| Label |
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| Risk/Return: |
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| Registrant Name |
dei_EntityRegistrantName |
FINANCIAL INVESTORS TRUST |
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| Prospectus Date |
rr_ProspectusDate |
Aug. 31,
2013 |
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Redmont Resolute Fund I
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| Risk/Return: |
rr_RiskReturnAbstract |
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| Risk/Return [Heading] |
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Redmont Resolute Fund I (the “Fund”) |
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| Objective [Heading] |
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Investment Objective |
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| Objective, Primary [Text Block] |
rr_ObjectivePrimaryTextBlock |
The Fund seeks to provide long-term total return with reduced volatility and reduced correlation to the conventional stock and bond markets. |
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| Expense [Heading] |
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Fees and Expenses of the Fund |
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| Expense Narrative [Text Block] |
rr_ExpenseNarrativeTextBlock |
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and in “BUYING AND REDEEMING SHARES” at page 22 of the Prospectus and “PURCHASE & REDEMPTION OF SHARES” at page 49 of the Fund’s statement of additional information. |
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| Shareholder Fees Caption [Text] |
rr_ShareholderFeesCaption |
Shareholder Fees (fees paid directly from your investment) |
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| Operating Expenses Caption [Text] |
rr_OperatingExpensesCaption |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investments) |
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| Fee Waiver or Reimbursement over Assets, Date of Termination |
rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination |
August 31, 2017 |
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| Portfolio Turnover [Heading] |
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Portfolio Turnover |
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| Portfolio Turnover [Text Block] |
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The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). For U.S. federal income tax purposes, a higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was 25% of the average value of its portfolio. |
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| Portfolio Turnover, Rate |
rr_PortfolioTurnoverRate |
25.00% |
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| Expense Breakpoint Discounts [Text] |
rr_ExpenseBreakpointDiscounts |
You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. |
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| Expense Breakpoint, Minimum Investment Required [Amount] |
rr_ExpenseBreakpointMinimumInvestmentRequiredAmount |
$ 50,000 |
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| Expenses Restated to Reflect Current [Text] |
rr_ExpensesRestatedToReflectCurrent |
Expenses have been restated to reflect current fees. |
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| Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] |
rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees |
The Total Annual Fund Operating Expenses will not correlate to the ratio of expenses to average net assets provided in the Financial Highlights table for the Fund in the Fund’s annual report for the same period, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. |
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| Expense Example [Heading] |
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Example |
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| Expense Example Narrative [Text Block] |
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This example is intended to help you compare the costs 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 remain the same. The example takes into consideration the agreement by the Adviser to waive fees and reimburse expenses. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
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| Expense Example by, Year, Caption [Text] |
rr_ExpenseExampleByYearCaption |
Number of Years You Own Your Shares |
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| Strategy [Heading] |
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Principal Investment Strategies of the Fund |
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| Strategy Narrative [Text Block] |
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The Fund pursues its objective primarily by allocating its assets among (i) investment sub-advisers (the “Sub-Advisers”) who manage alternative or hedging investment strategies, (ii) other open-end investment companies, registered under the Investment Company Act of 1940, as amended (the “1940 Act”) that use alternative or hedging strategies, and (iii) derivatives, principally total return swaps on reference pools of securities which may be managed by unaffiliated parties (“Underlying Pools”), for the purposes of seeking economic exposure to alternative or hedging strategies. These three primary approaches to achieve exposure to alternative or hedging strategies will be collectively referred to as the “Underlying Investment Strategies” of the Fund. The Fund may also invest in closed-end funds and exchange-traded funds, which also provide exposure to hedging or alternative strategies. Collectively, the open-end funds, closed-end funds and exchange-traded funds in which the Fund may invest are referred to as “Underlying Funds.”
The hedging or alternative strategies to which the Fund’s Underlying Investment Strategies seek to provide exposure may include, among other techniques, the use of short selling, options, futures, derivatives or similar instruments. Alternative investment strategies may include, among others, long/short, market neutral and arbitrage strategies; commodities or commodity-linked investments; leverage; derivatives; distressed securities; and other investment techniques that are expected to achieve the Fund’s investment objective. These strategies are common hedge fund-type strategies and may attempt to exploit disparities or inefficiencies in the markets, geographical areas, and companies; take advantage of security mispricings or anticipated price movements; and/or benefit from cyclical themes or special situations or events (such as spin-offs or reorganizations).
The Adviser determines the allocation of the Fund’s assets among the various Underlying Investment Strategies. In selecting and weighting investment options, the Adviser seeks to identify Underlying Investment Strategies which, based on the investment styles and historical performance of the associated managers, have the potential, in the opinion of the Adviser, to perform independently of each other and achieve positive risk-adjusted returns in various market cycles. This is referred to as “low correlation.” The degree of correlation of any an Underlying Investment Strategy will, with other investment strategies and the market as a whole, vary as a result of market conditions and other factors. By allocating its assets among a number of investment options, the Fund seeks to provide exposure to a broad array of assets with less risk and lower volatility than if the Fund utilized a single Manager or a single strategy approach. The Adviser may change the allocation of the Fund’s assets among the available investment options, and may add or remove Underlying Investment Strategies, at any time.
Sub-Advisers
Each Sub-Adviser is responsible for the day-to-day management of its allocated portion of Fund assets. The Adviser has ultimate responsibility, subject to the oversight of the Board of Trustees of the Fund, to oversee the Sub-Advisers, and to recommend their hiring, termination and replacement. The Adviser may hire and terminate Sub-Advisers in accordance with the terms of an exemptive order obtained by the Fund and the Adviser from the SEC, under which the Adviser is permitted, subject to supervision and approval of the Board of Trustees, to enter into and materially amend sub-advisory agreements without shareholder approval. Currently, the Adviser has entered into sub-advisory agreements with Turner Investments, L.P. and Robeco Investment Management, Inc. (“RIM”) for the Fund. As of the date of this Prospectus, the Fund’s assets which have been allocated to Sub-Advisers are allocated to RIM.
Underlying Funds
Each Underlying Fund invests its assets in accordance with its investment strategy. As the Fund is a shareholder of each Underlying Fund, the Fund’s shareholders will indirectly bear the Fund’s proportionate share of the fees and expenses paid by shareholders of the Underlying Fund, in addition to the fees and expenses the Fund’s shareholders directly bear in connection with the Fund’s own operations. As a result, investments in the securities of Underlying Funds involve the duplication of advisory fees and certain other expenses. The Fund may invest in Underlying Funds in excess of the limitations under the 1940 Act, pursuant to an exemptive order obtained by the Fund and the Adviser from the SEC.
Swap Contracts on Underlying Pools
Swap contracts, such as total return swaps, are contracts between the Fund and, typically, a brokerage firm or other financial institution (the swap counterparty) for periods ranging from a few days to multiple years. In a basic swap transaction, the Fund and the swap counterparty agree to exchange the returns that would be earned or realized if the notional amount (i.e., the amount selected by the parties as the basis on which to calculate the obligations they have agreed to exchange) were invested in certain reference assets. In a total return swap, the parties agree to “swap” the total return of an underlying reference asset (such as an index, security or underlying pool of securities) in exchange for a regular payment, at a floating rate, at a fixed rate, or the total rate of return on another financial instrument. The Fund may take either position in a total return swap (i.e., the Fund may receive or pay the total return on the underlying reference asset or index). The Fund may, through such a total return swap, seek to access the returns of a single or multiple Underlying Pool(s) that use a single manager or multiple managers to execute strategies which the Adviser deems to be consistent with the Fund’s investment objective and principal investment strategies.
In addition to Underlying Investment Strategies, the Adviser may invest the Fund’s assets directly in the same manner as any Sub-Adviser in pursuit of the Fund’s investment objective. Investments generally include equity securities, fixed income securities and derivatives.- In addition to the Underlying Investment Strategies, the Fund may invest in equity securities of issuers of any market capitalization in the U.S. or abroad, including convertible, private placement/restricted, initial public offering (“IPOs”) and emerging market securities, with certain exposures to non-U.S. issuers obtained through investments in American Depositary Receipts (“ADRs”).
- The Fund may invest in fixed-income securities of any credit quality and maturity, including those with fixed or variable terms and those of defaulted/distressed issuers and bank loans. These securities can be rated below investment grade (i.e., “junk bonds”) and thus rated below Baa3 by Moody’s, BBB- by S&P or BBB- by Fitch Ratings Ltd. or unrated and securities in default.
- The Fund may invest in derivatives, in addition to swap contracts whose value is derived from an Underlying Pool, which are financial instruments that have a value that depends upon, or is derived from, a reference asset, such as options, futures, indexes or currencies. The most common types of derivatives in which the Fund may invest are forwards, options, futures and swaps contracts. The Fund may invest in derivatives to hedge (or reduce) its exposure to a portfolio asset or risk, to obtain leverage for speculative purposes, to manage cash and/or as a substitute for taking a position in the reference asset or to gain exposure to certain asset classes, in which case the derivatives may have economic characteristics similar to those of the reference asset and the Fund’s investment in the derivatives may be applied toward meeting a requirement to invest a certain percentage of its net assets in instruments with such characteristics.
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| Risk [Heading] |
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Principal Risks of the Fund |
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| Risk Narrative [Text Block] |
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The following is a description of the principal risks of the Fund’s portfolio, which may adversely affect its net asset value and total return. There are other circumstances (including additional risks that are not described here) which could prevent the Fund from achieving its investment objective. It is important to read all the disclosure information provided and to understand that you may lose money by investing in the Fund.
Unless stated otherwise, the principal risks described below are applicable to the Fund directly and indirectly through the Underlying Investment Strategies in which the Fund invests.
ADR Risk - The Fund may invest in ADRs. ADR risks include, but are not limited to, fluctuations in foreign currencies, political and financial instability, less liquidity and greater volatility, lack of uniform accounting, auditing and financial reporting standards and increased price volatility. ADRs may not track the price of the underlying securities, and their value may change materially at times when the U.S. markets are not open for trading.
Below-Investment Grade Securities Risk - Investments in below-investment grade fixed-income securities (“high yield securities” or “junk bonds”) are generally more speculative than investment grade fixed-income securities and have a greater risk of default. If an issuer defaults, a below-investment grade security could lose all of its value, be renegotiated at a lower interest rate or principal amount, or become illiquid. Below-investment grade securities may be less liquid and more volatile than investment grade fixed-income securities and may be more difficult to value.
Commodity Risk – Investing long or short in the commodities market and investing in commodities linked instruments, such as exchange-traded notes, may subject the Fund to greater volatility than investments in traditional securities. Commodities include energy, metals, agricultural products, livestock and minerals. The Fund, either directly or through investment in an Underlying Investment Strategy, may buy certain commodities (such as gold) or may invest in commodity linked derivative instruments. The value of commodities and commodity contracts are affected by a variety of factors, including global supply and demand, changes in interest rates, commodity index volatility, and factors affecting a particular industry or commodity.
Convertible Securities Risk - Convertible securities entail interest rate and credit risks. While fixed-income securities generally have a priority claim on a corporation’s assets over that of common stock, convertible securities held by the Fund that are rated below investment grade (i.e., “junk bonds”) are subject to special risks, including the risk of default in interest or principal payments, which could result in a loss of income to the Fund or a decline in the market value of the securities.
Credit Risk – Credit risk (also called default risk) is the risk that the issuer of a security will not be able to make principal and interest payments on a debt issue. The credit ratings of issuers could change and negatively affect the Fund’s share price or yield. When the Fund or an Underlying Investment Strategy in which the Fund invests uses derivatives instruments to seek credit exposure to underlying issuers, it is subject to the credit risk of both the underlying issuer(s) and the counterparty (typically a broker or bank) to the instrument. When the Fund or an Underlying Investment Strategy invests in asset-backed securities, mortgage-backed securities and collateralized mortgage obligations, it is subject to the credit risks of the underlying assets that collateralize the instrument.
Currency Risk – The value of the securities held by the Fund or an Underlying Investment Strategy may be affected by changes in exchange rates or control regulations. If a local currency gains against the U.S. dollar, the value of the security increases in U.S. dollar terms. If a local currency declines against the U.S. dollar, the value of the security decreases in U.S. dollar terms.
Derivatives Risk – Risks associated with derivatives may include the risk that the derivative is not well correlated with the security, index or currency to which it relates, the risk that derivatives may not have the intended effects and may result in losses or missed opportunities, the risk that the Fund or an Underlying Investment Strategy in which the Fund invests will be unable to sell the derivative because of an illiquid secondary market, the risk that a counterparty is unwilling or unable to meet its obligations, and the risk that the derivative transaction could expose the Fund to the effects of leverage, which could increase the Fund’s exposure to the market and magnify potential losses. There is no guarantee that derivatives, to the extent employed, will have the intended effect, and their use could cause lower returns or even losses to the Fund. The use of derivatives by the Fund to hedge risk may reduce the opportunity for gain by offsetting the positive effect of favorable price movements. The use of derivatives can magnify gains or losses.
Swap Contract Risk - The use of swaps involves investment techniques and risks different from those associated with ordinary portfolio security transactions. In addition, each swap exposes the Fund to counterparty risk when a counterparty to a financial instrument entered into by the Fund may become bankrupt or otherwise fail to perform its obligations due to financial difficulties. As a result, the Fund may experience delays in or be prevented from obtaining payments owed to it pursuant to a swap contract. Total return swaps are also subject to the particular risk that the swaps could result in losses if the underlying asset or reference, such as an Underlying Pool, does not perform as anticipated. Although total return swaps on Underlying Pools may seek to approximate the economic results of investments in pooled vehicles, they may be subject to particular liquidity risks. In addition, to the extent the Fund seeks exposure to the returns of an Underlying Pool through a total return swap, the Fund’s use of such swaps is also subject to risks associated with the Adviser’s assessment of an Underlying Pool manager’s ability to execute hedging or alternative strategies and deliver returns.
Distressed Investments Risk - The Fund’s investment in instruments involving loans, loan participations, bonds, notes, non-performing and sub-performing mortgage loans, many of which are not publicly traded, may involve a substantial degree of risk. These instruments may become illiquid and the prices of such instruments may be extremely volatile. Valuing such instruments may be difficult and the Fund may lose all of its investment, or it may be required to accept cash or securities with a value less than the Fund’s original investment. Issuers of distressed securities are typically in a weak financial condition and may default, in which case the Fund may lose its entire investment.
Emerging Markets Risk - Emerging markets investments are subject to the same risks as foreign investments and to additional risks due to greater political and economic uncertainties as well as a relative lack of information about companies in such markets. Securities traded on emerging markets are potentially illiquid and may be subject to volatility and high transaction costs.
Equity Risk - The Fund’s equity holdings may decline in value because of changes in price of a particular holding or a broad stock market decline. The value of a security may decline for a number of reasons which directly relate to the issuer of a security.
Exchange-Traded and Closed-End Fund Risk – The risks of investment in other investment companies typically reflect the risk of the types of securities in which the Underlying Investment Strategies invest. Investments in exchange-traded funds (“ETFs”) and closed-end funds are subject to the additional risk that shares of the Underlying Investment Strategy may trade at a premium or discount to their net asset value per share. When the Fund invests in another investment company, shareholders of the Fund bear their proportionate share of the other investment company’s fees and expenses as well as their share of the Fund’s fees and expenses.
Exchange-Traded Note Risk – The returns of exchange-traded notes (“ETNs”) are based on the performance of a specified market index minus applicable fees. The risks of ETNs include the risk of the reference index. The value of an ETN is also subject to the credit risk of the issuer. Thus, the value of an ETN may drop due to a decline in an issuer’s credit quality or a downgrade in the issuer’s credit rating, even if there is no change or an increase in the reference index. ETNs are subject to the additional risk that notes may trade at a premium or discount to their reference index. When the Fund invests in an ETN, shareholders of the Fund bear their proportionate share of the ETNs’ fees and expenses as well as their share of the Fund’s fees and expenses.
Fixed Income Risk – Investing in long or short in fixed income securities subjects the Fund to additional risks, which include credit risk, interest risk, maturity risk, investment grade securities risk, municipal securities risk and prepayment risk. These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.
Foreign Securities Risk – Investing in long or short in foreign issuers involves risks not associated with U.S. investments, including settlement risks, currency fluctuation, foreign tax risks, different financial reporting practices and regulatory standards, high costs of trading, changes in political conditions, expropriation, investment and repatriation restrictions as well as settlement and custody risks.
Futures Contracts Risk- There may be an imperfect correlation between the changes in market value of the securities held by the Fund and the prices of futures contracts. There may not be a liquid secondary market for the futures contracts.
Initial Public Offering Risk - The Fund may purchase securities in an initial public offering (“IPO”) or private placement, or are restricted (subject to contractual or legal restrictions on resale because they are not registered under the Securities Act of 1933, as amended) and may be illiquid; thus the Fund may not be able to dispose of them promptly at the price at which they are valued.
Large-Cap, Mid-Cap and Small-Cap Companies Risk - The Fund’s investment in larger companies is subject to the risk that larger companies are sometimes unable to attain the high growth rates of successful, small companies, especially during extended periods of economic expansion. Securities of mid-cap and small-cap companies may be more volatile and less liquid than the securities of large-cap companies.
Leverage Risk –One or more Underlying Investment Strategies may cause the Fund to incur leverage through, for example, borrowing for other than temporary or emergency purposes, investments in certain derivatives, short sales and futures contracts and forward currency contracts and engaging in forward commitment transactions. The Fund may also invest in leveraged ETFs that seek to provide returns that are a multiple of a stated benchmark, typically using a combination of derivatives strategies. Like other forms of leverage, leveraged ETFs increase risk exposure relative to the amount invested and can lead to significantly greater losses than a comparable unleveraged portfolio.
Liquidity Risk – When there is no willing buyer and investments cannot be readily sold at the desired time or price, the Fund may need to accept a lower price or may not be able to sell the security at all. An inability to sell securities can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities. Recent instability in certain credit and fixed income markets has adversely affected and is expected to continue to affect the liquidity of certain classes of securities, including, in particular, certain types of asset-backed, mortgage-backed and real estate-related securities.
Managed Portfolio Risk – The Adviser’s investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses. Mortgage-Related Securities Risk - The Fund’s investments in mortgage-related securities may be affected by, among other things, changes in interest rates, the creditworthiness of the entities that provide their credit enhancements or the market’s assessment of the quality of the underlying assets. Mortgage-related securities can be sensitive to changes in interest rates and are subject to pre-payment risk, which is the risk that the underlying debt may be refinanced or prepaid. Mortgage-related securities may be issued or guaranteed by the U.S. government, its agencies or instrumentalities or by private issuers. Mortgage-related securities issued by private issuers are subject to greater credit risks than those issued or guaranteed by the U.S. government.
Multiple Investment Sub-Adviser Risk - The Sub-Advisers make their trading decisions independently, and, as a result, it is possible that one or more Sub-Advisers may take positions in the same security or purchase/sell the same security at the same time without aggregating their transactions. This may cause unnecessary brokerage and other expenses to the Fund. Each Sub-Adviser uses a particular style or set of styles to select investments for the Fund. Those styles may be out of favor or may not produce the best results over the investment time periods. Each Sub-Adviser’s investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses.
Non-Diversified Risk – An Underlying Investment Strategy in which the Fund invests that is non-diversified may invest a larger percentage of its assets in a given security than a diversified fund. As a result, it may be more susceptible to a single adverse economic, political or regulatory occurrence affecting one or more issuers in which a large percentage of its assets is invested and may experience increased volatility due to its investments in those securities.
Options Risk - The price of the options, which is a function of interest rates, volatility, dividends, the exercise price, stock price and other market factors, may change rapidly over time. Price valuations or market movements may not justify purchasing put options on individual securities, stock indexes and ETFs, or, if purchased, the options may expire unexercised, causing the Fund to lose the premium paid for the options. There may be an imperfect correlation between the prices of options and movements in the price of the securities (or indices) hedged or used for cover which may cause a given hedge not to achieve its objective. Over the-counter options expose the Fund to counterparty risk.
Portfolio Turnover Risk - Frequent trading of securities by the Fund or Underlying Investment Strategy may result in a higher than average level of capital gains, including short-term gains, and will result in greater transaction costs to the Fund. Higher portfolio turnover may increase the level of short-term capital gains. To the extent distributions to shareholders are made from net-short-term capital gains of the Fund, the distributions will be taxed at ordinary income rates for federal income tax purposes, rather than at lower long-term capital gains rates. Greater transaction costs and higher expenses as a result of portfolio turnover can negatively impact the Fund’s performance.
Preferred Stock Risk - Preferred stock is a class of a capital stock that typically pays dividends at a specified rate. Preferred stock is generally senior to common stock, but subordinate to debt securities, with respect to the payment of dividends and on liquidation of the issuer. The market value of preferred stock generally decreases when interest rates rise and is also affected by the issuer’s ability to make payments on the preferred stock.
Repurchase and Reverse Repurchase Transactions Risk - The Fund may enter into repurchase and reverse repurchase transactions agreements. If the party agreeing to repurchase should default, the Fund may sell the underlying securities and incur procedural costs or delays in addition to any loss on the securities. Reverse repurchase agreements involve the risk that the market value of the securities sold by the Fund may decline below the price at which it is obligated to repurchase the securities. Reverse repurchase agreements may be considered borrowing for some purposes.
Risk of Investment in Other Investment Companies – There are certain risks associated with the Fund’s investment in the Underlying Funds. These risks include, but are not limited to:
Expenses. Your cost of investing in the Fund will be higher than the cost of investing directly in the Underlying Funds.
Allocation Risk. The Fund may be prevented from fully allocating assets to an Underlying Fund due to regulatory limitations which may impact a fund-of-funds.
Underlying Fund Risk. All risks associated with an Underlying Fund are applicable to the Fund. In addition, the Adviser’s assumptions about an Underlying Fund may be incorrect in view of actual market conditions. The Adviser may be subject to potential conflicts of interest in the selection of Underlying Funds. An Underlying Fund may experience large purchases or redemptions, which could affect the performance of the Fund.
Transparency Risk. The Underlying Funds are not managed by the Adviser, and the Adviser has access to information regarding the Underlying Fund’s investments to the extent the Underlying Fund’s adviser makes it available.
Underlying Fund Managed Portfolio Risk. An Underlying Fund adviser’s investment strategies or choice of specific securities may be unsuccessful and may cause the Underlying Fund to incur losses.
Risk of Underlying Pools – Underlying Pools are subject to management, transactional and other expenses, which will be indirectly paid by the Fund as investor party to a swap contract on an Underlying Pool. A total return swap on an Underlying Pool is not a direct investment in the Underlying Pool, and the cost of investing in the Fund may be higher than the cost of investing directly in an Underlying Pool and may be higher than other mutual funds that invest directly in stocks and bonds. The Underlying Pools will pay management fees, brokerage commissions, and operating expenses to one or more advisors engaged to trade alternative and/or hedging strategies on behalf of the Underlying Pools (each an “Underlying Pool Manager”), which will affect the returns to which the Fund seeks access via the total return swap. There is no guarantee that any of the trading strategies used by the Underlying Pool Managers retained by the Underlying Pools will be profitable or avoid losses.
Short Sales Risk - The Fund may sell securities short. Short sales involve the risk that the Fund will incur a loss by subsequently buying a security at a higher price than the price at which the fund previously sold the security short. Any loss will be increased by the amount of compensation, dividends or interest the fund must pay to the lender of the security. Because a loss incurred by the Fund on a short sale results from increases in the value of the security, losses on a short sale are theoretically unlimited. In addition, the Fund may not be able to close out a short position at a particular time or at an acceptable price. |
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| Risk Lose Money [Text] |
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It is important to read all the disclosure information provided and to understand that you may lose money by investing in the Fund. |
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| Risk Nondiversified Status [Text] |
rr_RiskNondiversifiedStatus |
Non-Diversified Risk – An Underlying Investment Strategy in which the Fund invests that is non-diversified may invest a larger percentage of its assets in a given security than a diversified fund. As a result, it may be more susceptible to a single adverse economic, political or regulatory occurrence affecting one or more issuers in which a large percentage of its assets is invested and may experience increased volatility due to its investments in those securities. |
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| Bar Chart and Performance Table [Heading] |
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Performance Information |
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| Performance Narrative [Text Block] |
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The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time. The bar chart depicts the change in performance from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Fund’s average annual returns for the periods indicated to broad-based securities market indices. The indices are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund’s past performance does not necessarily indicate how it will perform in the future. Updated performance information is available on the Fund’s website at www.redmontfunds.com or by calling 855.268.2242. |
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| Performance Information Illustrates Variability of Returns [Text] |
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The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time. |
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| Performance Availability Phone [Text] |
rr_PerformanceAvailabilityPhone |
855.268.2242 |
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| Performance Availability Website Address [Text] |
rr_PerformanceAvailabilityWebSiteAddress |
www.redmontfunds.com |
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| Performance Past Does Not Indicate Future [Text] |
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The Fund’s past performance does not necessarily indicate how it will perform in the future. |
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| Bar Chart [Heading] |
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Annual Total Return (year ended 12/31)
Class A Shares
Calendar Year Annual Returns - Class A Shares |
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| Bar Chart Does Not Reflect Sales Loads [Text] |
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The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell shares of the Fund. If sales charges were included, the returns would be lower. |
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| Bar Chart Closing [Text Block] |
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Best Quarter – 9/2012 2.74%
Worst Quarter – 6/2012 -3.15%
The Fund’s Class A share year-to-date return as of June 30, 2013 was -4.56% |
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| Performance Table Heading |
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Average Annual Total Returns
(for the period ended December 31, 2012) |
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| Performance Table Uses Highest Federal Rate |
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After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. |
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| Performance Table Not Relevant to Tax Deferred |
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Actual after-tax returns depend on your individual tax situation and may differ from those shown in the table below. The after-tax return information shown below does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA. |
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| Performance Table One Class of after Tax Shown [Text] |
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After-tax returns are only shown for Class A shares of the Fund. After-tax returns for Class I shares will vary from those shown for Class A shares due to varying sales charges and expenses among the classes. |
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| Performance Table Narrative |
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After-tax returns are calculated using the historically highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the table below. The after-tax return information shown below does not apply to Fund shares held through a tax-deferred account, such as a 401(k) plan or an IRA. After-tax returns are only shown for Class A shares of the Fund. After-tax returns for Class I shares will vary from those shown for Class A shares due to varying sales charges and expenses among the classes. |
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Redmont Resolute Fund I | Class A
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| Risk/Return: |
rr_RiskReturnAbstract |
|
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| Maximum sales charge (load) on purchases (as a percentage of offering price) |
rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice |
5.50% |
[1] |
| Maximum deferred sales charge (as a percentage of the lower of original purchase price or redemption proceeds) |
rr_MaximumDeferredSalesChargeOverOther |
1.00% |
[1] |
| Redemption Fee |
rr_RedemptionFeeOverRedemption |
2.00% |
[2] |
| Management Fees |
rr_ManagementFeesOverAssets |
1.50% |
|
| Distribution and Service (12b-1) Fees |
rr_DistributionAndService12b1FeesOverAssets |
0.25% |
|
| Shareholder Services Fees |
rr_Component1OtherExpensesOverAssets |
0.15% |
|
| Swap Fees and Expenses |
rr_Component2OtherExpensesOverAssets |
0.38% |
|
| Dividend and Interest Expense on Securities Sold Short |
rr_Component3OtherExpensesOverAssets |
0.11% |
|
| Other Expenses |
rr_OtherExpensesOverAssets |
5.42% |
|
| Acquired Fund Fees and Expenses |
rr_AcquiredFundFeesAndExpensesOverAssets |
0.47% |
[3] |
| Total Annual Fund Operating Expenses |
rr_ExpensesOverAssets |
7.64% |
[4] |
| Fee Waiver and Expense Reimbursement |
rr_FeeWaiverOrReimbursementOverAssets |
(4.77%) |
[5] |
| Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement |
rr_NetExpensesOverAssets |
2.87% |
[6] |
| Expenses Deferred Charges [Text Block] |
rr_ExpensesDeferredChargesTextBlock |
If you invest $1 million or more, either as a lump sum or through the Fund’s accumulation or letter of intent programs, you can purchase Class A shares without an initial sales charge (load); however, a Contingent Deferred Sales Charge (“CDSC”) of 1.00% may apply to Class A shares redeemed within the first 12 months after a purchase in excess of $1 million. |
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| 1 YEAR |
rr_ExpenseExampleYear01 |
824 |
|
| 3 YEARS |
rr_ExpenseExampleYear03 |
1,390 |
|
| 5 YEARS |
rr_ExpenseExampleYear05 |
2,456 |
|
| 10 YEARS |
rr_ExpenseExampleYear10 |
6,041 |
|
| 2012 |
rr_AnnualReturn2012 |
1.78% |
|
| Year to Date Return, Label |
rr_YearToDateReturnLabel |
year-to-date return |
|
| Bar Chart, Year to Date Return, Date |
rr_BarChartYearToDateReturnDate |
Jun. 30,
2013 |
|
| Bar Chart, Year to Date Return |
rr_BarChartYearToDateReturn |
(4.56%) |
|
| Highest Quarterly Return, Label |
rr_HighestQuarterlyReturnLabel |
Best Quarter |
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| Highest Quarterly Return, Date |
rr_BarChartHighestQuarterlyReturnDate |
Sep. 30,
2012 |
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| Highest Quarterly Return |
rr_BarChartHighestQuarterlyReturn |
2.74% |
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| Lowest Quarterly Return, Label |
rr_LowestQuarterlyReturnLabel |
Worst Quarter |
|
| Lowest Quarterly Return, Date |
rr_BarChartLowestQuarterlyReturnDate |
Jun. 30,
2012 |
|
| Lowest Quarterly Return |
rr_BarChartLowestQuarterlyReturn |
(3.15%) |
|
| 1 Year |
rr_AverageAnnualReturnYear01 |
(3.80%) |
|
| Since Inception |
rr_AverageAnnualReturnSinceInception |
(3.79%) |
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| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Dec. 30,
2011 |
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|
Redmont Resolute Fund I | Class I
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| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Maximum sales charge (load) on purchases (as a percentage of offering price) |
rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice |
none
|
|
| Maximum deferred sales charge (as a percentage of the lower of original purchase price or redemption proceeds) |
rr_MaximumDeferredSalesChargeOverOther |
none
|
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| Redemption Fee |
rr_RedemptionFeeOverRedemption |
2.00% |
[2] |
| Management Fees |
rr_ManagementFeesOverAssets |
1.50% |
|
| Distribution and Service (12b-1) Fees |
rr_DistributionAndService12b1FeesOverAssets |
none
|
|
| Shareholder Services Fees |
rr_Component1OtherExpensesOverAssets |
none
|
|
| Swap Fees and Expenses |
rr_Component2OtherExpensesOverAssets |
0.38% |
|
| Dividend and Interest Expense on Securities Sold Short |
rr_Component3OtherExpensesOverAssets |
0.11% |
|
| Other Expenses |
rr_OtherExpensesOverAssets |
5.27% |
|
| Acquired Fund Fees and Expenses |
rr_AcquiredFundFeesAndExpensesOverAssets |
0.47% |
[3] |
| Total Annual Fund Operating Expenses |
rr_ExpensesOverAssets |
7.24% |
[4] |
| Fee Waiver and Expense Reimbursement |
rr_FeeWaiverOrReimbursementOverAssets |
(4.77%) |
[5] |
| Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement |
rr_NetExpensesOverAssets |
2.47% |
[6] |
| 1 YEAR |
rr_ExpenseExampleYear01 |
250 |
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| 3 YEARS |
rr_ExpenseExampleYear03 |
769 |
|
| 5 YEARS |
rr_ExpenseExampleYear05 |
1,829 |
|
| 10 YEARS |
rr_ExpenseExampleYear10 |
$ 5,531 |
|
| 1 Year |
rr_AverageAnnualReturnYear01 |
2.13% |
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| Since Inception |
rr_AverageAnnualReturnSinceInception |
2.13% |
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| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Dec. 30,
2011 |
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Redmont Resolute Fund I | Return After Taxes on Distributions | Class A
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| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| 1 Year |
rr_AverageAnnualReturnYear01 |
(3.86%) |
|
| Since Inception |
rr_AverageAnnualReturnSinceInception |
(3.85%) |
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| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Dec. 30,
2011 |
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Redmont Resolute Fund I | Return After Taxes on Distributions and Sale of Fund Shares | Class A
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| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| 1 Year |
rr_AverageAnnualReturnYear01 |
(2.43%) |
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| Since Inception |
rr_AverageAnnualReturnSinceInception |
(3.24%) |
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| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Dec. 30,
2011 |
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|
Redmont Resolute Fund I | HFRX Global Hedge Fund Index (reflects no deduction for fees, expenses or taxes)
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| Risk/Return: |
rr_RiskReturnAbstract |
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| 1 Year |
rr_AverageAnnualReturnYear01 |
3.51% |
|
| Since Inception |
rr_AverageAnnualReturnSinceInception |
3.50% |
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Dec. 30,
2011 |
|
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Redmont Resolute Fund I | S&P 500 Index (reflects no deduction for fees, expenses or taxes)
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| Risk/Return: |
rr_RiskReturnAbstract |
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|
| 1 Year |
rr_AverageAnnualReturnYear01 |
16.00% |
|
| Since Inception |
rr_AverageAnnualReturnSinceInception |
15.96% |
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Dec. 30,
2011 |
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