| Label |
Element |
Value |
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Risk/Return [Heading] |
rr_RiskReturnHeading |
Smead Value Fund |
|
| Objective [Heading] |
rr_ObjectiveHeading |
Investment Objective. |
|
| Objective, Primary [Text Block] |
rr_ObjectivePrimaryTextBlock |
The investment objective of the Smead Value 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 and hold Class A shares of the Fund. You may qualify for sales charge discounts on Class A shares if you or your family invest, or agree to invest in the future, at least $25,000 in the Fund’s Class A shares. More information about these and other discounts is available from your financial professional and under “Shareholder Information – Class A Sales Charge Reductions and Waivers” beginning on page 10 of the Fund’s Statutory Prospectus and under “Additional Purchase and Redemption Information – Sales Charges on Class A Shares” beginning on page 27 of the Fund’s Statement of Additional Information (“SAI”). |
|
| 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 |
2014-10-31 |
|
| 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 generate 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 the most recent fiscal year, the Fund’s portfolio turnover rate was 10.95% of the average value of its portfolio. |
|
| Portfolio Turnover, Rate |
rr_PortfolioTurnoverRate |
10.95% |
|
| Expenses Deferred Charges [Text Block] |
rr_ExpensesDeferredChargesTextBlock |
The Maximum Deferred Sales Charge on Class A shares is applied only to purchases of $1,000,000 or more that are redeemed within 18 months of purchase. |
|
| Expense Breakpoint Discounts [Text] |
rr_ExpenseBreakpointDiscounts |
You may qualify for sales charge discounts on Class A shares if you or your family invest, or agree to invest in the future, at least $25,000 in the Fund's Class A shares. |
|
| Expense Breakpoint, Minimum Investment Required [Amount] |
rr_ExpenseBreakpointMinimumInvestmentRequiredAmount |
$ 25,000 |
|
| Other Expenses, New Fund, Based on Estimates [Text] |
rr_OtherExpensesNewFundBasedOnEstimates |
Because Class A shares are new, these expenses are based on the other expenses of the Investor Class shares of the Fund for the fiscal year ended November 30, 2012. |
|
| Expense Example [Heading] |
rr_ExpenseExampleHeading |
Example |
|
| Expense Example Narrative [Text Block] |
rr_ExpenseExampleNarrativeTextBlock |
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 fee waiver/expense reimbursement arrangement discussed in the table above is reflected only through October 31, 2014. |
|
| 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 Strategies. |
|
| Strategy Narrative [Text Block] |
rr_StrategyNarrativeTextBlock |
To achieve its investment objective, the Fund will maintain approximately 25-30 companies in its portfolio and will invest in the common stocks of large capitalization (“large-cap”) U.S. companies. The Fund considers large-cap companies to be those publicly traded U.S. companies with capitalizations exceeding $5 billion.
The Adviser selects the Fund’s investments by screening large-cap companies using the following eight criteria:
Required over entire holding period
| · | products or services that meet a clear economic need; |
| · | strong competitive advantage (wide moats or barriers to entry); |
| · | long history of profitability and strong metrics (net profit margin, return on equity and net income ratios); |
| · | generates high levels of cash flow; |
| · | available at a low price in relation to intrinsic value (the perception of value based on all factors of business, tangible and intangible); |
Favored, but not required
| · | management’s history of shareholder friendliness (dividends, buybacks, earnings quality, reporting transparency, executive compensation and acquisition history); |
| · | strong balance sheet; and |
| · | strong management (directors and officers) ownership (preferably with recent purchases). |
The Fund’s portfolio is built around high quality companies whose businesses have strong competitive advantages that the Adviser believes can be sustained for the long term. The Adviser maintains a sell discipline that is designed to manage overall portfolio risk by protecting against significant downside exposure of each security. The Fund aims to be a low-turnover fund, and the expected holding period of a newly purchased security is a minimum of three to five years. |
|
| Risk [Heading] |
rr_RiskHeading |
Principal Risks. |
|
| Risk Narrative [Text Block] |
rr_RiskNarrativeTextBlock |
Remember that in addition to possibly not achieving your investment goals, you could lose money by investing in the Fund. The principal risks of investing in the Fund are:
| · | Management Risk. The Adviser’s investment strategies for the Fund may not result in an increase in the value of your investment or in overall performance equal to other investments. |
| · | General Market Risk. The value of the Fund’s shares will fluctuate based on the performance of the Fund’s investments and other factors affecting the securities markets generally. |
| · | Equity Market Risk. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. |
| · | Large-Cap Company Risk. Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in consumer tastes or innovative smaller competitors. Also, large-cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. | |
|
| Risk Lose Money [Text] |
rr_RiskLoseMoney |
Remember that in addition to possibly not achieving your investment goals, you could lose money by investing in the Fund. |
|
| Bar Chart and Performance Table [Heading] |
rr_BarChartAndPerformanceTableHeading |
Performance. |
|
| Performance Narrative [Text Block] |
rr_PerformanceNarrativeTextBlock |
The performance information demonstrates the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for the one year, three year and since inception periods compare with those of a broad measure of market performance and the returns of an additional index of securities with characteristics similar to those that the Fund typically holds. Remember, the Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at http://smeadcap.com/smead-funds or by calling the Fund toll-free at 877-807-4122. |
|
| Performance Information Illustrates Variability of Returns [Text] |
rr_PerformanceInformationIllustratesVariabilityOfReturns |
The performance information demonstrates the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the one year, three year and since inception periods compare with those of a broad measure of market performance and the returns of an additional index of securities with characteristics similar to those that the Fund typically holds. |
|
| Performance Availability Phone [Text] |
rr_PerformanceAvailabilityPhone |
877-807-4122 |
|
| Performance Availability Website Address [Text] |
rr_PerformanceAvailabilityWebSiteAddress |
http://smeadcap.com/smead-funds |
|
| Performance Past Does Not Indicate Future [Text] |
rr_PerformancePastDoesNotIndicateFuture |
Remember, the Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. |
|
| Bar Chart [Heading] |
rr_BarChartHeading |
Investor Class Shares1 Calendar Year Returns as of December 31 |
|
| Bar Chart Does Not Reflect Sales Loads [Text] |
rr_BarChartDoesNotReflectSalesLoads |
The sales charges (loads) applicable to Class A shares are not reflected in the bar chart above presented for the Investor Class shares of the Fund, and if these amounts were reflected, returns may be less than those shown above. |
|
| Bar Chart Footnotes [Text Block] |
rr_BarChartFootnotesTextBlock |
1 Because Class A shares of the Fund are new, the returns shown in the bar chart are for Investor Class shares of the Fund, which are offered in a separate prospectus. The Class A shares would have substantially similar returns because the shares are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses. The sales charges (loads) applicable to Class A shares are not reflected in the bar chart above presented for the Investor Class shares of the Fund, and if these amounts were reflected, returns may be less than those shown above. |
|
| Bar Chart Closing [Text Block] |
rr_BarChartClosingTextBlock |
The Fund’s calendar year-to-date return for Investor Class shares as of September 30, 2013 was 26.12%. During the period shown in the bar chart, the best performance for a quarter was 18.66% (for the quarter ended September 30, 2009) and the worst performance was -13.85% (for the quarter ended June 30, 2010). |
|
| Bar Chart, Returns for Class Not Offered in Prospectus [Text] |
rr_BarChartReturnsForClassNotOfferedInProspectus |
Because Class A shares of the Fund are new, the returns shown in the bar chart are for Investor Class shares of the Fund, which are offered in a separate prospectus. |
|
| Year to Date Return, Label |
rr_YearToDateReturnLabel |
year-to-date return |
|
| Bar Chart, Year to Date Return, Date |
rr_BarChartYearToDateReturnDate |
Sep. 30,
2013 |
|
| Bar Chart, Year to Date Return |
rr_BarChartYearToDateReturn |
26.12% |
|
| Highest Quarterly Return, Label |
rr_HighestQuarterlyReturnLabel |
best performance |
|
| Highest Quarterly Return, Date |
rr_BarChartHighestQuarterlyReturnDate |
Sep. 30,
2009 |
|
| Highest Quarterly Return |
rr_BarChartHighestQuarterlyReturn |
18.66% |
|
| Lowest Quarterly Return, Label |
rr_LowestQuarterlyReturnLabel |
worst performance |
|
| Lowest Quarterly Return, Date |
rr_BarChartLowestQuarterlyReturnDate |
Jun. 30,
2010 |
|
| Lowest Quarterly Return |
rr_BarChartLowestQuarterlyReturn |
(13.85%) |
|
| Index No Deduction for Fees, Expenses, Taxes [Text] |
rr_IndexNoDeductionForFeesExpensesTaxes |
(reflects no deduction for fees, expenses or taxes) |
|
| Performance Table Uses Highest Federal Rate |
rr_PerformanceTableUsesHighestFederalRate |
After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. |
|
| Performance Table Not Relevant to Tax Deferred |
rr_PerformanceTableNotRelevantToTaxDeferred |
Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts ("IRA"). |
|
| Performance Table Closing [Text Block] |
rr_PerformanceTableClosingTextBlock |
After-tax returns are calculated using the historically 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, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRA”). |
|
| Caption |
rr_AverageAnnualReturnCaption |
Average Annual Total Returns (Periods Ended December 31, 2012) |
|
|
S&P 500® Index (reflects no deduction for fees, expenses or taxes)
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Label |
rr_AverageAnnualReturnLabel |
S&P 500® Index (reflects no deduction for fees, expenses or taxes) |
|
| Average Annual Returns, 1 Year |
rr_AverageAnnualReturnYear01 |
16.00% |
|
| Average Annual Returns, Since Inception |
rr_AverageAnnualReturnSinceInception |
1.96% |
|
| Average Annual Returns, Inception Date |
rr_AverageAnnualReturnInceptionDate |
Jan.
02,
2008 |
|
|
Russell 1000® Value Index (reflects no deduction for fees, expenses or taxes)
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Label |
rr_AverageAnnualReturnLabel |
Russell 1000® Value Index (reflects no deduction for fees, expenses or taxes) |
|
| Average Annual Returns, 1 Year |
rr_AverageAnnualReturnYear01 |
17.51% |
|
| Average Annual Returns, Since Inception |
rr_AverageAnnualReturnSinceInception |
0.87% |
|
| Average Annual Returns, Inception Date |
rr_AverageAnnualReturnInceptionDate |
Jan.
02,
2008 |
|
|
Smead Value Fund Class A Shares
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice |
5.75% |
|
| Maximum Deferred Sales Charge (Load) (as a percentage of purchases that are redeemed within 18 months of purchase) |
rr_MaximumDeferredSalesChargeOverOther |
1.00% |
[1] |
| Management Fees |
rr_ManagementFeesOverAssets |
0.75% |
|
| Distribution (12b-1) Fees |
rr_DistributionAndService12b1FeesOverAssets |
0.25% |
|
| Shareholder Servicing Fee |
rr_Component1OtherExpensesOverAssets |
0.25% |
[2] |
| Other Expenses |
rr_OtherExpensesOverAssets |
0.50% |
[3] |
| Total Annual Fund Operating Expenses |
rr_ExpensesOverAssets |
1.75% |
|
| Less: Fee Waiver/Expense Reimbursement |
rr_FeeWaiverOrReimbursementOverAssets |
(0.10%) |
|
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement |
rr_NetExpensesOverAssets |
1.65% |
[4] |
| Expense Example, with Redemption, 1 Year |
rr_ExpenseExampleYear01 |
733 |
|
| Expense Example, with Redemption, 3 Years |
rr_ExpenseExampleYear03 |
1,076 |
|
| Expense Example, with Redemption, 5 Years |
rr_ExpenseExampleYear05 |
1,452 |
|
| Expense Example, with Redemption, 10 Years |
rr_ExpenseExampleYear10 |
$ 2,503 |
|
|
Smead Value Fund Investor Class Shares
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Annual Return 2009 |
rr_AnnualReturn2009 |
30.81% |
|
| Annual Return 2010 |
rr_AnnualReturn2010 |
12.39% |
|
| Annual Return 2011 |
rr_AnnualReturn2011 |
4.67% |
|
| Annual Return 2012 |
rr_AnnualReturn2012 |
27.83% |
|
| Label |
rr_AverageAnnualReturnLabel |
Return Before Taxes |
|
| Average Annual Returns, 1 Year |
rr_AverageAnnualReturnYear01 |
27.83% |
[5] |
| Average Annual Returns, Since Inception |
rr_AverageAnnualReturnSinceInception |
2.51% |
[5] |
| Average Annual Returns, Inception Date |
rr_AverageAnnualReturnInceptionDate |
Jan.
02,
2008 |
[5] |
|
Smead Value Fund Investor Class Shares | After Taxes on Distributions
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Label |
rr_AverageAnnualReturnLabel |
Return After Taxes on Distributions |
|
| Average Annual Returns, 1 Year |
rr_AverageAnnualReturnYear01 |
27.53% |
[5] |
| Average Annual Returns, Since Inception |
rr_AverageAnnualReturnSinceInception |
2.39% |
[5] |
|
Smead Value Fund Investor Class Shares | After Taxes on Distributions and Sale of Fund Shares
|
|
|
|
| Risk/Return: |
rr_RiskReturnAbstract |
|
|
| Label |
rr_AverageAnnualReturnLabel |
Return After Taxes on Distributions and Sale of Fund Shares |
|
| Average Annual Returns, 1 Year |
rr_AverageAnnualReturnYear01 |
18.49% |
[5] |
| Average Annual Returns, Since Inception |
rr_AverageAnnualReturnSinceInception |
2.12% |
[5] |
|
|
|