Well from what I can find or tell it seems to depend upon who you ask. Royce has this to say about RYSEX "Small-cap value fund (generally market caps up to $3 billion) that looks for conservatively managed companies with transparent accounting that have a viable niche or franchise whose stock can be bought below its economic value."
Skyline describes SKSEX as a fund which: "Seeks maximum capital appreciation primarily by investing in stocks the subadviser considers to be undervalued."
Eaton Vance defines their version of 'special equities' in EVSEX as: "The Fund invests primarily in stocks of emerging-growth companies — those expected to achieve long-term earnings growth that exceeds the average of all publicly traded companies in the U.S."
And First Investors seems to have the most complete description: "The investment seeks long-term growth of capital. The fund invests primarily in common stocks of small-size companies that the fund's adviser believes are undervalued, and generally invests in companies that are experiencing a "special situation" that makes them undervalued relative to their long-term potential. Developments creating special situations may include mergers, spin-offs, litigation resolution, new products, or management changes."

If you want to manage your own glide path, and you want to keep it simple and cheap(er), why use hybrid funds of funds rather than the underlying funds?
Cheaper, because you won't be paying Barclay's second layer of management fees. (Since the thread is about managing RMDs, IRAs are assumed; realizing gains as one adjusts allocations to follow glide path is not a concern.)
Simpler, because you can just buy whatever percent of each underlying fund that you want. Also, because with just four funds and seven underlying funds (plus cash), it may be theoretically impossible to get the mix that you want (unless you happen to luck out, e.g. if you want exactly AOK's mix, then you can get it by buying just that fund).
Let's say you don't care about the mix of domestic stocks, the mix of foreign stock, the mix of domestic bonds, and the mix of foreign bonds. You're keeping it simple. You just care about these four percentages. Here's how you could do that with four funds:
For an allocation of 40/20/35/5 (domestic/foreign/domestic bonds/foreign bonds):
ITOT (Core Total Market) 40% (0.03% ER)
IXUS (Core Total Int'l) 20% (0.11% ER)
IUSB (Core Total US Bond) 35% (0.06% ER)
IAGG (Core Int'l Bond) 5% (0.09% ER)
Blended ER = 0.06%, vs. 0.25% for a mix of AO* funds.
While you'd like to get the same ratios using the AO* funds (which would involve solving four simultaneous linear equations), you discover that no matter which fund(s) you use, you're going to have just as much foreign stock as domestic, even if all you want is 1/3 foreign. These don't let you manage your current asset allocation (let alone a glide path) beyond a basic stock:bond ratio.
AOA is approximately 41% US stock, 40% foreign stock, 16% US bond,3% foreign bond,
AOR is approximately 31% US stock, 30% foreign stock, 33% US bond, 6% foreign bond,
AOM is approximately 21% US stock, 20% foreign stock, 50% US bond, 9% foreign bond,
AOK is approximately 16% US stock, 15% foreign stock, 58% US bond, 11% foreign bond

FYI: The very rich are different from you and me, F. Scott Fitzgerald famously wrote. But it’s not just because they have more money, as Ernest Hemingway famously retorted. Not only do they also pay a lot more in taxes, the rich also pay a bigger chunk in capital gains.
Regards,
Ted
http://www.cetusnews.com/business/The-Risk-for-High-Tax-States--The-Wealthy-Could-Flee.rkycwBdhf.html

FYI: Bond bulls have a spring in their step thanks to softer economic data and signals the business cycle is close to peaking.
Markets are pricing in the end of the U.S. hiking path in 2020, or early 2021, and the start of some degree of monetary easing, potentially capping the selloff pressure in Treasuries
Regards,
Ted
https://www.fa-mag.com/news/the-elusive-bond-bear-market-may-have-already-peaked-38203.html?print

I think you're talking about Amit Wadhwaney, who "retired" in 2014 and then started Moerus Capital Management in 2015. They have one fund, Moerus Worldwide Value, that hasn't done particularly well and hasn't gathered more than $55 MM in assets in its first few years but it does get a M* rating of Bronze.

"...The attorney general’s offices surveyed 14 major U.S. mutual fund firms and found that 13 did not disclose the active share metric to investors, even though all of them disclosed it to some extent to institutional investors.
The lack of equal access “is an information gap that hinders retail investors’ ability to fully analyze the potential value proposition of an actively managed equity fund,” the attorney general’s office said in a report, released Thursday....The mutual fund firms that have agreed to publish active share information under the agreement with New York are: AllianceBernstein LP; BlackRock Inc.; The Dreyfus Corp.; The Capital Group Companies Inc. (American Funds); Columbia Management Investment Advisors LLC; Eaton Vance Management; Goldman Sachs Asset Management L.P.; JP Morgan Chase & Co.; OppenheimerFunds Inc.; Nuveen LLC; T. Rowe Price Associates Inc.; USAA Asset Management Co.; and The Vanguard Group Inc." Most of the firms that have agreed to post the information beginning in spring 2018, the attorney general’s office said.https://fa-mag.com/news/n-y--attorney-general-forces-fund-groups-to-disclose-active-share-38020.html?section=121

You're right, @Old_Skeet. One of the trusts I am lucky enough to be beneficiary to is 100 years old (will be terminating, FINALLY, in 2 years). A couple of the stocks invested in then (or in the last 50 years) are still around. Thousands percentages gains in those (and a couple of them lost majority of the gains due to being held under any or all circumstances by USB). But it's NOT a step-up, so the cap gains rate will be enormous. Still, I certainly can't complain about the regular income and the remaining amount.
So, investing JUST A LITTLE as early as possible can really add up over a few decades.
Cathy
P.S. You're also right about so-called "professionals" who have little, if almost no, knowledge of mutual funds, or even basic investment knowledge. I've found that out way too often with TDA reps when I've called or emailed.

@OJ

"why are you trusting government dollars?"

If the U.S. government collapses, everything collapses. The entirety of capital markets is built upon the so-called "risk-free rate" from T-Bills to the riskiest emerging market stocks. The only thing that would do well in such a scenario is perhaps gold.

@CathyG, Not offended at all as most of us often see things in different colors. I'm probally one of the older investors on the board. I started investing back in the 60"s while in my teens. And, through the years I have built a sizeable portfolio. Back when I started investing one did not have the choices they have today and there were not a lot of no load fund shops around that were easy to invest in; and, for the ones that were you had to invest directly with the fund company. I was young and it was easy for me to stop by a neighborhood investment shop and deposit a few dollars into my account from time-to-time. My first two funds were Franklin Income and Income Fund of America. Both of these funds provided me exposure to the capital markets (cash, bonds & stocks). Plus, I could see the income that they gerenated as their size built. Pop's said income will never go out of style. He was right.
My great grandfather was an investor, my grand parents were inestors, my parents were investors, I'm an investor and so is my son. With this most of the commissions paid were many, many years ago and over time many of these mutual fund investments migtrated from one generation to another through transfers.
While some bark about sales loads they are missing an important message. Start early in investing putting a few dollars back while you'r young and continue to do this letting the power of compounding work. I'm totally surprised as to what my portfolio has become.
I have no regrets that I started investing though commission based funds; and, even today, for me, they are still my low cost option over broker accounts that charge wrap fees, etc. And, I understand why they want me to convert as they will make more. I ask them (from time-to-time) when the subject comes up ... What was so wrong with the Old_ School Way? Today, brokers are young folks and their assignment is to gather money putting it into fee based programs. They can't build and construct a portfolio as the old_school brokers could. They simply do a risk assement and then place you into one of their firms investment programs that fit your risk assement.
Old_Skeet is staying old_school.
Wishing you the very best with your investing endeavors.
Old_Skeet

OK. Thanks for the words, obviously informed statements. I just never heard of a mutual fund doing such a thing: investing in a hedge fund. And perhaps right now is not the time? It's a global fund, and there's a ton of political feces going around about now. I would be diversifying away from holding so very much in PRWCX. It's 35% of my stuff. And when I look at performance numbers between the two, I could do nothing at all and come out better off. I can build some cash. Which I've neglected to do for all these years, and eventually put THAT into RPGAX. I would do RPGAX as a regular investment account. In a couple of years, I'm going to stop re-investing everything, and take profits, whether dividends or cap. gains, for current income. Wife will continue to work, at age 45. And it will happen somewhere other than here. AMEN. Thanks, guys.

Hi @Catch22,
I have no wrap fee based accounts.
All of my brokerage accounts are of the old school type. However, the firm that I am currently invested with does offer an advisor fee managed account platform. After hearing their presentation I chose not to invested in it. After my study and research the old school account type, for me, was the less expensive. So, I passed on the fee based managed money platform as it was presented. Later, the borker did call and advise he had received authority to discount the fee. Again, asked if I might be interested. I, again, passed.
I'm finding that the average investment advisors of today are more of a sales person who's task it is to gather assets for the firm's managed account fee program(s). They are not the old school knowledgeable advisor. Recently, I asked one of these new school advisors that knocked on my door a few questions to qualify them to continue our conversation. These were simple questions most knowledgeable investors and advisors would have known the answers to. One of these questions was what is the TTM P/E Ratio for the 500 Index? Their answer given was for the forward estimated P/E Ratio. After, showing him through my smart phone linking into Asvisor Perspectives I showed him what the TTM was. And, also linking to the WSJ I again showed this young man what both the TTM Ratio and F/E Ratio was. Since, he failed to answer correctly, I asked him to move along.
I'm thinking I'd go the Index route to investing before I'd start paying managed account wrap fees with new money put to work. I'll continue to pay the commission if I can't do a nav transfer or simply park the money in cash as I've got plenty of capital at work in the markets as it is.
Investing for me is entertaining and one of the ways I use to pass time now that I am in retirement. And, from time-to-time, I'll contract to work an assignement.

Hi @Derf,
Thanks for the question.
The transfers came several ways. Those by gift retained the donor's cost basis. Those that came by inheritance received cost basis step ups. Since they were retitled, to me, years back they have appreciated in value. Thus sizeable capital gains have been built through my years of ownership.
With this, I now sell some fund shares annually and harvest some of these capital gains. Kind of a self built annuity (of sorts).
Old_Skeet

@ Old_Skeet: When you mention that many shares came your way by means of transfer, does that mean you were co-owner on the account ? Otherwise if this transfer took place due to someones death wouldn't taxes be due? AS I understand there is no step up in capital gains .
Thanks for your time,
Derf

Hi @CathyG,
Yes, many of my A share funds currently owned came to me by way of transfers. And, because even though a commission was paid (sales load) they carry some benefits over fee based account investing. Today, most fee based accounts (new school way) charge at least a 1% fee on balances held within these fee based wraper accounts plus the investor pays fees on the mutual funds themselves. That's fees on top of fees.
Under the old school way an investor paid a commission and generally the fees associated with with load funds were less than those of no load funds. Plus, A share investors are free to do nav exchanges with the same family of funds with no additional commissions paid. In addition, my fees paid on my sales load funds seem to be back of no load fund fees. Overall, Morningstar estimates my fees at 0.87% on invested mutual fund assets. In looking at some no load funds their fees seem to be much higher 1.2% and on upwards ... and, then add the account wrap fee. Again, fees on top of fees. I have no fees associated with the accounts that hold my A share mutual funds.
Since, someone in my family at one time did pay a sales load these funds seem to me to still be my low cost avenue. In addition, I'd have large cap gains to pay if I sold out of them.
So, what might be the best investment path for me might not be for you.
Best regards,
Old_Skeet

Speaking of having faith, I also purchased a TMSRX for my in-laws. Now before someone calls me reckless, here's the allocation, but i will be increasing it to 33% invested. It's really just my MIL now, FIL passed away, and she is 80+
% Fund
-----------------------------------------------------
77.98 T. Rowe Price Government Money Market
5.22 T. Rowe Price Global Allocation
4.34 T. Rowe Price Capital Appreciation
4.21 T. Rowe Price Ltd Duration Inflation-Protected Bond
2.10 T. Rowe Price Health Sciences
2.08 T. Rowe Price Multi-Strategy Total Return
2.05 T. Rowe Price Floating Rate
2.02 T. Rowe Price Emerging Mkts Value
And FWIW I moved half of my VWELX to its Global sibling in our taxable accounts a few days back.

@davidmoran
Thanks for the information, David! I had not known of these two.
At first glance at DSENX, when I saw SWAPs, Shorts, etc. as their top investments, that deterred me. I've been trying NOT to learn about those (or Options, etc.) as more time in my life is already spent glued to the computer than I want. BUT, Doubleline is certainly reputable so I checked further. AND I only had one investment in that Large Value M* category I keep track of that also was not in the red YTD (LRGF). Both also good longer returns, but LRGF lost less during down periods, while gaining more during better periods. On the other hand, DSENX 'Worst 3 Months' (-6.48% Aug to Oct 2015) and 'Best 3 months' (+10.33% Jan-Mar 2018) were EXACTLY the right comparison amounts I was looking for my "minimal gains but good enough and safer category" - and very similar to LRGF. So I'll add DSENX to my 'Watch' list and then check DLEUX. Thanks again for taking the time. Cathy

@CathyG, In responding to your question on global equity funds held many of my global equity fund exposure have been held since the 70's in family portfolios. Some of them were passed on from gift and inheritance transfers. They might not be the ones I'd buy today although, through the years, they have served the family well.
In my global equity sleeve found in the growth & income area the funds held are American Funds, Capital World Growth & Income (CWGIX), Eaton Vance Tax-Managed Global Dividend Income Fund A (EADIX) and Dreyfus Global Equity Income Fund A (DEQAX).
In my global growth sleeve found in the growth area the funds held are American Funds New Perspective Fund A (ANWPX), American Funds Small Cap World Fund A (SMCWX) and Thornburg Global Opportunities Fund A (THOAX).
My emerging markets fund, American Funds New World A (NEWFX) is held in my specialty sleeve which is found in the growth area of the portfolio. In addition, this sleeve also holds my ALPS Global Private Equity Fund A (LPEFX) and my Virtus Global Infrastructure Fund (PGUAX).
These three sleeves would be where my global all equity funds are held. I have another sleeve that holds my global hybrid funds. The funds held within this sleeve are American Funds Capital Income Builder A (CAIBX), Pioneer Multi Asset Income A (PMAIX) and Thornburg Income Builder A (TIBAX).
Hope this helps.
Old_Skeet

@Old_Skeet
Thanks so much for taking the time to respond. The extra information really helps.
Using M* analysis figures, my transitioning portfolio is 22% Large Cap Value, 51% Large cap growth, 9.46% mid/small value and 18% mid/small growth - with 20% Cash. I'll be adding 10% more to cash and reducing my bond percentage from 23% to 15% or so. Not that far apart from yours.
I like the idea of your Global stock value funds. Would you mind letting me know a couple of your favorites? I've MINIMALLY recently invested in FEDDX, HJPSX and RISAX, but would like to increase my Foreign from 6% to 10% - as long as the volatility is not awful.
I recently also tried my first CEFs. PDI and EFT. Both have returns seem TGTBT, and 9% Yield PDI seems a little frightening, but very small amounts in both until I see how they go. I sold my long-term CALIF muni-fund and reduced CMF by half. I've kept THOPX.
I would be concerned about putting too much in a cash MF like AMAXX due to the illiquidity when I need to re-invest some of the cash, especially with such low returns. It did bother me to have the higher cash % just sit there doing nothing, but the end result was it did reduce the losses of the entire Portfolios substantially so I lose only 60% of the overall market. Yet, because of the higher growth %, my gains have been more than acceptable to me. We also have 70% cd's in Credit Union (2.2% or better for each) to our 30% investment accounts (not including the Trust fund income).

Thanks @msf, a great interview on the fund's strategies.
The interview introduce me to the term "13F's" (SEC reporting form for Hedge Funds) or (also a recent report card of mine).
how-to-piggyback-on-warren-buffett-and-other-legendary-money-managers
Here are a few links to investors mentioned (Lou Simpson, Glenn Greenberg, and Tom Russo) mentioned in the interview.
A man of few words....Lou Simpson:
https://25iq.com/2015/04/04/a-dozen-things-ive-learned-from-lou-simpson-about-investing-and-business/
and, A Q&A with renowned investor Lou Simpson:
https://insight.kellogg.northwestern.edu/article/investment-great-lou-simpson-explains-portfolio-strategy
Talks at Google with Tom Russo:

and, Thomas Russo – Buy and Hold…and Then What (EP.16):
capitalallocatorspodcast.com/2017/07/10/tomrusso/
13F Filing for Glenn Greenberg's Brave Warrior Capital Hedge Fund (12/31/2017):
https://insidermonkey.com/hedge-fund/brave+warrior+capital/116/
and, Great Investor Glenn Greenberg Discusses His Investment Philosophy:
basehitinvesting.com/great-investor-glenn-greenberg-discusses-his-investment-philosophy/
Interesting search site of Hedge Funds:
https://hedgemind.com/hedge-fund-portfolios/Glenn-Hank-Greenberg

"When [Brian Yacktman] suggested lowering the minimum [of $50M to manage separate accounts] to [his] father, he basically said, “Great idea, just don’t do it here!” because their business model was focused on managing very few, large accounts. So, with his [father's] blessing, in 2007, [Brian] left his firm and created Yacktman Capital Group, the name of which [was] later changed to the initials YCG to avoid confusion between the two firms."
https://www.valuewalk.com/2015/09/moi-exclusive-interview-with-ycg-investments-brian-yacktman/