| Label |
Element |
Value |
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Document Type |
dei_DocumentType |
485BPOS |
|
| Document Period End Date |
dei_DocumentPeriodEndDate |
Aug. 31,
2013 |
|
| Registrant Name |
dei_EntityRegistrantName |
ADVISORS INNER CIRCLE FUND |
|
| Central Index Key |
dei_EntityCentralIndexKey |
0000878719 |
|
| Amendment Flag |
dei_AmendmentFlag |
false |
|
| Trading Symbol |
dei_TradingSymbol |
aicf |
|
| Document Creation Date |
dei_DocumentCreationDate |
Aug. 31,
2013 |
|
| Document Effective Date |
dei_DocumentEffectiveDate |
Aug. 31,
2013 |
|
| Prospectus Date |
rr_ProspectusDate |
Sep.
01,
2013 |
|
|
CAMBIAR INTERNATIONAL EQUITY FUND | Institutional Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Risk/Return [Heading] |
rr_RiskReturnHeading |
CAMBIAR INTERNATIONAL EQUITY FUND |
|
| Objective [Heading] |
rr_ObjectiveHeading |
FUND INVESTMENT OBJECTIVE |
|
| Objective, Primary [Text Block] |
rr_ObjectivePrimaryTextBlock |
The Cambiar International Equity Fund (the "Fund")
seeks total return and capital preservation. |
|
| Expense [Heading] |
rr_ExpenseHeading |
FUND 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 Institutional Class Shares of the Fund. |
|
| Shareholder Fees Caption [Text] |
rr_ShareholderFeesCaption |
SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT) |
|
| 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) |
|
| Portfolio Turnover [Heading] |
rr_PortfolioTurnoverHeading |
PORTFOLIO TURNOVER |
|
| Portfolio Turnover [Text Block] |
rr_PortfolioTurnoverTextBlock |
The Fund pays transaction costs, such as commissions, 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 total
annual fund operating expenses or in the example, affect the Fund's performance. During its most recent fiscal year, the Fund's
portfolio turnover rate was 75% of the average value of its portfolio. |
|
| 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 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 (including one year of capped expenses in each period)
remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
|
| Strategy [Heading] |
rr_StrategyHeading |
PRINCIPAL INVESTMENT STRATEGIES |
|
| Strategy Narrative [Text Block] |
rr_StrategyNarrativeTextBlock |
The goal of the Fund is to provide above-average performance in both
rising and falling market periods by investing in stocks that have limited downside risk and positive upside potential. The Fund
normally seeks to achieve its goal by investing at least 80% of its net assets, plus any borrowings for investment purposes, in
equity securities of foreign companies. This investment policy may be changed by the Fund upon 60 days' prior notice to shareholders.
In addition, the Fund may invest in derivatives, including options and total return swaps, in an effort to increase returns, to
hedge against the risk of unfavorable price movements in the underlying instruments, to provide economic exposure to a security
or issuer, to manage cash flows or currency exposure, or to address tax considerations.
In selecting investments for the Fund, the Fund's adviser, Cambiar
Investors LLC ("Cambiar" or the "Adviser"), focuses predominantly on medium to large market capitalization
equity securities of non-U.S. companies, foreign companies with U.S.-only listings and some U.S. corporations where the preponderance
of business activity lies outside the United States. The majority of these companies operate in "established" markets;
however, when opportunities warrant, the Adviser may invest, without limit, in securities of companies in "emerging market"
countries. An "emerging market" country is any country determined by the Adviser to have an emerging market economy,
considering factors such as the country's credit rating, its political and economic stability and the development of its financial
and capital markets. Typically, emerging markets are in countries that are in the process of industrialization, with lower gross
national products than more developed countries. In many circumstances, the Fund purchases American Depositary Receipt listings
("ADRs") of foreign companies on U.S. exchanges, rather than foreign shares on foreign exchanges, to facilitate greater
liquidity and lower custodial expenses.
The Adviser's primary analysis criteria is active individual company
selection based on the relative merits and valuation of the underlying corporate entity. The Adviser employs a relative value approach,
whereby it searches for companies trading at the low end of historic and sectoral valuation ranges, with a strong market position
or product franchise and good overall financial condition. The Adviser's selection and screening criteria are extremely qualitative,
and the Adviser makes little attempt to time market or sector movements. The following are typical factors the Adviser considers
when purchasing stocks:
| · | Low price-earnings ratio relative to historic norms and peer group; |
| · | Low cash flow multiple relative to historic norms and peer group; |
| · | New product and/or restructuring potential under-appreciated by the marketplace; |
| · | Sudden stock price decline caused by flight of "momentum investors" with little change
in fundamentals; and |
| · | Excessive investor pessimism in relation to overall outlook for company over the medium to long
term. |
The Adviser also utilizes active country selection as a secondary
selection criteria, which is overlaid on the bottom-up criteria described above. The Adviser's country allocation does not seek
to replicate any particular index's country allocation by global capitalization or regional capitalization. However, the Adviser
seeks to avoid specific countries where it is deemed that there exists a high likelihood of economic and financial turbulence due
to poor or worsening economic fundamentals, and may seek larger positions in countries where specific economic risk factors are
overestimated by the marketplace, causing depressed valuations. A similar approach will be used with regard to overweighting or
underweighting specific industrial sectors by country.
The Adviser will tend to hold securities for longer periods of time.
Positions held will be carefully re-examined when, for example:
| · | The stock has realized its price target; |
| · | It experiences exaggerated price moves relative to actual developments; or |
| · | There is a material change in company fundamentals or market conditions. |
|
|
| Risk [Heading] |
rr_RiskHeading |
PRINCIPAL RISKS OF INVESTING IN THE FUND |
|
| Risk Narrative [Text Block] |
rr_RiskNarrativeTextBlock |
As with all mutual funds, a shareholder is subject to
the risk that his or her investment could lose money. A Fund share is not a bank deposit and is not insured or guaranteed by
the FDIC or any government agency. The principal risk factors affecting shareholders' investments in the Fund are set forth
below.
Since it purchases equity securities, the Fund is
subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have
moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual
companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices
of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which
is the principal risk of investing in the Fund. This risk is greater for small- and medium-sized companies, which tend to be
more vulnerable to adverse developments than larger companies.
When the Fund invests in foreign securities, it will be
subject to risks not typically associated with domestic securities. Although ADRs and European Depositary Receipts
("EDRs") are alternatives to directly purchasing the underlying foreign securities in their national markets and
currencies, they are also subject to many of the risks associated with investing directly in foreign securities. Foreign
investments, especially investments in emerging markets, can be riskier and more volatile than investments in the United
States. Adverse political and economic developments or changes in the value of foreign currency can make it difficult for the
Fund to sell its securities and could reduce the value of your shares. Differences in tax and accounting standards and
difficulties in obtaining information about foreign companies can negatively affect investment decisions. The Fund's
investments in foreign securities are also subject to the risk that the securities may be difficult to value and/or valued
incorrectly.
Investments in emerging markets securities are considered
speculative and subject to heightened risks in addition to the general risks of investing in non-U.S. securities. Unlike more
established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that
are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market
capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment;
and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to
register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation
or confiscatory taxation, seizure, nationalization or creation of government monopolies.
Fund investments in foreign currencies and securities denominated
in foreign currencies are subject to currency risk. As a result, the value of securities denominated in foreign currencies can
change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Additionally, the value of the
Fund's assets measured in U.S. dollars may be affected by exchange control regulations. The Fund will generally incur transaction
costs in connection with conversions between various currencies which will negatively impact performance.
The Fund may invest in derivatives. Derivatives are
often more volatile than other investments and may magnify the Fund's gains or losses. There are various factors that affect
the Fund's ability to achieve its objective with derivatives. Successful use of a derivative depends upon the degree to which
prices of the underlying assets correlate with price movements in the derivatives the Fund buys or sells. The Fund could be
negatively affected if the change in market value of its securities fails to correlate perfectly with the values of the
derivatives it purchased or sold. The lack of a liquid secondary market for a derivative may prevent the Fund from closing
its derivative positions and could adversely impact its ability to achieve its objective and to realize profits or limit
losses. Since derivatives may be purchased for a fraction of their value, a relatively small price movement in a derivative
may result in an immediate and substantial loss or gain to the Fund. Derivatives are often more volatile than other
investments and the Fund may lose more in a derivative than it originally invested in it. There can be no assurance that the
Adviser's use of derivatives will be successful in achieving their intended goals.
Additionally, derivative instruments, particularly market
access products, are subject to counterparty risk, meaning that the party that issues the derivative may experience a significant
credit event and may be unwilling or unable to make timely settlement payments or otherwise honor its obligations. When determining
whether a counterparty is creditworthy, the Adviser considers factors such as credit rating agency analysis, broker-dealer credit
spreads and financial statements among others. The Adviser regularly monitors the creditworthiness of each counterparty that the
Fund enters into a transaction with and maintains an approved list of counterparties.
The Fund may purchase or sell options, which involve
the payment or receipt of a premium by the investor and the corresponding right or obligation, as the case may be, to either
purchase or sell the underlying security for a specific price at a certain time or during a certain period. Purchasing
options involves the risk that the underlying instrument will not change price in the manner expected, so that the investor
loses its premium. Selling options involves potentially greater risk because the investor is exposed to the extent of the
actual price movement in the underlying security rather than only the premium payment received (which could result in a
potentially unlimited loss). Over-the-counter options also involve counterparty risk.
The Fund may enter into total return swaps, which are contracts
whereby one party agrees to make payments of the total return from a reference instrument during a specified period, in return
for payments equal to a fixed or floating rate of interest or the total return from another underlying reference instrument. A
reference instrument may be a single asset, a pool of assets or an index of assets. The primary risks associated with total return
swaps are counterparty risk, which means the counterparty fails to meet its obligations, and market risk, meaning that the Fund
is subject to the risk that it could lose its entire investment.
The Fund pursues a "value style" of investing.
Value investing focuses on companies whose stock appears undervalued in light of factors such as the company's earnings, book
value, revenues or cash flow. If the Adviser's assessment of a company's value or prospects for exceeding earnings
expectations or market conditions is inaccurate, the fund could suffer losses or produce poor performance relative to other
funds. In addition, "value stocks" can continue to be undervalued by the market for long periods of time. |
|
| Risk Lose Money [Text] |
rr_RiskLoseMoney |
As with all mutual funds, a shareholder is subject to the
risk that his or her investment could lose money |
|
| Risk Not Insured Depository Institution [Text] |
rr_RiskNotInsuredDepositoryInstitution |
A Fund share is not a bank deposit and is not insured or
guaranteed by the FDIC or any government agency. |
|
| Bar Chart and Performance Table [Heading] |
rr_BarChartAndPerformanceTableHeading |
PERFORMANCE INFORMATION |
|
| Performance Narrative [Text Block] |
rr_PerformanceNarrativeTextBlock |
The bar chart and the performance table below
illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's performance from year to
year and by showing how the Fund's average annual total returns for 1, 5 and 10 years and since inception compare with those
of a broad measure of market performance. Of course, the Fund's past performance (before and after taxes) does not
necessarily indicate how the Fund will perform in the future.
Institutional Class Shares of the Fund commenced operations
on November 30, 2012 and therefore do not have a full calendar year of performance information to report. The performance information
provided shows the returns of the Investor Class Shares of the Fund, which are offered in a separate prospectus. Institutional
Class Shares of the Fund would have substantially similar performance as Investor Class Shares because the shares are invested
in the same portfolio of securities and the annual returns would differ only to the extent that the expenses of Institutional
Class Shares are lower. Updated performance information is available by calling 1-866-777-8227. |
|
| Bar Chart Closing [Text Block] |
rr_BarChartClosingTextBlock |
During the periods shown in the chart, the Fund's Investor
Class Shares' highest return for a quarter was 29.93% (quarter ended 06/30/2003) and the lowest return for a quarter was (32.95)%
(quarter ended 09/30/2008). The Fund's Investor Class Shares total return from 1/1/2013 to 6/30/2013 was 6.24% . |
|
| Bar Chart, Year to Date Return, Date |
rr_BarChartYearToDateReturnDate |
Jun. 30,
2013 |
|
| Bar Chart, Year to Date Return |
rr_BarChartYearToDateReturn |
6.24% |
|
| Highest Quarterly Return, Date |
rr_BarChartHighestQuarterlyReturnDate |
Jun. 30,
2003 |
|
| Highest Quarterly Return |
rr_BarChartHighestQuarterlyReturn |
29.93% |
|
| Lowest Quarterly Return, Date |
rr_BarChartLowestQuarterlyReturnDate |
Sep. 30,
2008 |
|
| Lowest Quarterly Return |
rr_BarChartLowestQuarterlyReturn |
(32.95%) |
|
| Performance Table Heading |
rr_PerformanceTableHeading |
AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED DECEMBER 31,
2012 |
|
| Performance Table Narrative |
rr_PerformanceTableNarrativeTextBlock |
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 an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to
investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement
accounts.
Returns after taxes on distributions and sale of Fund shares
may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares. |
|
|
CAMBIAR INTERNATIONAL EQUITY FUND | Investor Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Risk/Return [Heading] |
rr_RiskReturnHeading |
CAMBIAR INTERNATIONAL EQUITY FUND |
|
| Objective [Heading] |
rr_ObjectiveHeading |
FUND INVESTMENT OBJECTIVE |
|
| Objective, Primary [Text Block] |
rr_ObjectivePrimaryTextBlock |
The Cambiar International Equity Fund (the "Fund")
seeks total return and capital preservation. |
|
| Expense [Heading] |
rr_ExpenseHeading |
FUND 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 Investor Class Shares of the Fund. |
|
| Shareholder Fees Caption [Text] |
rr_ShareholderFeesCaption |
SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT) |
|
| 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 1, 2013 |
|
| Portfolio Turnover [Heading] |
rr_PortfolioTurnoverHeading |
PORTFOLIO TURNOVER |
|
| Portfolio Turnover [Text Block] |
rr_PortfolioTurnoverTextBlock |
The Fund pays transaction costs, such as commissions, 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 total
annual fund operating expenses or in the example, affect the Fund's performance. During its most recent fiscal year, the Fund's
portfolio turnover rate was 75% of the average value of its portfolio. |
|
| Portfolio Turnover, Rate |
rr_PortfolioTurnoverRate |
62.00% |
|
| 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 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 (including one year of capped expenses in
each period) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would
be: |
|
| Strategy [Heading] |
rr_StrategyHeading |
PRINCIPAL INVESTMENT STRATEGIES |
|
| Strategy Narrative [Text Block] |
rr_StrategyNarrativeTextBlock |
The goal of the Fund is to provide above-average performance in both
rising and falling market periods by investing in stocks that have limited downside risk and positive upside potential. The Fund
normally seeks to achieve its goal by investing at least 80% of its net assets, plus any borrowings for investment purposes, in
equity securities of foreign companies. This investment policy may be changed by the Fund upon 60 days' prior notice to shareholders.
In addition, the Fund may invest in derivatives, including options and total return swaps, in an effort to increase returns, to
hedge against the risk of unfavorable price movements in the underlying instruments, to provide economic exposure to a security
or issuer, to manage cash flows or currency exposure, or to address tax considerations.
In selecting investments for the Fund, the Fund's adviser, Cambiar
Investors LLC ("Cambiar" or the "Adviser"), focuses predominantly on medium to large market capitalization
equity securities of non-U.S. companies, foreign companies with U.S.-only listings and some U.S. corporations where the preponderance
of business activity lies outside the United States. The majority of these companies operate in "established" markets;
however, when opportunities warrant, the Adviser may invest, without limit, in securities of companies in "emerging market"
countries. An "emerging market" country is any country determined by the Adviser to have an emerging market economy,
considering factors such as the country's credit rating, its political and economic stability and the development of its financial
and capital markets. Typically, emerging markets are in countries that are in the process of industrialization, with lower gross
national products than more developed countries. In many circumstances, the Fund purchases American Depositary Receipt listings
("ADRs") of foreign companies on U.S. exchanges, rather than foreign shares on foreign exchanges, to facilitate greater
liquidity and lower custodial expenses.
The Adviser's primary analysis criteria is active individual company
selection based on the relative merits and valuation of the underlying corporate entity. The Adviser employs a relative value approach,
whereby it searches for companies trading at the low end of historic and sectoral valuation ranges, with a strong market position
or product franchise and good overall financial condition. The Adviser's selection and screening criteria are extremely qualitative,
and the Adviser makes little attempt to time market or sector movements. The following are typical factors the Adviser considers
when purchasing stocks:
| · | Low price-earnings ratio relative to historic norms and peer group; |
| · | Low cash flow multiple relative to historic norms and peer group; |
| · | New product and/or restructuring potential under-appreciated by the marketplace; |
| · | Sudden stock price decline caused by flight of "momentum investors" with little change
in fundamentals; and |
| · | Excessive investor pessimism in relation to overall outlook for company over the medium to long
term. |
The Adviser also utilizes active country selection as a secondary
selection criteria, which is overlaid on the bottom-up criteria described above. The Adviser's country allocation does not seek
to replicate any particular index's country allocation by global capitalization or regional capitalization. However, the Adviser
seeks to avoid specific countries where it is deemed that there exists a high likelihood of economic and financial turbulence due
to poor or worsening economic fundamentals, and may seek larger positions in countries where specific economic risk factors are
overestimated by the marketplace, causing depressed valuations. A similar approach will be used with regard to overweighting or
underweighting specific industrial sectors by country.
The Adviser will tend to hold securities for longer periods of time.
Positions held will be carefully re-examined when, for example:
| · | The stock has realized its price target; |
| · | It experiences exaggerated price moves relative to actual developments; or |
| · | There is a material change in company fundamentals or market conditions. |
|
|
| Risk [Heading] |
rr_RiskHeading |
PRINCIPAL RISKS OF INVESTING IN THE FUND |
|
| Risk Narrative [Text Block] |
rr_RiskNarrativeTextBlock |
As with all mutual funds, a shareholder is subject to
the risk that his or her investment could lose money. A Fund share is not a bank deposit and is not insured or guaranteed by
the FDIC or any government agency. The principal risk factors affecting shareholders' investments in the Fund are set forth
below.
Since it purchases equity securities, the Fund is
subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have
moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual
companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices
of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which
is the principal risk of investing in the Fund. This risk is greater for small- and medium-sized companies, which tend to be
more vulnerable to adverse developments than larger companies.
When the Fund invests in foreign securities, it will be subject
to risks not typically associated with domestic securities. Although ADRs and European Depositary Receipts ("EDRs")
are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies, they are also
subject to many of the risks associated with investing directly in foreign securities. Foreign investments, especially investments
in emerging markets, can be riskier and more volatile than investments in the United States. Adverse political and economic developments
or changes in the value of foreign currency can make it difficult for the Fund to sell its securities and could reduce the value
of your shares. Differences in tax and accounting standards and difficulties in obtaining information about foreign companies
can negatively affect investment decisions. The Fund's investments in foreign securities are also subject to the risk that the
securities may be difficult to value and/or valued incorrectly.
Investments in emerging markets securities are considered
speculative and subject to heightened risks in addition to the general risks of investing in non-U.S. securities. Unlike more
established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that
are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market
capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment;
and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to
register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation
or confiscatory taxation, seizure, nationalization or creation of government monopolies.
Fund investments in foreign currencies and securities denominated
in foreign currencies are subject to currency risk. As a result, the value of securities denominated in foreign currencies can
change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Additionally, the value of a Fund's
assets measured in U.S. dollars may be affected by exchange control regulations. The Fund will generally incur transaction costs
in connection with conversions between various currencies which will negatively impact performance.
The Fund may invest in derivatives. Derivatives are
often more volatile than other investments and may magnify the Fund's gains or losses. There are various factors that affect
the Fund's ability to achieve its objective with derivatives. Successful use of a derivative depends upon the degree to which
prices of the underlying assets correlate with price movements in the derivatives the Fund buys or sells. The Fund could be
negatively affected if the change in market value of its securities fails to correlate perfectly with the values of the
derivatives it purchased or sold. The lack of a liquid secondary market for a derivative may prevent the Fund from closing
its derivative positions and could adversely impact its ability to achieve its objective and to realize profits or limit
losses. Since derivatives may be purchased for a fraction of their value, a relatively small price movement in a derivative
may result in an immediate and substantial loss or gain to the Fund. Derivatives are often more volatile than other
investments and the Fund may lose more in a derivative than it originally invested in it. There can be no assurance that the
Adviser's use of derivatives will be successful in achieving their intended goals.
Additionally, derivative instruments, particularly
market access products, are subject to counterparty risk, meaning that the party that issues the derivative may experience a
significant credit event and may be unwilling or unable to make timely settlement payments or otherwise honor its
obligations. When determining whether a counterparty is creditworthy, the Adviser considers factors such as credit rating
agency analysis, broker-dealer credit spreads and financial statements among others. The Adviser regularly monitors the
creditworthiness of each counterparty that the Fund enters into a transaction with and maintains an approved list of
counterparties.
The Fund may purchase or sell options, which involve
the payment or receipt of a premium by the investor and the corresponding right or obligation, as the case may be, to either
purchase or sell the underlying security for a specific price at a certain time or during a certain period. Purchasing
options involves the risk that the underlying instrument will not change price in the manner expected, so that the investor
loses its premium. Selling options involves potentially greater risk because the investor is exposed to the extent of the
actual price movement in the underlying security rather than only the premium payment received (which could result in a
potentially unlimited loss). Over-the-counter options also involve counterparty risk.
The Fund may enter into total return swaps, which are contracts
whereby one party agrees to make payments of the total return from a reference instrument during a specified period, in return
for payments equal to a fixed or floating rate of interest or the total return from another underlying reference instrument. A
reference instrument may be a single asset, a pool of assets or an index of assets. The primary risks associated with total return
swaps are counterparty risk, which means the counterparty fails to meet its obligations, and market risk, meaning that the Fund
is subject to the risk that it could lose its entire investment.
The Fund pursues a "value style" of investing.
Value investing focuses on companies whose stock appears undervalued in light of factors such as the company's earnings, book
value, revenues or cash flow. If the Adviser's assessment of a company's value or prospects for exceeding earnings
expectations or market conditions is inaccurate, the fund could suffer losses or produce poor performance relative to other
funds. In addition, "value stocks" can continue to be undervalued by the market for long periods of time. |
|
| Risk Lose Money [Text] |
rr_RiskLoseMoney |
As with all mutual funds, a shareholder is subject to the
risk that his or her investment could lose money |
|
| Risk Not Insured Depository Institution [Text] |
rr_RiskNotInsuredDepositoryInstitution |
A Fund share is not a bank deposit and is not insured or
guaranteed by the FDIC or any government agency. |
|
| Bar Chart and Performance Table [Heading] |
rr_BarChartAndPerformanceTableHeading |
PERFORMANCE INFORMATION |
|
| Performance Narrative [Text Block] |
rr_PerformanceNarrativeTextBlock |
The bar chart and the performance table below
illustrate the risks and volatility of an investment in Investor Class Shares of the Fund by showing changes in the Fund's
Investor Class Shares' performance from year to year and by showing how the Fund's Investor Class Shares' average annual
total returns for 1, 5 and 10 years and since inception compare with those of a broad measure of market performance. Of
course, the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the
future.
Updated performance information is available on the Fund's
website at www.cambiar.com or by calling 1-866-777-8227. |
|
| Bar Chart Closing [Text Block] |
rr_BarChartClosingTextBlock |
During the periods shown in the chart, the Fund's Investor
Class Shares' highest return for a quarter was 29.93% (quarter ended 06/30/2003) and the lowest return for a quarter was (32.95)%
(quarter ended 09/30/2008). The Fund's Investor Class Shares total return from 1/1/2013 to 6/30/2013 was 6.24%. |
|
| Bar Chart, Year to Date Return, Date |
rr_BarChartYearToDateReturnDate |
Jun. 30,
2013 |
|
| Bar Chart, Year to Date Return |
rr_BarChartYearToDateReturn |
6.24% |
|
| Highest Quarterly Return, Date |
rr_BarChartHighestQuarterlyReturnDate |
Jun. 30,
2003 |
|
| Highest Quarterly Return |
rr_BarChartHighestQuarterlyReturn |
29.93% |
|
| Lowest Quarterly Return, Date |
rr_BarChartLowestQuarterlyReturnDate |
Sep. 30,
2008 |
|
| Lowest Quarterly Return |
rr_BarChartLowestQuarterlyReturn |
(32.95%) |
|
| Performance Table Heading |
rr_PerformanceTableHeading |
AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED DECEMBER 31,
2012 |
|
| Performance Table Narrative |
rr_PerformanceTableNarrativeTextBlock |
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 an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to
investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement
accounts.
Returns after taxes on distributions and sale of Fund shares
may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares. |
|
|
CAMBIAR INTERNATIONAL EQUITY FUND | INVESTOR CLASS SHARES | Institutional Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Redemption Fee (as a percentage of amount redeemed, if shares redeemed have been held for less than 90 days) |
rr_RedemptionFeeOverRedemption |
(2.00%) |
|
| Management Fees |
rr_ManagementFeesOverAssets |
0.90% |
[1] |
| Other Expenses |
rr_OtherExpensesOverAssets |
0.64% |
|
| Total Annual Fund Operating Expenses |
rr_ExpensesOverAssets |
1.54% |
|
| Less Fee Reductions and/or Expense Reimbursements |
rr_FeeWaiverOrReimbursementOverAssets |
(0.59%) |
|
| Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements |
rr_NetExpensesOverAssets |
0.95% |
[2] |
| Expense Example, with Redemption, 1 Year |
rr_ExpenseExampleYear01 |
$ 97 |
|
| 3 Years |
rr_ExpenseExampleYear03 |
429 |
|
| Expense Example, with Redemption, 5 Years |
rr_ExpenseExampleYear05 |
784 |
|
| Expense Example, with Redemption, 10 Years |
rr_ExpenseExampleYear10 |
1,784 |
|
| 2003 |
rr_AnnualReturn2003 |
38.37% |
|
| 2004 |
rr_AnnualReturn2004 |
15.48% |
|
| 2005 |
rr_AnnualReturn2005 |
5.55% |
|
| 2006 |
rr_AnnualReturn2006 |
29.04% |
|
| 2007 |
rr_AnnualReturn2007 |
19.68% |
|
| 2008 |
rr_AnnualReturn2008 |
(49.73%) |
|
| 2009 |
rr_AnnualReturn2009 |
42.88% |
|
| 2010 |
rr_AnnualReturn2010 |
12.83% |
|
| 2011 |
rr_AnnualReturn2011 |
(8.08%) |
|
| Annual Return 2012 |
rr_AnnualReturn2012 |
16.95% |
|
| Label |
rr_AverageAnnualReturnLabel |
Fund Returns Before Taxes |
|
| 1 YEAR |
rr_AverageAnnualReturnYear01 |
16.95% |
|
| 5 YEARS |
rr_AverageAnnualReturnYear05 |
(2.72%) |
|
| 10 YEARS |
rr_AverageAnnualReturnYear10 |
8.54% |
|
| SINCE INCEPTION |
rr_AverageAnnualReturnSinceInception |
8.04% |
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Sep.
02,
1997 |
|
|
CAMBIAR INTERNATIONAL EQUITY FUND | INVESTOR CLASS SHARES | Investor Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Redemption Fee (as a percentage of amount redeemed, if shares redeemed have been held for less than 90 days) |
rr_RedemptionFeeOverRedemption |
(2.00%) |
|
| Management Fees |
rr_ManagementFeesOverAssets |
0.90% |
[1] |
| Shareholder Service Fees |
rr_Component1OtherExpensesOverAssets |
0.25% |
|
| Other Expenses |
rr_OtherExpensesOverAssets |
0.57% |
|
| Total Annual Fund Operating Expenses |
rr_ExpensesOverAssets |
1.72% |
|
| Less Fee Reductions and/or Expense Reimbursements |
rr_FeeWaiverOrReimbursementOverAssets |
(0.52%) |
|
| Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements |
rr_NetExpensesOverAssets |
1.20% |
[3],[4] |
| Expense Example, with Redemption, 1 Year |
rr_ExpenseExampleYear01 |
122 |
|
| 3 Years |
rr_ExpenseExampleYear03 |
491 |
|
| Expense Example, with Redemption, 5 Years |
rr_ExpenseExampleYear05 |
885 |
|
| Expense Example, with Redemption, 10 Years |
rr_ExpenseExampleYear10 |
1,987 |
|
| 2003 |
rr_AnnualReturn2003 |
38.37% |
|
| 2004 |
rr_AnnualReturn2004 |
15.48% |
|
| 2005 |
rr_AnnualReturn2005 |
5.55% |
|
| 2006 |
rr_AnnualReturn2006 |
29.04% |
|
| 2007 |
rr_AnnualReturn2007 |
19.68% |
|
| 2008 |
rr_AnnualReturn2008 |
(49.73%) |
|
| 2009 |
rr_AnnualReturn2009 |
42.88% |
|
| 2010 |
rr_AnnualReturn2010 |
12.83% |
|
| 2011 |
rr_AnnualReturn2011 |
(8.08%) |
|
| Annual Return 2012 |
rr_AnnualReturn2012 |
16.95% |
|
| Label |
rr_AverageAnnualReturnLabel |
Fund Returns Before Taxes |
|
| 1 YEAR |
rr_AverageAnnualReturnYear01 |
16.95% |
|
| 5 YEARS |
rr_AverageAnnualReturnYear05 |
(2.72%) |
|
| 10 YEARS |
rr_AverageAnnualReturnYear10 |
8.54% |
|
| SINCE INCEPTION |
rr_AverageAnnualReturnSinceInception |
8.04% |
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Sep.
02,
1997 |
|
|
CAMBIAR INTERNATIONAL EQUITY FUND | Fund Returns After Taxes on Distributions | INVESTOR CLASS SHARES | Institutional Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Label |
rr_AverageAnnualReturnLabel |
Fund Returns After Taxes on Distributions |
|
| 1 YEAR |
rr_AverageAnnualReturnYear01 |
16.93% |
|
| 5 YEARS |
rr_AverageAnnualReturnYear05 |
(30.00%) |
|
| 10 YEARS |
rr_AverageAnnualReturnYear10 |
7.91% |
|
| SINCE INCEPTION |
rr_AverageAnnualReturnSinceInception |
7.57% |
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Sep.
02,
1997 |
|
|
CAMBIAR INTERNATIONAL EQUITY FUND | Fund Returns After Taxes on Distributions | INVESTOR CLASS SHARES | Investor Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Label |
rr_AverageAnnualReturnLabel |
Fund Returns After Taxes on Distributions |
|
| 1 YEAR |
rr_AverageAnnualReturnYear01 |
16.93% |
|
| 5 YEARS |
rr_AverageAnnualReturnYear05 |
(3.00%) |
|
| 10 YEARS |
rr_AverageAnnualReturnYear10 |
7.91% |
|
| SINCE INCEPTION |
rr_AverageAnnualReturnSinceInception |
7.57% |
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Sep.
02,
1997 |
|
|
CAMBIAR INTERNATIONAL EQUITY FUND | Fund Returns After Taxes on Distributions and Sale of Fund Shares | INVESTOR CLASS SHARES | Institutional Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Label |
rr_AverageAnnualReturnLabel |
Fund Returns After Taxes on Distributions and Sale of Fund Shares |
|
| 1 YEAR |
rr_AverageAnnualReturnYear01 |
11.61% |
|
| 5 YEARS |
rr_AverageAnnualReturnYear05 |
(2.27%) |
|
| 10 YEARS |
rr_AverageAnnualReturnYear10 |
7.61% |
|
| SINCE INCEPTION |
rr_AverageAnnualReturnSinceInception |
7.29% |
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Sep.
02,
1997 |
|
|
CAMBIAR INTERNATIONAL EQUITY FUND | Fund Returns After Taxes on Distributions and Sale of Fund Shares | INVESTOR CLASS SHARES | Investor Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Label |
rr_AverageAnnualReturnLabel |
Fund Returns After Taxes on Distributions and Sale of Fund Shares |
|
| 1 YEAR |
rr_AverageAnnualReturnYear01 |
11.61% |
|
| 5 YEARS |
rr_AverageAnnualReturnYear05 |
(2.27%) |
|
| 10 YEARS |
rr_AverageAnnualReturnYear10 |
7.61% |
|
| SINCE INCEPTION |
rr_AverageAnnualReturnSinceInception |
7.29% |
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Sep.
02,
1997 |
|
|
CAMBIAR INTERNATIONAL EQUITY FUND | Morgan Stanley Capital International EAFE Index (reflects no deduction for fees, expenses, or taxes) | Institutional Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Label |
rr_AverageAnnualReturnLabel |
Morgan Stanley Capital International EAFE Index (reflects no deduction for fees, expenses, or taxes) |
|
| 1 YEAR |
rr_AverageAnnualReturnYear01 |
17.32% |
|
| 5 YEARS |
rr_AverageAnnualReturnYear05 |
(3.69%) |
|
| 10 YEARS |
rr_AverageAnnualReturnYear10 |
8.21% |
|
| SINCE INCEPTION |
rr_AverageAnnualReturnSinceInception |
4.10% |
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Sep.
02,
1997 |
|
|
CAMBIAR INTERNATIONAL EQUITY FUND | Morgan Stanley Capital International EAFE Index (reflects no deduction for fees, expenses, or taxes) | Investor Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Label |
rr_AverageAnnualReturnLabel |
Morgan Stanley Capital International EAFE Index (reflects no deduction for fees, expenses, or taxes) |
|
| 1 YEAR |
rr_AverageAnnualReturnYear01 |
17.32% |
|
| 5 YEARS |
rr_AverageAnnualReturnYear05 |
(3.69%) |
|
| 10 YEARS |
rr_AverageAnnualReturnYear10 |
8.21% |
|
| SINCE INCEPTION |
rr_AverageAnnualReturnSinceInception |
4.10% |
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Sep.
02,
1997 |
|
|
CAMBIAR AGGRESSIVE VALUE FUND | Institutional Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Risk/Return [Heading] |
rr_RiskReturnHeading |
CAMBIAR AGGRESSIVE
VALUE FUND |
|
| Objective [Heading] |
rr_ObjectiveHeading |
FUND INVESTMENT OBJECTIVE |
|
| Objective, Primary [Text Block] |
rr_ObjectivePrimaryTextBlock |
The Cambiar Aggressive Value Fund (the "Fund")
seeks long-term capital appreciation. |
|
| Expense [Heading] |
rr_ExpenseHeading |
FUND 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 Institutional Class Shares of the Fund. |
|
| Shareholder Fees Caption [Text] |
rr_ShareholderFeesCaption |
SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)
|
|
| 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 1, 2013 |
|
| Portfolio Turnover [Heading] |
rr_PortfolioTurnoverHeading |
PORTFOLIO TURNOVER |
|
| Portfolio Turnover [Text Block] |
rr_PortfolioTurnoverTextBlock |
The Fund pays transaction costs, such as commissions, 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 total
annual fund operating expenses or in the example, affect the Fund's performance. During its most recent fiscal year, the Fund's
portfolio turnover rate was 85% of the average value of its portfolio. |
|
| Portfolio Turnover, Rate |
rr_PortfolioTurnoverRate |
196.00% |
|
| 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 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 (including one year of capped expenses in each period)
remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
|
| Strategy [Heading] |
rr_StrategyHeading |
PRINCIPAL INVESTMENT STRATEGIES |
|
| Strategy Narrative [Text Block] |
rr_StrategyNarrativeTextBlock |
Normally, the Fund invests at least 65% of its net assets in equity
securities of U.S. and non-U.S. companies within any market capitalization range. The equity securities in which the Fund will
invest may include convertible securities. The Fund may also sell securities short as part of its investment strategy. In addition,
the Fund may invest in derivatives, including options and total return swaps, in an effort to increase returns, to hedge against
the risk of unfavorable price movements in the underlying instruments, to provide economic exposure to a security or issuer, to
manage cash flows or currency exposure, to address tax considerations, or as an alternative to selling a security short.
The Fund typically invests in a portfolio of 20-30 issuers that Cambiar
Investors LLC ("Cambiar" or the "Adviser") believes represent the best opportunities for long-term capital
appreciation. Due to the focused nature of the Fund's investment strategy, the Fund is considered to be non-diversified. The Adviser's
primary analysis criteria is active individual company selection based on the relative merits and valuation of the underlying corporate
entity. The Adviser employs a relative value approach, whereby it searches for companies trading at the low end of historic and
sectoral valuation ranges, with a strong market position or product franchise and good overall financial condition. The Adviser's
selection and screening criteria are extremely qualitative, and the Adviser makes little attempt to time market or sector movements.
Consistent with its effort to create a focused portfolio of the companies
which it believes represent the best opportunities for long-term capital appreciation, the Adviser may at times allocate a significant
percentage of the Fund's assets to securities of non-U.S. companies that trade in either domestic or foreign markets. The Adviser
may invest in securities of companies in "emerging market" countries. An "emerging market" country is any country
determined by the Adviser to have an emerging market economy, considering factors such as the country's credit rating, its political
and economic stability, and the development of its financial and capital markets. Typically, emerging markets are in countries
that are in the process of industrialization, with lower gross national products than more developed countries. The Adviser's allocation
among various foreign countries does not seek to replicate any particular index's country allocation by global capitalization or
regional capitalization. There is no limit on investments in securities of foreign issuers, including emerging markets issuers.
The following are typical factors the Adviser considers when purchasing
stocks:
| · | Low price-earnings ratio relative to historic norms and peer group; |
| · | Low cash flow multiple relative to historic norms and peer group; |
| · | New product and/or restructuring potential under-appreciated by the marketplace; |
| · | Sudden stock price decline caused by flight of "momentum investors" with little change
in fundamentals; and |
| · | Excessive investor pessimism in relation to overall outlook for company over the medium to long
term. |
The Adviser's short strategy is utilized opportunistically and is
driven by the same underlying philosophy and investment process as the long portion of the portfolio. If the Adviser determines
that a company does not have the underlying fundamentals to be added to the Fund as a long position, it will consider using the
stock speculatively as a short position or as a paired trade to hedge a long position in the Fund.
The Adviser may sell a stock that the Fund holds long because:
| · | It realizes positive developments and achieves its target price; |
| · | It experiences exaggerated price moves relative to actual developments; or |
| · | It experiences a change in or deteriorating fundamentals. |
Due to its investment strategy, the Fund may buy and sell securities
frequently. Such a strategy often involves higher expenses, including brokerage commissions, and may increase the amount of capital
gains (in particular, short-term gains) realized by the Fund. Shareholders may pay tax on such capital gains. In addition, the
use of short sales may cause the Fund to have higher expenses (especially interest on borrowings and dividend expenses) than those
of other equity mutual funds.
|
|
| Risk [Heading] |
rr_RiskHeading |
PRINCIPAL RISKS OF INVESTING IN THE FUND |
|
| Risk Narrative [Text Block] |
rr_RiskNarrativeTextBlock |
As with all mutual funds, a shareholder is subject to the
risk that his or her investment could lose money. A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC
or any government agency. The principal risk factors affecting shareholders' investments in the Fund are set forth below.
Since it purchases equity securities, the Fund is
subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have
moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual
companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices
of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which
is the principal risk of investing in the Fund. This risk is greater for small- and medium-sized companies, which tend to be
more vulnerable to adverse developments than larger companies.
When the Fund invests in foreign securities, it will be subject
to risks not typically associated with domestic securities. Although American Depositary Receipts ("ADRs") and European
Depositary Receipts ("EDRs") are alternatives to directly purchasing the underlying foreign securities in their national
markets and currencies, they are also subject to many of the risks associated with investing directly in foreign securities. Foreign
investments, especially investments in emerging markets, can be riskier and more volatile than investments in the United States.
Adverse political and economic developments or changes in the value of foreign currency can make it difficult for the Fund to
sell its securities and could reduce the value of your shares. Differences in tax and accounting standards and difficulties in
obtaining information about foreign companies can negatively affect investment decisions.
The Fund's investments in foreign securities are also subject
to the risk that the securities may be difficult to value and/or valued incorrectly.
Investments in emerging markets securities are considered
speculative and subject to heightened risks in addition to the general risks of investing in non-U.S. securities. Unlike more
established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that
are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market
capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment;
and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to
register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation
or confiscatory taxation, seizure, nationalization or creation of government monopolies.
Fund investments in foreign currencies and securities denominated
in foreign currencies are subject to currency risk. As a result, the value of securities denominated in foreign currencies can
change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Additionally, the value of the
Fund's assets measured in U.S. dollars may be affected by exchange control regulations. The Fund will generally incur transaction
costs in connection with conversions between various currencies which will negatively impact performance.
The Fund may invest in convertible securities, which
generally offer lower interest or dividend yields than non-convertible securities of similar quality. The market values of
convertible securities tend to decline as interest rates increase and, conversely, to increase as interest rates decline.
However, a convertible security's market value tends to reflect the market price of the common stock of the issuing company
when the stock price is greater than the convertible security's conversion price. The conversion price is defined as the
predetermined price at which the convertible could be exchanged for the associated stock. A convertible security may lose all
of its value if the value of the underlying stock falls below the conversion price of the security. As the market price of
the underlying common stock declines, the price of the convertible security tends to be influenced more by the yield of the
convertible security. Thus, it may not decline in price to the same extent as the underlying common stock. In the event of a
liquidation of the issuing company, holders of convertible securities would be paid before the company's common stock
holders. Consequently, the issuer's convertible securities generally entail less risk than its common stock.
The Fund may invest in derivatives. Derivatives are
often more volatile than other investments and may magnify the Fund's gains or losses. There are various factors that affect
the Fund's ability to achieve its objective with derivatives. Successful use of a derivative depends upon the degree to which
prices of the underlying assets correlate with price movements in the derivatives the Fund buys or sells. The Fund could be
negatively affected if the change in market value of its securities fails to correlate perfectly with the values of the
derivatives it purchased or sold. The lack of a liquid secondary market for a derivative may prevent the Fund from closing
its derivative positions and could adversely impact its ability to achieve its objective and to realize profits or limit
losses. Since derivatives may be purchased for a fraction of their value, a relatively small price movement in a derivative
may result in an immediate and substantial loss or gain to the Fund. Derivatives are often more volatile than other
investments and the Fund may lose more in a derivative than it originally invested in it. There can be no assurance that the
Adviser's use of derivatives will be successful in achieving their intended goals.
Additionally, derivative instruments, particularly market
access products, are subject to counterparty risk, meaning that the party that issues the derivative may experience a significant
credit event and may be unwilling or unable to make timely settlement payments or otherwise honor its obligations. When determining
whether a counterparty is creditworthy, the Adviser considers factors such as credit rating agency analysis, broker-dealer credit
spreads and financial statements among others. The Adviser regularly monitors the creditworthiness of each counterparty that the
Fund enters into a transaction with and maintains an approved list of counterparties.
The Fund may purchase or sell options, which involve
the payment or receipt of a premium by the investor and the corresponding right or obligation, as the case may be, to either
purchase or sell the underlying security for a specific price at a certain time or during a certain period. Purchasing
options involves the risk that the underlying instrument will not change price in the manner expected, so that the investor
loses its premium. Selling options involves potentially greater risk because the investor is exposed to the extent of the
actual price movement in the underlying security rather than only the premium payment received (which could result in a
potentially unlimited loss). Over-the-counter options also involve counterparty risk.
The Fund may enter into total return swaps, which are contracts
whereby one party agrees to make payments of the total return from a reference instrument during a specified period, in return
for payments equal to a fixed or floating rate of interest or the total return from another underlying reference instrument. A
reference instrument may be a single asset, a pool of assets or an index of assets. The primary risks associated with total return
swaps are counterparty risk, which means the counterparty fails to meet its obligations, and market risk, meaning that the Fund
is subject to the risk that it could lose its entire investment.
When the Fund sells securities "short," the
Fund may be subject to substantially higher risks and greater volatility than most mutual funds. The Fund seeks to increase
return and reduce risk by using short sales and other forms of volatile financial derivatives such as options. Short sales
are speculative investments that will cause the Fund to lose money if the value of a security does not go down as the Adviser
expects. Because the market price of the security sold short could increase without limit, the Fund could be subject to a
theoretically unlimited loss, although the Fund may be able to limit any such losses by purchasing the security sold short.
Short sales can also be used as a hedge and therefore lower the overall risk of the Fund.
The Fund is non-diversified, which means that it may
invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse
economic or political occurrence affecting one or more of these issuers, and may experience increased volatility due to its
investments in those securities.
The Fund pursues a "value style" of investing.
Value investing focuses on companies whose stock appears undervalued in light of factors such as the company's earnings, book
value, revenues or cash flow. If the Adviser's assessment of a company's value or prospects for exceeding earnings
expectations or market conditions is inaccurate, the Fund could suffer losses or produce poor performance relative to other
funds. In addition, "value stocks" can continue to be undervalued by the market for long periods of time. |
|
| Risk Lose Money [Text] |
rr_RiskLoseMoney |
As with all mutual funds, a shareholder is subject to the
risk that his or her investment could lose money |
|
| Risk Not Insured Depository Institution [Text] |
rr_RiskNotInsuredDepositoryInstitution |
A Fund share is not a bank deposit and is not insured or
guaranteed by the FDIC or any government agency. |
|
| Bar Chart and Performance Table [Heading] |
rr_BarChartAndPerformanceTableHeading |
PERFORMANCE INFORMATION |
|
| Performance Narrative [Text Block] |
rr_PerformanceNarrativeTextBlock |
The bar chart and the performance table below
illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's performance from year to
year and by showing how the Fund's average annual total returns for 1 and 5 years and since inception compare with those of a
broad measure of market performance. Of course, the Fund's past performance (before and after taxes) does not necessarily
indicate how the Fund will perform in the future.
As of the date of this prospectus, Institutional Class Shares
of the Fund have not commenced operations and therefore have no performance information to report. The performance information
provided shows the returns of Investor Class Shares of the Fund, which are offered in a separate prospectus. Institutional Class
Shares of the Fund would have substantially similar performance as Investor Class Shares because the shares are invested in the
same portfolio of securities and the annual returns would differ only to the extent that the expenses of Institutional Class Shares
are lower. Updated performance information is available by calling 1-866-777-8227. |
|
| Bar Chart Closing [Text Block] |
rr_BarChartClosingTextBlock |
During the periods shown in the chart, the Fund's Investor
Class Shares' highest return for a quarter was 30.74% (quarter ended 09/30/2009) and the lowest return for a quarter was (32.69)%
(quarter ended 09/30/2011). The Fund's Investor Class Shares' total return from 1/1/2013 to 6/30/2013 was 14.65% . |
|
| Bar Chart, Year to Date Return, Date |
rr_BarChartYearToDateReturnDate |
Jun. 30,
2013 |
|
| Bar Chart, Year to Date Return |
rr_BarChartYearToDateReturn |
14.65% |
|
| Highest Quarterly Return, Date |
rr_BarChartHighestQuarterlyReturnDate |
Sep. 30,
2009 |
|
| Highest Quarterly Return |
rr_BarChartHighestQuarterlyReturn |
30.74% |
|
| Lowest Quarterly Return, Date |
rr_BarChartLowestQuarterlyReturnDate |
Sep. 30,
2011 |
|
| Lowest Quarterly Return |
rr_BarChartLowestQuarterlyReturn |
(32.69%) |
|
| Performance Table Heading |
rr_PerformanceTableHeading |
AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED DECEMBER 31,
2012 |
|
| Performance Table Narrative |
rr_PerformanceTableNarrativeTextBlock |
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 an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to
investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement
accounts. |
|
|
CAMBIAR AGGRESSIVE VALUE FUND | Investor Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Risk/Return [Heading] |
rr_RiskReturnHeading |
CAMBIAR AGGRESSIVE VALUE FUND |
|
| Objective [Heading] |
rr_ObjectiveHeading |
FUND INVESTMENT OBJECTIVE |
|
| Objective, Primary [Text Block] |
rr_ObjectivePrimaryTextBlock |
The Cambiar Aggressive Value Fund (the "Fund")
seeks long-term capital appreciation. |
|
| Expense [Heading] |
rr_ExpenseHeading |
FUND 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 Investor Class Shares of the Fund. |
|
| Shareholder Fees Caption [Text] |
rr_ShareholderFeesCaption |
SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT) |
|
| 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 1, 2013 |
|
| Portfolio Turnover [Heading] |
rr_PortfolioTurnoverHeading |
PORTFOLIO TURNOVER |
|
| Portfolio Turnover [Text Block] |
rr_PortfolioTurnoverTextBlock |
The Fund pays transaction costs, such as commissions, 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 total
annual fund operating expenses or in the example, affect the Fund's performance. During its most recent fiscal year, the Fund's
portfolio turnover rate was 85% of the average value of its portfolio. |
|
| Portfolio Turnover, Rate |
rr_PortfolioTurnoverRate |
196.00% |
|
| 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 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 (including one year of capped expenses in each period)
remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
|
| Strategy [Heading] |
rr_StrategyHeading |
PRINCIPAL INVESTMENT STRATEGIES |
|
| Strategy Narrative [Text Block] |
rr_StrategyNarrativeTextBlock |
Normally, the Fund invests at least 65% of its net assets in equity
securities of U.S. and non-U.S. companies within any market capitalization range. The equity securities in which the Fund will
invest may include convertible securities. The Fund may also sell securities short as part of its investment strategy. In addition,
the Fund may invest in derivatives, including options and total return swaps, in an effort to increase returns, to hedge against
the risk of unfavorable price movements in the underlying instruments, to provide economic exposure to a security or issuer, to
manage cash flows or currency exposure, to address tax considerations, or as an alternative to selling a security short.
The Fund typically invests in a portfolio of 20-30 issuers that Cambiar
Investors LLC ("Cambiar" or the "Adviser") believes represent the best opportunities for long-term capital
appreciation. Due to the focused nature of the Fund's investment strategy, the Fund is considered to be non-diversified. The Adviser's
primary analysis criteria is active individual company selection based on the relative merits and valuation of the underlying corporate
entity. The Adviser employs a relative value approach, whereby it searches for companies trading at the low end of historic and
sectoral valuation ranges, with a strong market position or product franchise and good overall financial condition. The Adviser's
selection and screening criteria are extremely qualitative, and the Adviser makes little attempt to time market or sector movements.
Consistent with its effort to create a focused portfolio of the companies
which it believes represent the best opportunities for long-term capital appreciation, the Adviser may at times allocate a significant
percentage of the Fund's assets to securities of non-U.S. companies that trade in either domestic or foreign markets. The Adviser
may invest in securities of companies in "emerging market" countries. An "emerging market" country is any country
determined by the Adviser to have an emerging market economy, considering factors such as the country's credit rating, its political
and economic stability, and the development of its financial and capital markets. Typically, emerging markets are in countries
that are in the process of industrialization, with lower gross national products than more developed countries. The Adviser's allocation
among various foreign countries does not seek to replicate any particular index's country allocation by global capitalization or
regional capitalization. There is no limit on investments in securities of foreign issuers, including emerging markets issuers.
The following are typical factors the Adviser considers when purchasing
stocks:
| · | Low price-earnings ratio relative to historic norms and peer group; |
| · | Low cash flow multiple relative to historic norms and peer group; |
| · | New product and/or restructuring potential under-appreciated by the marketplace; |
| · | Sudden stock price decline caused by flight of "momentum investors" with little change
in fundamentals; and |
| · | Excessive investor pessimism in relation to overall outlook for company over the medium to long
term. |
The Adviser's short strategy is utilized opportunistically and is
driven by the same underlying philosophy and investment process as the long portion of the portfolio. If the Adviser determines
that a company does not have the underlying fundamentals to be added to the Fund as a long position, it will consider using the
stock speculatively as a short position or as a paired trade to hedge a long position in the Fund.
The Adviser may sell a stock that the Fund holds long because:
| · | It realizes positive developments and achieves its target price; |
| · | It experiences exaggerated price moves relative to actual developments; or |
| · | It experiences a change in or deteriorating fundamentals. |
Due to its investment strategy, the Fund may buy and sell securities
frequently. Such a strategy often involves higher expenses, including brokerage commissions, and may increase the amount of capital
gains (in particular, short-term gains) realized by the Fund. Shareholders may pay tax on such capital gains. In addition, the
use of short sales may cause the Fund to have higher expenses (especially interest on borrowings and dividend expenses) than those
of other equity mutual funds.
|
|
| Risk [Heading] |
rr_RiskHeading |
PRINCIPAL RISKS OF INVESTING IN THE FUND |
|
| Risk Narrative [Text Block] |
rr_RiskNarrativeTextBlock |
As with all mutual funds, a shareholder is subject to
the risk that his or her investment could lose money. A Fund share is not a bank deposit and is not insured or guaranteed by
the FDIC or any government agency. The principal risk factors affecting shareholders' investments in the Fund are set forth
below.
Since it purchases equity securities, the Fund is
subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have
moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual
companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices
of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which
is the principal risk of investing in the Fund. This risk is greater for small- and medium-sized companies, which tend to be
more vulnerable to adverse developments than larger companies.
When the Fund invests in foreign securities, it will be subject
to risks not typically associated with domestic securities. Although American Depositary Receipts ("ADRs") and European
Depositary Receipts ("EDRs") are alternatives to directly purchasing the underlying foreign securities in their national
markets and currencies, they are also subject to many of the risks associated with investing directly in foreign securities. Foreign
investments, especially investments in emerging markets, can be riskier and more volatile than investments in the United States.
Adverse political and economic developments or changes in the value of foreign currency can make it difficult for the Fund to
sell its securities and could reduce the value of your shares. Differences in tax and accounting standards and difficulties in
obtaining information about foreign companies can negatively affect investment decisions. The Fund's investments in foreign securities
are also subject to the risk that the securities may be difficult to value and/or valued incorrectly.
Investments in emerging markets securities are considered
speculative and subject to heightened risks in addition to the general risks of investing in non-U.S. securities. Unlike more
established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that
are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market
capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment;
and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to
register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation
or confiscatory taxation, seizure, nationalization or creation of government monopolies.
Fund investments in foreign currencies and securities denominated
in foreign currencies are subject to currency risk. As a result, the value of securities denominated in foreign currencies can
change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Additionally, the value of a Fund's
assets measured in U.S. dollars may be affected by exchange control regulations. The Fund will generally incur transaction costs
in connection with conversions between various currencies which will negatively impact performance.
The Fund may invest in convertible securities, which
generally offer lower interest or dividend yields than non-convertible securities of similar quality. The market values of
convertible securities tend to decline as interest rates increase and, conversely, to increase as interest rates decline.
However, a convertible security's market value tends to reflect the market price of the common stock of the issuing company
when the stock price is greater than the convertible security's conversion price. The conversion price is defined as the
predetermined price at which the convertible could be exchanged for the associated stock. A convertible security may lose all
of its value if the value of the underlying stock falls below the conversion price of the security. As the market price of
the underlying common stock declines, the price of the convertible security tends to be influenced more by the yield of the
convertible security. Thus, it may not decline in price to the same extent as the underlying common stock. In the event of a
liquidation of the issuing company, holders of convertible securities would be paid before the company's common stock
holders. Consequently, the issuer's convertible securities generally entail less risk than its common stock.
The Fund may invest in derivatives. Derivatives
are often more volatile than other investments and may magnify the Fund's gains or losses. There are various factors that
affect the Fund's ability to achieve its objective with derivatives. Successful use of a derivative depends upon the degree
to which prices of the underlying assets correlate with price movements in the derivatives the Fund buys or sells. The Fund
could be negatively affected if the change in market value of its securities fails to correlate perfectly with the values of
the derivatives it purchased or sold. The lack of a liquid secondary market for a derivative may prevent the Fund from
closing its derivative positions and could adversely impact its ability to achieve its objective and to realize profits or
limit losses. Since derivatives may be purchased for a fraction of their value, a relatively small price movement in a
derivative may result in an immediate and substantial loss or gain to the Fund. Derivatives are often more volatile than
other investments and the Fund may lose more in a derivative than it originally invested in it. There can be no assurance
that the Adviser's use of derivatives will be successful in achieving their intended goals.
Additionally, derivative instruments, particularly market
access products, are subject to counterparty risk, meaning that the party that issues the derivative may experience a significant
credit event and may be unwilling or unable to make timely settlement payments or otherwise honor its obligations. When determining
whether a counterparty is creditworthy, the Adviser considers factors such as credit rating agency analysis, broker-dealer credit
spreads and financial statements among others. The Adviser regularly monitors the creditworthiness of each counterparty that the
Fund enters into a transaction with and maintains an approved list of counterparties.
The Fund may purchase or sell options, which involve
the payment or receipt of a premium by the investor and the corresponding right or obligation, as the case may be, to either
purchase or sell the underlying security for a specific price at a certain time or during a certain period. Purchasing
options involves the risk that the underlying instrument will not change price in the manner expected, so that the investor
loses its premium. Selling options involves potentially greater risk because the investor is exposed to the extent of the
actual price movement in the underlying security rather than only the premium payment received (which could result in a
potentially unlimited loss). Over-the-counter options also involve counterparty risk.
The Fund may enter into total return swaps, which are contracts
whereby one party agrees to make payments of the total return from a reference instrument during a specified period, in return
for payments equal to a fixed or floating rate of interest or the total return from another underlying reference instrument. A
reference instrument may be a single asset, a pool of assets or an index of assets. The primary risks associated with total return
swaps are counterparty risk, which means the counterparty fails to meet its obligations, and market risk, meaning that the Fund
is subject to the risk that it could lose its entire investment.
When the Fund sells securities "short," the
Fund may be subject to substantially higher risks and greater volatility than most mutual funds. The Fund seeks to increase
return and reduce risk by using short sales and other forms of volatile financial derivatives such as options. Short sales
are speculative investments that will cause the Fund to lose money if the value of a security does not go down as the Adviser
expects. Because the market price of the security sold short could increase without limit, the Fund could be subject to a
theoretically unlimited loss, although the Fund may be able to limit any such losses by purchasing the security sold short.
Short sales can also be used as a hedge and therefore lower the overall risk of the Fund.
The Fund is non-diversified, which means that it may
invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse
economic or political occurrence affecting one or more of these issuers, and may experience increased volatility due to its
investments in those securities.
The Fund pursues a "value style" of investing.
Value investing focuses on companies whose stock appears undervalued in light of factors such as the company's earnings, book
value, revenues or cash flow. If the Adviser's assessment of a company's value or prospects for exceeding earnings
expectations or market conditions is inaccurate, the Fund could suffer losses or produce poor performance relative to other
funds. In addition, "value stocks" can continue to be undervalued by the market for long periods of time. |
|
| Risk Lose Money [Text] |
rr_RiskLoseMoney |
As with all mutual funds, a shareholder is subject to the
risk that his or her investment could lose money |
|
| Risk Not Insured Depository Institution [Text] |
rr_RiskNotInsuredDepositoryInstitution |
A Fund share is not a bank deposit and is not insured or
guaranteed by the FDIC or any government agency. |
|
| Bar Chart and Performance Table [Heading] |
rr_BarChartAndPerformanceTableHeading |
PERFORMANCE INFORMATION |
|
| Performance Narrative [Text Block] |
rr_PerformanceNarrativeTextBlock |
The bar chart and the performance table below illustrate
the risks and volatility of an investment in the Fund by showing changes in the Fund's performance from year to year and by
showing how the Fund's average annual total returns for 1 and 5 years and since inception compare with those of a broad
measure of market performance. Of course, the Fund's past performance (before and after taxes) does not necessarily indicate
how the Fund will perform in the future. Updated performance information is available on the Fund's website
at www.cambiar.com or by calling 1-866-777-8227. |
|
| Bar Chart Closing [Text Block] |
rr_BarChartClosingTextBlock |
During the periods shown in the chart, the Fund's Investor
Class Shares' highest return for a quarter was 30.74% (quarter ended 09/30/2009) and the lowest return for a quarter was (36.29)%
(quarter ended 09/30/2011). The Fund's Investor Class Shares' total return from 1/1/2013 to 6/30/2013 was 14.65% . |
|
| Bar Chart, Year to Date Return, Date |
rr_BarChartYearToDateReturnDate |
Jun. 30,
2013 |
|
| Bar Chart, Year to Date Return |
rr_BarChartYearToDateReturn |
14.65% |
|
| Highest Quarterly Return, Date |
rr_BarChartHighestQuarterlyReturnDate |
Sep. 30,
2009 |
|
| Highest Quarterly Return |
rr_BarChartHighestQuarterlyReturn |
30.74% |
|
| Lowest Quarterly Return, Date |
rr_BarChartLowestQuarterlyReturnDate |
Sep. 30,
2011 |
|
| Lowest Quarterly Return |
rr_BarChartLowestQuarterlyReturn |
(36.29%) |
|
| Performance Table Heading |
rr_PerformanceTableHeading |
AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED DECEMBER 31,
2012 |
|
| Performance Table Narrative |
rr_PerformanceTableNarrativeTextBlock |
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 an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to
investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement
accounts. |
|
|
CAMBIAR AGGRESSIVE VALUE FUND | INVESTOR CLASS SHARES | Investor Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Redemption Fee (as a percentage of amount redeemed, if shares redeemed have been held for less than 90 days) |
rr_RedemptionFeeOverRedemption |
(2.00%) |
|
| Management Fees |
rr_ManagementFeesOverAssets |
1.00% |
|
| Shareholder Service Fees |
rr_Component1OtherExpensesOverAssets |
0.25% |
|
| Other Expenses |
rr_OtherExpensesOverAssets |
0.15% |
|
| Total Annual Fund Operating Expenses |
rr_ExpensesOverAssets |
1.40% |
|
| Less Fee Reductions and/or Expense Reimbursements |
rr_FeeWaiverOrReimbursementOverAssets |
(0.05%) |
[5] |
| Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements |
rr_NetExpensesOverAssets |
1.35% |
|
| Expense Example, with Redemption, 1 Year |
rr_ExpenseExampleYear01 |
137 |
|
| 3 Years |
rr_ExpenseExampleYear03 |
438 |
|
| Expense Example, with Redemption, 5 Years |
rr_ExpenseExampleYear05 |
761 |
|
| Expense Example, with Redemption, 10 Years |
rr_ExpenseExampleYear10 |
1,675 |
|
| 2008 |
rr_AnnualReturn2008 |
(43.82%) |
|
| 2009 |
rr_AnnualReturn2009 |
77.88% |
|
| 2010 |
rr_AnnualReturn2010 |
38.54% |
|
| 2011 |
rr_AnnualReturn2011 |
(17.25%) |
|
| Annual Return 2012 |
rr_AnnualReturn2012 |
5.98% |
|
| Label |
rr_AverageAnnualReturnLabel |
Fund Returns Before Taxes |
|
| 1 YEAR |
rr_AverageAnnualReturnYear01 |
5.98% |
|
| 5 YEARS |
rr_AverageAnnualReturnYear05 |
3.95% |
|
| SINCE INCEPTION |
rr_AverageAnnualReturnSinceInception |
4.04% |
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Aug. 31,
2007 |
|
|
CAMBIAR AGGRESSIVE VALUE FUND | INSTITUTIONAL CLASS SHARES, CAMBIAR AGGRESSIVE | Institutional Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Redemption Fee (as a percentage of amount redeemed, if shares redeemed have been held for less than 90 days) |
rr_RedemptionFeeOverRedemption |
(2.00%) |
|
| Management Fees |
rr_ManagementFeesOverAssets |
1.00% |
|
| Other Expenses |
rr_OtherExpensesOverAssets |
0.15% |
[6] |
| Total Annual Fund Operating Expenses |
rr_ExpensesOverAssets |
1.15% |
|
| Less Fee Reductions and/or Expense Reimbursements |
rr_FeeWaiverOrReimbursementOverAssets |
(0.05%) |
|
| Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements |
rr_NetExpensesOverAssets |
1.10% |
[7] |
| Expense Example, with Redemption, 1 Year |
rr_ExpenseExampleYear01 |
112 |
|
| 3 Years |
rr_ExpenseExampleYear03 |
360 |
|
| Expense Example, with Redemption, 5 Years |
rr_ExpenseExampleYear05 |
628 |
|
| Expense Example, with Redemption, 10 Years |
rr_ExpenseExampleYear10 |
1,393 |
|
| 2008 |
rr_AnnualReturn2008 |
(43.82%) |
|
| 2009 |
rr_AnnualReturn2009 |
77.88% |
|
| 2010 |
rr_AnnualReturn2010 |
38.54% |
|
| 2011 |
rr_AnnualReturn2011 |
(17.25%) |
|
| Annual Return 2012 |
rr_AnnualReturn2012 |
5.98% |
|
| Label |
rr_AverageAnnualReturnLabel |
Fund Returns Before Taxes |
|
| 1 YEAR |
rr_AverageAnnualReturnYear01 |
5.98% |
|
| 5 YEARS |
rr_AverageAnnualReturnYear05 |
3.95% |
|
| SINCE INCEPTION |
rr_AverageAnnualReturnSinceInception |
4.04% |
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Aug. 31,
2007 |
|
|
CAMBIAR AGGRESSIVE VALUE FUND | Fund Returns After Taxes on Distributions | INVESTOR CLASS SHARES | Investor Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Label |
rr_AverageAnnualReturnLabel |
Fund Returns After Taxes on Distributions |
|
| 1 YEAR |
rr_AverageAnnualReturnYear01 |
5.98% |
|
| 5 YEARS |
rr_AverageAnnualReturnYear05 |
3.23% |
|
| SINCE INCEPTION |
rr_AverageAnnualReturnSinceInception |
3.35% |
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Aug. 31,
2007 |
|
|
CAMBIAR AGGRESSIVE VALUE FUND | Fund Returns After Taxes on Distributions | INSTITUTIONAL CLASS SHARES, CAMBIAR AGGRESSIVE | Institutional Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Label |
rr_AverageAnnualReturnLabel |
Fund Returns After Taxes on Distributions |
|
| 1 YEAR |
rr_AverageAnnualReturnYear01 |
5.98% |
|
| 5 YEARS |
rr_AverageAnnualReturnYear05 |
3.23% |
|
| SINCE INCEPTION |
rr_AverageAnnualReturnSinceInception |
3.35% |
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Aug. 31,
2007 |
|
|
CAMBIAR AGGRESSIVE VALUE FUND | Fund Returns After Taxes on Distributions and Sale of Fund Shares | INVESTOR CLASS SHARES | Investor Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Label |
rr_AverageAnnualReturnLabel |
Fund Returns After Taxes on Distributions and Sale of Fund Shares |
|
| 1 YEAR |
rr_AverageAnnualReturnYear01 |
3.89% |
|
| 5 YEARS |
rr_AverageAnnualReturnYear05 |
2.99% |
|
| SINCE INCEPTION |
rr_AverageAnnualReturnSinceInception |
3.09% |
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Aug. 31,
2007 |
|
|
CAMBIAR AGGRESSIVE VALUE FUND | Fund Returns After Taxes on Distributions and Sale of Fund Shares | INSTITUTIONAL CLASS SHARES, CAMBIAR AGGRESSIVE | Institutional Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Label |
rr_AverageAnnualReturnLabel |
Fund Returns After Taxes on Distributions and Sale of Fund Shares |
|
| 1 YEAR |
rr_AverageAnnualReturnYear01 |
3.89% |
|
| 5 YEARS |
rr_AverageAnnualReturnYear05 |
2.99% |
|
| SINCE INCEPTION |
rr_AverageAnnualReturnSinceInception |
3.09% |
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Aug. 31,
2007 |
|
|
CAMBIAR AGGRESSIVE VALUE FUND | Russell 3000(R) Index (reflects no deduction for fees, expenses, or taxes) | Institutional Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Label |
rr_AverageAnnualReturnLabel |
Russell 3000(R) Index (reflects no deduction for fees, expenses, or taxes) |
|
| 1 YEAR |
rr_AverageAnnualReturnYear01 |
16.42% |
|
| 5 YEARS |
rr_AverageAnnualReturnYear05 |
2.04% |
|
| SINCE INCEPTION |
rr_AverageAnnualReturnSinceInception |
1.95% |
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Aug. 31,
2007 |
|
|
CAMBIAR AGGRESSIVE VALUE FUND | Russell 3000(R) Index (reflects no deduction for fees, expenses, or taxes) | Investor Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Label |
rr_AverageAnnualReturnLabel |
Russell 3000(R) Index (reflects no deduction for fees, expenses, or taxes) |
|
| 1 YEAR |
rr_AverageAnnualReturnYear01 |
16.42% |
|
| 5 YEARS |
rr_AverageAnnualReturnYear05 |
2.04% |
|
| SINCE INCEPTION |
rr_AverageAnnualReturnSinceInception |
1.95% |
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Aug. 31,
2007 |
|
|
CAMBIAR SMALL CAP FUND | Institutional Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Risk/Return [Heading] |
rr_RiskReturnHeading |
CAMBIAR SMALL CAP FUND |
|
| Objective [Heading] |
rr_ObjectiveHeading |
FUND INVESTMENT OBJECTIVE |
|
| Objective, Primary [Text Block] |
rr_ObjectivePrimaryTextBlock |
The Cambiar Small Cap Fund (the "Fund") seeks long-term
capital appreciation. |
|
| Expense [Heading] |
rr_ExpenseHeading |
FUND 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 Institutional Class Shares of the Fund. |
|
| Shareholder Fees Caption [Text] |
rr_ShareholderFeesCaption |
SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT) |
|
| 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) |
|
| Portfolio Turnover [Heading] |
rr_PortfolioTurnoverHeading |
PORTFOLIO TURNOVER |
|
| Portfolio Turnover [Text Block] |
rr_PortfolioTurnoverTextBlock |
The Fund pays transaction costs, such as commissions, 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 total
annual fund operating expenses or in the example, affect the Fund's performance. During its most recent fiscal year, the Fund's
portfolio turnover rate was 71% of the average value of its portfolio. |
|
| 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 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 (including one year of capped expenses in
each period) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would
be: |
|
| Strategy [Heading] |
rr_StrategyHeading |
PRINCIPAL INVESTMENT STRATEGIES |
|
| Strategy Narrative [Text Block] |
rr_StrategyNarrativeTextBlock |
Under normal circumstances, the Fund invests at least 80% of its
net assets, plus any borrowings for investment purposes, in common stocks of small cap companies. This investment policy may be
changed by the Fund upon 60 days' prior notice to shareholders. The Fund considers small-cap companies to be those with market
capitalizations not greater than either that of the largest company in the Russell 2000 Index ($7.6 billion as of July 31, 2013)
or $3.5 billion, whichever is greater at the time of purchase.
Cambiar Investors LLC's ("Cambiar" or the "Adviser")
investment professionals work as a team to develop investment ideas by analyzing company and industry statements, monitoring Wall
Street and other research sources and interviewing company management. The Adviser also evaluates economic conditions and fiscal
and monetary policies. The Adviser's approach focuses first on individual stocks and then on industries or sectors. The Adviser
does not attempt to time the market. The Adviser tries to select quality companies:
| · | Possessing above-average financial characteristics; |
| · | Having seasoned management; |
| · | Enjoying product or market advantages; |
| · | Whose stock is selling at a low relative historical valuation based on ratios such as price-to-earnings,
price-to-book, price-to-sales and price-to-cash flow; |
| · | Experiencing positive developments not yet recognized by the markets, such as positive changes
in management, improved margins, corporate restructuring or new products; and/or |
| · | Possessing significant appreciation potential within 12 to 18 months. |
The Adviser may sell a stock because:
| · | It realizes positive developments and achieves its target price; |
| · | It experiences exaggerated price moves relative to actual developments; |
| · | It becomes overweighted in the portfolio; or |
| · | It experiences a change in or deteriorating fundamentals. |
Due to its investment strategy, the Fund may buy and sell securities
frequently. Such a strategy often involves higher expenses, including brokerage commissions, and may increase the amount of capital
gains (in particular, short-term gains) realized by the Fund. Shareholders may pay tax on such capital gains.
|
|
| Risk [Heading] |
rr_RiskHeading |
PRINCIPAL RISKS OF INVESTING IN THE FUND |
|
| Risk Narrative [Text Block] |
rr_RiskNarrativeTextBlock |
As with all mutual funds, a shareholder is subject to
the risk that his or her investment could lose money. A Fund share is not a bank deposit and is not insured or guaranteed by
the FDIC or any government agency. The principal risk factors affecting shareholders' investments in the Fund are set forth
below.
Since it purchases equity securities, the Fund is
subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have
moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual
companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices
of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which
is the principal risk of investing in the Fund.
The Fund is also subject to the risk that small
capitalization stocks may underperform other segments of the equity market or the equity market as a whole. The
small-capitalization companies that the Fund invests in may be more vulnerable to adverse business or economic events than
larger, more established companies. In particular, these small-sized companies may pose additional risks, including liquidity
risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a
relatively small management group. Therefore, small-cap stocks may be more volatile than those of larger companies. These
securities may be traded over-the-counter or listed on an exchange.
The Fund pursues a "value style" of investing.
Value investing focuses on companies whose stock appears undervalued in light of factors such as the company's earnings, book
value, revenues or cash flow. If the Adviser's assessment of a company's value or prospects for exceeding earnings
expectations or market conditions is inaccurate, the Fund could suffer losses or produce poor performance relative to other
funds. In addition, " value stocks" can continue to be undervalued by the market for long periods of time. |
|
| Risk Lose Money [Text] |
rr_RiskLoseMoney |
As with all mutual funds, a shareholder is subject to the
risk that his or her investment could lose money |
|
| Risk Not Insured Depository Institution [Text] |
rr_RiskNotInsuredDepositoryInstitution |
A Fund share is not a bank deposit and is not insured or
guaranteed by the FDIC or any government agency. |
|
| Bar Chart and Performance Table [Heading] |
rr_BarChartAndPerformanceTableHeading |
PERFORMANCE INFORMATION |
|
| Performance Narrative [Text Block] |
rr_PerformanceNarrativeTextBlock |
The bar chart and the performance table below
illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's performance from year to
year and by showing how the Fund's average annual total returns for 1 and 5 years and since inception compare with those of a
broad measure of market performance. Of course, the Fund's past performance (before and after taxes) does not necessarily
indicate how the Fund will perform in the future.
The performance information provided includes the returns
of Investor Class Shares for periods prior to October 31, 2008. Investor Class Shares of the Fund are offered in a separate prospectus.
Institutional Class Shares would have substantially similar performance as Investor Class Shares because the shares are invested
in the same portfolio of securities and the annual returns would differ only to the extent that the expenses of Institutional
Class Shares are lower. Updated performance information is available by calling 1-866-777-8227. |
|
| Bar Chart Closing [Text Block] |
rr_BarChartClosingTextBlock |
During the periods shown in the chart, the highest return
for a quarter was 23.35% (quarter ended 06/30/2009) and the lowest return for a quarter was (27.30)% (quarter ended 12/31/2008).
The Fund's Institutional Class Shares total return from 1/1/2013 to 6/30/2013 was 13.87% . |
|
| Bar Chart, Year to Date Return, Date |
rr_BarChartYearToDateReturnDate |
Jun. 30,
2013 |
|
| Bar Chart, Year to Date Return |
rr_BarChartYearToDateReturn |
13.87% |
|
| Highest Quarterly Return, Date |
rr_BarChartHighestQuarterlyReturnDate |
Jun. 30,
2009 |
|
| Highest Quarterly Return |
rr_BarChartHighestQuarterlyReturn |
23.35% |
|
| Lowest Quarterly Return, Date |
rr_BarChartLowestQuarterlyReturnDate |
Dec. 31,
2008 |
|
| Lowest Quarterly Return |
rr_BarChartLowestQuarterlyReturn |
(27.30%) |
|
| Performance Table Heading |
rr_PerformanceTableHeading |
AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED DECEMBER 31,
2012 |
|
| Performance Table Narrative |
rr_PerformanceTableNarrativeTextBlock |
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 an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to
investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement
accounts. |
|
|
CAMBIAR SMALL CAP FUND | Investor Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Risk/Return [Heading] |
rr_RiskReturnHeading |
CAMBIAR SMALL CAP FUND |
|
| Objective [Heading] |
rr_ObjectiveHeading |
FUND INVESTMENT OBJECTIVE |
|
| Objective, Primary [Text Block] |
rr_ObjectivePrimaryTextBlock |
The Cambiar Small Cap Fund (the "Fund") seeks long-term
capital appreciation. |
|
| Expense [Heading] |
rr_ExpenseHeading |
FUND 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 Investor Class Shares of the Fund. |
|
| Shareholder Fees Caption [Text] |
rr_ShareholderFeesCaption |
SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT) |
|
| 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) |
|
| Portfolio Turnover [Heading] |
rr_PortfolioTurnoverHeading |
PORTFOLIO TURNOVER |
|
| Portfolio Turnover [Text Block] |
rr_PortfolioTurnoverTextBlock |
The Fund pays transaction costs, such as commissions, 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 total
annual fund operating expenses or in the example, affect the Fund's performance. During its most recent fiscal year, the Fund's
portfolio turnover rate was 71% of the average value of its portfolio. |
|
| 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 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 (including one year of capped expenses in
each period) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would
be: |
|
| Strategy [Heading] |
rr_StrategyHeading |
PRINCIPAL INVESTMENT STRATEGIES |
|
| Strategy Narrative [Text Block] |
rr_StrategyNarrativeTextBlock |
Under normal circumstances, the Fund invests at least 80% of its
net assets, plus any borrowings for investment purposes, in common stocks of small-cap companies. This investment policy may be
changed by the Fund upon 60 days' prior notice to shareholders. The Fund considers small-cap companies to be those with market
capitalizations not greater than either that of the largest company in the Russell 2000 Index ($7.6 billion as of July 31, 2013)
or $3.5 billion, whichever is greater at the time of purchase.
Cambiar Investors LLC's ("Cambiar" or the "Adviser")
investment professionals work as a team to develop investment ideas by analyzing company and industry statements, monitoring Wall
Street and other research sources and interviewing company management. The Adviser also evaluates economic conditions and fiscal
and monetary policies. The Adviser's approach focuses first on individual stocks and then on industries or sectors. The Adviser
does not attempt to time the market. The Adviser tries to select quality companies:
| · | Possessing above-average financial characteristics; |
| · | Having seasoned management; |
| · | Enjoying product or market advantages; |
| · | Whose stock is selling at a low relative historical valuation based on ratios such as price-to-earnings,
price-to-book, price-to-sales and price-to-cash flow; |
| · | Experiencing positive developments not yet recognized by the markets, such as positive changes
in management, improved margins, corporate restructuring or new products; and/or |
| · | Possessing significant appreciation potential within 12 to 18 months. |
The Adviser may sell a stock because:
| · | It realizes positive developments and achieves its target price; |
| · | It experiences exaggerated price moves relative to actual developments; |
| · | It becomes overweighted in the portfolio; or |
| · | It experiences a change in or deteriorating fundamentals. |
Due to its investment strategy, the Fund may buy and sell securities
frequently. Such a strategy often involves higher expenses, including brokerage commissions, and may increase the amount of capital
gains (in particular, short-term gains) realized by the Fund. Shareholders may pay tax on such capital gains.
|
|
| Risk [Heading] |
rr_RiskHeading |
PRINCIPAL RISKS OF INVESTING IN THE FUND |
|
| Risk Narrative [Text Block] |
rr_RiskNarrativeTextBlock |
As with all mutual funds, a shareholder is subject to
the risk that his or her investment could lose money. A Fund share is not a bank deposit and is not insured or guaranteed by
the FDIC or any government agency. The principal risk factors affecting shareholders' investments in the Fund are set forth
below.
Since it purchases equity securities, the Fund is
subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have
moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual
companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices
of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which
is the principal risk of investing in the Fund.
The Fund is also subject to the risk that small
capitalization stocks may underperform other segments of the equity market or the equity market as a whole. The
small-capitalization companies that the Fund invests in may be more vulnerable to adverse business or economic events than
larger, more established companies. In particular, these small-sized companies may pose additional risks, including liquidity
risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a
relatively small management group. Therefore, small-cap stocks may be more volatile than those of larger companies. These
securities may be traded over-the-counter or listed on an exchange.
The Fund pursues a "value style" of investing.
Value investing focuses on companies whose stock appears undervalued in light of factors such as the company's earnings, book
value, revenues or cash flow. If the Adviser's assessment of a company's value or prospects for exceeding earnings
expectations or market conditions is inaccurate, the Fund could suffer losses or produce poor performance relative to other
funds. In addition, "value stocks" can continue to be undervalued by the market for long periods of time. |
|
| Risk Lose Money [Text] |
rr_RiskLoseMoney |
As with all mutual funds, a shareholder is subject to the
risk that his or her investment could lose money |
|
| Risk Not Insured Depository Institution [Text] |
rr_RiskNotInsuredDepositoryInstitution |
A Fund share is not a bank deposit and is not insured or
guaranteed by the FDIC or any government agency. |
|
| Bar Chart and Performance Table [Heading] |
rr_BarChartAndPerformanceTableHeading |
PERFORMANCE INFORMATION |
|
| Performance Narrative [Text Block] |
rr_PerformanceNarrativeTextBlock |
The bar chart and the performance table below
illustrate the risks and volatility of an investment in Investor Class Shares of the Fund by showing changes in the Fund's
Investor Class Shares' performance from year to year and by showing how the Fund's Investor Class Shares' average annual
total returns for 1 and 5 years and since inception compare with those of a broad measure of market performance. Of course,
the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the
future.
Updated performance information is available on the Fund's
website at www.cambiar.com or by calling 1-866-777-8227. |
|
| Bar Chart Closing [Text Block] |
rr_BarChartClosingTextBlock |
During the periods shown in the chart, the Fund's Investor
Class Shares' highest return for a quarter was 23.25% (quarter ended 06/30/2009) and the lowest return for a quarter was (27.38)%
(quarter ended 12/31/2008). The Fund's Investor Class Shares total return from 1/1/2013 to 6/30/2013 was 13.68%. |
|
| Bar Chart, Year to Date Return, Date |
rr_BarChartYearToDateReturnDate |
Jun. 30,
2013 |
|
| Bar Chart, Year to Date Return |
rr_BarChartYearToDateReturn |
13.68% |
|
| Highest Quarterly Return, Date |
rr_BarChartHighestQuarterlyReturnDate |
Jun. 30,
2009 |
|
| Highest Quarterly Return |
rr_BarChartHighestQuarterlyReturn |
23.25% |
|
| Lowest Quarterly Return, Date |
rr_BarChartLowestQuarterlyReturnDate |
Dec. 31,
2008 |
|
| Lowest Quarterly Return |
rr_BarChartLowestQuarterlyReturn |
(27.38%) |
|
| Performance Table Heading |
rr_PerformanceTableHeading |
AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED DECEMBER 31,
2012 |
|
| Performance Table Narrative |
rr_PerformanceTableNarrativeTextBlock |
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 an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to
investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement
accounts. |
|
|
CAMBIAR SMALL CAP FUND | INVESTOR CLASS SHARES | Investor Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Redemption Fee (as a percentage of amount redeemed, if shares redeemed have been held for less than 90 days) |
rr_RedemptionFeeOverRedemption |
(2.00%) |
|
| Management Fees |
rr_ManagementFeesOverAssets |
1.05% |
|
| Shareholder Service Fees |
rr_Component1OtherExpensesOverAssets |
0.25% |
|
| Other Expenses |
rr_OtherExpensesOverAssets |
0.11% |
|
| Acquired Fund Fees and Expenses |
rr_AcquiredFundFeesAndExpensesOverAssets |
0.01% |
|
| Total Annual Fund Operating Expenses |
rr_ExpensesOverAssets |
1.42% |
[8] |
| Less Fee Reductions and/or Expense Reimbursements |
rr_FeeWaiverOrReimbursementOverAssets |
(0.11%) |
|
| Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements |
rr_NetExpensesOverAssets |
1.31% |
[8],[9] |
| Expense Example, with Redemption, 1 Year |
rr_ExpenseExampleYear01 |
133 |
|
| 3 Years |
rr_ExpenseExampleYear03 |
439 |
|
| Expense Example, with Redemption, 5 Years |
rr_ExpenseExampleYear05 |
766 |
|
| Expense Example, with Redemption, 10 Years |
rr_ExpenseExampleYear10 |
1,692 |
|
| 2005 |
rr_AnnualReturn2005 |
19.98% |
|
| 2006 |
rr_AnnualReturn2006 |
21.15% |
|
| 2007 |
rr_AnnualReturn2007 |
(3.88%) |
|
| 2008 |
rr_AnnualReturn2008 |
(36.27%) |
|
| 2009 |
rr_AnnualReturn2009 |
45.12% |
|
| 2010 |
rr_AnnualReturn2010 |
35.73% |
|
| 2011 |
rr_AnnualReturn2011 |
(1.34%) |
|
| Annual Return 2012 |
rr_AnnualReturn2012 |
13.07% |
|
| Label |
rr_AverageAnnualReturnLabel |
Fund Returns Before Taxes |
|
| 1 YEAR |
rr_AverageAnnualReturnYear01 |
13.07% |
|
| 5 YEARS |
rr_AverageAnnualReturnYear05 |
6.97% |
|
| SINCE INCEPTION |
rr_AverageAnnualReturnSinceInception |
10.08% |
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Aug. 31,
2004 |
|
|
CAMBIAR SMALL CAP FUND | INSTITUTIONAL CLASS SHARES | Institutional Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Redemption Fee (as a percentage of amount redeemed, if shares redeemed have been held for less than 90 days) |
rr_RedemptionFeeOverRedemption |
(2.00%) |
|
| Management Fees |
rr_ManagementFeesOverAssets |
1.05% |
|
| Other Expenses |
rr_OtherExpensesOverAssets |
0.11% |
|
| Acquired Fund Fees and Expenses |
rr_AcquiredFundFeesAndExpensesOverAssets |
0.01% |
|
| Total Annual Fund Operating Expenses |
rr_ExpensesOverAssets |
1.17% |
[8] |
| Less Fee Reductions and/or Expense Reimbursements |
rr_FeeWaiverOrReimbursementOverAssets |
(0.11%) |
|
| Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements |
rr_NetExpensesOverAssets |
1.06% |
[10],[8] |
| Expense Example, with Redemption, 1 Year |
rr_ExpenseExampleYear01 |
108 |
|
| 3 Years |
rr_ExpenseExampleYear03 |
361 |
|
| Expense Example, with Redemption, 5 Years |
rr_ExpenseExampleYear05 |
633 |
|
| Expense Example, with Redemption, 10 Years |
rr_ExpenseExampleYear10 |
1,411 |
|
| 2005 |
rr_AnnualReturn2005 |
19.98% |
|
| 2006 |
rr_AnnualReturn2006 |
21.15% |
|
| 2007 |
rr_AnnualReturn2007 |
(3.88%) |
|
| 2008 |
rr_AnnualReturn2008 |
(36.19%) |
|
| 2009 |
rr_AnnualReturn2009 |
45.40% |
|
| 2010 |
rr_AnnualReturn2010 |
35.93% |
|
| 2011 |
rr_AnnualReturn2011 |
(1.16%) |
|
| Annual Return 2012 |
rr_AnnualReturn2012 |
13.40% |
|
| Label |
rr_AverageAnnualReturnLabel |
Fund Returns Before Taxes |
|
| 1 YEAR |
rr_AverageAnnualReturnYear01 |
13.40% |
|
| 5 YEARS |
rr_AverageAnnualReturnYear05 |
7.17% |
|
| SINCE INCEPTION |
rr_AverageAnnualReturnSinceInception |
10.21% |
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Aug. 31,
2004 |
|
|
CAMBIAR SMALL CAP FUND | Fund Returns After Taxes on Distributions | INVESTOR CLASS SHARES | Investor Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Label |
rr_AverageAnnualReturnLabel |
Fund Returns After Taxes on Distributions |
|
| 1 YEAR |
rr_AverageAnnualReturnYear01 |
12.82% |
|
| 5 YEARS |
rr_AverageAnnualReturnYear05 |
6.73% |
|
| SINCE INCEPTION |
rr_AverageAnnualReturnSinceInception |
9.40% |
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Aug. 31,
2004 |
|
|
CAMBIAR SMALL CAP FUND | Fund Returns After Taxes on Distributions | INSTITUTIONAL CLASS SHARES | Institutional Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Label |
rr_AverageAnnualReturnLabel |
Fund Returns After Taxes on Distributions |
|
| 1 YEAR |
rr_AverageAnnualReturnYear01 |
13.15% |
|
| 5 YEARS |
rr_AverageAnnualReturnYear05 |
6.92% |
|
| SINCE INCEPTION |
rr_AverageAnnualReturnSinceInception |
9.50% |
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Aug. 31,
2004 |
|
|
CAMBIAR SMALL CAP FUND | Fund Returns After Taxes on Distributions and Sale of Fund Shares | INVESTOR CLASS SHARES | Investor Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Label |
rr_AverageAnnualReturnLabel |
Fund Returns After Taxes on Distributions and Sale of Fund Shares |
|
| 1 YEAR |
rr_AverageAnnualReturnYear01 |
8.83% |
|
| 5 YEARS |
rr_AverageAnnualReturnYear05 |
5.93% |
|
| SINCE INCEPTION |
rr_AverageAnnualReturnSinceInception |
8.52% |
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Aug. 31,
2004 |
|
|
CAMBIAR SMALL CAP FUND | Fund Returns After Taxes on Distributions and Sale of Fund Shares | INSTITUTIONAL CLASS SHARES | Institutional Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Label |
rr_AverageAnnualReturnLabel |
Fund Returns After Taxes on Distributions and Sale of Fund Shares |
|
| 1 YEAR |
rr_AverageAnnualReturnYear01 |
9.04% |
|
| 5 YEARS |
rr_AverageAnnualReturnYear05 |
6.10% |
|
| SINCE INCEPTION |
rr_AverageAnnualReturnSinceInception |
8.60% |
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Aug. 31,
2004 |
|
|
CAMBIAR SMALL CAP FUND | Russell 2000(R) Index (reflects no deduction for fees, expenses, or taxes) | Institutional Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Label |
rr_AverageAnnualReturnLabel |
Russell 2000(R) Index (reflects no deduction for fees, expenses, or taxes) |
|
| 1 YEAR |
rr_AverageAnnualReturnYear01 |
16.35% |
|
| 5 YEARS |
rr_AverageAnnualReturnYear05 |
3.56% |
|
| SINCE INCEPTION |
rr_AverageAnnualReturnSinceInception |
6.82% |
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Aug. 31,
2004 |
|
|
CAMBIAR SMALL CAP FUND | Russell 2000(R) Index (reflects no deduction for fees, expenses, or taxes) | Investor Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Label |
rr_AverageAnnualReturnLabel |
Russell 2000(R) Index (reflects no deduction for fees, expenses, or taxes) |
|
| 1 YEAR |
rr_AverageAnnualReturnYear01 |
16.35% |
|
| 5 YEARS |
rr_AverageAnnualReturnYear05 |
3.56% |
|
| SINCE INCEPTION |
rr_AverageAnnualReturnSinceInception |
6.82% |
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Aug. 31,
2004 |
|
|
CAMBIAR OPPORTUNITY FUND | Institutional Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Risk/Return [Heading] |
rr_RiskReturnHeading |
CAMBIAR OPPORTUNITY FUND |
|
| Objective [Heading] |
rr_ObjectiveHeading |
FUND INVESTMENT OBJECTIVE |
|
| Objective, Primary [Text Block] |
rr_ObjectivePrimaryTextBlock |
The Cambiar Opportunity Fund (the "Fund") seeks
total return and capital preservation. |
|
| Expense [Heading] |
rr_ExpenseHeading |
FUND 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 Institutional Class 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) |
|
| Portfolio Turnover [Heading] |
rr_PortfolioTurnoverHeading |
PORTFOLIO TURNOVER |
|
| Portfolio Turnover [Text Block] |
rr_PortfolioTurnoverTextBlock |
The Fund pays transaction costs, such as commissions, 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 total
annual fund operating expenses or in the example, affect the Fund's performance. During its most recent fiscal year, the Fund's
portfolio turnover rate was 64% of the average value of its portfolio. |
|
| 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 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 (including one year of capped expenses in each period)
remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
|
| Strategy [Heading] |
rr_StrategyHeading |
PRINCIPAL INVESTMENT STRATEGIES |
|
| Strategy Narrative [Text Block] |
rr_StrategyNarrativeTextBlock |
The goal of the Fund is to provide above-average performance in both
rising and falling market periods by investing in stocks that have limited downside risk and positive upside potential. Normally,
the Fund invests at least 65% of its net assets in common stocks of companies with market capitalizations over $1 billion at the
time of purchase. In addition, the Fund may invest in derivatives, including options and total return swaps, in an effort to increase
returns, to hedge against the risk of unfavorable price movements in the underlying instruments, to provide economic exposure to
a security or issuer, to manage cash flows or currency exposure, or to address tax considerations.
Cambiar Investors LLC's ("Cambiar" or the "Adviser")
investment professionals work as a team to develop investment ideas by analyzing company and industry statements, monitoring Wall
Street and other research sources, and interviewing company management. The Adviser also evaluates economic conditions and fiscal
and monetary policies. The Adviser's approach focuses first on individual stocks and then on industries or sectors. The Adviser
does not attempt to time the market. The Adviser tries to select quality companies:
| · | Possessing above-average financial characteristics; |
| · | Having seasoned management; |
| · | Enjoying product or market advantages; |
| · | Whose stock is selling at a low relative historical valuation based on ratios such as price-to-earnings,
price-to-book, price-to-sales and price-to-cash flow; |
| · | Experiencing positive developments not yet recognized by the markets, such as positive changes
in management, improved margins, corporate restructuring or new products; and/or |
| · | Possessing significant appreciation potential within 12 to 18 months. |
The Adviser may sell a stock because:
| · | It realizes positive developments and achieves its target price; |
| · | It experiences exaggerated price moves relative to actual developments; |
| · | It becomes overweighted in the portfolio; or |
| · | It experiences a change in or deteriorating fundamentals. |
|
|
| Risk [Heading] |
rr_RiskHeading |
PRINCIPAL RISKS OF INVESTING IN THE FUND |
|
| Risk Narrative [Text Block] |
rr_RiskNarrativeTextBlock |
As with all mutual funds, a shareholder is subject to
the risk that his or her investment could lose money. A Fund share is not a bank deposit and is not insured or guaranteed by
the FDIC or any government agency. The principal risk factors affecting shareholders' investments in the Fund are set forth
below.
Since it purchases equity securities, the Fund is
subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have
moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual
companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices
of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which
is the principal risk of investing in the Fund. This risk is greater for small- and medium-sized companies, which tend to be
more vulnerable to adverse developments than larger companies.
The Fund may invest in derivatives. Derivatives are
often more volatile than other investments and may magnify the Fund's gains or losses. There are various factors that affect
the Fund's ability to achieve its objective with derivatives. Successful use of a derivative depends upon the degree to which
prices of the underlying assets correlate with price movements in the derivatives the Fund buys or sells. The Fund could be
negatively affected if the change in market value of its securities fails to correlate perfectly with the values of the
derivatives it purchased or sold. The lack of a liquid secondary market for a derivative may prevent the Fund from closing
its derivative positions and could adversely impact its ability to achieve its objective and to realize profits or limit
losses. Since derivatives may be purchased for a fraction of their value, a relatively small price movement in a derivative
may result in an immediate and substantial loss or gain to the Fund. Derivatives are often more volatile than other
investments and the Fund may lose more in a derivative than it originally invested in it. There can be no assurance that the
Adviser's use of derivatives will be successful in achieving their intended goals.
Additionally, derivative instruments, particularly
market access products, are subject to counterparty risk, meaning that the party that issues the derivative may experience a
significant credit event and may be unwilling or unable to make timely settlement payments or otherwise honor its
obligations. When determining whether a counterparty is creditworthy, the Adviser considers factors such as credit rating
agency analysis, broker-dealer credit spreads and financial statements among others. The Adviser regularly monitors the
creditworthiness of each counterparty that the Fund enters into a transaction with and maintains an approved list of
counterparties.
The Fund may purchase or sell options, which involve
the payment or receipt of a premium by the investor and the corresponding right or obligation, as the case may be, to either
purchase or sell the underlying security for a specific price at a certain time or during a certain period. Purchasing
options involves the risk that the underlying instrument will not change price in the manner expected, so that the investor
loses its premium. Selling options involves potentially greater risk because the investor is exposed to the extent of the
actual price movement in the underlying security rather than only the premium payment received (which could result in a
potentially unlimited loss). Over-the-counter options also involve counterparty risk.
The Fund may enter into total return swaps, which are contracts
whereby one party agrees to make payments of the total return from a reference instrument during a specified period, in return
for payments equal to a fixed or floating rate of interest or the total return from another underlying reference instrument. A
reference instrument may be a single asset, a pool of assets or an index of assets. The primary risks associated with total return
swaps are counterparty risk, which means the counterparty fails to meet its obligations, and market risk, meaning that the Fund
is subject to the risk that it could lose its entire investment.
The Fund pursues a "value style" of investing.
Value investing focuses on companies whose stock appears undervalued in light of factors such as the company's earnings, book
value, revenues or cash flow. If the Adviser's assessment of a company's value or prospects for exceeding earnings
expectations or market conditions is inaccurate, the Fund could suffer losses or produce poor performance relative to other
funds. In addition, "value stocks" can continue to be undervalued by the market for long periods of time. |
|
| Risk Lose Money [Text] |
rr_RiskLoseMoney |
As with all mutual funds, a shareholder is subject to the
risk that his or her investment could lose money |
|
| Risk Not Insured Depository Institution [Text] |
rr_RiskNotInsuredDepositoryInstitution |
A Fund share is not a bank deposit and is not insured or
guaranteed by the FDIC or any government agency. |
|
| Bar Chart and Performance Table [Heading] |
rr_BarChartAndPerformanceTableHeading |
PERFORMANCE INFORMATION |
|
| Performance Narrative [Text Block] |
rr_PerformanceNarrativeTextBlock |
The bar chart and the performance table below
illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's performance from year to
year and by showing how the Fund's average annual total returns for 1, 5 and 10 years and since inception compare with those
of a broad measure of market performance. Of course, the Fund's past performance (before and after taxes) does not
necessarily indicate how the Fund will perform in the future.
The performance information provided includes the
returns of Investor Class Shares for periods before November 3, 2005. Investor Class Shares of the Fund are offered in a
separate prospectus. Institutional Class Shares would have substantially similar performance as Investor Class Shares because
the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that
expenses of Institutional Class Shares are lower. Updated performance information is available on the Fund's website at
www.cambiar.com or by calling 1-866-777-8227. |
|
| Bar Chart Closing [Text Block] |
rr_BarChartClosingTextBlock |
During the periods shown in the chart, the highest return
for a quarter was 22.84% (quarter ended 06/30/2003) and the lowest return for a quarter was (24.02)% (quarter ended 12/31/2008).
The Fund's Institutional Class Shares total return from 1/1/2013 to 6/30/2013 was 16.34% . |
|
| Bar Chart, Year to Date Return, Date |
rr_BarChartYearToDateReturnDate |
Jun. 30,
2013 |
|
| Bar Chart, Year to Date Return |
rr_BarChartYearToDateReturn |
16.34% |
|
| Highest Quarterly Return, Date |
rr_BarChartHighestQuarterlyReturnDate |
Jun. 30,
2003 |
|
| Highest Quarterly Return |
rr_BarChartHighestQuarterlyReturn |
22.84% |
|
| Lowest Quarterly Return, Date |
rr_BarChartLowestQuarterlyReturnDate |
Dec. 31,
2008 |
|
| Lowest Quarterly Return |
rr_BarChartLowestQuarterlyReturn |
(24.02%) |
|
| Performance Table Heading |
rr_PerformanceTableHeading |
AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED DECEMBER 31,
2012 |
|
| Performance Table Narrative |
rr_PerformanceTableNarrativeTextBlock |
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 an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to
investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement
accounts. |
|
|
CAMBIAR OPPORTUNITY FUND | Investor Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Risk/Return [Heading] |
rr_RiskReturnHeading |
CAMBIAR OPPORTUNITY FUND |
|
| Objective [Heading] |
rr_ObjectiveHeading |
FUND INVESTMENT OBJECTIVE |
|
| Objective, Primary [Text Block] |
rr_ObjectivePrimaryTextBlock |
The Cambiar Opportunity Fund (the "Fund") seeks
total return and capital preservation. |
|
| Expense [Heading] |
rr_ExpenseHeading |
FUND 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 Investor Class 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) |
|
| Portfolio Turnover [Heading] |
rr_PortfolioTurnoverHeading |
PORTFOLIO TURNOVER |
|
| Portfolio Turnover [Text Block] |
rr_PortfolioTurnoverTextBlock |
The Fund pays transaction costs, such as commissions, 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 total
annual fund operating expenses or in the example, affect the Fund's performance. During its most recent fiscal year, the Fund's
portfolio turnover rate was 64% of the average value of its portfolio. |
|
| 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 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 (including one year of capped expenses in each period)
remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
|
| Strategy [Heading] |
rr_StrategyHeading |
PRINCIPAL INVESTMENT STRATEGIES |
|
| Strategy Narrative [Text Block] |
rr_StrategyNarrativeTextBlock |
The goal of the Fund is to provide above-average performance in both
rising and falling market periods by investing in stocks that have limited downside risk and positive upside potential. Normally,
the Fund invests at least 65% of its net assets in common stocks of companies with market capitalizations over $1 billion at the
time of purchase. In addition, the Fund may invest in derivatives, including options and total return swaps, in an effort to increase
returns, to hedge against the risk of unfavorable price movements in the underlying instruments, to provide economic exposure to
a security or issuer, to manage cash flows or currency exposure, or to address tax considerations.
Cambiar Investors LLC's ("Cambiar" or the "Adviser")
investment professionals work as a team to develop investment ideas by analyzing company and industry statements, monitoring Wall
Street and other research sources, and interviewing company management. The Adviser also evaluates economic conditions and fiscal
and monetary policies. The Adviser's approach focuses first on individual stocks and then on industries or sectors. The Adviser
does not attempt to time the market. The Adviser tries to select quality companies:
| · | Possessing above-average financial characteristics; |
| · | Having seasoned management; |
| · | Enjoying product or market advantages; |
| · | Whose stock is selling at a low relative historical valuation based on ratios such as price-to-earnings,
price-to-book, price-to-sales and price-to-cash flow; |
| · | Experiencing positive developments not yet recognized by the markets, such as positive changes
in management, improved margins, corporate restructuring or new products; and/or |
| · | Possessing significant appreciation potential within 12 to 18 months. |
The Adviser may sell a stock because:
| · | It realizes positive developments and achieves its target price; |
| · | It experiences exaggerated price moves relative to actual developments; |
| · | It becomes overweighted in the portfolio; or |
| · | It experiences a change in or deteriorating fundamentals. |
|
|
| Risk [Heading] |
rr_RiskHeading |
PRINCIPAL RISKS OF INVESTING IN THE FUND |
|
| Risk Narrative [Text Block] |
rr_RiskNarrativeTextBlock |
As with all mutual funds, a shareholder is subject to
the risk that his or her investment could lose money. A Fund share is not a bank deposit and is not insured or guaranteed by
the FDIC or any government agency. The principal risk factors affecting shareholders' investments in the Fund are set forth
below.
Since it purchases equity securities, the Fund is
subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have
moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual
companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices
of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which
is the principal risk of investing in the Fund. This risk is greater for small- and medium-sized companies, which tend to be
more vulnerable to adverse developments than larger companies.
The Fund may invest in derivatives. Derivatives are
often more volatile than other investments and may magnify the Fund's gains or losses. There are various factors that affect
the Fund's ability to achieve its objective with derivatives. Successful use of a derivative depends upon the degree to which
prices of the underlying assets correlate with price movements in the derivatives the Fund buys or sells. The Fund could be
negatively affected if the change in market value of its securities fails to correlate perfectly with the values of the
derivatives it purchased or sold. The lack of a liquid secondary market for a derivative may prevent the Fund from closing
its derivative positions and could adversely impact its ability to achieve its objective and to realize profits or limit
losses. Since derivatives may be purchased for a fraction of their value, a relatively small price movement in a derivative
may result in an immediate and substantial loss or gain to the Fund. Derivatives are often more volatile than other
investments and the Fund may lose more in a derivative than it originally invested in it. There can be no assurance that the
Adviser's use of derivatives will be successful in achieving their intended goals.
Additionally, derivative instruments, particularly market
access products, are subject to counterparty risk, meaning that the party that issues the derivative may experience a significant
credit event and may be unwilling or unable to make timely settlement payments or otherwise honor its obligations. When determining
whether a counterparty is creditworthy, the Adviser considers factors such as credit rating agency analysis, broker-dealer credit
spreads and financial statements among others. The Adviser regularly monitors the creditworthiness of each counterparty that the
Fund enters into a transaction with and maintains an approved list of counterparties.
The Fund may purchase or sell options, which involve
the payment or receipt of a premium by the investor and the corresponding right or obligation, as the case may be, to either
purchase or sell the underlying security for a specific price at a certain time or during a certain period. Purchasing
options involves the risk that the underlying instrument will not change price in the manner expected, so that the investor
loses its premium. Selling options involves potentially greater risk because the investor is exposed to the extent of the
actual price movement in the underlying security rather than only the premium payment received (which could result in a
potentially unlimited loss). Over-the-counter options also involve counterparty risk.
The Fund may enter into total return swaps, which are contracts
whereby one party agrees to make payments of the total return from a reference instrument during a specified period, in return
for payments equal to a fixed or floating rate of interest or the total return from another underlying reference instrument. A
reference instrument may be a single asset, a pool of assets or an index of assets. The primary risks associated with total return
swaps are counterparty risk, which means the counterparty fails to meet its obligations, and market risk, meaning that the Fund
is subject to the risk that it could lose its entire investment.
The Fund pursues a "value style" of investing.
Value investing focuses on companies whose stock appears undervalued in light of factors such as the company's earnings, book
value, revenues or cash flow. If the Adviser's assessment of a company's value or prospects for exceeding earnings
expectations or market conditions is inaccurate, the Fund could suffer losses or produce poor performance relative to other
funds. In addition, "value stocks" can continue to be undervalued by the market for long periods of time. |
|
| Risk Lose Money [Text] |
rr_RiskLoseMoney |
As with all mutual funds, a shareholder is subject to the
risk that his or her investment could lose money |
|
| Risk Not Insured Depository Institution [Text] |
rr_RiskNotInsuredDepositoryInstitution |
A Fund share is not a bank deposit and is not insured or
guaranteed by the FDIC or any government agency. |
|
| Bar Chart and Performance Table [Heading] |
rr_BarChartAndPerformanceTableHeading |
PERFORMANCE INFORMATION |
|
| Performance Narrative [Text Block] |
rr_PerformanceNarrativeTextBlock |
The bar chart and the performance table below
illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's performance from year to
year and by showing how the Fund's average annual total returns for 1, 5 and 10 years and since inception compare with those
of a broad measure of market performance. Of course, the Fund's past performance (before and after taxes) does not
necessarily indicate how the Fund will perform in the future.
Updated performance information is available on the Fund's
website at www.cambiar.com or by calling 1-866-777-8227. |
|
| Bar Chart Closing [Text Block] |
rr_BarChartClosingTextBlock |
During the periods shown in the chart, the Fund's Investor
Class Shares' highest return for a quarter was 22.84% (quarter ended 06/30/2003) and the lowest return for a quarter was (24.06)%
(quarter ended 12/31/2008). The Fund's Investor Class Shares total return from 1/1/2013 to 6/30/2013 was 16.20%. |
|
| Bar Chart, Year to Date Return, Date |
rr_BarChartYearToDateReturnDate |
Jun. 30,
2013 |
|
| Bar Chart, Year to Date Return |
rr_BarChartYearToDateReturn |
16.20% |
|
| Highest Quarterly Return, Date |
rr_BarChartHighestQuarterlyReturnDate |
Jun. 30,
2003 |
|
| Highest Quarterly Return |
rr_BarChartHighestQuarterlyReturn |
22.84% |
|
| Lowest Quarterly Return, Date |
rr_BarChartLowestQuarterlyReturnDate |
Dec. 31,
2008 |
|
| Lowest Quarterly Return |
rr_BarChartLowestQuarterlyReturn |
(24.06%) |
|
| Performance Table Heading |
rr_PerformanceTableHeading |
AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED DECEMBER 31,
2012 |
|
| Performance Table Narrative |
rr_PerformanceTableNarrativeTextBlock |
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 an investor's tax situation and may differ from those shown. After-tax returns shown are
not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual
retirement accounts. |
|
|
CAMBIAR OPPORTUNITY FUND | INSTITUTIONAL CLASS SHARES | Institutional Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Management Fees |
rr_ManagementFeesOverAssets |
0.90% |
[1] |
| Other Expenses |
rr_OtherExpensesOverAssets |
0.11% |
|
| Acquired Fund Fees and Expenses |
rr_AcquiredFundFeesAndExpensesOverAssets |
0.01% |
|
| Total Annual Fund Operating Expenses |
rr_ExpensesOverAssets |
1.02% |
[8] |
| Less Fee Reductions and/or Expense Reimbursements |
rr_FeeWaiverOrReimbursementOverAssets |
(0.06%) |
|
| Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements |
rr_NetExpensesOverAssets |
0.96% |
[11],[8] |
| Expense Example, with Redemption, 1 Year |
rr_ExpenseExampleYear01 |
98 |
|
| 3 Years |
rr_ExpenseExampleYear03 |
319 |
|
| Expense Example, with Redemption, 5 Years |
rr_ExpenseExampleYear05 |
557 |
|
| Expense Example, with Redemption, 10 Years |
rr_ExpenseExampleYear10 |
1,242 |
|
| 2003 |
rr_AnnualReturn2003 |
35.23% |
|
| 2004 |
rr_AnnualReturn2004 |
15.05% |
|
| 2005 |
rr_AnnualReturn2005 |
7.07% |
|
| 2006 |
rr_AnnualReturn2006 |
16.96% |
|
| 2007 |
rr_AnnualReturn2007 |
(1.66%) |
|
| 2008 |
rr_AnnualReturn2008 |
(40.46%) |
|
| 2009 |
rr_AnnualReturn2009 |
42.14% |
|
| 2010 |
rr_AnnualReturn2010 |
19.22% |
|
| 2011 |
rr_AnnualReturn2011 |
(8.48%) |
|
| Annual Return 2012 |
rr_AnnualReturn2012 |
8.86% |
|
| Label |
rr_AverageAnnualReturnLabel |
Fund Returns Before Taxes |
|
| 1 YEAR |
rr_AverageAnnualReturnYear01 |
8.86% |
|
| 5 YEARS |
rr_AverageAnnualReturnYear05 |
0.10% |
|
| 10 YEARS |
rr_AverageAnnualReturnYear10 |
6.77% |
|
| SINCE INCEPTION |
rr_AverageAnnualReturnSinceInception |
7.26% |
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Jun. 30,
1998 |
|
|
CAMBIAR OPPORTUNITY FUND | INVESTOR CLASS SHARES | Investor Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Management Fees |
rr_ManagementFeesOverAssets |
0.90% |
[1] |
| Shareholder Service Fees |
rr_Component1OtherExpensesOverAssets |
0.25% |
|
| Other Expenses |
rr_OtherExpensesOverAssets |
0.11% |
|
| Acquired Fund Fees and Expenses |
rr_AcquiredFundFeesAndExpensesOverAssets |
0.01% |
|
| Total Annual Fund Operating Expenses |
rr_ExpensesOverAssets |
1.27% |
[8] |
| Less Fee Reductions and/or Expense Reimbursements |
rr_FeeWaiverOrReimbursementOverAssets |
(0.06%) |
|
| Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements |
rr_NetExpensesOverAssets |
1.21% |
[3],[8] |
| Expense Example, with Redemption, 1 Year |
rr_ExpenseExampleYear01 |
123 |
|
| 3 Years |
rr_ExpenseExampleYear03 |
397 |
|
| Expense Example, with Redemption, 5 Years |
rr_ExpenseExampleYear05 |
691 |
|
| Expense Example, with Redemption, 10 Years |
rr_ExpenseExampleYear10 |
1,529 |
|
| 2003 |
rr_AnnualReturn2003 |
35.23% |
|
| 2004 |
rr_AnnualReturn2004 |
15.05% |
|
| 2005 |
rr_AnnualReturn2005 |
7.01% |
|
| 2006 |
rr_AnnualReturn2006 |
16.64% |
|
| 2007 |
rr_AnnualReturn2007 |
(1.86%) |
|
| 2008 |
rr_AnnualReturn2008 |
(40.61%) |
|
| 2009 |
rr_AnnualReturn2009 |
41.70% |
|
| 2010 |
rr_AnnualReturn2010 |
18.94% |
|
| 2011 |
rr_AnnualReturn2011 |
(8.69%) |
|
| Annual Return 2012 |
rr_AnnualReturn2012 |
8.56% |
|
| Label |
rr_AverageAnnualReturnLabel |
Fund Returns Before Taxes |
|
| 1 YEAR |
rr_AverageAnnualReturnYear01 |
8.56% |
|
| 5 YEARS |
rr_AverageAnnualReturnYear05 |
(0.15%) |
|
| 10 YEARS |
rr_AverageAnnualReturnYear10 |
6.58% |
|
| SINCE INCEPTION |
rr_AverageAnnualReturnSinceInception |
7.13% |
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Jun. 30,
1998 |
|
|
CAMBIAR OPPORTUNITY FUND | Fund Returns After Taxes on Distributions | INSTITUTIONAL CLASS SHARES | Institutional Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Label |
rr_AverageAnnualReturnLabel |
Fund Returns After Taxes on Distributions |
|
| 1 YEAR |
rr_AverageAnnualReturnYear01 |
8.62% |
|
| 5 YEARS |
rr_AverageAnnualReturnYear05 |
(0.14%) |
|
| 10 YEARS |
rr_AverageAnnualReturnYear10 |
6.48% |
|
| SINCE INCEPTION |
rr_AverageAnnualReturnSinceInception |
6.31% |
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Jun. 30,
1998 |
|
|
CAMBIAR OPPORTUNITY FUND | Fund Returns After Taxes on Distributions | INVESTOR CLASS SHARES | Investor Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Label |
rr_AverageAnnualReturnLabel |
Fund Returns After Taxes on Distributions |
|
| 1 YEAR |
rr_AverageAnnualReturnYear01 |
8.39% |
|
| 5 YEARS |
rr_AverageAnnualReturnYear05 |
(0.34%) |
|
| 10 YEARS |
rr_AverageAnnualReturnYear10 |
6.35% |
|
| SINCE INCEPTION |
rr_AverageAnnualReturnSinceInception |
6.23% |
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Jun. 30,
1998 |
|
|
CAMBIAR OPPORTUNITY FUND | Fund Returns After Taxes on Distributions and Sale of Fund Shares | INSTITUTIONAL CLASS SHARES | Institutional Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Label |
rr_AverageAnnualReturnLabel |
Fund Returns After Taxes on Distributions and Sale of Fund Shares |
|
| 1 YEAR |
rr_AverageAnnualReturnYear01 |
6.07% |
|
| 5 YEARS |
rr_AverageAnnualReturnYear05 |
0.02% |
|
| 10 YEARS |
rr_AverageAnnualReturnYear10 |
5.90% |
|
| SINCE INCEPTION |
rr_AverageAnnualReturnSinceInception |
5.89% |
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Jun. 30,
1998 |
|
|
CAMBIAR OPPORTUNITY FUND | Fund Returns After Taxes on Distributions and Sale of Fund Shares | INVESTOR CLASS SHARES | Investor Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Label |
rr_AverageAnnualReturnLabel |
Fund Returns After Taxes on Distributions and Sale of Fund Shares |
|
| 1 YEAR |
rr_AverageAnnualReturnYear01 |
5.80% |
|
| 5 YEARS |
rr_AverageAnnualReturnYear05 |
(0.18%) |
|
| 10 YEARS |
rr_AverageAnnualReturnYear10 |
5.76% |
|
| SINCE INCEPTION |
rr_AverageAnnualReturnSinceInception |
5.80% |
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Jun. 30,
1998 |
|
|
CAMBIAR OPPORTUNITY FUND | S&P 500 (R) Index (reflects no deduction for fees, expenses, or taxes) | Institutional Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Label |
rr_AverageAnnualReturnLabel |
S&P 500 (R) Index (reflects no deduction for fees, expenses, or taxes) |
|
| 1 YEAR |
rr_AverageAnnualReturnYear01 |
16.00% |
|
| 5 YEARS |
rr_AverageAnnualReturnYear05 |
1.66% |
|
| 10 YEARS |
rr_AverageAnnualReturnYear10 |
7.10% |
|
| SINCE INCEPTION |
rr_AverageAnnualReturnSinceInception |
3.46% |
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Jun. 30,
1998 |
|
|
CAMBIAR OPPORTUNITY FUND | S&P 500 (R) Index (reflects no deduction for fees, expenses, or taxes) | Investor Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Label |
rr_AverageAnnualReturnLabel |
S&P 500 (R) Index (reflects no deduction for fees, expenses, or taxes) |
|
| 1 YEAR |
rr_AverageAnnualReturnYear01 |
16.00% |
|
| 5 YEARS |
rr_AverageAnnualReturnYear05 |
1.66% |
|
| 10 YEARS |
rr_AverageAnnualReturnYear10 |
7.10% |
|
| SINCE INCEPTION |
rr_AverageAnnualReturnSinceInception |
3.46% |
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Jun. 30,
1998 |
|
|
CAMBIAR SMID FUND | Investor Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Risk/Return [Heading] |
rr_RiskReturnHeading |
CAMBIAR SMID FUND |
|
| Objective [Heading] |
rr_ObjectiveHeading |
FUND INVESTMENT OBJECTIVE |
|
| Objective, Primary [Text Block] |
rr_ObjectivePrimaryTextBlock |
The Cambiar SMID Fund (the "Fund") seeks long-term
capital appreciation. |
|
| Expense [Heading] |
rr_ExpenseHeading |
FUND 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 Investor Class Shares of the Fund. |
|
| Shareholder Fees Caption [Text] |
rr_ShareholderFeesCaption |
SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT) |
|
| 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) |
|
| Portfolio Turnover [Heading] |
rr_PortfolioTurnoverHeading |
PORTFOLIO TURNOVER |
|
| Portfolio Turnover [Text Block] |
rr_PortfolioTurnoverTextBlock |
The Fund pays transaction costs, such as commissions, 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 total
annual fund operating expenses or in the example, affect the Fund's performance. During its most recent fiscal year, the Fund's
portfolio turnover rate was 105% of the average value of its portfolio. |
|
| 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 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 (including one year of capped expenses in
each period) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would
be: |
|
| Strategy [Heading] |
rr_StrategyHeading |
PRINCIPAL INVESTMENT STRATEGIES |
|
| Strategy Narrative [Text Block] |
rr_StrategyNarrativeTextBlock |
Under normal circumstances, the Fund invests at least 80% of its
net assets, plus any borrowings for investment purposes, in common stocks of small- to mid-sized companies. This investment policy
may be changed by the Fund upon 60 days' prior notice to shareholders. The Fund considers small- and mid-sized companies to be
those companies with market capitalizations of up to $12 billion at the time of purchase. The Fund normally invests in 35-45 common
stocks.
Cambiar Investors LLC's ("Cambiar" or the "Adviser")
investment professionals work as a team to develop investment ideas by analyzing company and industry statements, monitoring Wall
Street and other research sources and interviewing company management. The Adviser also evaluates economic conditions and fiscal
and monetary policies. The Adviser's approach focuses first on individual stocks and then on industries or sectors. The Adviser
does not attempt to time the market. The Adviser tries to select quality companies:
| · | Possessing above-average financial characteristics; |
| · | Having seasoned management; |
| · | Enjoying product or market advantages; |
| · | Whose stock is selling at a low relative historical valuation based on ratios such as price-to-earnings,
price-to-book, price-to-sales and price-to-cash flow; |
| · | Experiencing positive developments not yet recognized by the markets, such as positive changes
in management, improved margins, corporate restructuring or new products; and/or |
| · | Possessing significant appreciation potential within 12 to 18 months. |
The Adviser may sell a stock because:
| · | It realizes positive developments and achieves its target price; |
| · | It experiences exaggerated price moves relative to actual developments; |
| · | It becomes overweighted in the portfolio; or |
| · | It experiences a change in or deteriorating fundamentals. |
|
|
| Risk [Heading] |
rr_RiskHeading |
PRINCIPAL RISKS OF INVESTING IN THE FUND |
|
| Risk Narrative [Text Block] |
rr_RiskNarrativeTextBlock |
As with all mutual funds, a shareholder is subject to
the risk that his or her investment could lose money. A Fund share is not a bank deposit and is not insured or guaranteed by
the FDIC or any government agency. The principal risk factors affecting shareholders' investments in the Fund are set forth
below.
Since it purchases equity securities, the Fund is
subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have
moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual
companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices
of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which
is the principal risk of investing in the Fund.
The Fund is also subject to the risk that the mid- and
small capitalization stocks may underperform other segments of the equity market or the equity market as a whole. The mid-
and small-capitalization companies that the Fund invests in may be more vulnerable to adverse business or economic events
than larger, more established companies. In particular, these mid-and small-sized companies may pose additional risks,
including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and
may depend upon a relatively small management group. Therefore, mid- and small-cap stocks may be more volatile than those of
larger companies. These securities may be traded over-the-counter or listed on an exchange.
The Fund invests in the securities of relatively few
issuers. As a result, the Fund may be more susceptible to a single adverse economic or political occurrence affecting one or
more of these issuers, and may experience increased volatility due to its investments in those securities.
The Fund pursues a "value style" of investing.
Value investing focuses on companies whose stock appears undervalued in light of factors such as the company's earnings, book
value, revenues or cash flow. If the Adviser's assessment of a company's value or prospects for exceeding earnings
expectations or market conditions is inaccurate, the Fund could suffer losses or produce poor performance relative to other
funds. In addition, "value stocks" can continue to be undervalued by the market for long periods of time. |
|
| Risk Lose Money [Text] |
rr_RiskLoseMoney |
As with all mutual funds, a shareholder is subject to the
risk that his or her investment could lose money |
|
| Risk Not Insured Depository Institution [Text] |
rr_RiskNotInsuredDepositoryInstitution |
A Fund share is not a bank deposit and is not insured or
guaranteed by the FDIC or any government agency. |
|
| Bar Chart and Performance Table [Heading] |
rr_BarChartAndPerformanceTableHeading |
PERFORMANCE INFORMATION |
|
| Performance Narrative [Text Block] |
rr_PerformanceNarrativeTextBlock |
The bar chart and the performance table below
illustrate the risks and volatility of an investment in the Fund by showing how the Fund's average annual total returns for 1
year and since inception compare with those of a broad measure of market performance. Of course, the Fund's past performance
(before and after taxes) does not necessarily indicate how the Fund will perform in the future.
Updated performance information is available on the Fund's
website at www.cambiar.com or by calling 1-866-777-8227. |
|
| Bar Chart Closing [Text Block] |
rr_BarChartClosingTextBlock |
During the periods shown in the chart, the Fund's Investor
Class Shares' highest return for a quarter was 11.66% (quarter ended 3/31/2012) and the lowest return for a quarter was (9.81)%
(quarter ended 6/30/2012). The Fund's Investor Class Shares total return from 1/1/2013 to 6/30/2013 was 19.71% . |
|
| Bar Chart, Year to Date Return, Date |
rr_BarChartYearToDateReturnDate |
Jun. 30,
2013 |
|
| Bar Chart, Year to Date Return |
rr_BarChartYearToDateReturn |
19.71% |
|
| Highest Quarterly Return, Date |
rr_BarChartHighestQuarterlyReturnDate |
Mar. 31,
2012 |
|
| Highest Quarterly Return |
rr_BarChartHighestQuarterlyReturn |
11.66% |
|
| Lowest Quarterly Return, Date |
rr_BarChartLowestQuarterlyReturnDate |
Jun. 30,
2012 |
|
| Lowest Quarterly Return |
rr_BarChartLowestQuarterlyReturn |
(9.81%) |
|
| Performance Table Heading |
rr_PerformanceTableHeading |
AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED DECEMBER 31,
2012 |
|
| Performance Table Narrative |
rr_PerformanceTableNarrativeTextBlock |
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 an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to
investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement
accounts.
Returns after taxes on distributions and sale of Fund shares
may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares. |
|
|
CAMBIAR SMID FUND | INVESTOR CLASS SHARES | Investor Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Redemption Fee (as a percentage of amount redeemed, if shares redeemed have been held for less than 90 days) |
rr_RedemptionFeeOverRedemption |
(2.00%) |
|
| Management Fees |
rr_ManagementFeesOverAssets |
1.05% |
|
| Shareholder Service Fees |
rr_Component1OtherExpensesOverAssets |
0.25% |
|
| Other Expenses |
rr_OtherExpensesOverAssets |
5.87% |
|
| Acquired Fund Fees and Expenses |
rr_AcquiredFundFeesAndExpensesOverAssets |
0.01% |
|
| Total Annual Fund Operating Expenses |
rr_ExpensesOverAssets |
7.18% |
[8] |
| Less Fee Reductions and/or Expense Reimbursements |
rr_FeeWaiverOrReimbursementOverAssets |
(5.82%) |
|
| Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements |
rr_NetExpensesOverAssets |
1.36% |
[12],[8] |
| Expense Example, with Redemption, 1 Year |
rr_ExpenseExampleYear01 |
138 |
|
| 3 Years |
rr_ExpenseExampleYear03 |
1,594 |
|
| Expense Example, with Redemption, 5 Years |
rr_ExpenseExampleYear05 |
2,988 |
|
| Expense Example, with Redemption, 10 Years |
rr_ExpenseExampleYear10 |
6,214 |
|
| Annual Return 2012 |
rr_AnnualReturn2012 |
11.77% |
|
| Label |
rr_AverageAnnualReturnLabel |
Fund Returns Before Taxes |
|
| 1 YEAR |
rr_AverageAnnualReturnYear01 |
11.77% |
|
| SINCE INCEPTION |
rr_AverageAnnualReturnSinceInception |
(2.61%) |
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
May 31,
2011 |
|
|
CAMBIAR SMID FUND | Fund Returns After Taxes on Distributions | INVESTOR CLASS SHARES | Investor Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Label |
rr_AverageAnnualReturnLabel |
Fund Returns After Taxes on Distributions |
|
| 1 YEAR |
rr_AverageAnnualReturnYear01 |
11.77% |
|
| SINCE INCEPTION |
rr_AverageAnnualReturnSinceInception |
(2.61%) |
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
May 31,
2011 |
|
|
CAMBIAR SMID FUND | Fund Returns After Taxes on Distributions and Sale of Fund Shares | INVESTOR CLASS SHARES | Investor Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Label |
rr_AverageAnnualReturnLabel |
Fund Returns After Taxes on Distributions and Sale of Fund Shares |
|
| 1 YEAR |
rr_AverageAnnualReturnYear01 |
7.65% |
|
| SINCE INCEPTION |
rr_AverageAnnualReturnSinceInception |
(2.22%) |
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
May 31,
2011 |
|
|
CAMBIAR SMID FUND | Russell 2500 Index (reflects no deduction for fees, expenses, or taxes) | Investor Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Label |
rr_AverageAnnualReturnLabel |
Russell 2500 Index (reflects no deduction for fees, expenses, or taxes) |
|
| 1 YEAR |
rr_AverageAnnualReturnYear01 |
17.88% |
|
| SINCE INCEPTION |
rr_AverageAnnualReturnSinceInception |
2.51% |
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
May 31,
2011 |
|
|
CAMBIAR GLOBAL SELECT FUND | Investor Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Risk/Return [Heading] |
rr_RiskReturnHeading |
CAMBIAR GLOBAL SELECT FUND |
|
| Objective [Heading] |
rr_ObjectiveHeading |
FUND INVESTMENT
OBJECTIVE |
|
| Objective, Primary [Text Block] |
rr_ObjectivePrimaryTextBlock |
The Cambiar Global Select Fund (the "Fund") seeks
long-term capital appreciation. |
|
| Expense [Heading] |
rr_ExpenseHeading |
FUND 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 Investor Class Shares of the Fund. |
|
| Shareholder Fees Caption [Text] |
rr_ShareholderFeesCaption |
SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT) |
|
| 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) |
|
| Portfolio Turnover [Heading] |
rr_PortfolioTurnoverHeading |
PORTFOLIO TURNOVER |
|
| Portfolio Turnover [Text Block] |
rr_PortfolioTurnoverTextBlock |
The Fund pays transaction costs, such as commissions, 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 total
annual fund operating expenses or in the example, affect the Fund's performance. During its most recent fiscal year, the Fund's
portfolio turnover rate was 70% of the average value of its portfolio. |
|
| 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 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 (including one year of capped expenses in each period)
remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
|
| Strategy [Heading] |
rr_StrategyHeading |
PRINCIPAL INVESTMENT STRATEGIES |
|
| Strategy Narrative [Text Block] |
rr_StrategyNarrativeTextBlock |
Under normal circumstances, the Fund invests at least 80% of its
net assets in equity securities of companies located throughout the world. The equity securities in which the Fund generally invests
are common stocks and American Depositary Receipts ("ADRs"). The Fund may invest in securities of companies of any market
capitalization and expects, under normal market conditions, to invest at least 40% of its assets in non-U.S. companies. The Adviser
considers a company to be a "non-U.S. company" if: (i) 50% of the company's assets are located outside of the United
States; or (ii) 50% of the company's revenues are generated outside of the United States; or (iii) the company is domiciled or
doing a substantial amount of business outside of the United States. The majority of these companies operate in "established"
markets; however, when opportunities warrant, the Adviser may invest up to 25% of its assets in securities of companies in "emerging
market" countries. An "emerging market" country is any country determined by the Adviser to have an emerging market
economy, considering factors such as the country's credit rating, its political and economic stability and the development of its
financial and capital markets. Typically, emerging markets are in countries that are in the process of industrialization, with
lower gross national products than more developed countries. In many circumstances, the Fund purchases ADRs of foreign companies
on U.S. exchanges, rather than foreign shares on foreign exchanges, to facilitate greater liquidity and lower custodial expenses.
Cambiar Investors LLC's ("Cambiar" or the "Adviser")
investment professionals work as a team to develop investment ideas by analyzing company and industry statements, monitoring Wall
Street and other research sources and interviewing company management. The Adviser also evaluates economic conditions and fiscal
and monetary policies. The Adviser's approach focuses first on individual stocks and then on industries or sectors. The Adviser
does not attempt to time the market. The Adviser tries to select quality companies:
| · | Possessing above-average financial characteristics; |
| · | Having seasoned management; |
| · | Enjoying product or market advantages; |
| · | Whose stock is selling at a low relative historical valuation based on ratios such as price-to-earnings,
price-to-book, price-to-sales and price-to-cash flow; |
| · | Experiencing positive developments not yet recognized by the markets, such as positive changes
in management, improved margins, corporate restructuring or new products; and/or |
| · | Possessing significant appreciation potential within 12 to 18 months. |
The Adviser may sell a stock because:
| · | It realizes positive developments and achieves its target price; |
| · | It experiences exaggerated price moves relative to actual developments; |
| · | It becomes overweighted in the portfolio; or |
| · | It experiences a change in or deteriorating fundamentals. |
|
|
| Risk [Heading] |
rr_RiskHeading |
PRINCIPAL RISKS OF INVESTING IN THE FUND |
|
| Risk Narrative [Text Block] |
rr_RiskNarrativeTextBlock |
As with all mutual funds, a shareholder is subject to
the risk that his or her investment could lose money. A Fund share is not a bank deposit and is not insured or guaranteed by
the FDIC or any government agency. The principal risk factors affecting shareholders' investments in the Fund are set forth
below.
Since it purchases equity securities, the Fund is
subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have
moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual
companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices
of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which
is the principal risk of investing in the Fund.
The Fund is also subject to the risk that the mid- and
small-capitalization stocks may underperform other segments of the equity market or the equity market as a whole. The mid-
and small-capitalization companies that the Fund invests in may be more vulnerable to adverse business or economic events
than larger, more established companies. In particular, these mid-and small-sized companies may pose additional risks,
including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and
may depend upon a relatively small management group. Therefore, mid- and small-cap stocks may be more volatile than those of
larger companies. These securities may be traded over-the-counter or listed on an exchange.
When the Fund invests in foreign securities, it will be
subject to risks not typically associated with domestic securities. Although ADRs and European Depositary Receipts
("EDRs") are alternatives to directly purchasing the underlying foreign securities in their national markets and
currencies, they are also subject to many of the risks associated with investing directly in foreign securities. Foreign
investments, especially investments in emerging markets, can be riskier and more volatile than investments in the United
States. Adverse political and economic developments or changes in the value of foreign currency can make it difficult for the
Fund to sell its securities and could reduce the value of your shares. Differences in tax and accounting standards and
difficulties in obtaining information about foreign companies can negatively affect investment decisions. The Fund's
investments in foreign securities are also subject to the risk that the securities may be difficult to value and/or valued
incorrectly.
Investments in emerging markets securities are considered
speculative and subject to heightened risks in addition to the general risks of investing in non-U.S. securities. Unlike more
established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that
are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market
capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment;
and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to
register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation
or confiscatory taxation, seizure, nationalization or creation of government monopolies.
Fund investments in foreign currencies and securities denominated
in foreign currencies are subject to currency risk. As a result, the value of securities denominated in foreign currencies can
change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Additionally, the value of a Fund's
assets measured in U.S. dollars may be affected by exchange control regulations. The Fund will generally incur transaction costs
in connection with conversions between various currencies which will negatively impact performance.
The Fund pursues a "value style" of investing.
Value investing focuses on companies whose stock appears undervalued in light of factors such as the company's earnings, book
value, revenues or cash flow. If the Adviser's assessment of a company's value or prospects for exceeding earnings
expectations or market conditions is inaccurate, the Fund could suffer losses or produce poor performance relative to other
funds. In addition, "value stocks" can continue to be undervalued by the market for long periods of time. |
|
| Risk Lose Money [Text] |
rr_RiskLoseMoney |
As with all mutual funds, a shareholder is subject to the
risk that his or her investment could lose money |
|
| Risk Not Insured Depository Institution [Text] |
rr_RiskNotInsuredDepositoryInstitution |
A Fund share is not a bank deposit and is not insured or
guaranteed by the FDIC or any government agency. |
|
| Bar Chart and Performance Table [Heading] |
rr_BarChartAndPerformanceTableHeading |
PERFORMANCE INFORMATION |
|
| Performance Narrative [Text Block] |
rr_PerformanceNarrativeTextBlock |
The bar chart and the performance table below
illustrate the risks and volatility of an investment in the Fund by showing how the Fund's average annual total returns for 1
year and since inception compare with those of a broad measure of market performance. Of course, the Fund's past performance
(before and after taxes) does not necessarily indicate how the Fund will perform in the future.
Updated performance information is available on the Fund's
website at www.cambiar.com or by calling 1-866-777-8227. |
|
| Bar Chart Closing [Text Block] |
rr_BarChartClosingTextBlock |
During the periods shown in the chart, the Fund's Investor
Class Shares' highest return for a quarter was 11.69% (quarter ended 3/31/2012) and the lowest return for a quarter was (8.61)%
(quarter ended 6/30/2012). The Fund's Investor Class Shares total return from 1/1/2013 to 6/30/2013 was 14.00%. |
|
| Bar Chart, Year to Date Return, Date |
rr_BarChartYearToDateReturnDate |
Jun. 30,
2013 |
|
| Bar Chart, Year to Date Return |
rr_BarChartYearToDateReturn |
14.00% |
|
| Highest Quarterly Return, Date |
rr_BarChartHighestQuarterlyReturnDate |
Mar. 31,
2012 |
|
| Highest Quarterly Return |
rr_BarChartHighestQuarterlyReturn |
11.69% |
|
| Lowest Quarterly Return, Date |
rr_BarChartLowestQuarterlyReturnDate |
Jun. 30,
2012 |
|
| Lowest Quarterly Return |
rr_BarChartLowestQuarterlyReturn |
(8.61%) |
|
| Performance Table Heading |
rr_PerformanceTableHeading |
AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED DECEMBER 31,
2012 |
|
| Performance Table Narrative |
rr_PerformanceTableNarrativeTextBlock |
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 an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to
investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement
accounts. |
|
|
CAMBIAR GLOBAL SELECT FUND | INVESTOR CLASS SHARES | Investor Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Redemption Fee (as a percentage of amount redeemed, if shares redeemed have been held for less than 90 days) |
rr_RedemptionFeeOverRedemption |
(2.00%) |
|
| Management Fees |
rr_ManagementFeesOverAssets |
1.00% |
|
| Shareholder Service Fees |
rr_Component1OtherExpensesOverAssets |
0.25% |
|
| Other Expenses |
rr_OtherExpensesOverAssets |
8.64% |
|
| Acquired Fund Fees and Expenses |
rr_AcquiredFundFeesAndExpensesOverAssets |
0.01% |
|
| Total Annual Fund Operating Expenses |
rr_ExpensesOverAssets |
9.90% |
[8] |
| Less Fee Reductions and/or Expense Reimbursements |
rr_FeeWaiverOrReimbursementOverAssets |
(8.59%) |
|
| Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements |
rr_NetExpensesOverAssets |
1.31% |
[13],[8] |
| Expense Example, with Redemption, 1 Year |
rr_ExpenseExampleYear01 |
133 |
|
| 3 Years |
rr_ExpenseExampleYear03 |
2,087 |
|
| Expense Example, with Redemption, 5 Years |
rr_ExpenseExampleYear05 |
3,854 |
|
| Expense Example, with Redemption, 10 Years |
rr_ExpenseExampleYear10 |
$ 7,567 |
|
| Annual Return 2012 |
rr_AnnualReturn2012 |
13.51% |
|
| Label |
rr_AverageAnnualReturnLabel |
Fund Returns Before Taxes |
|
| 1 YEAR |
rr_AverageAnnualReturnYear01 |
13.51% |
|
| SINCE INCEPTION |
rr_AverageAnnualReturnSinceInception |
13.34% |
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Nov. 30,
2011 |
|
|
CAMBIAR GLOBAL SELECT FUND | Fund Returns After Taxes on Distributions | INVESTOR CLASS SHARES | Investor Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Label |
rr_AverageAnnualReturnLabel |
Fund Returns After Taxes on Distributions |
|
| 1 YEAR |
rr_AverageAnnualReturnYear01 |
12.88% |
|
| SINCE INCEPTION |
rr_AverageAnnualReturnSinceInception |
12.77% |
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Nov. 30,
2011 |
|
|
CAMBIAR GLOBAL SELECT FUND | Fund Returns After Taxes on Distributions and Sale of Fund Shares | INVESTOR CLASS SHARES | Investor Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Label |
rr_AverageAnnualReturnLabel |
Fund Returns After Taxes on Distributions and Sale of Fund Shares |
|
| 1 YEAR |
rr_AverageAnnualReturnYear01 |
9.23% |
|
| SINCE INCEPTION |
rr_AverageAnnualReturnSinceInception |
11.19% |
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Nov. 30,
2011 |
|
|
CAMBIAR GLOBAL SELECT FUND | MSCI All Country World Index (reflects no deduction for fees, expenses, or taxes) | Investor Class
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Label |
rr_AverageAnnualReturnLabel |
MSCI All Country World Index (reflects no deduction for fees, expenses, or taxes) |
|
| 1 YEAR |
rr_AverageAnnualReturnYear01 |
16.13% |
|
| SINCE INCEPTION |
rr_AverageAnnualReturnSinceInception |
14.59% |
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Nov. 30,
2011 |
|
|
|
|
