stock for those believing Sears can some how reinvent itself minus the debt burden they once had.
I would guess Sears management had the goal over the last couple years of setting itself up for chapter 11 bankruptcy as opposed to chapter 7 where there would be no chance of restructure. It may have looked like management didn't know what they were doing, but their goal likely was not to be a great merchandiser again, but to keep itself in existence under the protection of bankruptcy courts.
Having seen all this take place with Kodak, the likelihood of reinventing itself after all this is slim to none. I wouldn't touch the new stock if issued at the end of this.

Don't be afraid to trade the fund peepz. Maybe they opened it for same reason IVA opened its funds, to avoid selling and get tax hit. Distributions happen once a year. After it distributes this year I will be attempting to bottom fish.
By the way I sold a bit of each of my Artisan holdings last weekend. I try not to do this every day. Think calmly every weekend. Once a staunch holder of Artisan, I have been an Artisan recycler for the past few years. I take profits and run.

Bill Bernstein’s “If you can”. https://www.etf.com/docs/IfYouCan.pdf
Peter schiff had a video years ago, not sure how good it was.

Hi Guys & Gals: I'm thinking it important to have my portfolio invested based upon my risk tolerance. During times of a bull market run(s) I have found in the past I've let my equity allocation become to aggressive in prior years. However, after the 2008 market swoon I dialed my risk down and have continued to do so through the years and as I have aged. More recently, I decided I was still invested to aggressively by holding 50+% in equities and have decided to pull this on down to about 40% and raise my fixed income area up to about 40% along with cash to 20% which includes cd's, money market funds and US currency.
It concerns me that the FOMC is raising interest rates at a pretty spiffy pace. It is currently easy to get a 3% yield on a 2 year cd and about 2.8% on an eighteen month cd. I've got some money market funds now paying better than a 2% yield (and its rising). I'm thinking fixed income and cash are looking pretty darn good as compared to a heavy equity allocation especially during these uncertain times of rising interest rates, trade debacles with rising tariffs, brexit, domestic and global politics, etc.
I bet President Trump sure wishes he had left Janet in charge at the FOMC. I'm thinking she would have done a better job at looking at the big picture more objectively and would have moved more cautiously over the current FOMC chairman concerning the Fed's rising rate increase campaign. I've seen in the past where the Fed raised rates too far (and fast) until something broke. I just do not think they can move as fast as they are with their rate increase campaign without something in the economy breaking.
Form my perspective if they kill the stock market they kill the goose that lays golden eggs.

It seems that many of these type of bankruptcies happen after somebody takes over and assumes an impossible debt load, while taking money out of the company and selling off assets (Craftsman tools and Kenmore appliances, for instance).
I don't know if this is the case with Sears; the environment is really tough for old-line retailers who depend upon physical stores. I hate to see Sears go; OTOH, I have not shopped in Sears for many years.
David

@expatsp,
I've held the fund since late 2002 prior to its closure. Recent SEC filing indicated large distributions on the horizon. The fund had about 1B AUM at its peak, now down to $400M or so. Seeing both manager resigning from the fund with a new manager investment selection process was an indication it was time to move on prior to any distributions. Last several years distributions were anywhere between $1-$4 per share give or take some.
I've made money on the fund, now looking at putting the proceeds into Mairs & Power Small Cap after distributions are paid.

What was the point of:
1) Leaving KMart’s stores outdated and in disrepair for years?
2) Cheapening their merchandise to the point where no one would buy it?
3) Operating mega-sized stores with a single cashier (adding new meaning to the term “slow”)?
4) Allowing often vacant (of customers) but fully stocked stores to remain open near round the clock?
5) Allowing KMarts to cannabalize sales of nearby Sears outlets by selling Sears branded merchadise (Craftsman and Kenmore) at lower prices and during more convenient hours?
Geez - If you set out intentionally to ruin a business, you couldn’t do a better job.
The interplay between EL’s hedge fund and Sears Holings is curious. I don’t pretend to understand it. But it appears suspect. Apparently, near the end, his hedge fund was trying unsuccessfully to buy off the valued Kenmore brand from the parent company.
https://www.businessinsider.com/how-eddie-lampert-set-sears-up-to-fail-2017-5

Glad I saw this posting, as I've had OSMYX since 2012, a remnant of my time with ML. I do tend to follow good managers when they change shops, but will wait til everything shakes out and most likely follow Kanovich to Artisan. I own another Artisan fund ARTGX and although been disappointed in recent years, its still done well compared to its peers in this space, value has lagged, and I have other global funds that have picked up the slack.

I was one of the unfortunate few who invested in ARTWX and it was ugly. I end up transferring the remaining funds to ARTKX, which I had owned for years. The experience left me much less confident in Artisan Funds.

@Catch22,
Thought I’d give your synopsis a bump to the Discussions + side of the board where it may receive more notice. Not qualified to address your questions as you’ve stated them, but would like to score myself on each for the value of self-introspection.
A budget and spending habits / Grade A (93%) Downright compulsive re yearly budgeting. A weakness for splurging on upgraded air travel & accommodations.
Very basic overview of how the economy functions / Grade C (73%) - Geez, Does anybody really understand it? I can read three convincing depictions by three highly knowledgeable “authorities” and come away with three different views. Brings to mind the old line about “the one-armed economist”.
Overview of investment types/descriptions / Grade B- (80%)
I know quite a bit about mutual funds, having owned such for near 50 years - but little of stocks, bonds or ETFs and things like puts and calls - all outside my experience base.
The reasons for investing in a 401k/403b/Traditional or Roth IRA's / Grade A (95%) The reasons are pretty compelling.

FYI: Here is a number for your dinner conversation tonight: Did you know that the US government last year on average paid $1.5bn each day in interest payments, and this is rising toward $2bn per day over the coming years, see chart below. And this number could rise further as interest rates go up because of an overheating economy, more Treasury supply, and lack of demand for US fixed income from abroad because of higher hedging costs. These forces pushing US rates higher did not disappear yesterday.
Regards,
Ted
https://ritholtz.com/2018/10/us-deficit-1-5-billion-in-daily-interest/