XML 53 R39.htm IDEA: XBRL DOCUMENT v3.20.2
Label Element Value
Frontier Caravan Emerging Markets Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Frontier Caravan Emerging Markets Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective.
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The investment objective of the Frontier Caravan Emerging Markets Fund (the “Fund”) is long-term capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund.
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.
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 Oct. 31, 2021
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 annual fund operating expenses or in the example, affect the Fund’s performance. During the fiscal period from December 4, 2019, commencement of operations, to June 30, 2020, the Fund’s portfolio turnover rate was 24% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 24.00%
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates “Other Expenses” are based on estimated amounts for the current fiscal year.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees Acquired Fund Fees and Expenses (“AFFE”) are fees and expenses incurred by the Fund in connection with its investments in other investment companies.  Total Annual Fund Operating Expenses shown will not correlate to the Fund’s ratio of expenses to average net assets appearing in the Financial Highlights table, which does not include AFFE.
Expense Example [Heading] rr_ExpenseExampleHeading Example.
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

The following example is intended to help you compare the cost of investing in the shares of 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. Please note that the one-year numbers below are based on the Fund’s net

 

expenses resulting from the expense cap agreement described above.

Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategy.
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

Under normal market conditions, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in the equity securities of emerging market companies. The Fund invests primarily in common stocks, preferred stock, American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”).

 

Caravan Capital Management, LLC, the Fund’s subadviser (“Caravan”), defines emerging markets as those countries included in the MSCI Emerging Markets Index. As of August 31, 2020, emerging markets in this index include Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and the United Arab Emirates. The countries that comprise emerging markets may change from time to time as the index is reconstituted. The Fund may invest up to 20% of its net assets in companies located in markets other than emerging markets. For example, the Fund may invest in companies located in frontier markets that Caravan expects may graduate to emerging market status through inclusion in the MSCI Emerging Markets Index in the near future. Caravan defines frontier markets as those countries included in the MSCI Frontier Markets Index.

 

The Fund may invest in companies of any size. The Fund will concentrate its investments in the banking industry. As a result, under normal market conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the banking industry.

 

The Fund does not focus in securities of any individual country as part of its principal investment strategy. Caravan imposes a cap on the Fund’s investments in any single country to reduce the Fund’s country concentration risk. The Fund is expected to have significant investments in the securities of companies operating in China because issuers in China represent a large segment of the MSCI Emerging Markets Index, and, as such, may represent a significant weight in the Fund’s portfolio.

 

Caravan may sell a security as part of the country weight and stock rebalancing process, or for tax or liquidity reasons.
Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration Under normal market conditions, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in the equity securities of emerging market companies. The Fund invests primarily in common stocks, preferred stock, American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”).
Risk [Heading] rr_RiskHeading Principal Investment Risks.
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

Market Risks; Recent Market Events. The Fund’s investments are subject to market risk, which may cause the value of the Fund’s investments to decline. If the value of the Fund’s investments goes down, the share price of the Fund will go down, and you may lose money. U.S. and international markets have experienced volatility in recent months and years due to a number of economic, political and global macro factors, including the impact of the coronavirus (COVID-19) global pandemic, which has resulted in public health issues, business interruptions, growth concerns in the U.S. and overseas, layoffs, rising unemployment claims, changed travel and social behaviors and reduced consumer spending. The effects

 

of COVID-19 may lead to a substantial economic downturn or recession in the U.S. and global economies, the recovery from which is uncertain and may last for an extended period of time. Continuing market volatility may have adverse effects on the Fund.

 

Common Stocks Risks. Common stocks held by the Fund will fluctuate in value based on the earnings of the company and on general industry and market conditions, leading to fluctuations in the Fund’s share price.

 

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.

 

Emerging Markets Risks. Emerging market countries may have relatively unstable governments, weaker economies and less developed legal systems with fewer securities holder rights than more developed foreign markets. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default. Emerging market securities also tend to be less liquid than securities in more developed markets.

 

Foreign Securities Risks. Investments in securities of foreign companies involve additional risks, including less liquidity, currency-rate fluctuations, political and economic instability, differences in financial reporting standards and securities market regulation, and the imposition of foreign withholding taxes.

 

China Investing Risk. The Fund may have significant investments in companies located in China. Risks associated with investments in China include risks related to governmental policies and risks to the economy from trade or political disputes with China’s trading partners.

 

Currency Risks. The value of the Fund’s foreign holdings as measured in U.S. dollars may be affected unfavorably by changes in foreign currency exchange rates. The Fund may also incur costs in connection with conversions between various currencies.

 

Frontier Markets Risks. Investments in frontier markets can involve risks in addition to and greater than those generally associated with investing in more developed foreign markets. Frontier market countries generally have smaller economies or less developed capital markets than traditional emerging markets and, as a result, the risks of investing in emerging markets countries are magnified in frontier market countries. Frontier market economies can be subject to greater social, economic, regulatory, and political uncertainties. Adverse government policies, taxation, restrictions on foreign investment and on currency convertibility and repatriation, currency fluctuations and other developments in laws and regulations of frontier countries in which Fund investments may be made, including expropriation, nationalism and other confiscation, could result in loss.

 

Depositary Receipts Risks. The risks of depositary receipts (including ADRs and GDRs) include many of the risks associated with investing directly in foreign securities, such as currency-rate fluctuations and political and economic instability.

 

Management Risks. The Fund is subject to management risk as an actively-managed investment portfolio and depends on the decisions of the portfolio manager to produce the desired results.

 

Sector Weightings Risk. To the extent the Fund emphasizes, from time to time, investments in a particular sector, the Fund will be subject to a greater degree to the risks particular to that sector, including the

 

sectors described below. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect all the securities in a single sector. If the Fund invests in a few sectors, it may have increased exposure to the price movements of those sectors.

 

Banking Industry Concentration Risk. By concentrating its assets in the banking industry, the Fund is subject to the risk that economic, business, political or other conditions that have a negative effect on the banking industry will negatively impact the Fund to a greater extent than if the Fund’s assets were diversified across different industries. The banking industry can be affected by global and local economic conditions, such as the levels and liquidity of the global and local financial and asset markets, the absolute and relative level and volatility of interest rates and equity prices, investor sentiment, inflation, and the availability and cost of credit.

 

Stock Selection Risks. The stocks selected for the Fund may decline in value or not increase in value when the stock market in general is rising.

 

Large Capitalization Risks. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in consumer tastes or innovative, smaller competitors. Large-cap companies are also sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.

 

Small- and Medium-Capitalization Companies Risk. Small-capitalization and medium-capitalization companies are often more volatile and less liquid than larger companies. Securities of these companies may be subject to greater and more abrupt price fluctuations and may be more susceptible to market pressures and business failures. Stocks of small- and medium-sized companies may underperform the stocks of larger companies as an asset class.

 

Small Fund Risk. There can be no assurance that the Fund will grow or maintain an economically viable size.

 

Cash and Cash Equivalents Risk. To the extent the Fund holds cash and cash equivalents, the Fund risks achieving lower investment returns if the cash is not invested in securities that have appreciated in value, which could negatively impact the Fund’s performance and ability to achieve its investment objective.

 

Liquidity Risks. Liquidity risk is the risk that certain securities may be difficult or impossible to sell the quantity or sell at the time and price that Caravan would like to sell. Caravan may have to lower the price, sell other securities instead or forego an investment opportunity.

 

Cybersecurity Risks. Despite the various protections utilized by the Fund and its service providers, systems, networks, or devices utilized by the Fund can be potentially breached. The Fund and its shareholders could be negatively impacted as a result of a cybersecurity breach.
Risk Lose Money [Text] rr_RiskLoseMoney If the value of the Fund’s investments goes down, the share price of the Fund will go down, and you may lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance.
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

Performance information for the Fund is not included because the Fund does not have returns for one full calendar year. Updated performance information is available on the Company’s website, www.frontiermutualfunds.com, or by calling toll-free 1-888-825-2100.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Performance information for the Fund is not included because the Fund does not have returns for one full calendar year.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-888-825-2100
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.frontiermutualfunds.com
Frontier Caravan Emerging Markets Fund | Institutional Class Shares  
Risk/Return: rr_RiskReturnAbstract  
Redemption Fee (as a percentage of Amount Redeemed) rr_RedemptionFeeOverRedemption (2.00%)
Redemption Fee rr_RedemptionFee $ (15.00)
Management Fees rr_ManagementFeesOverAssets 0.70%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Servicing Fee rr_Component1OtherExpensesOverAssets none [1]
Additional Other Expenses rr_Component2OtherExpensesOverAssets 1.36% [1]
Total Other Expenses rr_OtherExpensesOverAssets 1.36%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.02% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.08% [3]
Less: Fee Waiver/Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (1.26%) [4]
Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement rr_NetExpensesOverAssets 0.82% [3]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 84
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 530
Frontier Caravan Emerging Markets Fund | Service Class Shares  
Risk/Return: rr_RiskReturnAbstract  
Redemption Fee (as a percentage of Amount Redeemed) rr_RedemptionFeeOverRedemption (2.00%)
Redemption Fee rr_RedemptionFee $ (15.00)
Management Fees rr_ManagementFeesOverAssets 0.70%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Servicing Fee rr_Component1OtherExpensesOverAssets 0.15% [1]
Additional Other Expenses rr_Component2OtherExpensesOverAssets 1.33% [1]
Total Other Expenses rr_OtherExpensesOverAssets 1.48%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.02% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.20% [3]
Less: Fee Waiver/Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (1.23%) [4]
Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement rr_NetExpensesOverAssets 0.97% [3]
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The “Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement” for Service Class shares do not correlate to the “Ratio of expenses to average net assets” figures in the Financial Highlights section of this Prospectus because Service Class shares accrued shareholder servicing fees in the amount of 0.10% for the fiscal period from December 4, 2019, commencement of operations, to June 30, 2020.
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 99
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 570
[1] “Other Expenses” are based on estimated amounts for the current fiscal year.
[2] Acquired Fund Fees and Expenses (“AFFE”) are fees and expenses incurred by the Fund in connection with its investments in other investment companies.  Total Annual Fund Operating Expenses shown will not correlate to the Fund’s ratio of expenses to average net assets appearing in the Financial Highlights table, which does not include AFFE.
[3] The “Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement” for Service Class shares do not correlate to the “Ratio of expenses to average net assets” figures in the Financial Highlights section of this Prospectus because Service Class shares accrued shareholder servicing fees in the amount of 0.10% for the fiscal period from December 4, 2019, commencement of operations, to June 30, 2020.
[4] Frontegra Asset Management, Inc. (“Frontegra”), the Fund’s investment adviser, has contractually agreed to waive its management fee and/or reimburse the Fund’s operating expenses to the extent necessary to ensure that the Fund’s total operating expenses (excluding taxes, interest, brokerage commissions, AFFE and extraordinary expenses) do not exceed 0.80% and 0.95% of the Fund’s average daily net assets attributable to the Institutional Class and Service Class shares, respectively. Frontegra is entitled to recoup the fees waived and/or expenses reimbursed within a three-year period from the date of the waiver or expense payment if such reimbursement will not cause the Fund’s expense ratio to exceed the lesser of: (a) the expense limitation in place at the time of the waiver and/or expense payment; or (b) the expense limitation in place at the time of the recoupment. The expense cap/reimbursement agreement will continue in effect until October 31, 2021, and may be terminated only by, or with the consent of, the Board of Directors of the Company.