Label | Element | Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Prospectus [Line Items] | rr_ProspectusLineItems | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Document Type | dei_DocumentType | 485BPOS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Document Period End Date | dei_DocumentPeriodEndDate | Apr. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Entity Registrant Name | dei_EntityRegistrantName | FUNDVANTAGE TRUST | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Entity Central Index Key | dei_EntityCentralIndexKey | 0001388485 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Entity Inv Company Type | dei_EntityInvCompanyType | N-1A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment Flag | dei_AmendmentFlag | false | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Document Creation Date | dei_DocumentCreationDate | Sep. 06, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Document Effective Date | dei_DocumentEffectiveDate | Sep. 06, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prospectus Date | rr_ProspectusDate | Sep. 06, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ambrus Tax-Conscious National Bond Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prospectus [Line Items] | rr_ProspectusLineItems | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk/Return [Heading] | rr_RiskReturnHeading | AMBRUS TAX-CONSCIOUS NATIONAL BOND FUND | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Objective [Heading] | rr_ObjectiveHeading | Investment Objective | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | Ambrus Tax-Conscious National Bond Fund (the “Fund”) seeks to maximize total return net of federal taxes. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense [Heading] | rr_ExpenseHeading | Fees and Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee Waiver or Reimbursement over Assets, Date of Termination | rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination | September 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The Fund pays transaction costs when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund’s portfolio turnover rate is only shown once the Fund has completed its first fiscal period of operations. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Expenses, New Fund, Based on Estimates [Text] | rr_OtherExpensesNewFundBasedOnEstimates | “Other Expenses” are based on estimated amounts for the current fiscal year. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example [Heading] | rr_ExpenseExampleHeading | Example | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in Investor Class shares and Institutional Class shares of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Strategy [Heading] | rr_StrategyHeading | Summary of Principal Investment Strategies | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Fund seeks the most attractive risk-adjusted returns from all fixed income asset types on an after-tax basis by primarily investing in tax-exempt municipal bonds. The Fund may also invest in government-related bonds, taxable municipal bonds, corporate bonds, preferred stocks, and other fixed income securities on an after-tax relative value basis.
Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in fixed income securities and other related instruments with similar economic characteristics. At least 50% of the Fund’s assets will be invested in tax-exempt municipal securities. This is a non-fundamental investment policy that may be changed by the Fund upon 60 days’ prior notice to shareholders. Municipal securities are securities issued by or on behalf of states, territories and possessions of the United States, including the District of Columbia, and their respective authorities, political subdivisions, agencies and instrumentalities and other groups with the authority to act for the municipalities, the interest on which, if any, is exempt from federal income tax but may be subject to the federal alternative minimum tax for individuals. Municipal securities may have fixed, variable or floating interest rates and may include, but are not limited to, variable rate demand obligations, short-term municipal notes, municipal bonds, tax exempt commercial paper, zero-coupon securities, private activity and industrial development bonds, tax anticipation notes, participations in pools of municipal securities, municipal mortgage-backed and asset-backed securities, auction rate securities and restricted securities. Municipal securities may also include instruments evidencing direct ownership of interest payments or principal payments, or both, on municipal securities, such as tender option bonds and participation interests in all or part of specific holdings of municipal obligations, provided that the applicable issuer has disclosed or otherwise confirmed that the interest payable on the securities is exempt from federal income tax. Additionally, municipal securities include all other instruments that directly or indirectly provide economic exposure to income which is derived from municipalities.
The Fund may also invest in a full range of U.S. treasury bonds, U.S. agency bonds, commercial paper, certificates of deposit, money markets, corporate bonds, taxable municipal bonds, mortgage backed / asset backed securities, preferred stocks, convertible bonds, other bank capital securities, loans, and other taxable fixed income securities should these securities feature a superior risk-adjusted after-tax yield than tax-exempt municipal bonds. The Fund will invest in both bullet bonds (a non-callable debt instrument whose entire face value is paid at once on the maturity date, rather than amortized over its lifetime), as well as callable/puttable bonds. The Fund will invest in bonds with all coupon types, including fixed coupon bonds, zero coupon bonds, step-up/step-down coupon bonds, floating coupon bonds, and fixed-to-float bonds, inflation-linked securities. The Fund has broad flexibility to invest in a wide variety of debt securities and instruments of any maturity and will not be managed to a target duration or average weighted maturity.
The Fund will primarily invest in securities rated investment grade or higher. The Fund’s investment grade investments will, at the time of investment, carry a long-term rating of Baa3 or BBB– or higher by any of Moody’s Investors Service Inc. (“Moody’s”) or Standard & Poor’s Corporation (“S&P”), or Fitch Ratings Inc. (“Fitch”), respectively. The Fund may invest up to 25% of its holdings in below investment grade or nonrated securities (commonly known as “high yield securities” or “junk bonds”). The Adviser relies on its own analysis of credit quality and risks associated with individual bonds, as well as rating agencies and third-party research. The Fund seeks to purchase investments that are undervalued or offer attractive after-tax yield relative to their credit characteristics. If ratings agencies assign different ratings to the same security, the Adviser will use the highest rating as the credit rating for that security.
In managing the Fund, the Adviser will consider its outlook for interest rates and the economy, credit risk, call risk, and other security selection techniques. The Adviser’s analysis for determining which securities to purchase will include comparisons of after-tax yield across security types and maturity, roll yield, credit spread duration, and more. The proportion of the Fund’s assets allocated in securities with certain characteristics (such as bond type, credit rating, sector, maturity, callability, coupon structure, and more) will vary depending on relative value across issues and the Adviser’s outlook for the economy.
The Fund will not target a specific duration or maturity for the municipal bonds and other securities in which it invests, and the average portfolio duration will vary depending on market conditions, relative value of various securities of different durations, and economic outlook. The average duration for the Fund will vary within plus or minus 25% of the duration of the Bloomberg Municipal Inter-Short (1-10 Year) Index, which was 3.36 years at August 29, 2022. There is no limit on the maturity or duration of any individual security in which the Fund may invest.
The Fund may invest up to 20% of its net assets in securities of other investment companies, including closed-end funds, exchange-traded funds, and mutual funds. Money market funds may exceed 20% of net assets. The Fund may invest up to 15% of its holdings in securities that have not been registered for public sale, but that are eligible for purchase and sale pursuant to Rule 144A under the 1933 Act. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk [Heading] | rr_RiskHeading | Summary of Principal Risks | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | The Fund is subject to the principal risks summarized below. These risks could adversely affect the Fund’s net asset value (“NAV”), yield and total return. It is possible to lose money by investing in the Fund. The Fund may not be a suitable investment for all investors.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Lose Money [Text] | rr_RiskLoseMoney | It is possible to lose money by investing in the Fund. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance Information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | The Fund’s performance is only shown in the Fund summary when the Fund has had a full calendar year of operations. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance One Year or Less [Text] | rr_PerformanceOneYearOrLess | The Fund’s performance is only shown in the Fund summary when the Fund has had a full calendar year of operations. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ambrus Tax-Conscious National Bond Fund | Ambrus Tax-Conscious National Bond Fund Investor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prospectus [Line Items] | rr_ProspectusLineItems | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading Symbol | dei_TradingSymbol | TCNYX | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees (as a percentage of Assets) | rr_ManagementFeesOverAssets | 0.40% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution or Similar (Non 12b-1) Fees | rr_DistributionOrSimilarNon12b1FeesOverAssets | 0.25% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Expenses (as a percentage of Assets): | rr_OtherExpensesOverAssets | 0.32% | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses (as a percentage of Assets) | rr_ExpensesOverAssets | 0.97% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee Waiver or Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.12%) | [2] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Expenses (as a percentage of Assets) | rr_NetExpensesOverAssets | 0.85% | [2] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | $ 87 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | $ 297 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ambrus Tax-Conscious National Bond Fund | Ambrus Tax-Conscious National Bond Fund Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prospectus [Line Items] | rr_ProspectusLineItems | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading Symbol | dei_TradingSymbol | TCNBX | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees (as a percentage of Assets) | rr_ManagementFeesOverAssets | 0.40% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution or Similar (Non 12b-1) Fees | rr_DistributionOrSimilarNon12b1FeesOverAssets | none | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Expenses (as a percentage of Assets): | rr_OtherExpensesOverAssets | 0.32% | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses (as a percentage of Assets) | rr_ExpensesOverAssets | 0.72% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee Waiver or Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.12%) | [2] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Expenses (as a percentage of Assets) | rr_NetExpensesOverAssets | 0.60% | [2] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | $ 61 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | $ 218 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ambrus Core Bond Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prospectus [Line Items] | rr_ProspectusLineItems | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk/Return [Heading] | rr_RiskReturnHeading | AMBRUS CORE BOND FUND | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Objective [Heading] | rr_ObjectiveHeading | Investment Objective | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | Ambrus Core Bond Fund (the “Fund”) seeks to maximize total return, current income, and long-term capital appreciation. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense [Heading] | rr_ExpenseHeading | Fees and Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee Waiver or Reimbursement over Assets, Date of Termination | rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination | September 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The Fund pays transaction costs when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund’s portfolio turnover rate is only shown once the Fund has completed its first fiscal period of operations. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Expenses, New Fund, Based on Estimates [Text] | rr_OtherExpensesNewFundBasedOnEstimates | “Other Expenses” are based on estimated amounts for the current fiscal year. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example [Heading] | rr_ExpenseExampleHeading | Example | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in Investor Class shares and Institutional Class shares of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Strategy [Heading] | rr_StrategyHeading | Summary of Principal Investment Strategies | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Fund seeks the most attractive risk-adjusted returns from all fixed income asset types, with an emphasis on U.S. government and corporate bonds. The Fund primarily invests in government-related bonds, corporate bonds, taxable municipal bonds, preferred stocks, and other fixed income securities on a relative value basis.
Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in fixed income securities and other related instruments with similar economic characteristics. This is a non-fundamental investment policy that may be changed by the Fund upon 60 days’ prior notice to shareholders. The Fund will invest in a full range of U.S. treasury bonds, U.S. agency bonds, commercial paper, certificates of deposit, money markets, corporate bonds, taxable municipal bonds, mortgage backed/asset backed securities, preferred stocks, convertible bonds, other bank capital securities, loans, and other taxable fixed income securities. The Fund will invest in both bullet bonds (a non-callable debt instrument whose entire face value is paid at once on the maturity date, rather than amortized over its lifetime), as well as callable/puttable bonds. The Fund will invest in bonds with all coupon types, including fixed coupon bonds, zero coupon bonds, step-up/step-down coupon bonds, floating coupon bonds, fixed-to-float bonds, and inflation-linked securities. The asset allocation and security selection of the Fund will be determined primarily via relative value across asset classes and securities, as well as based on the manager’s top-down view of macroeconomic variables and bottom-up view of individual security fundamentals.
The Fund will primarily invest in securities rated investment grade or higher. The Fund’s investment grade investments will, at the time of investment, carry a long-term rating of Baa3 or BBB– or higher by any of Moody’s Investors Service Inc. (“Moody’s”) or Standard & Poor’s Corporation (“S&P”), or Fitch Ratings Inc. (“Fitch”), respectively. The Fund may invest up to 25% of its holdings in below investment grade or nonrated securities (commonly known as “high yield securities” or “junk bonds”). The Adviser relies on its own analysis of credit quality and risks associated with individual bonds, as well as rating agencies and third-party research. The Fund seeks to purchase investments that are undervalued relative to their credit characteristics. If ratings agencies assign different ratings to the same security, the Adviser will use the highest rating as the credit rating for that security.
In managing the Fund, the Adviser will consider its outlook for interest rates and the economy, credit risk, call risk, and other security selection techniques. The Adviser’s analysis for determining which securities to purchase will include comparisons of total return across security types and maturity, roll yield, credit spread duration, and more. The proportion of the Fund’s assets allocated in securities with certain characteristics (such as bond type, credit rating, sector, maturity, callability, coupon structure, and more) will vary depending on relative value across issues and the Adviser’s outlook for the economy.
The Fund will not target a specific duration or maturity for the municipal bonds and other securities in which it invests, and the average portfolio duration will vary depending on market conditions, relative value of various securities of different durations, and economic outlook. The average duration for the Fund will vary within plus or minus 25% of the duration of the Bloomberg Intermediate Government Credit Bond Index, which was 3.90 years at August 29, 2022. There is no limit on the maturity or duration of any individual security in which the Fund may invest.
The Fund may invest up to 20% of its net assets in securities of other investment companies, including closed-end funds, exchange-traded funds, and mutual funds. Money market funds may exceed 20% of net assets. The Fund may invest up to 15% of its holdings in securities that have not been registered for public sale, but that are eligible for purchase and sale pursuant to Rule 144A under the 1933 Act. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk [Heading] | rr_RiskHeading | Summary of Principal Risks | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | The Fund is subject to the principal risks summarized below. These risks could adversely affect the Fund’s net asset value (“NAV”), yield and total return. It is possible to lose money by investing in the Fund. The Fund may not be a suitable investment for all investors.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Lose Money [Text] | rr_RiskLoseMoney | It is possible to lose money by investing in the Fund. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance Information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | The Fund’s performance is only shown in the Fund summary when the Fund has had a full calendar year of operations. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance One Year or Less [Text] | rr_PerformanceOneYearOrLess | The Fund’s performance is only shown in the Fund summary when the Fund has had a full calendar year of operations. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ambrus Core Bond Fund | Ambrus Core Bond Fund Investor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prospectus [Line Items] | rr_ProspectusLineItems | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading Symbol | dei_TradingSymbol | TTRYX | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees (as a percentage of Assets) | rr_ManagementFeesOverAssets | 0.40% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution or Similar (Non 12b-1) Fees | rr_DistributionOrSimilarNon12b1FeesOverAssets | 0.25% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Expenses (as a percentage of Assets): | rr_OtherExpensesOverAssets | 0.31% | [3] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses (as a percentage of Assets) | rr_ExpensesOverAssets | 0.96% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee Waiver or Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.11%) | [4] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Expenses (as a percentage of Assets) | rr_NetExpensesOverAssets | 0.85% | [4] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | $ 87 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | $ 295 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ambrus Core Bond Fund | Ambrus Core Bond Fund Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prospectus [Line Items] | rr_ProspectusLineItems | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading Symbol | dei_TradingSymbol | TTRBX | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees (as a percentage of Assets) | rr_ManagementFeesOverAssets | 0.40% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution or Similar (Non 12b-1) Fees | rr_DistributionOrSimilarNon12b1FeesOverAssets | none | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Expenses (as a percentage of Assets): | rr_OtherExpensesOverAssets | 0.31% | [3] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses (as a percentage of Assets) | rr_ExpensesOverAssets | 0.71% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee Waiver or Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.11%) | [4] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Expenses (as a percentage of Assets) | rr_NetExpensesOverAssets | 0.60% | [4] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | $ 61 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | $ 216 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ambrus Tax-Conscious California Bond Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prospectus [Line Items] | rr_ProspectusLineItems | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk/Return [Heading] | rr_RiskReturnHeading | AMBRUS TAX-CONSCIOUS CALIFORNIA BOND FUND | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Objective [Heading] | rr_ObjectiveHeading | Investment Objective | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | Ambrus Tax-Conscious California Bond Fund (the “Fund”) seeks to maximize total return net of federal and California state taxes. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense [Heading] | rr_ExpenseHeading | Fees and Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee Waiver or Reimbursement over Assets, Date of Termination | rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination | September 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The Fund pays transaction costs when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. The Fund’s portfolio turnover rate is only shown once the Fund has completed its first fiscal period of operations. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Expenses, New Fund, Based on Estimates [Text] | rr_OtherExpensesNewFundBasedOnEstimates | “Other Expenses” are based on estimated amounts for the current fiscal year. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example [Heading] | rr_ExpenseExampleHeading | Example | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in Investor Class shares and Institutional Class shares of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Strategy [Heading] | rr_StrategyHeading | Summary of Principal Investment Strategies | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Fund seeks the most attractive risk-adjusted returns from all fixed income asset types on an after-tax basis. The Fund primarily invests in California municipal bonds; however, non-California municipal bonds, government-related bonds, taxable municipal bonds, corporate bonds, preferred stocks, and other fixed income securities may also be considered on an after-tax relative value basis.
Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in fixed income securities and other related instruments with similar economic characteristics. At least 50% of the Fund’s assets will be invested in municipal securities, issued by or on behalf of the State of California and its political subdivisions, financing authorities and their agencies, that carry interest payments that are exempt from federal and California state income taxes. This is a non-fundamental investment policy that may be changed by the Fund upon 60 days’ prior notice to shareholders.
The Fund may also invest in municipal securities outside of California, including issuers across all U.S. states and territories, state and local governments, government agencies, and other entities should these securities feature a superior risk-adjusted after-tax yield than California tax-exempt municipal bonds. The Fund will also invest in a full range of U.S. treasury bonds, U.S. agency bonds, commercial paper, certificates of deposit, money markets, corporate bonds, taxable municipal bonds, mortgage backed/asset backed securities, preferred stocks, convertible bonds, other bank capital securities, loans, and other taxable fixed income securities should these securities feature a superior risk-adjusted after-tax yield than California tax-exempt municipal bonds. The Fund will invest in both bullet bonds (a non-callable debt instrument whose entire face value is paid at once on the maturity date, rather than amortized over its lifetime), as well as callable/puttable bonds. The Fund will invest in bonds with all coupon types, including fixed coupon bonds, zero coupon bonds, step-up/step-down coupon bonds, floating coupon bonds, and fixed-to-float bonds, inflation-linked securities. The Fund has broad flexibility to invest in a wide variety of debt securities and instruments of any maturity and will not be managed to a target duration or average weighted maturity.
The Fund will primarily invest in securities rated investment grade or higher. The Fund’s investment grade investments will, at the time of investment, carry a long-term rating of Baa3 or BBB– or higher by any of Moody’s Investors Service Inc. (“Moody’s”) or Standard & Poor’s Corporation (“S&P”), or Fitch Ratings Inc. (“Fitch”), respectively. The Fund may invest up to 25% of its holdings in below investment grade or nonrated securities (commonly known as “high yield securities” or “junk bonds”). The Adviser relies on its own analysis of credit quality and risks associated with individual bonds, as well as rating agencies and third-party research. The Fund seeks to purchase investments that are undervalued or offer attractive after-tax yield relative to their credit characteristics. If ratings agencies assign different ratings to the same security, the Adviser will use the highest rating as the credit rating for that security.
In managing the Fund, the Adviser will consider its outlook for interest rates and the economy, credit risk, call risk, and other security selection techniques. The Adviser’s analysis for determining which securities to purchase will include comparisons of after-tax yield across security types and maturity, roll yield, credit spread duration, and more. The proportion of the Fund’s assets allocated in securities with certain characteristics (such as issuer, state, bond type, credit rating, sector, maturity, callability, coupon structure, and more) will vary depending on relative value across securities and the Adviser’s outlook for the economy.
The Fund will not target a specific duration or maturity for the municipal bonds and other securities in which it invests, and the average portfolio duration will vary depending on market conditions, relative value of various securities of different durations, and economic outlook. The average duration for the Fund will vary within plus or minus 25% of the duration of the Bloomberg California Municipal Inter-Short (1-10 Year) Index, which was 3.40 years at August 29, 2022. There is no limit on the maturity or duration of any individual security in which the Fund may invest.
The Fund may invest up to 20% of its net assets in securities of other investment companies, including closed-end funds, exchange-traded funds, and mutual funds. Money market funds may exceed 20% of net assets. The Fund may invest up to 15% of its holdings in securities that have not been registered for public sale, but that are eligible for purchase and sale pursuant to Rule 144A under the 1933 Act. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk [Heading] | rr_RiskHeading | Summary of Principal Risks | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | The Fund is subject to the principal risks summarized below. These risks could adversely affect the Fund’s net asset value (“NAV”), yield and total return. It is possible to lose money by investing in the Fund. The Fund may not be a suitable investment for all investors.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Lose Money [Text] | rr_RiskLoseMoney | It is possible to lose money by investing in the Fund. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance Information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | The Fund’s performance is only shown in the Fund summary when the Fund has had a full calendar year of operations. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance One Year or Less [Text] | rr_PerformanceOneYearOrLess | The Fund’s performance is only shown in the Fund summary when the Fund has had a full calendar year of operations. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ambrus Tax-Conscious California Bond Fund | Ambrus Tax-Conscious California Bond Fund Investor Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prospectus [Line Items] | rr_ProspectusLineItems | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading Symbol | dei_TradingSymbol | TCCYX | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees (as a percentage of Assets) | rr_ManagementFeesOverAssets | 0.40% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution or Similar (Non 12b-1) Fees | rr_DistributionOrSimilarNon12b1FeesOverAssets | 0.25% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Expenses (as a percentage of Assets): | rr_OtherExpensesOverAssets | 0.30% | [5] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses (as a percentage of Assets) | rr_ExpensesOverAssets | 0.95% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee Waiver or Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.10%) | [6] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Expenses (as a percentage of Assets) | rr_NetExpensesOverAssets | 0.85% | [6] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | $ 87 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | $ 293 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ambrus Tax-Conscious California Bond Fund | Ambrus Tax-Conscious California Bond Fund Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prospectus [Line Items] | rr_ProspectusLineItems | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading Symbol | dei_TradingSymbol | TCCBX | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees (as a percentage of Assets) | rr_ManagementFeesOverAssets | 0.40% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution or Similar (Non 12b-1) Fees | rr_DistributionOrSimilarNon12b1FeesOverAssets | none | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Expenses (as a percentage of Assets): | rr_OtherExpensesOverAssets | 0.30% | [5] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses (as a percentage of Assets) | rr_ExpensesOverAssets | 0.70% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee Waiver or Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.10%) | [6] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Expenses (as a percentage of Assets) | rr_NetExpensesOverAssets | 0.60% | [6] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | $ 61 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | $ 214 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
|