TRP has invested a portion of some of its allocation funds in hedge funds for a while now. I’ve had a large portion of my Roth IRA in TRPBX for quite a few years, and it’s got about 5-10% of assets in a hedge fund, if I recall correctly.

Clickbait. Apparently the original headline read as John posted (up 35%). The text reads: "So far this year, RiverPark Long/Short Opportunity (ticker: RLSFX) is up 36.6%".
Online, Barron's had to change the headline: "This Stock Fund Has Soared More Than 30% This Year", and the actual figure as of the dateline (Sept. 17th) is 30.34%.
What's your interest in long/short? By definition they are leveraged funds (borrowing to sell short, using the cash to buy over 100% long). This fund (at least currently) is effectively a 130/30 fund.
At the same time, it's not hard to find large cap growth funds, mid cap growth funds, and global growth funds that have done better YTD without leveraging. Not to mention that the risk profiles of long and short positions differ: the amount you can lose with a long position is "just" 100%; your potential loss on short positions is unlimited.
This is not to say there isn't value in long/short funds. But what is the appeal of this fund beyond the headline figure? Even Wellington manages a fund (HGOYX) with a better YTD return.

+1
The above observation isn’t limited only to RPSIX. It applies to all multi-asset allocation funds with heavy bond exposure, including my long time favorite TRRIX. It’s not that the funds have changed, but that the underlying fundamentals have shifted To some extent, Price acknowledged that change in fundamentals with the introduction of TMSRX a bit over a year ago. I’m more inclined today to say that that money you’re not comfortable committing to riskier credit instruments or equities might be better placed in a short term or ultra short bond bund while awaiting better opportunities.
Stay safe, Derf

Since inception 8.14 % (3/2012) 2% ER 5*****
Stay safe, Derf

https://www.barrons.com/articles/stock-fund-long-short-facebook-snap-pinterest-51600288123?mod=djem_b_Barrons Magazine Sept 21 issue
Incognito search
https://www.google.com/search?source=hp&ei=cQhmX4aYKYPAsAX286GQBQ&q=This+Stock+Fund+Has+Soared+More+Than+30%+This+Year.+Here’s+How.&oq=This+Stock+Fund+Has+Soared+More+Than+30%25+This+Year.+Here’s+How.&gs_lcp=ChFtb2JpbGUtZ3dzLXdpei1ocBADUPATWPATYI8caABwAHgAgAFWiAFWkgEBMZgBAKABAqABAbABAA&sclient=mobile-gws-wiz-hp
This Fund Is Up 35% in 2020. Here’s How.
RiverPark Long/Short Opportunity specializes in finding companies on the cusp of big change—for better or worse.
Anyone thought adding Riverpark long/short opportunity or put in ot on buy list? RLSFX
https://www.google.com/search?q=MUTF: RLSFX

Re RPSIX. Not a bad fund. Here’s some possible reasons it’s had a lackluster year:
12.3% invested in stock fund PRFDX, which follows a value investment approach (long out of favor) and has 21% invested in financial stocks which have struggled recently due to very low interest rates. PRFDX is off about 14.5% YTD.
16.5% invested in their high yield fund PRHYX, which is essentially flat YTD.
8% invested in their EM bond fund, PREMX, which is slightly negative YTD..
That makes well over one-third of its holdings either flat or underwater this year. Shouldn’t be any mystery than why it’s not keeping pace with most bond funds. The fund is not and does not pretend to be an investment grade bond fund. Considering the commitment to PRFDX, it’s hard to consider it a bond fund at all. In fairness, this has been an unusually good year for some sectors of the bond market - longer dated government and intermediate investment grade corporates for example. Don’t expect that outperformance to continue indefinitely.

This young man who worked for me for several years, was transferred elsewhere. Delay gratification and saving for the future are difficult concept for the younger generations. Yes, he got debt from college loan. Other young workers tend to balance to do both of paying down the debt while putting enough to get maximum company match. They also increase their annual contribution from their bonus.

So we're only talking about one person you knew?
And other young people you know seem to have prudent plans.
My parents were the youngest children in their families. They were born in 1917 and 1920. And they raised me, their youngest child, with a profound skepticism for the rants of old people.
What my children would like to talk about can't be discussed here since off topic is on vacation. But they do appreciate that they aren't saddled with debt.

rono +1.

Artisan Partners often has good management teams for their funds.
However, the fund's expense ratios could be reduced.
As Sven mentioned, there are not many options in the foreign small cap value category.
This is an interesting development.
P.S. - I missed an opportunity to invest in ARTKX before it closed in 2011. The Global Value team was divided in 2018 and Mr. O'Keefe left ARTKX to become the lead manager of ARTGX. ARTKX reopened earlier this year.

US leads the world on COVID-19 death cases, 197,407!
https://coronavirus.jhu.edu/map.html
The cases will go much higher now that the winter is coming.

Totally agree. Many college graduates have large college loan debt - often $50-100K. Finding jobs in this pandemic is not easy. Our companies hired a few this year but that is less than the attrition rates due to retirement and others.
Younger generations are very different than the older ones. Some don't invest because our company offers only low cost index funds, even with generous company match. Guess our priorities on investing are quite different.

https://www.artisanpartners.com/institutional-investors/news-insights/news/press-releases/2020/artisan-partners-announces-beini-zhou-and-anand-vasagiri-are-joining-the-firm.html
4 September 2020
Milwaukee, Wisconsin. Artisan Partners announced today the addition of Beini Zhou and Anand Vasagiri as portfolio managers on the Artisan Partners International Value Team. Mr. Zhou and Mr. Vasagiri will be co-portfolio managers of the forthcoming Artisan International Small Cap Value Strategy, which is expected to launch in October 2020.
The new strategy represents a natural extension for the International Value team as it leverages the International Value strategy’s existing investment philosophy and process. David Samra will serve in an advisory capacity to Mr. Zhou and Mr. Vasagiri for the new strategy.
Prior to joining Artisan, Mr. Zhou was at Matthews Asia, where he was a portfolio manager for the Asia Value and Emerging Markets Equity Funds and co-portfolio manager for the Asia Small Companies Fund. Before joining Matthews Asia, Mr. Zhou worked as a research analyst at Artisan Partners on the Global Value team from 2005 to 2013, at that time working with David Samra and Daniel O’Keefe.
Mr. Vasagiri was previously a co-portfolio manager of the Global Small/Mid Cap portfolio at Paradice Investment Management. Before joining Paradice, Mr. Vasagiri was also an analyst for the Artisan Global Value Team from 2007 to 2010.
Regarding Mr. Zhou’s and Mr. Vasagiri’s joining Artisan Partners, Mr. Samra said, “I’ve had the distinct pleasure of working with Beini and Anand in the past. Both were highly capable analysts who became well-versed in our team’s philosophy and approach to international value investing and were natural candidates to ask to rejoin the team. I’m very pleased this partnership has come to fruition.”
Artisan Partners CEO Eric Colson added, “As a firm, we aim to reinvest in our first-generation franchises by increasing their degrees of freedom in a variety of ways—whether by expanding their range of client offerings or adding talent who can help expand it—all while capitalizing on the teams’ inherent strengths. We are excited for the opportunity to build upon our first-generation International Value franchise with this next-generation strategy, capably helmed by Beini and Anand.”
https://www.artisanpartners.com/content/dam/documents/press-releases/sa/International-Value-Team-Announcement-4-Sep-2020-vXUS.pdf

Life imitates art imitating life: Years ago IBM had an IBM 9000 computer, made by its IBM Instruments division in Danbury, CT. ["HAL" is "IBM" with a one-letter shift.]

There is a book about the rise and fall of IBM Instruments.
I haven't read it but it seems interesting.
Link

Just a little related background info regarding his thinking about MMT...

Bridgewater Associates founder Ray Dalio says the coming of Modern Monetary Theory is “inevitable” to address wealth disparity in the U.S.

https://cnbc.com/2019/05/02/ray-dalio-says-the-coming-of-modern-monetary-theory-favored-by-far-left-is-inevitable.html

Oil went negative on the futures market April 20. Since than, my commodity related funds have enjoyed a nice uptick. I long suffered with PRNEX, PRAFX. The first is still badly underwater YTD, but has perked up. The second is almost back to break-even for the year. Added BRCAX shortly after the oil crash and it’s been a smooth ride up ever since. That last one was really a “slum dweller“ when I picked it up. Very happy with the find. My builder who finally obtained enough lumber to begin constructing my new deck this week (on hold since March) tells me the price of lumber has “skyrocketed” over the summer.
Real Asset funds comprise 10% of my static allocation. Rebalancing along the way has alleviated a bit of the suffering. I pulled my mining fund out of the “real asset” mix a month or so ago after the meteoric rise this year, but bought back in on a recent dip and now hold a smaller % (OPGSX) within the “speculative” category.
Nice to hear the U.S. is leading the world in something.

Ray Dalio certainly is no radical idealist, but in his frequent writings and media appearances the veteran investor consistently calls for Americans to rewrite their longstanding contract with capitalism so that it is fairer and more generous to more people.
Otherwise, he predicts, life in the U.S. could become more difficult: mountainous debt that stunts economic growth; fewer opportunities for ordinary citizens to get ahead financially; and a worldwide lack of trust in the U.S. dollar that diminishes Americans’ purchasing power and could lower their standard of living.

https://marketwatch.com/story/billionaire-investor-ray-dalio-on-capitalisms-crisis-the-world-is-going-to-change-in-shocking-ways-in-the-next-five-years-2020-09-17?siteid=yhoof2&yptr=yahoo

The U.S. is emerging as an early favorite in the all-out showdown to rekindle inflation in the world’s major economies.
With the Federal Reserve planning to hold interest rates near zero until at least 2023 and Congress working on another fiscal boost, a pocket of the debt market is starting to see consumer prices modestly over 2% in years to come. That’s in stark contrast to Europe where deflation fears have reawakened, and Japan, which has battled moribund price pressures for decades to no avail.

https://fa-mag.com/news/bond-market-shows-u-s--is-leading-in-race-to-reflate-the-economy-58014.html?section=3

American Funds:
https://www.capitalgroup.com/advisor/tax/2020-year-end-distributions.html?sfid=57263512&cid=80177900&et_cid=80177900&cgsrc=SFMC&alias=A-cpy-LP-1-information&Et_mid=10768262&l=31996630_HTML&u=766493210&jb=8
Amundi Pioneer
https://www.amundipioneer.com/us/Resources/Tax-Center
Blackrock/iShares
https://www.blackrock.com/us/financial-professionals/resources/tax-information/2020-distributions
State Street Global Advisors
https://www.ssga.com/us/en/intermediary/etfs/resources/documents/dividend-distributions

“My current bond funds consist of domestic investment-grade bonds almost exclusively.”

I’ve got about half of my bond allocation in DODLX, which is mostly investment grade - both domestic and international. The rest is mostly in investment grade intermediate corporates (PBDIX) which I began favoring over former RPSIX after reading a tip from Bill Fleckenstein in March. (Basically - he advised at that time to stick with higher quality bonds). Turned out well this year as RPSIX seems to have lagged, for reasons I don’t fully understand. Must be the drag from the 10+% allocated to their equity income fund.
I’m thinking the Fed’s backing of some corporates has been the impetus for the good bond returns across board. But, if true, than I don’t understand why HY hasn’t done better. Just checking a couple of T.Rowe’s HY funds, RPIHX, RPHYX, I find both barely above water this year. Likely, others have done better, as T. Rowe generally hews to the conservative side.
Do I like bonds overall? No. I hold some as part of a broadly diversified portfolio. If you truly want diversification you’re going to have things that look promising and things that don’t appear promising under your umbrella.