Other
2012-04-30
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FundVantage Trust
false
2012-10-11
2012-09-01
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the Example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 64.04% <br />of the average value of its portfolio.</tt>
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<tt>The WHV Emerging Markets Equity Fund (the "Emerging Markets Fund" or the "Fund")<br />seeks to achieve long-term capital appreciation.</tt>
<tt>This Example is intended to help you compare the cost of investing in shares of the <br />Fund with the cost of investing in other mutual funds. The Example below shows what <br />you would pay if you invested $10,000 in the Fund's Class A shares and $500,000 <br />(minimum investment) in Class I shares for the time periods indicated and then redeem <br />all of your shares at the end of those periods. The Example also assumes that your <br />investment has a 5% return each year and that the Fund's operating expenses remain <br />the same. Although your actual costs may be higher or lower, based on these <br />assumptions, your costs would be:</tt>
reflects no deductions for fees or expenses
<tt>The Fund primarily invests in equity securities of companies domiciled in emerging <br />markets that the Adviser believes are attractively valued. The Fund primarily <br />invests in common stock, securities convertible into common stock and depositary <br />receipts. The Fund may invest directly in foreign securities or indirectly through <br />shares of Global Depositary Receipts ("GDRs") and American Depositary Receipts <br />("ADRs").<br /> <br />The Adviser uses a Growth-at-a-Reasonable Price ("GARP") oriented investment<br />process to select securities that it believes exhibit growth and are attractively <br />valued. The Adviser begins with a top-down approach to identify countries that <br />it deems favorable for investment. The Adviser assesses the attractiveness of a <br />country by analyzing: the country's economic fundamentals and business environment, <br />the quality of earnings of the companies operating within the country and the <br />valuation characteristics of the country's markets. After selecting the countries <br />the Adviser deems favorable for investment, the Adviser performs fundamental analysis <br />to identify companies it believes have strong fundamentals, compelling valuation and <br />identifiable catalysts for growth. The Adviser analyzes individual stock attributes <br />using fundamental research and disciplined valuation techniques. The Fund may focus <br />its investments in one or more economic sectors. The Fund generally holds 30 to 50 <br />securities.<br /> <br />The Adviser may sell a portfolio security if it believes that the security has become <br />overvalued; the fundamentals of the company or industry indicate signs of deterioration; <br />the catalysts for purchase are no longer valid; there are concerns regarding the accounting <br />practices or management of the issuer; or better investment opportunities are available.</tt>
FUND SUMMARY
You may qualify for sales charge discounts with respect to Class A shares if
you and your family invest, or agree to invest in the future, at least $50,000
or more in the Fund.
Example
After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local taxes.
Investment Objective
Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future.
It is possible to lose money by investing in the Fund.
Summary of Principal Risks
Shareholder Fees (fees paid directly from your investment):
0.6404
Actual after-tax returns depend on your tax situation and may differ from those shown
and are not relevant if you hold your shares through tax-deferred arrangements, such
as 401(k) plans or individual retirement accounts.
Performance Information
50000
The bar chart and the performance table illustrate the risks and volatility of
an investment in Class I shares of the Fund for the past calendar year and show
how the average annual total returns for one year, and since inception, before
and after taxes, compare with those of the MSCI Emerging Markets Index, a broad
measure of market performance.
<tt>Calendar Year-to-Date Total Return as of June 30, 2012: 4.87% <br /><br />Best Quarter             Worst Quarter <br />8.36%                    -24.62% <br />(December 31, 2011)      (September 30, 2011)</tt>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
Average Annual Total Returns as of December 31, 2011
Portfolio Turnover
<tt>The Fund is subject to the principal risks summarized below. These risks could<br />adversely affect the Fund's NAV, yield and total return. It is possible to lose<br />money by investing in the Fund.<br /> <br />• Emerging Markets Risk: Emerging markets are riskier than more developed markets <br />  because they tend to develop unevenly and may never fully develop. Investments in <br />  emerging markets may be considered speculative. Emerging markets are more likely <br />  to experience hyperinflation and currency devaluations, which adversely affect <br />  returns to U.S. investors. In addition, many emerging securities markets have far <br />  lower trading volumes and less liquidity than developed markets.<br /> <br />• Equity Securities Risk: Stock markets are volatile. The price of equity securities <br />  fluctuates based on changes in a company's financial condition and overall market <br />  and economic conditions.<br /> <br />• Foreign Securities Risk: The risk that investing in foreign (non-U.S.) securities <br />  may result in the Fund experiencing more rapid and extreme changes in value than a <br />  fund that invests exclusively in securities of U.S. companies, due to less liquid <br />  markets, and adverse economic, political, diplomatic, financial, and regulatory <br />  factors. Foreign governments also may impose limits on investment and repatriation <br />  and impose taxes. Any of these events could cause the value of the Fund's investments <br />  to decline.<br /> <br />• Management Risk: As with any managed fund, the Adviser may not be successful in <br />  selecting the best-performing securities or investment techniques, and the Fund's <br />  performance may lag behind that of similar funds. The Adviser may also miss out on <br />  an investment opportunity because the assets necessary to take advantage of the <br />  opportunity are tied up in less advantageous investments.<br />  <br />• Market Risk: The risk that the market value of a security may, sometimes rapidly <br />  and unpredictably, fluctuate. The prices of securities change in response to many <br />  factors including the historical and prospective earnings of the issuer, the value <br />  of its assets, general economic conditions, interest rates, investor perceptions <br />  and market liquidity.<br /> <br />• Sector Risk: The Fund may focus its investments from time to time in a limited<br />  number of economic sectors. The Fund may not have exposure to all economic sectors. <br />  To the extent that it does so, developments affecting companies in that sector or <br />  sectors will likely have a magnified effect on the Fund's NAV and total returns and <br />  may subject the Fund to greater risk of loss. Accordingly, the Fund could be <br />  considerably more volatile than a broad-based market index or other mutual funds <br />  that are diversified across a greater number of securities and sectors.<br /> <br />• Valuation Risk: The risk that the Fund has valued certain of its securities at a <br />  higher price than it can sell them.</tt>
Expenses and Fees
After-tax returns shown are for Class I shares; after-tax returns for Class A shares will vary.
Summary of Principal Investment Strategies
<tt>The bar chart and the performance table illustrate the risks and volatility of<br />an investment in Class I shares of the Fund for the past calendar year and show<br />how the average annual total returns for one year, and since inception, before<br />and after taxes, compare with those of the MSCI Emerging Markets Index, a broad<br />measure of market performance. Total returns would have been lower had certain<br />fees and expenses not been waived or reimbursed. Past performance, both before<br />and after taxes, does not necessarily indicate how the Fund will perform in the<br />future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />Class A and Class I shares of the Fund. You may qualify for sales charge discounts <br />with respect to Class A shares if you and your family invest, or agree to invest <br />in the future, at least $50,000 or more in the Fund. More information about these <br />and other discounts is available from your financial professional and in the <br />section entitled "Purchase of Shares" on page 19 of the Fund's prospectus.</tt>
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MSCI Emerging Markets (Net) Index (reflects no deductions for fees or expenses)
-0.1842
-0.1842
2010-12-31
Class I Shares Return After Taxes on Distributions and Sale of Shares
-0.1260
-0.1260
2010-12-31
Class I Shares Return After Taxes on Distributions
-0.1956
-0.1956
2010-12-31
WHEIX
Worst Quarter
Best Quarter
0.0000
2012-06-30
Class I Shares Return Before Taxes
7631
2011-12-31
141471
-0.2462
-0.1271
450071
-0.0200
251793
0.0836
-0.1938
0.1321
0.0100
2013-12-31
2011-09-30
Calendar Year-to-Date Total Return
-0.1938
0.0000
0.0150
0.1421
-0.1938
2010-12-31
0.0487
0.0000
WHEAX
0.0575
Class A Shares Return Before Taxes
743
3823
-0.1638
9760
-0.0200
6148
-0.2412
0.1688
0.0100
2013-12-31
0.0025
0.0175
0.1813
-0.2412
2010-12-31
0.0100
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A 1.00% contingent deferred sales charge ("CDSC") may apply to investments of $1 million or more of Class A shares (and therefore no initial sales charge was paid by the shareholder) when shares are redeemed within 18 months after initial purchase. The CDSC shall not apply to those purchases of Class A shares of $1 million or more where the selling broker dealer was not paid a commission.
The Adviser has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund's total operating expenses (excluding any class-specific fees and expenses, interest, extraordinary items, "Acquired Fund fees and expenses" and brokerage commissions) do not exceed 1.50% (on an annual basis) of average daily net assets of the Fund (the "Expense Limitation"). The Expense Limitation will remain in place until December 31, 2013, unless the Board of Trustees approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the Expense Limitation.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The "Class I Shares Return After Taxes on Distributions and Sale of Shares" is higher than the "Class I Shares Return Before Taxes" and/or the "Class I Shares Return After Taxes on Distributions" because of realized losses that would have been sustained upon the sale of Fund shares immediately after the relevant periods. After-tax returns shown are for Class I shares; after-tax returns for Class A shares will vary.
The MSCI Emerging Markets (Net) Index is a float-adjusted market capitalization index that is designed to measure equity market performance in global emerging markets. The index does not reflect deductions for individual federal income taxes; however; this index is net total return which reinvests dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. MSCI Emerging Markets (Net) Index uses the maximum withholding tax rate applicable to institutional investors. The returns for this index do not include any transaction costs, management fees or other costs. You cannot invest directly in any index.