| 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
|
|
| Robinson Tax Advantaged Income Fund |
|
|
|
| Risk Return Abstract |
rr_RiskReturnAbstract |
|
|
| Risk/Return [Heading] |
rr_RiskReturnHeading |
SUMMARY SECTION
|
|
| Objective [Heading] |
rr_ObjectiveHeading |
Investment Objective
|
|
| Objective, Primary [Text Block] |
rr_ObjectivePrimaryTextBlock |
The investment objective of the Robinson Tax
Advantaged Income Fund (the "Fund") is to seek total return with an emphasis on providing current income, a substantial
portion of which will be exempt from federal income taxes.
|
|
| 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 28 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 123% of the average value of its portfolio.
|
|
| Portfolio Turnover, Rate |
rr_PortfolioTurnoverRate |
123.00%
|
|
| 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 cost of investing in the Fund with the cost of investing in other mutual funds.
The example assumes that you invest $10,000
in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes
that your investment has a 5% return each year and that the Fund's operating expenses 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 pursues
its investment objective by investing primarily in closed-end registered investment companies ("closed-end funds" or
"CEFs") that invest primarily in municipal bonds. Municipal bonds are debt obligations issued by the states, possessions,
or territories of the United States (including the District of Columbia) or a political subdivision, public instrumentality, agency,
public authority or other governmental unit of such states, possessions, or territories (e.g., counties, cities, towns, villages,
districts and authorities).
The Fund expects a substantial portion of the
income generated by the municipal bonds in which the CEFs invest will be exempt from federal income taxes ("tax advantaged
income"). A portion of the income generated by these municipal bonds, however, may be subject to the alternative minimum tax.
As a result, the CEFs' distributions to investors are expected to consist primarily of tax advantaged income, and a substantial
portion of the income distributed to the Fund and Fund shareholders is also expected to consist primarily of such tax advantaged
income. The CEFs in which the Fund invests invest primarily in investment grade municipal bonds, with an average rating of at least
Baa3 or higher by Moody's or BBB- or higher by Standard & Poor's or Fitch Ratings. There is no minimum or maximum average maturity
for the underlying municipal bond holdings in the CEFs in which the Fund invests. To seek to hedge against interest rate risk and
mitigate the Fund's exposure to duration risk, Robinson Capital Management, LLC ("Robinson" or the "Sub-advisor"),
the Fund's sub-advisor, may use short positions and invest in short-term investments and derivatives such as options, futures contracts,
options on futures contracts, and swaps. Primarily the Sub-advisor anticipates using short positions on U.S. Treasury futures contracts
(generally 2-year note, 5-year note, 10-year note and 30-year bond contracts) for those purposes. The Sub-advisor may also use
options on municipal bond exchange-traded funds, interest rate swaps, and the purchase of credit default swaps. Typically, the
Sub-advisor expects to limit these positions to no more than 10% of the market value of the Fund's portfolio.
The Sub-advisor's portfolio construction process
involves using proprietary real-time models to first analyze and rank CEFs to build expected return and risk profiles. The Sub-advisor
then uses value oriented analysis to weigh the costs and benefits of the CEFs, and quantify the CEFs' exposure to various risks.
The Sub-advisor seeks to select CEFs that trade
at discounts to the true market values of the CEFs' municipal bond holdings by identifying quantifiable (or "rational")
factors that could contribute to a deviation between a CEF's market capitalization (i.e., the aggregate market price of
its total outstanding shares) and the true market value of the municipal bonds that the CEF holds. Such factors include the CEFs'
historical performance, fund expenses, dividend distribution yield, unrealized capital gains, investor trading to harvest short
term losses, cost and use of leverage, liquidity, and governance. The Sub-advisor's proprietary valuation model seeks to quantify
each of these factors and adds them to (or if the factors have a negative impact, subtracts them from) a CEF's underlying market
value. The resulting valuation is what the Sub-advisor considers the fair market value for the CEF. The calculated fair market
value per fund share is then compared to the actual price at which the CEF's shares are currently trading. The Sub-advisor believes
that any difference can be attributed to "irrational" explanations. If the Sub-advisor's determination of a CEF's fair
market value is greater than the CEF's actual market price, the Sub-Advisor considers the difference to be the CEF's discount.
Conversely, if the Sub-advisor's determination of a CEF's fair market value is lower than the actual market price, the Sub-Advisor
considers the difference to be the CEF's premium.
The Sub-advisor then analyzes the data according
to its own proprietary model to determine a rating of the discount or premium. The analysis includes how under/overvalued a CEF
is relative to its history, how under/overvalued a CEF is relative to other CEFs in the same asset class, how under/overvalued
the asset class is relative to its history, and how under/overvalued the asset class is to other asset classes.
The Sub-advisor may utilize a number of trading
techniques to seek to unlock its estimate of the value of the premiums/discounts in the CEFs that invest in municipal bonds. The
Sub-advisor's techniques include rotating Fund portfolio holdings to the CEFs the Sub-advisor believes are the most undervalued,
short selling those CEFs that the Sub-advisor believes are the most overvalued, opportunistic trading due to temporary price dislocations,
participating in tender offers of CEF shares, arbitrage opportunities for CEF mergers, buying a CEF that the Sub-advisor believes
is undervalued and pairing it with a short position in another CEF, and tax-related rebalancing trades.
|
|
| 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.
| ● | Closed-End Funds (CEFs) Risk. The Fund invests in shares of CEFs. Investments in CEFs are subject to various
risks, including reliance on management's ability to meet a CEF's investment objective and to manage a CEF's portfolio, and fluctuation
in the market value of a CEF's shares compared to the changes in the value of the underlying securities that the CEF owns. The
Fund bears a pro rata share of the management fees and expenses of each underlying CEF in addition to the Fund's management fees
and expenses, which results in the Fund's shareholders being subject to higher expenses than if they invested directly in the CEFs.
There can be no guarantee that shares of a CEF held by the Fund will not trade at a persistent and ongoing discount. |
| ● | Derivatives Risk. The Fund and the CEFs held by 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. |
| ● | Fixed Income Securities Risk. The underlying closed-end funds in which the Fund invests invest primarily in fixed
income securities. 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 or the CEFs held 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. |
| ● | Interest Rate Risk. The underlying closed-end funds in which the Fund invests invest primarily in fixed income
securities. 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 underlying closed-end 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. The closed-end funds in which the Fund invests may be leveraged as a result of borrowing or other
investment techniques. As a result, the Fund may be exposed indirectly to leverage through investment in a closed-end fund. An
investment in securities of a closed-end fund that uses leverage may expose the Fund to higher volatility in the market value of
such securities than would otherwise be the case and the possibility that the Fund's long-term returns on such securities (and,
indirectly, the long-term returns of the Fund's shares) will be diminished. In addition, regulations implemented pursuant to the
Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"), particularly the Volcker Rule, may
in the future hinder or restrict a closed-end fund's ability to maintain leverage, which in turn may reduce the total return and
tax exempt income generated by the underlying closed-end funds in which the Fund invests. |
| ● | Liquidity Risk. There can be no guarantee that an active market in shares of closed-end funds held by the Fund
will exist. The Fund may not be able to sell closed-end fund shares at a price equal to the net asset value per share ("NAV")
of the closed-end fund. While the Fund seeks to take advantage of differences between the NAV of closed-end fund shares and any
secondary market premiums or discounts, the Fund may not be able to do so. |
| ● | 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. |
| ● | Municipal Bonds Risk. The underlying closed-end funds in which the Fund invests invest primarily in municipal
bonds. Litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer
could have a significant effect on the ability of an issuer of municipal bonds to make payments of principal and/or interest. Political
changes and uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security
holders can significantly affect municipal bonds. If the Internal Revenue Service (the "IRS") determines that an issuer
of a municipal security has not complied with applicable tax requirements, interest from the security could become taxable and
the security could significantly decline in value. |
| ● | 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. |
| ● | Portfolio Turnover Risk. Active and frequent trading of the Fund's portfolio securities may lead to higher transaction
costs and may result in a greater number of taxable transactions than would otherwise be the case, which could negatively affect
the Fund's performance. A high rate of portfolio turnover is 100% or more. |
| ● | Short Sales Risk. The Fund and the CEFs held by the Fund may sell securities short. A short sale is a transaction
in which the Fund sells a security it does not own but has borrowed in anticipation that the market price of the security will
decline. The Fund must replace the borrowed security by purchasing it at the market price at the time of replacement, which may
be more or less than the price at which the Fund sold the security. In connection with a short sale of a security or other instrument,
the Fund is subject to the risk that instead of declining, the price of the security or other instrument sold short will rise,
and thus, the Fund may experience a loss. Furthermore, until the Fund replaces a security borrowed, or sold short, it must pay
to the lender amounts equal to any dividends that accrue during the period of the short sale. In addition, the Fund will incur
certain transaction fees associated with short selling. |
| ● | Swaps Risk. The Fund or the CEFs held by the Fund may enter into equity, interest rate, index, credit default,
and currency rate 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. |
| ● | Tax Risk. There is no guarantee that the Fund's income will be exempt from regular federal income taxes. Events
occurring after the date of issuance of a municipal bond or after a CEF's acquisition of a municipal bond may result in a determination
that interest on that bond is includible in gross income for federal income tax purposes retroactively to its date of issuance.
Such a determination may cause a portion of prior distributions by the Fund to its shareholders to be taxable to those shareholders
in the year of receipt. Federal or state changes in income or alternative minimum tax rates or in the tax treatment of municipal
bonds may make municipal bonds less attractive as investments and cause them to decline in value. |
| ● | U.S. Treasury Futures Contracts Hedge Risk. The Sub-advisor, as it deems appropriate intends to hedge against
interest rate risk by short selling U.S. Treasury futures contracts. To the extent the Fund holds such short positions, should
market conditions cause U.S. Treasury prices to rise, the Fund's portfolio could experience a loss; and should U.S. Treasury prices
rise at the same time municipal bond and/or closed-end municipal bond fund prices fall, these losses may be greater than if the
hedging strategy not been in place. The hedging strategy depends on market conditions and the judgment of the Sub-advisor, and
there is no guarantee that the success of the hedging strategy will be successful in mitigating interest rate risk or preventing
losses to the Fund's portfolio. |
|
|
| 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.
|
|
| 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 for Institutional
Class shares and by showing how the average annual total returns of each class of the Fund compare with the average annual total
returns of a broad-based market index. Performance for classes other than those shown may vary from the performance shown to the
extent the expenses for those classes differ. 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,
or by calling the Fund at 800-207-7108. The Fund's past performance, before and after taxes, is not necessarily an indication of
how the Fund will perform in the future.
|
|
| 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 for Institutional Class shares and by showing how the average annual total returns of each class of the Fund compare with the average annual total returns of a broad-based market index.
|
|
| Performance Availability Phone [Text] |
rr_PerformanceAvailabilityPhone |
800-207-7108
|
|
| 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 |
6.63% |
Quarter Ended 12/31/2015 |
| Lowest Calendar Quarter Return at NAV |
(6.26)% |
Quarter Ended 12/31/2016 |
The year-to-date return for the Fund as of March 31, 2018 was (3.80)%.
|
|
| Performance Table Heading |
rr_PerformanceTableHeading |
Average
Annual Total Returns
(for 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 only and after-tax returns for classes other than Institutional Class shares will vary from returns shown for Institutional Class shares.
|
|
| Robinson Tax Advantaged Income Fund | Class A Shares |
|
|
|
| Risk Return Abstract |
rr_RiskReturnAbstract |
|
|
| Trading Symbol |
dei_TradingSymbol |
ROBAX
|
|
| Maximum sales charge (load) imposed on purchases (as a percentage of offering price) |
rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice |
3.75%
|
[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 |
imst_WireFee |
$ 20
|
|
| Overnight check delivery fee |
imst_OvernightCheckDeliveryFee |
25
|
|
| Retirement account fees (annual maintenance fee) |
rr_ShareholderFeeOther |
$ 15
|
|
| Management fees |
rr_ManagementFeesOverAssets |
1.10%
|
|
| Distribution and service (Rule 12b-1) fees |
rr_DistributionAndService12b1FeesOverAssets |
0.25%
|
|
| Shareholder service fee |
rr_Component1OtherExpensesOverAssets |
0.05%
|
|
| All other expenses |
rr_Component2OtherExpensesOverAssets |
0.32%
|
|
| Other expenses |
rr_OtherExpensesOverAssets |
0.37%
|
[3] |
| Acquired fund fees and expenses |
rr_AcquiredFundFeesAndExpensesOverAssets |
1.72%
|
|
| Total annual fund operating expenses |
rr_ExpensesOverAssets |
3.44%
|
[4] |
| Fees waived and/or expenses reimbursed |
rr_FeeWaiverOrReimbursementOverAssets |
(0.12%)
|
[5] |
| Total annual fund operating expenses after waiving fees and/or reimbursing expenses |
rr_NetExpensesOverAssets |
3.32%
|
[4],[5] |
| Expense Breakpoint, Minimum Investment Required [Amount] |
rr_ExpenseBreakpointMinimumInvestmentRequiredAmount |
$ 50,000
|
|
| One Year |
rr_ExpenseExampleYear01 |
697
|
|
| Three Years |
rr_ExpenseExampleYear03 |
1,381
|
|
| Five Years |
rr_ExpenseExampleYear05 |
2,086
|
|
| Ten Years |
rr_ExpenseExampleYear10 |
$ 3,948
|
|
| 1 Year |
rr_AverageAnnualReturnYear01 |
0.73%
|
|
| Since Inception |
rr_AverageAnnualReturnSinceInception |
1.60%
|
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Sep. 30, 2014
|
|
| Robinson Tax Advantaged Income Fund | Class C Shares |
|
|
|
| Risk Return Abstract |
rr_RiskReturnAbstract |
|
|
| Trading Symbol |
dei_TradingSymbol |
ROBCX
|
|
| 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 |
imst_WireFee |
$ 20
|
|
| Overnight check delivery fee |
imst_OvernightCheckDeliveryFee |
25
|
|
| Retirement account fees (annual maintenance fee) |
rr_ShareholderFeeOther |
$ 15
|
|
| Management fees |
rr_ManagementFeesOverAssets |
1.10%
|
|
| Distribution and service (Rule 12b-1) fees |
rr_DistributionAndService12b1FeesOverAssets |
1.00%
|
|
| Shareholder service fee |
rr_Component1OtherExpensesOverAssets |
0.05%
|
|
| All other expenses |
rr_Component2OtherExpensesOverAssets |
0.32%
|
|
| Other expenses |
rr_OtherExpensesOverAssets |
0.37%
|
[3] |
| Acquired fund fees and expenses |
rr_AcquiredFundFeesAndExpensesOverAssets |
1.72%
|
|
| Total annual fund operating expenses |
rr_ExpensesOverAssets |
4.19%
|
[4] |
| Fees waived and/or expenses reimbursed |
rr_FeeWaiverOrReimbursementOverAssets |
(0.12%)
|
[5] |
| Total annual fund operating expenses after waiving fees and/or reimbursing expenses |
rr_NetExpensesOverAssets |
4.07%
|
[4],[5] |
| One Year |
rr_ExpenseExampleYear01 |
$ 510
|
|
| Three Years |
rr_ExpenseExampleYear03 |
1,262
|
|
| Five Years |
rr_ExpenseExampleYear05 |
2,128
|
|
| Ten Years |
rr_ExpenseExampleYear10 |
4,357
|
|
| Expense Example, No Redemption, 1 Year |
rr_ExpenseExampleNoRedemptionYear01 |
409
|
|
| Expense Example, No Redemption, 3 Years |
rr_ExpenseExampleNoRedemptionYear03 |
1,262
|
|
| Expense Example, No Redemption, 5 Years |
rr_ExpenseExampleNoRedemptionYear05 |
2,128
|
|
| Expense Example, No Redemption, 10 Years |
rr_ExpenseExampleNoRedemptionYear10 |
$ 4,357
|
|
| 1 Year |
rr_AverageAnnualReturnYear01 |
2.94%
|
|
| Since Inception |
rr_AverageAnnualReturnSinceInception |
2.73%
|
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Sep. 30, 2014
|
|
| Robinson Tax Advantaged Income Fund | Class T Shares |
|
|
|
| Risk Return Abstract |
rr_RiskReturnAbstract |
|
|
| 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 |
imst_WireFee |
$ 20
|
|
| Overnight check delivery fee |
imst_OvernightCheckDeliveryFee |
25
|
|
| Retirement account fees (annual maintenance fee) |
rr_ShareholderFeeOther |
$ 15
|
|
| Management fees |
rr_ManagementFeesOverAssets |
1.10%
|
|
| Distribution and service (Rule 12b-1) fees |
rr_DistributionAndService12b1FeesOverAssets |
0.25%
|
|
| Shareholder service fee |
rr_Component1OtherExpensesOverAssets |
0.05%
|
|
| All other expenses |
rr_Component2OtherExpensesOverAssets |
0.32%
|
|
| Other expenses |
rr_OtherExpensesOverAssets |
0.37%
|
[3] |
| Acquired fund fees and expenses |
rr_AcquiredFundFeesAndExpensesOverAssets |
1.72%
|
|
| Total annual fund operating expenses |
rr_ExpensesOverAssets |
3.44%
|
[4] |
| Fees waived and/or expenses reimbursed |
rr_FeeWaiverOrReimbursementOverAssets |
(0.12%)
|
[5] |
| Total annual fund operating expenses after waiving fees and/or reimbursing expenses |
rr_NetExpensesOverAssets |
3.32%
|
[4],[5] |
| Expense Breakpoint, Minimum Investment Required [Amount] |
rr_ExpenseBreakpointMinimumInvestmentRequiredAmount |
$ 250,000
|
|
| One Year |
rr_ExpenseExampleYear01 |
576
|
|
| Three Years |
rr_ExpenseExampleYear03 |
1,269
|
|
| Five Years |
rr_ExpenseExampleYear05 |
1,984
|
|
| Ten Years |
rr_ExpenseExampleYear10 |
$ 3,870
|
|
| Robinson Tax Advantaged Income Fund | Institutional Class Shares |
|
|
|
| Risk Return Abstract |
rr_RiskReturnAbstract |
|
|
| Trading Symbol |
dei_TradingSymbol |
ROBNX
|
|
| 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 |
imst_WireFee |
$ 20
|
|
| Overnight check delivery fee |
imst_OvernightCheckDeliveryFee |
25
|
|
| Retirement account fees (annual maintenance fee) |
rr_ShareholderFeeOther |
$ 15
|
|
| Management fees |
rr_ManagementFeesOverAssets |
1.10%
|
|
| Distribution and service (Rule 12b-1) fees |
rr_DistributionAndService12b1FeesOverAssets |
none
|
|
| Shareholder service fee |
rr_Component1OtherExpensesOverAssets |
0.05%
|
|
| All other expenses |
rr_Component2OtherExpensesOverAssets |
0.32%
|
|
| Other expenses |
rr_OtherExpensesOverAssets |
0.37%
|
[3] |
| Acquired fund fees and expenses |
rr_AcquiredFundFeesAndExpensesOverAssets |
1.72%
|
|
| Total annual fund operating expenses |
rr_ExpensesOverAssets |
3.19%
|
[4] |
| Fees waived and/or expenses reimbursed |
rr_FeeWaiverOrReimbursementOverAssets |
(0.12%)
|
[5] |
| Total annual fund operating expenses after waiving fees and/or reimbursing expenses |
rr_NetExpensesOverAssets |
3.07%
|
[4],[5] |
| One Year |
rr_ExpenseExampleYear01 |
$ 310
|
|
| Three Years |
rr_ExpenseExampleYear03 |
972
|
|
| Five Years |
rr_ExpenseExampleYear05 |
1,658
|
|
| Ten Years |
rr_ExpenseExampleYear10 |
$ 3,486
|
|
| Annual Return 2015 |
rr_AnnualReturn2015 |
5.58%
|
|
| Annual Return 2016 |
rr_AnnualReturn2016 |
0.09%
|
|
| Annual Return 2017 |
rr_AnnualReturn2017 |
4.98%
|
|
| 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 |
(3.80%)
|
|
| Highest Quarterly Return, Label |
rr_HighestQuarterlyReturnLabel |
Highest Calendar Quarter Return at NAV
|
|
| Highest Quarterly Return, Date |
rr_BarChartHighestQuarterlyReturnDate |
Dec. 31, 2015
|
|
| Highest Quarterly Return |
rr_BarChartHighestQuarterlyReturn |
6.63%
|
|
| Lowest Quarterly Return, Label |
rr_LowestQuarterlyReturnLabel |
Lowest Calendar Quarter Return at NAV
|
|
| Lowest Quarterly Return, Date |
rr_BarChartLowestQuarterlyReturnDate |
Dec. 31, 2016
|
|
| Lowest Quarterly Return |
rr_BarChartLowestQuarterlyReturn |
(6.26%)
|
|
| 1 Year |
rr_AverageAnnualReturnYear01 |
4.98%
|
|
| Since Inception |
rr_AverageAnnualReturnSinceInception |
3.73%
|
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Sep. 30, 2014
|
|
| Robinson Tax Advantaged Income Fund | After Taxes on Distributions | Institutional Class Shares |
|
|
|
| Risk Return Abstract |
rr_RiskReturnAbstract |
|
|
| 1 Year |
rr_AverageAnnualReturnYear01 |
4.65%
|
[6] |
| Since Inception |
rr_AverageAnnualReturnSinceInception |
3.54%
|
[6] |
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Sep. 30, 2014
|
[6] |
| Robinson Tax Advantaged Income Fund | After Taxes on Distributions and Sales | Institutional Class Shares |
|
|
|
| Risk Return Abstract |
rr_RiskReturnAbstract |
|
|
| 1 Year |
rr_AverageAnnualReturnYear01 |
4.77%
|
[6] |
| Since Inception |
rr_AverageAnnualReturnSinceInception |
3.85%
|
[6] |
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Sep. 30, 2014
|
[6] |
| Robinson Tax Advantaged Income Fund | Bloomberg Barclays Short-Intermediate 1-10 Years Municipal Bond Index (Reflects No Deductions for Fees, Expenses or Taxes) |
|
|
|
| Risk Return Abstract |
rr_RiskReturnAbstract |
|
|
| 1 Year |
rr_AverageAnnualReturnYear01 |
3.03%
|
|
| Since Inception |
rr_AverageAnnualReturnSinceInception |
1.68%
|
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Sep. 30, 2014
|
|
|
|
