| Label |
Element |
Value |
| Risk Return Abstract |
rr_RiskReturnAbstract |
|
|
| Document Type |
dei_DocumentType |
485BPOS
|
|
| Document Period End Date |
dei_DocumentPeriodEndDate |
Dec. 31, 2017
|
|
| Registrant Name |
dei_EntityRegistrantName |
Investment Managers Series Trust
|
|
| Central Index Key |
dei_EntityCentralIndexKey |
0001318342
|
|
| Amendment Flag |
dei_AmendmentFlag |
false
|
|
| Document Creation Date |
dei_DocumentCreationDate |
Apr. 30, 2018
|
|
| Document Effective Date |
dei_DocumentEffectiveDate |
May 01, 2018
|
|
| Prospectus Date |
rr_ProspectusDate |
May 01, 2018
|
|
| Braddock Multi-Strategy Income Fund |
|
|
|
| Risk Return Abstract |
rr_RiskReturnAbstract |
|
|
| [rr:RiskReturnHeading] |
rr_RiskReturnHeading |
SUMMARY SECTION
|
|
| Objective [Heading] |
rr_ObjectiveHeading |
Investment Objective
|
|
| Objective, Primary [Text Block] |
rr_ObjectivePrimaryTextBlock |
The investment objective of the Braddock Multi-Strategy Income Fund
(the "Fund") is to seek total return with an emphasis on providing current income.
|
|
| 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 shares of the Fund. You may qualify for sales charge discounts if you and your family invest,
or agree to invest in the future, at least $50,000 in Class A Shares of the Fund or if you invest $250,000 or more in Class T shares
in a single transaction. More information about these fees and other discounts is available from your financial professional and
in the section titled "Choosing a Share Class" on page 31 of this Prospectus and in "APPENDIX A – Waivers
and Discounts Available from Intermediaries" of the Prospectus.
|
|
| 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 |
April 30, 2019
|
|
| 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 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 most recent fiscal year, the Fund's portfolio
turnover rate was 33% of the average value of its portfolio.
|
|
| Portfolio Turnover, Rate |
rr_PortfolioTurnoverRate |
33.00%
|
|
| Expense Breakpoint Discounts [Text] |
rr_ExpenseBreakpointDiscounts |
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of the Fund or if you invest $250,000 or more in Class T shares in a single transaction.
|
|
| Other Expenses, New Fund, Based on Estimates [Text] |
rr_OtherExpensesNewFundBasedOnEstimates |
Other expenses for Class T shares are estimated for the current fiscal year, based on current expenses for the existing share classes.
|
|
| 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 and/or expense reimbursements do not correlate to the ratio of expense to average net assets appearing in the financial highlights table, which reflects only the operating expenses of the Fund and does not include acquired fund fees and expenses.
|
|
| 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.
Although your actual costs may be higher or
lower, based on these assumptions your costs would be:
|
|
| Expense Example, No Redemption Narrative [Text Block] |
rr_ExpenseExampleNoRedemptionNarrativeTextBlock |
You would pay the following expenses if you did not redeem your
shares:
|
|
| Strategy [Heading] |
rr_StrategyHeading |
Principal Investment Strategies
|
|
| Strategy Narrative [Text Block] |
rr_StrategyNarrativeTextBlock |
Under normal market conditions, the Fund will
pursue its investment strategy by investing primarily in asset-backed debt securities. Asset-backed debt securities represent interests
in "pools" of mortgages or other assets, including securities backed by assets such as residential and commercial real
estate, corporate debt, credit card and business receivables, student loans, personal and consumer loans and automobile loans.
The Fund's allocation of its assets among various asset classes within the asset-backed debt securities market will depend on the
views of Braddock Financial LLC (the "Sub-advisor"), the Fund's sub-advisor, as to the best value currently available
in the market place. In selecting investments, the Sub-advisor will consider, among other things, maturity, yield and ratings information
and opportunities for price appreciation and interest income.
Although the Fund's allocation may be among
various asset classes in the asset-backed debt securities market, the Fund's investments are expected to focus on mortgage-related
securities. Mortgage-related securities are backed by or provide exposure to mortgages, including private and government mortgage-backed
securities. In particular, the Fund intends to focus its investment on residential mortgage backed securities ("RMBS").
Residential mortgage loans, a type of RMBS collateral, are generally classified into three categories based on the risk profile
of the borrower and the property: (i) Prime, (ii) Alternative-A ("Alt-A"), and (iii) Subprime. Prime residential mortgage
loans are extended to borrowers who, in the opinion of the lender, represent a relatively low risk profile through a strong credit
history. Subprime loans are made to borrowers who the lender believes display poor credit histories and other characteristics that
correlate with a higher default risk. Alt-A loans are made to borrowers whose risk profile falls between Prime and Subprime. When
selecting RMBS investments for the Fund, the Sub-advisor intends to focus on RMBS that are collateralized by pools of Prime or
Alt-A mortgages and that are seasoned (i.e., have a history of timely payments). Mortgage loans may be either "agency"
(i.e., government) or "non-agency" (i.e., private). Agency loans have balances that fall within the limits set by the
Federal Housing Finance Agency ("FHFA") and qualify as collateral for securities that are issued by the Government National
Mortgage Association ("Ginnie Mae"), the Federal National Mortgage Association ("Fannie Mae") or the Federal
Home Loan Mortgage Corporation ("Freddie Mac"). Non-agency loans have balances that may or may not fall within the limits
set by FHFA and do not qualify as collateral for securities that are issued by Ginnie Mae, Fannie Mae or Freddie Mac, and are made
by private companies rather than government sponsored enterprises (sometimes referred to as "private label paper"). Additional
RMBS products include trusts backed by non-performing or re-performing mortgage loans and loans secured by single family rental
properties. Re-performing residential mortgage loans, a type of RMBS collateral, are seasoned loans where the borrower was delinquent
in payment and later resumed making payments on the mortgage. The borrower's mortgage payment terms may or may not have been adjusted
during their delinquency. Non-performing and re-performing mortgage loans derive their value from the sale of the underlying residential
property and potentially from modified mortgage payments.
The Fund may also invest up to 15% of its net
assets in illiquid securities, which may include certain collateralized loan obligations ("CLOs"). A CLO is a type of
asset-backed debt security typically collateralized predominantly by pools of domestic and foreign senior secured corporate loans,
including loans that may be rated below investment grade. Unsecured and subordinate securities may be included, but are typically
limited to 5% to 15% of the pool. A CLO is an obligation of a trust. The trust creates a series of cash flow bonds, called tranches,
which vary in risk and yield. The riskier portion is the residual, or "equity," tranche, which bears some or all of the
risk of default by the loans in the trust. Typically, CLOs are privately offered and sold, and thus are not registered under the
securities laws. As a result, the Fund may in certain circumstances characterize its investments in CLOs as illiquid.
In addition, the Fund may enter into repurchase
agreements and reverse repurchase agreements. The Fund may enter into reverse repurchase agreements, which are considered to be
borrowings, to seek to enhance returns. The Fund may borrow to the maximum extent permitted by applicable law, which generally
means that the Fund may borrow up to one-third of its total assets.
In selecting securities for investment, the
Sub-advisor favors investments that it believes are undervalued and will produce consistent returns in most interest rate environments.
The Sub-advisor selects those securities for investment that it believes offer the best risk/return opportunity based on its analyses
of a variety of factors including collateral quality, duration, structure, excess interest, credit support, potential for greater
upside and less downside capture, liquidity, and market conditions. The Sub-advisor attempts to diversify the Fund's investments
geographically (i.e., by the location of the underlying mortgage properties) and, with respect to asset backed debt securities,
among the loan servicing institutions. While there are no restrictions on the maturity of individual securities, the securities
in the Fund's portfolio are expected to have an average duration of less than five years. The Fund does not limit its investments
to a particular credit quality but expects to invest primarily in securities rated non-investment grade (also referred to as "junk
bonds") by a nationally recognized statistical rating organization ("NRSRO"), or not rated. A NRSRO is a credit
rating agency that rates the creditworthiness of a company or a financial product, such as a debt security or money market instrument.
The Sub-advisor employs a multi-level approach
to asset selection and portfolio management. This method applies a set of analytical techniques and criteria, including evaluating
each security on an individual basis and as a component of the Fund's overall portfolio. The investment approach is comprised of
1) market analysis, 2) credit selection and 3) risk management. Market analysis concentrates on macro aspects of the RMBS and asset-backed
security sectors such as interest rates, liquidity, volatility, and other market metrics. Credit selection concentrates on the
underlying loan level attributes of the target investments and how changes in loan level performance may affect each security's
cash flows, credit risk, and credit ratings. Risk management is a surveillance program utilizing scenario tests and time horizon
analysis at both the portfolio and individual security level.
From time to time, the Sub-advisor may tactically
utilize the following securities or instruments for hedging purposes, to attempt to enhance the portfolio's return or to mitigate
against certain risks, principally credit and interest rate risk: U.S. Treasury securities; investment companies, including exchange-traded
funds ("ETFs"), that invest in fixed income securities; interest rate, total return, credit default, and synthetic swaps;
interest rate and bond futures; and credit spread and interest rate options.
|
|
| Risk [Heading] |
rr_RiskHeading |
Principal Risks of Investing
|
|
| Risk Narrative [Text Block] |
rr_RiskNarrativeTextBlock |
Risk is inherent in all investing and you could
lose money by investing in the Fund. A summary description of certain principal risks of investing in the Fund is set forth below.
Before you decide whether to invest in the Fund, carefully consider these risk factors associated with investing in the Fund, which
may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective.
| |
• |
Collateralized Loan Obligations Risk: The risks of an investment in a CLO largely depend on the type of underlying collateral securities and the tranche in which the Fund invests. While CLOs are subject to the typical risks associated with debt instruments (i.e., interest rate risk and credit risk), the Fund is also subject to asset manager, legal and regulatory, limited recourse, liquidity, redemption, and reinvestment risks as a result of the structure of CLOs in which the Fund may invest. A CLO's performance is linked to the expertise of the CLO manager and its ability to manage the CLO portfolio. Changes in the regulation of CLOs may adversely affect the value of the CLO investments held by the Fund and the ability of the Fund to execute its investment strategy. CLO debt is payable solely from the proceeds of the CLO's underlying assets and, therefore, if the income from the underlying loans is insufficient to make payments on the CLO debt, no other assets will be available for payment. The CLO manager may not find suitable assets in which to invest and the CLO manager's opportunities to invest may be limited. CLO debt securities may be subject to redemption and the timing of redemptions may adversely affect the returns on CLO debt. The redemption periods and terms will depend upon the CLO. Optional redemptions, if decided upon, may be directed by a majority of the holders of the subordinated notes. A redemption may also occur at the written direction of the CLO manager to the issuer and the trustee of the CLO. For example, certain tranches of CLO debt may be redeemed if the CLO manager is unable to identify assets suitable for investment during the period when it has the ability to reinvest the principal proceeds from the sale of assets, scheduled redemptions and prepayment in additional assets. Additionally, holders of subordinated CLO debt may cause the redemption of senior CLO debt. |
| |
• |
Credit Risk: If an issuer or guarantor of a debt security held by the Fund or a counterparty to a financial contract with the Fund defaults or is downgraded or is perceived to be less creditworthy, or if the value of the assets underlying a security declines, the value of the Fund's portfolio will typically decline. |
| |
• |
Derivatives Risk: The Fund may use derivative instruments, which derive their value from the value of an underlying security, currency, or index. Derivative instruments involve risks different from direct investments in the underlying assets, including: imperfect correlation between the value of the derivative instrument and the underlying assets; risks of default by the other party to the derivative instrument; risks that the transactions may result in losses of all or in excess of any gain in the portfolio positions; risks that the transactions may result in income that is not exempt from federal income tax; and risks that the transactions may not be liquid. |
| |
• |
Exchange-Traded Funds ("ETFs") Risk: Investing in an ETF will provide the Fund with exposure to the securities comprising the index on which the ETF is based and will expose the Fund to risks similar to those of investing directly in those securities. Shares of ETFs typically trade on securities exchanges and may at times trade at a premium or discount to their net asset values. In addition, an ETF may not replicate exactly the performance of the benchmark index it seeks to track for a number of reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held. Investing in ETFs, which are investment companies, involves duplication of advisory fees and certain other expenses. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs. |
| |
• |
Fixed Income Securities Risk: The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to changes in an issuer's credit rating or market perceptions about the creditworthiness of an issuer. Generally fixed income securities decrease in value if interest rates rise and increase in value if interest rates fall, and longer-term and lower rated securities are more volatile than shorter-term and higher rated securities. |
| |
• |
Futures Risk: Use of futures contracts by the Fund may cause the value of the Fund's shares to be more volatile. Futures contracts expose the Fund to leverage and tracking risks because a small investment in futures contracts may produce large losses and futures contracts may not accurately track the underlying securities. |
| |
• |
High Yield ("Junk") Bond Risk: High yield bonds are debt securities rated below investment grade (often called "junk bonds"). Junk bonds are speculative, involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities. Companies issuing high yield bonds are less financially strong, are more likely to encounter financial difficulties, and are more vulnerable to adverse market events and negative sentiments than companies with higher credit ratings. |
| |
• |
Interest Rate Risk: Generally fixed income securities decrease in value if interest rates rise and increase in value if interest rates fall, with longer-term securities being more sensitive than shorter-term securities. For example, the price of a security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Generally, the longer the maturity and duration of a bond or fixed rate loan, the more sensitive it is to this risk. Falling interest rates also create the potential for a decline in the Fund's income. Changes in governmental policy, rising inflation rates, and general economic developments, among other factors, could cause interest rates to increase and could have a substantial and immediate effect on the values of the Fund's investments. In addition, a potential rise in interest rates may result in periods of volatility and increased redemptions that might require the Fund to liquidate portfolio securities at disadvantageous prices and times. |
| |
• |
Leverage Risk: Certain Fund transactions, including entering into futures contracts and taking short positions in financial instruments, may give rise to a form of leverage. Leverage can magnify the effects of changes in the value of the Fund's investments and make the Fund more volatile. Leverage creates a risk of loss of value on a larger pool of assets than the Fund would otherwise have had, potentially resulting in the loss of all assets. The Fund may also have to sell assets at inopportune times to satisfy its obligations in connection with such transactions. |
| |
• |
Liquidity Risk: The Fund may not be able to sell some or all of the investments that it holds due to a lack of demand in the marketplace or other factors such as market turmoil, or if the Fund is forced to sell an illiquid asset to meet redemption requests or other cash needs it may only be able to sell those investments at a loss. In addition, the reduction in dealer market-making capacity in the fixed income markets that has occurred in recent years has the potential to decrease the liquidity of the Fund's investments. Illiquid assets may also be difficult to value. |
| |
• |
Management and Strategy Risk: The value of your investment depends on the judgment of the Fund's Sub-advisor about the quality, relative yield, value or market trends affecting a particular security, issuer, sector or region, which may prove to be incorrect. |
| |
• |
Market Risk: The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic or political conditions throughout the world, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. |
| |
• |
Mortgage-Backed and Asset-Backed Debt Securities Risk: Mortgage-backed and asset-backed securities represent interests in "pools" of mortgages or other assets, including consumer loans or receivables held in trust. Mortgage-backed securities are subject to "prepayment risk" (the risk that borrowers will repay a loan more quickly in periods of falling interest rates) and "extension risk" (the risk that borrowers will repay a loan more slowly in periods of rising interest rates). If the Fund invests in mortgage-backed or asset-backed securities that are subordinated to other interests in the same pool, the Fund may only receive payments after the pool's obligations to other investors have been satisfied. An unexpectedly high rate of defaults on the assets held by a pool may limit substantially the pool's ability to make payments of principal or interest to the Fund, reducing the values of those securities or in some cases rendering them worthless. The Fund's investments in other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as additional risks associated with the nature of the assets and the servicing of those assets. |
| |
• |
Non-Diversification Risk: The Fund is classified as "non-diversified", which means the Fund may invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Investment in securities of a limited number of issuers exposes the Fund to greater market risk and potential losses than if its assets were diversified among the securities of a greater number of issuers. |
| |
• |
Options Risk: Purchasing and writing options are highly specialized activities and entail greater than ordinary investment risks. The Fund may not fully benefit from or may lose money on an option if changes in its value do not correspond as anticipated to changes in the value of the underlying securities. If the Fund is not able to sell an option held in its portfolio, it would have to exercise the option to realize any profit and would incur transaction costs upon the purchase or sale of the underlying securities. Ownership of options involves the payment of premiums, which may adversely affect the Fund's performance. To the extent that the Fund invests in over-the-counter options, the Fund may be exposed to counterparty risk. |
| |
• |
Real Estate Market Risk: The Fund's investment in mortgage-related securities, including RMBS, will subject the Fund to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. |
| |
• |
Repurchase Agreement Risk: Repurchase agreements may be viewed as loans made by the Fund which are collateralized by the securities subject to repurchase. The Fund's investment in repurchase agreements may be subject to market and credit risk with respect to the collateral securing the repurchase agreements. If the Fund's counterparty should default on its obligations and the Fund is delayed or prevented from recovering the collateral, or if the value of the collateral is insufficient, the Fund may realize a loss. |
| |
• |
Reverse Repurchase Agreements Risk: A reverse repurchase agreement is the sale by the Fund of a debt obligation to a party for a specified price, with the simultaneous agreement by the Fund to repurchase that debt obligation from that party on a future date at an agreed upon price. Similar to borrowing, reverse repurchase agreements provide the Fund with cash for investment purposes, which creates leverage and subjects the Fund to the risks of leverage. Reverse repurchase agreements also involve the risk that the other party may fail to return the securities in a timely manner or at all. The Fund could lose money if it is unable to recover the securities and the value of collateral held by the Fund, including the value of the investments made with cash collateral, is less than the value of securities. |
| |
• |
Sector Focus Risk: Sector focus risk results from maintaining exposure to the performance of the asset-backed debt securities, including mortgage-related securities, in which the Fund invests. The focus of the Fund's portfolio on a specific sector, such as in mortgage-related securities, may present more risks than if the portfolio were broadly diversified over numerous sectors. At times the performance of the Fund's investments may lag the performance of other sectors or the broader market as a whole. Such underperformance may continue for extended periods of time. |
| |
• |
Swaps Risk: The Fund may enter into interest rate, total return, credit default, and synthetic swap agreements, or "swaps." Swaps can involve greater risks than direct investment in securities, because swaps may be leveraged, are subject to the risk of that the counterparty may default on the obligation, and may be difficult to value. Swaps may also be considered illiquid. |
| |
• |
Valuation Risk: The sales price the Fund could receive for any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued by the Fund using a fair value methodology. Investors who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the Fund had not fair-valued the security or had used a different valuation methodology. |
|
|
| Risk Lose Money [Text] |
rr_RiskLoseMoney |
Before you decide whether to invest in the Fund, carefully consider these risk factors associated with investing in the Fund, which may cause investors to lose money.
|
|
| Risk Nondiversified Status [Text] |
rr_RiskNondiversifiedStatus |
The Fund is classified as "non-diversified", which means the Fund may invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Investment in securities of a limited number of issuers exposes the Fund to greater market risk and potential losses than if its assets were diversified among the securities of a greater number of issuers.
|
|
| Bar Chart and Performance Table [Heading] |
rr_BarChartAndPerformanceTableHeading |
Performance
|
|
| Performance Narrative [Text Block] |
rr_PerformanceNarrativeTextBlock |
The bar chart and table below provide some
indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The bar chart
shows changes in the performance of the Fund's Institutional Class Shares from calendar year to calendar year. The table shows
the average annual total returns for each class of the Fund over time and compares these returns to the returns of the Barclays
Aggregate Bond Index and the Bank of America Merrill Lynch U.S. Cash Pay U.S. High Yield Index, each a broad-based measure of market
performance that has characteristics relevant to the Fund's investment strategies. Class T Shares were not offered during the periods
shown and therefore no performance for Class T Shares is provided. Updated performance information is available at the Fund's website,
www.libertystreetfunds.com. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund
will perform in the future.
The Fund commenced investment operations on
December 31, 2015, after the conversion of a limited partnership account, Braddock Structured Opportunities Fund Series A, L.P.,
which commenced operations on July 31, 2009, (the "Predecessor Account"), into shares of the Fund. Information in the
bar chart and the performance table below prior to December 31, 2015 are for the Predecessor Account. The Fund's objectives, policies,
guidelines and restrictions are, in all material respects, equivalent to those of the Predecessor Account. The Predecessor Account
was not registered under the Investment Company Act of 1940, as amended (the "1940 Act") and therefore was not subject
to certain restrictions imposed by the 1940 Act on registered investment companies and by the Internal Revenue Code of 1986 on
regulated investment companies. If the Predecessor Account had been registered under the 1940 Act, the Predecessor Account's performance
may have been adversely affected. Braddock Financial LLC (formerly, "Braddock Financial Corporation") was the investment
adviser to the Predecessor Account.
|
|
| Performance Information Illustrates Variability of Returns [Text] |
rr_PerformanceInformationIllustratesVariabilityOfReturns |
The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year.
|
|
| Performance Availability Website Address [Text] |
rr_PerformanceAvailabilityWebSiteAddress |
www.libertystreetfunds.com
|
|
| Performance Past Does Not Indicate Future [Text] |
rr_PerformancePastDoesNotIndicateFuture |
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 |
Calendar-Year Total Return (before taxes) – Institutional
Class Shares
For each calendar year at NAV
|
|
| Bar Chart Closing [Text Block] |
rr_BarChartClosingTextBlock |
| Institutional Class Shares |
| Highest Calendar Quarter Return at NAV |
9.65% |
Quarter Ended 09/30/2012 |
| Lowest Calendar Quarter Return at NAV |
(0.34)% |
Quarter Ended 12/31/2011 |
The year-to-date return for the Fund as of March 31, 2018 was 0.93%.
|
|
| Performance Table Heading |
rr_PerformanceTableHeading |
Average Annual Total Returns
(for the Periods Ended December 31, 2017)
|
|
| Performance Table Uses Highest Federal Rate |
rr_PerformanceTableUsesHighestFederalRate |
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.
|
|
| Performance Table Not Relevant to Tax Deferred |
rr_PerformanceTableNotRelevantToTaxDeferred |
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.
|
|
| Performance Table One Class of after Tax Shown [Text] |
rr_PerformanceTableOneClassOfAfterTaxShown |
After-tax returns are shown for Institutional Class shares and after-tax returns for classes other than Institutional Class shares will vary from returns shown for Institutional Class shares.
|
|
| Braddock Multi-Strategy Income Fund | Class A Shares |
|
|
|
| Risk Return Abstract |
rr_RiskReturnAbstract |
|
|
| Trading Symbol |
dei_TradingSymbol |
BDKAX
|
|
| Maximum sales charge (load) imposed on purchases (as a percentage of offering price) |
rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice |
4.25%
|
[1] |
| Maximum deferred sales charge (load) (as a percentage of the lesser of the value redeemed or the amount invested) |
rr_MaximumDeferredSalesChargeOverOfferingPrice |
1.00%
|
[2] |
| Wire fee |
imstbraddock_WireFee |
$ 20
|
|
| Overnight check delivery fees |
imstbraddock_OvernightCheckDeliveryFee |
25
|
|
| Retirement account fees (annual maintenance fee) |
rr_ShareholderFeeOther |
$ 15
|
|
| Management fees |
rr_ManagementFeesOverAssets |
1.25%
|
|
| Distribution and service (Rule 12b-1) fees |
rr_DistributionAndService12b1FeesOverAssets |
0.25%
|
|
| Shareholder service fee |
rr_Component1OtherExpensesOverAssets |
0.05%
|
|
| Dividents & Interest expense in short sales |
rr_Component2OtherExpensesOverAssets |
0.01%
|
|
| All other expenses |
rr_Component3OtherExpensesOverAssets |
0.43%
|
|
| Other expenses |
rr_OtherExpensesOverAssets |
0.49%
|
[3] |
| Acquired fund fees and expenses |
rr_AcquiredFundFeesAndExpensesOverAssets |
0.01%
|
|
| Total annual fund operating expenses |
rr_ExpensesOverAssets |
2.00%
|
[4] |
| Fees waived and/or expenses reimbursed |
rr_FeeWaiverOrReimbursementOverAssets |
(0.23%)
|
[5] |
| Total annual fund operating expenses after waiving fees and/or reimbursing expenses |
rr_NetExpensesOverAssets |
1.77%
|
[4],[5] |
| Expense Breakpoint, Minimum Investment Required [Amount] |
rr_ExpenseBreakpointMinimumInvestmentRequiredAmount |
$ 50,000
|
|
| One Year |
rr_ExpenseExampleYear01 |
597
|
|
| Three Years |
rr_ExpenseExampleYear03 |
1,005
|
|
| Five Years |
rr_ExpenseExampleYear05 |
1,437
|
|
| Ten Years |
rr_ExpenseExampleYear10 |
$ 2,636
|
|
| 1 Year |
rr_AverageAnnualReturnYear01 |
2.54%
|
|
| 3 Years |
imstbraddock_AverageAnnualReturnYear03 |
3.72%
|
|
| 5 Years |
rr_AverageAnnualReturnYear05 |
5.60%
|
|
| Since Inception |
rr_AverageAnnualReturnSinceInception |
9.43%
|
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Dec. 31, 2015
|
[6] |
| Braddock Multi-Strategy Income Fund | Class C Shares |
|
|
|
| Risk Return Abstract |
rr_RiskReturnAbstract |
|
|
| Trading Symbol |
dei_TradingSymbol |
BDKCX
|
|
| Maximum sales charge (load) imposed on purchases (as a percentage of offering price) |
rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice |
none
|
|
| Maximum deferred sales charge (load) (as a percentage of the lesser of the value redeemed or the amount invested) |
rr_MaximumDeferredSalesChargeOverOfferingPrice |
1.00%
|
[2] |
| Wire fee |
imstbraddock_WireFee |
$ 20
|
|
| Overnight check delivery fees |
imstbraddock_OvernightCheckDeliveryFee |
25
|
|
| Retirement account fees (annual maintenance fee) |
rr_ShareholderFeeOther |
$ 15
|
|
| Management fees |
rr_ManagementFeesOverAssets |
1.25%
|
|
| Distribution and service (Rule 12b-1) fees |
rr_DistributionAndService12b1FeesOverAssets |
1.00%
|
|
| Shareholder service fee |
rr_Component1OtherExpensesOverAssets |
0.05%
|
|
| Dividents & Interest expense in short sales |
rr_Component2OtherExpensesOverAssets |
0.01%
|
|
| All other expenses |
rr_Component3OtherExpensesOverAssets |
0.43%
|
|
| Other expenses |
rr_OtherExpensesOverAssets |
0.49%
|
[3] |
| Acquired fund fees and expenses |
rr_AcquiredFundFeesAndExpensesOverAssets |
0.01%
|
|
| Total annual fund operating expenses |
rr_ExpensesOverAssets |
2.75%
|
[4] |
| Fees waived and/or expenses reimbursed |
rr_FeeWaiverOrReimbursementOverAssets |
(0.23%)
|
[5] |
| Total annual fund operating expenses after waiving fees and/or reimbursing expenses |
rr_NetExpensesOverAssets |
2.52%
|
[4],[5] |
| One Year |
rr_ExpenseExampleYear01 |
$ 358
|
|
| Three Years |
rr_ExpenseExampleYear03 |
832
|
|
| Five Years |
rr_ExpenseExampleYear05 |
1,434
|
|
| Ten Years |
rr_ExpenseExampleYear10 |
3,063
|
|
| Expense Example, No Redemption, 1 Year |
rr_ExpenseExampleNoRedemptionYear01 |
255
|
|
| Expense Example, No Redemption, 3 Years |
rr_ExpenseExampleNoRedemptionYear03 |
832
|
|
| Expense Example, No Redemption, 5 Years |
rr_ExpenseExampleNoRedemptionYear05 |
1,434
|
|
| Expense Example, No Redemption, 10 Years |
rr_ExpenseExampleNoRedemptionYear10 |
$ 3,063
|
|
| 1 Year |
rr_AverageAnnualReturnYear01 |
5.38%
|
|
| 3 Years |
imstbraddock_AverageAnnualReturnYear03 |
4.99%
|
|
| 5 Years |
rr_AverageAnnualReturnYear05 |
6.06%
|
|
| Since Inception |
rr_AverageAnnualReturnSinceInception |
9.37%
|
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Dec. 31, 2015
|
[6] |
| Braddock Multi-Strategy Income Fund | Class T Shares |
|
|
|
| Risk Return Abstract |
rr_RiskReturnAbstract |
|
|
| Trading Symbol |
dei_TradingSymbol |
BDKDX
|
|
| Maximum sales charge (load) imposed on purchases (as a percentage of offering price) |
rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice |
2.50%
|
|
| Maximum deferred sales charge (load) (as a percentage of the lesser of the value redeemed or the amount invested) |
rr_MaximumDeferredSalesChargeOverOfferingPrice |
none
|
|
| Wire fee |
imstbraddock_WireFee |
$ 20
|
|
| Overnight check delivery fees |
imstbraddock_OvernightCheckDeliveryFee |
25
|
|
| Retirement account fees (annual maintenance fee) |
rr_ShareholderFeeOther |
$ 15
|
|
| Management fees |
rr_ManagementFeesOverAssets |
1.25%
|
|
| Distribution and service (Rule 12b-1) fees |
rr_DistributionAndService12b1FeesOverAssets |
0.25%
|
|
| Shareholder service fee |
rr_Component1OtherExpensesOverAssets |
0.05%
|
|
| Dividents & Interest expense in short sales |
rr_Component2OtherExpensesOverAssets |
0.01%
|
|
| All other expenses |
rr_Component3OtherExpensesOverAssets |
0.43%
|
|
| Other expenses |
rr_OtherExpensesOverAssets |
0.49%
|
[3] |
| Acquired fund fees and expenses |
rr_AcquiredFundFeesAndExpensesOverAssets |
0.01%
|
|
| Total annual fund operating expenses |
rr_ExpensesOverAssets |
2.00%
|
[4] |
| Fees waived and/or expenses reimbursed |
rr_FeeWaiverOrReimbursementOverAssets |
(0.23%)
|
[5] |
| Total annual fund operating expenses after waiving fees and/or reimbursing expenses |
rr_NetExpensesOverAssets |
1.77%
|
[4],[5] |
| Expense Breakpoint, Minimum Investment Required [Amount] |
rr_ExpenseBreakpointMinimumInvestmentRequiredAmount |
$ 250,000
|
|
| One Year |
rr_ExpenseExampleYear01 |
425
|
|
| Three Years |
rr_ExpenseExampleYear03 |
840
|
|
| Five Years |
rr_ExpenseExampleYear05 |
1,280
|
|
| Ten Years |
rr_ExpenseExampleYear10 |
$ 2,501
|
|
| Braddock Multi-Strategy Income Fund | Institutional Class Shares |
|
|
|
| Risk Return Abstract |
rr_RiskReturnAbstract |
|
|
| Trading Symbol |
dei_TradingSymbol |
BDKNX
|
|
| Maximum sales charge (load) imposed on purchases (as a percentage of offering price) |
rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice |
none
|
|
| Maximum deferred sales charge (load) (as a percentage of the lesser of the value redeemed or the amount invested) |
rr_MaximumDeferredSalesChargeOverOfferingPrice |
none
|
|
| Wire fee |
imstbraddock_WireFee |
$ 20
|
|
| Overnight check delivery fees |
imstbraddock_OvernightCheckDeliveryFee |
25
|
|
| Retirement account fees (annual maintenance fee) |
rr_ShareholderFeeOther |
$ 15
|
|
| Management fees |
rr_ManagementFeesOverAssets |
1.25%
|
|
| Distribution and service (Rule 12b-1) fees |
rr_DistributionAndService12b1FeesOverAssets |
none
|
|
| Shareholder service fee |
rr_Component1OtherExpensesOverAssets |
0.05%
|
|
| Dividents & Interest expense in short sales |
rr_Component2OtherExpensesOverAssets |
0.01%
|
|
| All other expenses |
rr_Component3OtherExpensesOverAssets |
0.43%
|
|
| Other expenses |
rr_OtherExpensesOverAssets |
0.49%
|
[3] |
| Acquired fund fees and expenses |
rr_AcquiredFundFeesAndExpensesOverAssets |
0.01%
|
|
| Total annual fund operating expenses |
rr_ExpensesOverAssets |
1.75%
|
[4] |
| Fees waived and/or expenses reimbursed |
rr_FeeWaiverOrReimbursementOverAssets |
(0.23%)
|
[5] |
| Total annual fund operating expenses after waiving fees and/or reimbursing expenses |
rr_NetExpensesOverAssets |
1.52%
|
[4],[5] |
| One Year |
rr_ExpenseExampleYear01 |
$ 155
|
|
| Three Years |
rr_ExpenseExampleYear03 |
529
|
|
| Five Years |
rr_ExpenseExampleYear05 |
927
|
|
| Ten Years |
rr_ExpenseExampleYear10 |
$ 2,043
|
|
| Annual Return 2010 |
rr_AnnualReturn2010 |
21.22%
|
|
| Annual Return 2011 |
rr_AnnualReturn2011 |
5.27%
|
|
| Annual Return 2012 |
rr_AnnualReturn2012 |
23.49%
|
|
| Annual Return 2013 |
rr_AnnualReturn2013 |
12.23%
|
|
| Annual Return 2014 |
rr_AnnualReturn2014 |
5.42%
|
|
| Annual Return 2015 |
rr_AnnualReturn2015 |
4.36%
|
|
| Annual Return 2016 |
rr_AnnualReturn2016 |
6.36%
|
|
| Annual Return 2017 |
rr_AnnualReturn2017 |
7.50%
|
|
| Year to Date Return, Label |
rr_YearToDateReturnLabel |
year-to-date return
|
|
| Bar Chart, Year to Date Return, Date |
rr_BarChartYearToDateReturnDate |
Mar. 31, 2018
|
|
| Bar Chart, Year to Date Return |
rr_BarChartYearToDateReturn |
0.93%
|
|
| Highest Quarterly Return, Label |
rr_HighestQuarterlyReturnLabel |
Highest Calendar Quarter Return at NAV
|
|
| Highest Quarterly Return, Date |
rr_BarChartHighestQuarterlyReturnDate |
Sep. 30, 2012
|
|
| Highest Quarterly Return |
rr_BarChartHighestQuarterlyReturn |
9.65%
|
|
| Lowest Quarterly Return, Label |
rr_LowestQuarterlyReturnLabel |
Lowest Calendar Quarter Return at NAV
|
|
| Lowest Quarterly Return, Date |
rr_BarChartLowestQuarterlyReturnDate |
Dec. 31, 2011
|
|
| Lowest Quarterly Return |
rr_BarChartLowestQuarterlyReturn |
(0.34%)
|
|
| 1 Year |
rr_AverageAnnualReturnYear01 |
7.50%
|
|
| 3 Years |
imstbraddock_AverageAnnualReturnYear03 |
6.07%
|
|
| 5 Years |
rr_AverageAnnualReturnYear05 |
7.14%
|
|
| Since Inception |
rr_AverageAnnualReturnSinceInception |
10.48%
|
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Jul. 31, 2009
|
|
| Braddock Multi-Strategy Income Fund | After Taxes on Distributions | Institutional Class Shares |
|
|
|
| Risk Return Abstract |
rr_RiskReturnAbstract |
|
|
| 1 Year |
rr_AverageAnnualReturnYear01 |
5.21%
|
[7] |
| 3 Years |
imstbraddock_AverageAnnualReturnYear03 |
4.45%
|
[7] |
| 5 Years |
rr_AverageAnnualReturnYear05 |
6.16%
|
[7] |
| Since Inception |
rr_AverageAnnualReturnSinceInception |
9.88%
|
[7] |
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Jul. 31, 2009
|
[7] |
| Braddock Multi-Strategy Income Fund | After Taxes on Distributions and Sales | Institutional Class Shares |
|
|
|
| Risk Return Abstract |
rr_RiskReturnAbstract |
|
|
| 1 Year |
rr_AverageAnnualReturnYear01 |
4.21%
|
[7] |
| 3 Years |
imstbraddock_AverageAnnualReturnYear03 |
3.91%
|
[7] |
| 5 Years |
rr_AverageAnnualReturnYear05 |
5.12%
|
[7] |
| Since Inception |
rr_AverageAnnualReturnSinceInception |
8.27%
|
[7] |
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Jul. 31, 2009
|
[7] |
| Braddock Multi-Strategy Income Fund | Bloomberg Barclays Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) |
|
|
|
| Risk Return Abstract |
rr_RiskReturnAbstract |
|
|
| 1 Year |
rr_AverageAnnualReturnYear01 |
3.54%
|
|
| 3 Years |
imstbraddock_AverageAnnualReturnYear03 |
2.24%
|
|
| 5 Years |
rr_AverageAnnualReturnYear05 |
2.10%
|
|
| Since Inception |
rr_AverageAnnualReturnSinceInception |
3.71%
|
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Jul. 31, 2009
|
|
| Braddock Multi-Strategy Income Fund | ICE BofA Merrill Lynch U.S. Cash Pay U.S. High Yield Index (reflects no deduction for fees, expenses or taxes) |
|
|
|
| Risk Return Abstract |
rr_RiskReturnAbstract |
|
|
| 1 Year |
rr_AverageAnnualReturnYear01 |
7.48%
|
|
| 3 Years |
imstbraddock_AverageAnnualReturnYear03 |
6.38%
|
|
| 5 Years |
rr_AverageAnnualReturnYear05 |
5.78%
|
|
| Since Inception |
rr_AverageAnnualReturnSinceInception |
9.24%
|
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Jul. 31, 2009
|
|
|
|
