0001104659-13-071270.txt : 20130920 0001104659-13-071270.hdr.sgml : 20130920 20130920103910 ACCESSION NUMBER: 0001104659-13-071270 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 9 FILED AS OF DATE: 20130920 DATE AS OF CHANGE: 20130920 EFFECTIVENESS DATE: 20130920 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FundVantage Trust CENTRAL INDEX KEY: 0001388485 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-141120 FILM NUMBER: 131106959 BUSINESS ADDRESS: BUSINESS PHONE: 3027911906 MAIL ADDRESS: STREET 1: 301 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FundVantage Trust CENTRAL INDEX KEY: 0001388485 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22027 FILM NUMBER: 131106960 BUSINESS ADDRESS: BUSINESS PHONE: 3027911906 MAIL ADDRESS: STREET 1: 301 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 0001388485 S000041944 Gotham Neutral Fund C000130259 Institutional Class 485BPOS 1 a13-17857_5485bpos.htm POST-EFFECTIVE AMENDMENT FILED PURSUANT TO SECURITIES ACT RULE 485(B)

 

Filed with the Securities and Exchange Commission on September 20, 2013

Securities Act of 1933 File No. 333-141120

Investment Company Act of 1940 File No. 811-22027

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM N-1A

 

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

x

Pre-Effective Amendment No.

o

Post-Effective Amendment No. 82

x

and

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

x

Amendment No. 84

x

(Check Appropriate Box or Boxes)

 

FUNDVANTAGE TRUST

(Exact Name of Registrant as Specified in Charter)

 

301 Bellevue Parkway, Wilmington, DE 19809

(Address of Principal Executive Offices) (Zip Code)

 

Registrant’s Telephone Number, including Area Code: (302) 791-1851

 

Joel L. Weiss

BNY Mellon Investment Servicing (US) Inc.

103 Bellevue Parkway

Wilmington, DE 19809

(Name and Address of Agent for Service)

 

Copies to:

 

Joseph V. Del Raso, Esq.

Pepper Hamilton LLP

3000 Two Logan Square

Philadelphia, PA 19103

 

It is proposed that this filing will become effective (check appropriate box)

x immediately upon filing pursuant to paragraph (b)

o on (date) pursuant to paragraph (b)

o 60 days after filing pursuant to paragraph (a)(1)

o on (date) pursuant to paragraph (a)(1)

o 75 days after filing pursuant to paragraph (a)(2)

o on (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

o This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 

 

 



 

EXPLANATORY NOTE

 

This Post-Effective Amendment No. 82 to the Registrant’s Registration Statement on Form N-1A is filed for the sole purpose of submitting exhibits containing interactive data format risk/return summary information for the Gotham Neutral Fund.

 



 

SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirement for effectiveness of this Post-Effective Amendment No. 82 to its Registration Statement on Form N-1A under Rule 485(b) under the Securities Act of 1933 and has duly caused this Post-Effective Amendment No. 82 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized, in the City of Wilmington, State of Delaware on the 20th day of September 2013.

 

 

 

FUNDVANTAGE TRUST

 

 

 

 

By:

/s/ Joel Weiss

 

 

Joel Weiss, President and CEO

 

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment No. 82 to the Registrant’s Registration Statement on Form N-1A has been signed below by the following persons in the capacities and on the dates indicated.

 

 

/s/ Robert J. Christian*

 

Trustee

 

September 20, 2013

Robert J. Christian

 

 

 

 

 

 

 

 

 

 

 

 

 

 

/s/ Iqbal Mansur*

 

Trustee

 

September 20, 2013

Iqbal Mansur

 

 

 

 

 

 

 

 

 

 

 

 

 

 

/s/ Nancy B. Wolcott*

 

Trustee

 

September 20, 2013

Nancy B. Wolcott

 

 

 

 

 

 

 

 

 

 

 

 

 

 

/s/ Donald J. Puglisi*

 

Trustee

 

September 20, 2013

Donald J. Puglisi

 

 

 

 

 

 

 

 

 

 

 

 

 

 

/s/ Stephen M. Wynne*

 

Trustee

 

September 20, 2013

Stephen M. Wynne

 

 

 

 

 

 

 

 

 

 

 

 

 

 

/s/ James Shaw

 

Treasurer and CFO

 

September 20, 2013

James Shaw

 

 

 

 

 

 

 

 

 

 

 

 

 

 

/s/ Joel Weiss

 

President and CEO

 

September 20, 2013

Joel Weiss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* By:

/s/ Joel Weiss

 

 

 

 

Joel Weiss

 

 

 

 

Attorney-in-Fact

 

 

 

 



 

INDEX TO EXHIBITS

 

EXHIBIT NO.

 

DESCRIPTION OF EXHIBIT

 

PAGE NO.

EX-101.INS

 

XBRL Instance Document

 

 

EX-101.SCH

 

XBRL Taxonomy Extension Schema Document

 

 

EX-101.DEF

 

XBRL Taxonomy Extension Definition Linkbase

 

 

EX-101.LAB

 

XBRL Taxonomy Extension Labels Linkbase

 

 

EX-101.PRE

 

XBRL Taxonomy Extension Presentation Linkbase

 

 

 


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The Example assumes that you invest $10,000 in the Fund&#8217;s Institutional Class&#160;shares 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&#8217;s operating expenses remain the same. 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Government actions also may affect the Fund&#8217;s ability to engage in short selling.&#160; In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund&#8217;s open short positions. 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The securities of smaller companies may trade less frequently and in smaller volumes, and as a result, may be less liquid than securities of larger companies. In addition, smaller companies may be more vulnerable to economic, market and industry changes.&#160; As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short-term.&#160; Because smaller companies may have limited product lines, markets or financial resources or may depend on a few key employees, they may be more susceptible to particular economic events or competitive factors than large capitalization companies.</font> </p> <br/><p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"> <font size="2" style="font-size:10.0pt; font-family: Symbol;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font> <b><font size="2" style="font-size:10.0pt;font-weight:bold;">Management Risk:</font></b><font size="2" style="font-size:10.0pt;">&#160; As with any managed fund, the Adviser may not be successful in selecting the best-performing securities or investment techniques, and the Fund&#8217;s performance may lag behind that of similar funds.&#160; The Adviser may also miss out on an investment opportunity because the assets necessary to take advantage of the opportunity are tied up in less advantageous investments.</font> </p> <br/><p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"> <font size="2" style="font-size:10.0pt; font-family: Symbol;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font> <b><font size="2" style="font-size:10.0pt;font-weight:bold;">Portfolio Turnover Risk:</font></b><font size="2" style="font-size:10.0pt;">&#160; The Fund may sell its securities, regardless of the length of time that they have been held, if the Adviser determines that it would be in the Fund&#8217;s best interest to do so.&#160; It is anticipated that the Fund will frequently adjust the size of its long and short positions. 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Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 2 -Subsection a false04false 4rr_ObjectivePrimaryTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00<p style="margin:0in 0in .0001pt;"> <font size="2" style="font-size:10.0pt; font-family: Times New Roman;">The Gotham Neutral Fund (the &#8220;Fund&#8221;) seeks long-term capital appreciation with minimal correlation to the S&amp;P 500</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">&#174;</font> <font size="2" style="font-size:10.0pt;">Index.</font> </p>falsefalsefalsenonnum:textBlockItemTypenaInvestment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 2 -Subsection a false05false 4rr_ExpenseHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00Expenses and Feesfalsefalsefalsexbrli:stringItemTypestringRisk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared 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 $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) Example 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 you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. Portfolio Turnover 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. 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 __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 1 -Subparagraph d false06false 4rr_ExpenseNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00<p style="margin:0in 0in .0001pt;"> <font size="2" style="font-size:10.0pt; font-family: Times New Roman;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </p>falsefalsefalsenonnum:textBlockItemTypenaThis table describes the fees and expenses that you may pay if you buy and hold shared 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 $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 1 -Subparagraph b false07false 4rr_ShareholderFeesCaptionrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00Shareholder Fees (fees paid directly from your investment): falsefalsefalsexbrli:stringItemTypestringShareholder Fees (fees paid directly from your investment).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 false08false 4rr_OperatingExpensesCaptionrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): falsefalsefalsexbrli:stringItemTypestringAnnual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investment)Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 7 false09false 4rr_PortfolioTurnoverHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00Portfolio Turnoverfalsefalsefalsexbrli:stringItemTypestringDisclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 5 false010false 4rr_PortfolioTurnoverTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00<p style="margin:0in 0in .0001pt;"> <font size="2" style="font-size:10.0pt; font-family: Times New Roman;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160; A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.&#160; These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance.</font> </p>falsefalsefalsenonnum:textBlockItemTypenaDisclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 3 false011false 4rr_OtherExpensesNewFundBasedOnEstimatesrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00"Other Expenses" are based on estimated amounts for the current fiscal year.falsefalsefalsexbrli:stringItemTypestringThis element represents the disclosure for new funds that "Other Expenses" are based on estimated amounts for the current fiscal year.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 6 -Subparagraph a false012false 4rr_ExpenseExampleHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00Expense Examplefalsefalsefalsexbrli:stringItemTypestringHeading for Expense Example.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 4 false013false 4rr_ExpenseExampleNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00<p style="margin:0in 0in .0001pt;"> <font size="2" style="font-size:10.0pt; font-family: Times New Roman;">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&#8217;s Institutional Class&#160;shares 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&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font> </p>falsefalsefalsenonnum:textBlockItemTypenaThe Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 1 -Subparagraph 1 false014false 4rr_StrategyHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00Summary of Principal Investment Strategiesfalsefalsefalsexbrli:stringItemTypestringPrincipal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection a false015false 4rr_StrategyNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00<p style="margin:0in 0in .0001pt;"> <font size="2" style="font-size:10.0pt; font-family: Times New Roman;">The Fund seeks to achieve its investment objective by investing under normal circumstances in long and short positions of equity and equity-related securities.&#160; By taking long and short positions in different securities, the Fund attempts to limit the effect of market movements on portfolio performance.&#160; The Fund will generally take long positions in securities that the Adviser believes to be undervalued and short positions in securities that the Adviser believes to be overvalued, based on the Adviser&#8217;s analysis of the issuer&#8217;s financial reports and market valuation.</font> </p> <br/><p style="margin:0in 0in .0001pt;"> <font size="2" style="font-size:10.0pt; font-family: Times New Roman;">The Adviser seeks to capitalize on market inefficiencies by employing a systematic bottom-up approach based on fundamentals of financial performance to identify companies that appear to be undervalued or overvalued on both an absolute and relative basis.&#160; Using publicly available financial data, the Adviser&#8217;s approach consists of:</font> </p> <br/><p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"> <font size="2" style="font-size:10.0pt; font-family: Symbol;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font> <font size="2" style="font-size:10.0pt;">Researching and analyzing each company in the Adviser&#8217;s coverage universe according to a proprietary methodology that emphasizes fundamentals such as recurring earnings, capital efficiency and valuation;</font> </p> <br/><p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"> <font size="2" style="font-size:10.0pt; font-family: Symbol;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font> <font size="2" style="font-size:10.0pt;">Identifying and excluding companies that do not conform to the Adviser&#8217;s valuation methodology or companies judged by the Adviser to have questionable financial reporting;</font> </p> <br/><p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"> <font size="2" style="font-size:10.0pt; font-family: Symbol;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font> <font size="2" style="font-size:10.0pt;">Updating the analysis for earning releases, 10-Ks, 10-Qs and other corporate filings; and</font> </p> <br/><p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"> <font size="2" style="font-size:10.0pt; font-family: Symbol;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font> <font size="2" style="font-size:10.0pt;">Recording analysis in a centralized database enabling the firm to compare all companies and identify the best longs and shorts on a daily basis.&#160; This firm-wide database fosters transparency and accountability and is central to the Adviser&#8217;s investment process.</font> </p> <br/><p style="margin:0in 0in .0001pt;"> <font size="2" style="font-size:10.0pt; font-family: Times New Roman;">The long portfolio is rebalanced daily to weight most heavily those stocks that are priced at the largest discount to the Adviser&#8217;s assessment of value.&#160; In general, as a company appears cheaper its weight in the portfolio increases. Similarly, the short portfolio is rebalanced daily to weight most heavily those short positions selling at the largest premium to the Adviser&#8217;s measures of value.&#160; The Adviser seeks to maintain the Fund&#8217;s net equity exposure, which is the value of the Fund&#8217;s long positions minus its short positions, in the range of approximately 0%-25%.&#160; Because the Fund rebalances its long and short positions on a daily basis, the Fund may experience a high portfolio turnover rate.</font> </p> <br/><p style="margin:0in 0in .0001pt;"> <font size="2" style="font-size:10.0pt; font-family: Times New Roman;">Equity securities include common and preferred stocks.&#160; Equity-related securities include convertible bonds, convertible preferred stock, warrants and rights.&#160; There are no limits on the market capitalizations of the companies in which the Fund may invest.&#160; The Fund will principally invest in equity and equity-related securities of U.S. issuers but may invest in equity and equity-related securities of foreign issuers.</font> </p>falsefalsefalsenonnum:textBlockItemTypenaPrincipal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection a false016false 4rr_RiskHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00Summary of Principal Risksfalsefalsefalsexbrli:stringItemTypestringNarrative Risk Disclosure.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 false017false 4rr_RiskNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00<p style="margin:0in 0in .0001pt;"> <font size="2" style="font-size:10.0pt; font-family: Times New Roman;">The Fund is subject to the principal risks summarized below.&#160; These risks could adversely affect the Fund&#8217;s net asset value (&#8220;NAV&#8221;), yield and total return.&#160; It is possible to lose money by investing in the Fund.</font> </p> <br/><p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"> <font size="2" style="font-size:10.0pt; font-family: Symbol;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font> <b><font size="2" style="font-size:10.0pt;font-weight:bold;">Equity Securities Risk:</font></b> <font size="2" style="font-size:10.0pt;">Equity securities are subject to greater fluctuations in market value than other asset classes as a result of such factors as a company&#8217;s business performance, investor perceptions, stock market trends and general economic conditions.&#160; The rights of equity holders are subordinate to all other claims on a company&#8217;s assets including debt holders.&#160; The value of equity securities could decline if the financial condition of the companies decline or if overall market and economic conditions deteriorate.&#160; Equity investments risk a loss of all or a substantial portion of the investment.</font> </p> <br/><p style="margin: 0in 0in .0001pt .5in; text-indent: -.5in;"> <font style="font-size: small; font-family: Symbol;">&#183;</font><font style="font-size: xx-small;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font> <strong><font style="font-size: small; font-weight: bold;">Market Risk</font></strong><font style="font-size: small;">: The Fund is subject to market risk&#8212;the risk that securities markets and individual securities will increase or decrease in value.&#160; Market risk applies to every market and every security.&#160; Security prices may fluctuate widely over short or extended periods in response to market or economic news and conditions, and securities markets also tend to move in cycles.&#160; If there is a general decline in the securities markets, it is possible your investment may lose value regardless of the individual results of the companies in which the Fund invests. The magnitude of up and down price or market fluctuations over time is sometimes referred to as &#8220;volatility,&#8221; and it can be significant.&#160; In addition, different asset classes and geographic markets may experience periods of significant correlation with each other.&#160; As a result of this correlation, the securities and markets in which the Fund invests may experience volatility due to market, economic, political or social events and conditions that may not readily appear to directly relate to such securities, the securities&#8217; issuer or the markets in which they trade.</font> </p> <br/><p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"> <font size="2" style="font-size:10.0pt; font-family: Symbol;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font> <b><font size="2" style="font-size:10.0pt;font-weight:bold;">Value Style Risk</font></b><font size="2" style="font-size:10.0pt;">: Investing in &#8220;value&#8221; stocks presents the risk that the stocks may never reach what the Adviser believes are their full market values, either because the market fails to recognize what the Adviser considers to be the companies&#8217; true business values or because the Adviser misjudges those values. In addition, value stocks may fall out of favor with investors and underperform growth stocks during given periods.&#160; Value-oriented investment approaches are subject to the risk that securities believed to be undervalued do not appreciate in value as anticipated or decline in value.</font> </p> <br/><p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"> <font size="2" style="font-size:10.0pt; font-family: Symbol;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font> <b><font size="2" style="font-size:10.0pt;font-weight:bold;">Short Sale Risk:</font></b><font size="2" style="font-size:10.0pt;">&#160; Short selling a security involves selling a borrowed security with the expectation that the value of that security will decline so that the security may be purchased at a lower price when returning the borrowed security.&#160; The risk for loss on short selling is greater than the original value of the securities sold short because the price of the borrowed security may rise, thereby increasing the price at which the security must be purchased.&#160; Although the Fund&#8217;s gain is limited to the price at which it sold the security short, its potential loss is limited only by the maximum attainable price of the security, less the price at which the security was sold and may, theoretically, be unlimited. Government actions also may affect the Fund&#8217;s ability to engage in short selling.&#160; In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund&#8217;s open short positions. These types of short sales expenses (sometimes referred to as the &#8220;negative cost of carry&#8221;) negatively impact the performance of the Fund since these expenses tend to cause the Fund to lose money on a short sale even in instances where the price of the underlying security sold short does not change over the duration of the short sale.</font> </p> <br/><p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"> <font size="2" style="font-size:10.0pt; font-family: Symbol;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font> <b><font size="2" style="font-size:10.0pt;font-weight:bold;">Small and Mid Cap Securities Risk</font></b><font size="2" style="font-size:10.0pt;">: Investments in small and mid cap companies may be riskier than investments in larger, more established companies. The securities of smaller companies may trade less frequently and in smaller volumes, and as a result, may be less liquid than securities of larger companies. In addition, smaller companies may be more vulnerable to economic, market and industry changes.&#160; As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short-term.&#160; Because smaller companies may have limited product lines, markets or financial resources or may depend on a few key employees, they may be more susceptible to particular economic events or competitive factors than large capitalization companies.</font> </p> <br/><p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"> <font size="2" style="font-size:10.0pt; font-family: Symbol;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font> <b><font size="2" style="font-size:10.0pt;font-weight:bold;">Management Risk:</font></b><font size="2" style="font-size:10.0pt;">&#160; As with any managed fund, the Adviser may not be successful in selecting the best-performing securities or investment techniques, and the Fund&#8217;s performance may lag behind that of similar funds.&#160; The Adviser may also miss out on an investment opportunity because the assets necessary to take advantage of the opportunity are tied up in less advantageous investments.</font> </p> <br/><p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"> <font size="2" style="font-size:10.0pt; font-family: Symbol;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font> <b><font size="2" style="font-size:10.0pt;font-weight:bold;">Portfolio Turnover Risk:</font></b><font size="2" style="font-size:10.0pt;">&#160; The Fund may sell its securities, regardless of the length of time that they have been held, if the Adviser determines that it would be in the Fund&#8217;s best interest to do so.&#160; It is anticipated that the Fund will frequently adjust the size of its long and short positions. These transactions will increase the Fund&#8217;s &#8220;portfolio turnover&#8221; and the Fund may experience a high portfolio turnover rate (over 100%).&#160; High turnover rates generally result in higher brokerage costs to the Fund and in higher net taxable gain for shareholders, and may reduce the Fund&#8217;s returns.</font> </p> <br/><p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"> <font size="2" style="font-size:10.0pt; font-family: Symbol;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font> <b><font size="2" style="font-size:10.0pt;font-weight:bold;">Limited History of Operations:</font></b> <font size="2" style="font-size:10.0pt;">The Fund is a recently formed mutual fund and has a limited history of operations. The Adviser also has a limited history of advising a mutual fund.</font> </p>falsefalsefalsenonnum:textBlockItemTypenaNarrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 -Subparagraph i -Clause instruction false018false 4rr_RiskLoseMoneyrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00It is possible to lose money by investing in the Fund.falsefalsefalsexbrli:stringItemTypestringSummarize the principal risks of investing in the Fund, including the risks to which the Fund's portfolio as a whole is subject and the circumstances reasonably likely to affect adversely the Fund's net asset value, yield, and total return. Unless the Fund is a Money Market Fund, disclose that loss of money is a risk of investing in the Fund. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 -Subparagraph i false019false 4rr_BarChartAndPerformanceTableHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00Performance Informationfalsefalsefalsexbrli:stringItemTypestringRisk/Return Bar Chart and Table.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 false020false 4rr_PerformanceNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00<p style="margin:0in 0in .0001pt;"> <font size="2" style="font-size:10.0pt; font-family: Times New Roman;">The Fund&#8217;s performance information is only shown when the Fund has had a full calendar year of operations.</font> </p>falsefalsefalsenonnum:textBlockItemTypenaRisk/Return Bar Chart and Table.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 false021false 4rr_PerformanceOneYearOrLessrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00The Fund's performance information is only shown when the Fund has had a full calendar year of operations. falsefalsefalsexbrli:stringItemTypestringFor a Fund that provides annual total returns for only one calendar year or for a Fund that does not include the bar chart because it does not have annual returns for a full calendar year, modify, as appropriate, the narrative explanation required by stating that the information gives some indication of the risks of an investment in the Fund by comparing the Fund's performance with a broad measure of market performance). Provide a brief explanation of how the information illustrates the variability of the Fund's returns (e.g., by stating that the information provides some indication of 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 1, 5, and 10 years compare with those of a broad measure of market performance). 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"Redemption Fee" includes a fee charged for any redemption of the Fund's shares, but does not include a deferred sales charge (load) imposed upon redemption.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 2 -Subparagraph b false025false 4rr_ManagementFeesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1truetruetrue0.02000.0200falsefalsefalserr:NonNegativePure4TypepureManagement Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph a false026false 4rr_DistributionAndService12b1FeesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1truetruetrue0.00000.0000falsefalsefalserr:NonNegativePure4TypepureDistribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 9 false027false 4rr_Component1OtherExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1truetruetrue0.01520.0152falsefalsefalserr:NonNegativePure4TypepureThe Fund may subdivide this caption into no more than three subcaptions that identify the largest expense or expenses comprising "Other Expenses," but must include a total of all "Other Expenses." Alternatively, the Fund may include the components of "Other Expenses" in a parenthetical to the caption.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph c -Clause iii false028false 4rr_Component2OtherExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1truetruetrue0.00250.0025falsefalsefalserr:NonNegativePure4TypepureThe Fund may subdivide this caption into no more than three subcaptions that identify the largest expense or expenses comprising "Other Expenses," but must include a total of all "Other Expenses." Alternatively, the Fund may include the components of "Other Expenses" in a parenthetical to the caption.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 10 false029false 4rr_OtherExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1truetruetrue0.01770.0177[1]falsefalsefalserr:NonNegativePure4Typepure"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph c -Clause i false030false 4rr_ExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1truetruetrue0.03770.0377falsefalsefalserr:NonNegativePure4TypepureTotal Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph d false031false 4rr_ExpenseExampleYear01rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1truefalsetrue379379USD$falsetruefalserr:NonNegativeMonetaryTypemonetaryThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 4 false232false 4rr_ExpenseExampleYear03rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1truefalsetrue11521152USD$falsetruefalserr:NonNegativeMonetaryTypemonetaryThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 1 -Subparagraph 2 false21"Other Expenses" are based on estimated amounts for the current fiscal year.falseRisk/Return Detail Data - Gotham Neutral Fund (Gotham Neutral Fund, USD $)NoRoundingUnKnownUnKnownUnKnowntruefalsefalseSheethttp://bnymellon.com/20130830/role/DisclosureRiskReturnDetailDataElementsGothamNeutralFund132 ZIP 12 0001104659-13-071270-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001104659-13-071270-xbrl.zip M4$L#!!0````(`.U4-$.N5K&2V!@``/MV```9`!P`8VLP,#`Q,S@X-#@U+3(P M,3,P.#,P+GAM;%54"0`#'EX\4AY>/%)U>`L``00E#@``!#D!``#L7>MSVSB2 M_WY5]S]@O3=3F1O)>MB.'3E1E>.),\X[EO.:K:T41((28KY"D)*5#_NW7W<# M($&)4IR)DYK,>:MF1R:!1J/1^/4##<[=?[3;[*&(1<9SX;/Q@LGC6WGT"VNS MXR1*1YYDIW$.;[U9P"$&[+P0;"12UMUAO?W!;F\`/UZ='[-^M[>C.T&/RW$6 MLLLHC-6]+6<@?+R=9)-.O]O=ZQ?=+@QZ<+![L%=V M&\>+2(1A$N,D.LA4]V"G:[OXHAJ`B"OA;4^260=>8.-^N]MK[_1:JFFNXH?';)]#:MBQ4.U^D0M6Y*%3'OL`^=^I\2Y7L M]GO[FV2I6Y2BU!I0=FC2"-LVRYI%F&5-$ER1RWR'N.C=N7.G0V_+IJJI'7#; MZ[Q]^F3D347$VZ4.#$DU&;N+)`:*WIZ)@!')`0KFWI:241JBR.G9-!/!O2U7 M:=I6/;8OE;_5&3)+TTM@TUSF3/KWMGP1\"+,M^QNP/^_*^)21\? 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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Gotham Neutral Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Gotham Neutral Fund (the “Fund”) seeks long-term capital appreciation with minimal correlation to the S&P 500® Index.

Expense [Heading] rr_ExpenseHeading Expenses and Fees
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.

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):
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance.

Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates "Other Expenses" are based on estimated amounts for the current fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading Expense 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’s Institutional Class shares 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:

Strategy [Heading] rr_StrategyHeading Summary of Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund seeks to achieve its investment objective by investing under normal circumstances in long and short positions of equity and equity-related securities.  By taking long and short positions in different securities, the Fund attempts to limit the effect of market movements on portfolio performance.  The Fund will generally take long positions in securities that the Adviser believes to be undervalued and short positions in securities that the Adviser believes to be overvalued, based on the Adviser’s analysis of the issuer’s financial reports and market valuation.


The Adviser seeks to capitalize on market inefficiencies by employing a systematic bottom-up approach based on fundamentals of financial performance to identify companies that appear to be undervalued or overvalued on both an absolute and relative basis.  Using publicly available financial data, the Adviser’s approach consists of:


·                  Researching and analyzing each company in the Adviser’s coverage universe according to a proprietary methodology that emphasizes fundamentals such as recurring earnings, capital efficiency and valuation;


·                  Identifying and excluding companies that do not conform to the Adviser’s valuation methodology or companies judged by the Adviser to have questionable financial reporting;


·                  Updating the analysis for earning releases, 10-Ks, 10-Qs and other corporate filings; and


·                  Recording analysis in a centralized database enabling the firm to compare all companies and identify the best longs and shorts on a daily basis.  This firm-wide database fosters transparency and accountability and is central to the Adviser’s investment process.


The long portfolio is rebalanced daily to weight most heavily those stocks that are priced at the largest discount to the Adviser’s assessment of value.  In general, as a company appears cheaper its weight in the portfolio increases. Similarly, the short portfolio is rebalanced daily to weight most heavily those short positions selling at the largest premium to the Adviser’s measures of value.  The Adviser seeks to maintain the Fund’s net equity exposure, which is the value of the Fund’s long positions minus its short positions, in the range of approximately 0%-25%.  Because the Fund rebalances its long and short positions on a daily basis, the Fund may experience a high portfolio turnover rate.


Equity securities include common and preferred stocks.  Equity-related securities include convertible bonds, convertible preferred stock, warrants and rights.  There are no limits on the market capitalizations of the companies in which the Fund may invest.  The Fund will principally invest in equity and equity-related securities of U.S. issuers but may invest in equity and equity-related securities of foreign issuers.

Risk [Heading] rr_RiskHeading Summary of Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

The Fund is subject to the principal risks summarized below.  These risks could adversely affect the Fund’s net asset value (“NAV”), yield and total return.  It is possible to lose money by investing in the Fund.


·                                          Equity Securities Risk: Equity securities are subject to greater fluctuations in market value than other asset classes as a result of such factors as a company’s business performance, investor perceptions, stock market trends and general economic conditions.  The rights of equity holders are subordinate to all other claims on a company’s assets including debt holders.  The value of equity securities could decline if the financial condition of the companies decline or if overall market and economic conditions deteriorate.  Equity investments risk a loss of all or a substantial portion of the investment.


·               Market Risk: The Fund is subject to market risk—the risk that securities markets and individual securities will increase or decrease in value.  Market risk applies to every market and every security.  Security prices may fluctuate widely over short or extended periods in response to market or economic news and conditions, and securities markets also tend to move in cycles.  If there is a general decline in the securities markets, it is possible your investment may lose value regardless of the individual results of the companies in which the Fund invests. The magnitude of up and down price or market fluctuations over time is sometimes referred to as “volatility,” and it can be significant.  In addition, different asset classes and geographic markets may experience periods of significant correlation with each other.  As a result of this correlation, the securities and markets in which the Fund invests may experience volatility due to market, economic, political or social events and conditions that may not readily appear to directly relate to such securities, the securities’ issuer or the markets in which they trade.


·                                          Value Style Risk: Investing in “value” stocks presents the risk that the stocks may never reach what the Adviser believes are their full market values, either because the market fails to recognize what the Adviser considers to be the companies’ true business values or because the Adviser misjudges those values. In addition, value stocks may fall out of favor with investors and underperform growth stocks during given periods.  Value-oriented investment approaches are subject to the risk that securities believed to be undervalued do not appreciate in value as anticipated or decline in value.


·                                          Short Sale Risk:  Short selling a security involves selling a borrowed security with the expectation that the value of that security will decline so that the security may be purchased at a lower price when returning the borrowed security.  The risk for loss on short selling is greater than the original value of the securities sold short because the price of the borrowed security may rise, thereby increasing the price at which the security must be purchased.  Although the Fund’s gain is limited to the price at which it sold the security short, its potential loss is limited only by the maximum attainable price of the security, less the price at which the security was sold and may, theoretically, be unlimited. Government actions also may affect the Fund’s ability to engage in short selling.  In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund’s open short positions. These types of short sales expenses (sometimes referred to as the “negative cost of carry”) negatively impact the performance of the Fund since these expenses tend to cause the Fund to lose money on a short sale even in instances where the price of the underlying security sold short does not change over the duration of the short sale.


·                                          Small and Mid Cap Securities Risk: Investments in small and mid cap companies may be riskier than investments in larger, more established companies. The securities of smaller companies may trade less frequently and in smaller volumes, and as a result, may be less liquid than securities of larger companies. In addition, smaller companies may be more vulnerable to economic, market and industry changes.  As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short-term.  Because smaller companies may have limited product lines, markets or financial resources or may depend on a few key employees, they may be more susceptible to particular economic events or competitive factors than large capitalization companies.


·                                          Management Risk:  As with any managed fund, the Adviser may not be successful in selecting the best-performing securities or investment techniques, and the Fund’s performance may lag behind that of similar funds.  The Adviser may also miss out on an investment opportunity because the assets necessary to take advantage of the opportunity are tied up in less advantageous investments.


·                                          Portfolio Turnover Risk:  The Fund may sell its securities, regardless of the length of time that they have been held, if the Adviser determines that it would be in the Fund’s best interest to do so.  It is anticipated that the Fund will frequently adjust the size of its long and short positions. These transactions will increase the Fund’s “portfolio turnover” and the Fund may experience a high portfolio turnover rate (over 100%).  High turnover rates generally result in higher brokerage costs to the Fund and in higher net taxable gain for shareholders, and may reduce the Fund’s returns.


·                                          Limited History of Operations: The Fund is a recently formed mutual fund and has a limited history of operations. The Adviser also has a limited history of advising a mutual fund.

Risk Lose Money [Text] rr_RiskLoseMoney It is possible to lose money by investing in the Fund.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The Fund’s performance information is only shown when the Fund has had a full calendar year of operations.

Performance One Year or Less [Text] rr_PerformanceOneYearOrLess The Fund's performance information is only shown when the Fund has had a full calendar year of operations.
Institutional Class
 
Risk/Return: rr_RiskReturnAbstract  
Redemption Fee (as a percentage of Amount Redeemed) rr_RedemptionFeeOverRedemption (1.00%)
Management Fees rr_ManagementFeesOverAssets 2.00%
Distribution and/or Service (Rule 12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Dividend and Interest Expense on Securities Sold Short rr_Component1OtherExpensesOverAssets 1.52%
Other Operating Expenses rr_Component2OtherExpensesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 1.77% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.77%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 379
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 1,152
[1] "Other Expenses" are based on estimated amounts for the current fiscal year.

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Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 2 -Subsection a false04false 4rr_ObjectivePrimaryTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<p style="margin:0in 0in .0001pt;"> <font size="2" style="font-size:10.0pt; font-family: Times New Roman;">The Gotham Neutral Fund (the &#8220;Fund&#8221;) seeks long-term capital appreciation with minimal correlation to the S&amp;P 500</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">&#174;</font> <font size="2" style="font-size:10.0pt;">Index.</font> </p>falsefalsefalsenonnum:textBlockItemTypenaInvestment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 2 -Subsection a false05false 4rr_ExpenseHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Expenses and Feesfalsefalsefalsexbrli:stringItemTypestringRisk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared 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 $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) Example 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 you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. Portfolio Turnover 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. 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 __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 1 -Subparagraph d false06false 4rr_ExpenseNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<p style="margin:0in 0in .0001pt;"> <font size="2" style="font-size:10.0pt; font-family: Times New Roman;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </p>falsefalsefalsenonnum:textBlockItemTypenaThis table describes the fees and expenses that you may pay if you buy and hold shared 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 $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 1 -Subparagraph b false07false 4rr_ShareholderFeesCaptionrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Shareholder Fees (fees paid directly from your investment): falsefalsefalsexbrli:stringItemTypestringShareholder Fees (fees paid directly from your investment).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 false08false 4rr_ShareholderFeesTableTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00~ http://bnymellon.com/20130830/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact ck0001388485_S000041944Member row primary compact * ~falsefalse~ http://bnymellon.com/20130830/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact ck0001388485_S000041944Member row primary compact * ~falsehttp://bnymellon.com/20130830/role/ScheduleShareholderFees20001020001 - Schedule - Shareholder Feestruefalsefalse1falseColumnperiodPeriod*Columndei_LegalEntityAxisAxisck0001388485_S000041944MemberColumnrr_ProspectusShareClassAxisAxis*ColumnunitUnit*duration2013-09-01T00:00:002013-09-01T00:00:00falsefalseGotham Neutral Funddei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldick0001388485_S000041944Memberdei_LegalEntityAxisexplicitMemberfalsefalseInstitutional Classrr_ProspectusShareClassAxisxbrldihttp://xbrl.org/2006/xbrldick0001388485_C000130259Memberrr_ProspectusShareClassAxisexplicitMemberGotham Neutral FundInstitutional ClasspureStandardhttp://www.xbrl.org/2003/instancepurexbrli0Standard0 USDfalsefalseduration2013-09-01T00:00:002013-09-01T00:00:00$1falseRowprimaryElement*3false 4rr_RedemptionFeeOverRedemptionrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsetruenegatedLabelrr:NonPositivePure4Typepure"Redemption Fee" (as a percentage of amount redeemed, if applicable) If the Fund is an Exchange-Traded Fund and issues or redeems shares in creation units of not less than 25,000 shares each, exclude any fees charged for the purchase and redemption of the Fund's creation units. "Redemption Fee" includes a fee charged for any redemption of the Fund's shares, but does not include a deferred sales charge (load) imposed upon redemption.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 2 -Subparagraph b false0 0rr_RedemptionFeeOverRedemptionrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsetruenegatedLabel1truetruetrue0.01000.0100falsefalsefalserr:NonPositivePure4Typepure"Redemption Fee" (as a percentage of amount redeemed, if applicable) If the Fund is an Exchange-Traded Fund and issues or redeems shares in creation units of not less than 25,000 shares each, exclude any fees charged for the purchase and redemption of the Fund's creation units. "Redemption Fee" includes a fee charged for any redemption of the Fund's shares, but does not include a deferred sales charge (load) imposed upon redemption.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 2 -Subparagraph b false0falseShareholder Fees UnKnownUnKnownUnKnownUnKnownfalsefalsefalseSheet11001105ColumnperiodPeriod*Columndei_LegalEntityAxisAxisck0001388485_S000041944MemberColumnrr_ProspectusShareClassAxisAxis*ColumnunitUnit*RowprimaryElement*falsenonnum:textBlockItemTypenaContains a command for the SEC Viewer for the role corresponding to ShareholderFeesData.No definition available.false09false 4rr_OperatingExpensesCaptionrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): falsefalsefalsexbrli:stringItemTypestringAnnual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investment)Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 7 false010false 4rr_AnnualFundOperatingExpensesTableTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00~ http://bnymellon.com/20130830/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact ck0001388485_S000041944Member row primary compact * ~falsefalse~ http://bnymellon.com/20130830/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact ck0001388485_S000041944Member row primary compact * ~falsehttp://bnymellon.com/20130830/role/ScheduleAnnualFundOperatingExpenses20002020002 - Schedule - Annual Fund Operating Expensestruefalsefalse1falseColumnperiodPeriod*Columndei_LegalEntityAxisAxisck0001388485_S000041944MemberColumnrr_ProspectusShareClassAxisAxis*ColumnunitUnit*duration2013-09-01T00:00:002013-09-01T00:00:00falsefalseGotham Neutral Funddei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldick0001388485_S000041944Memberdei_LegalEntityAxisexplicitMemberfalsefalseInstitutional Classrr_ProspectusShareClassAxisxbrldihttp://xbrl.org/2006/xbrldick0001388485_C000130259Memberrr_ProspectusShareClassAxisexplicitMemberGotham Neutral FundInstitutional ClasspureStandardhttp://www.xbrl.org/2003/instancepurexbrli0Standard0 USDfalsefalseduration2013-09-01T00:00:002013-09-01T00:00:00$1falseRowprimaryElement*3false 4rr_ManagementFeesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabelrr:NonNegativePure4TypepureManagement Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph a false0 0rr_ManagementFeesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1truetruetrue0.02000.0200falsefalsefalserr:NonNegativePure4TypepureManagement Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph a false02falseRowprimaryElement*4false 4rr_DistributionAndService12b1FeesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabelrr:NonNegativePure4TypepureDistribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 9 false0 0rr_DistributionAndService12b1FeesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1truetruetrue0.00000.0000falsefalsefalserr:NonNegativePure4TypepureDistribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 9 false03falseRowprimaryElement*5false 4rr_OtherExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabelrr:NonNegativePure4Typepure"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph c -Clause i false0 0rr_OtherExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel[1]1truetruetrue0.01770.0177falsefalsefalserr:NonNegativePure4Typepure"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph c -Clause i false04falseRowprimaryElement*6false 4rr_Component1OtherExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabelrr:NonNegativePure4TypepureThe Fund may subdivide this caption into no more than three subcaptions that identify the largest expense or expenses comprising "Other Expenses," but must include a total of all "Other Expenses." Alternatively, the Fund may include the components of "Other Expenses" in a parenthetical to the caption.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph c -Clause iii false0 0rr_Component1OtherExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1truetruetrue0.01520.0152falsefalsefalserr:NonNegativePure4TypepureThe Fund may subdivide this caption into no more than three subcaptions that identify the largest expense or expenses comprising "Other Expenses," but must include a total of all "Other Expenses." Alternatively, the Fund may include the components of "Other Expenses" in a parenthetical to the caption.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph c -Clause iii false05falseRowprimaryElement*7false 4rr_Component2OtherExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabelrr:NonNegativePure4TypepureThe Fund may subdivide this caption into no more than three subcaptions that identify the largest expense or expenses comprising "Other Expenses," but must include a total of all "Other Expenses." Alternatively, the Fund may include the components of "Other Expenses" in a parenthetical to the caption.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 10 false0 0rr_Component2OtherExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1truetruetrue0.00250.0025falsefalsefalserr:NonNegativePure4TypepureThe Fund may subdivide this caption into no more than three subcaptions that identify the largest expense or expenses comprising "Other Expenses," but must include a total of all "Other Expenses." Alternatively, the Fund may include the components of "Other Expenses" in a parenthetical to the caption.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection table -Paragraph 1 -Subparagraph 10 false06falseRowprimaryElement*8false 4rr_ExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabelrr:NonNegativePure4TypepureTotal Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph d false0 0rr_ExpensesOverAssetsrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1truetruetrue0.03770.0377falsefalsefalserr:NonNegativePure4TypepureTotal Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 3 -Subparagraph d false01"Other Expenses" are based on estimated amounts for the current fiscal year.falseAnnual Fund Operating Expenses UnKnownUnKnownUnKnownUnKnownfalsefalsefalseSheet160516010ColumnperiodPeriod*Columndei_LegalEntityAxisAxisck0001388485_S000041944MemberColumnrr_ProspectusShareClassAxisAxis*ColumnunitUnit*RowprimaryElement*falsenonnum:textBlockItemTypenaContains a command for the SEC Viewer for the role corresponding to OperatingExpensesData.No definition available.false011false 4rr_ExpenseExampleHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Expense Examplefalsefalsefalsexbrli:stringItemTypestringHeading for Expense Example.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 4 false012false 4rr_ExpenseExampleNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<p style="margin:0in 0in .0001pt;"> <font size="2" style="font-size:10.0pt; font-family: Times New Roman;">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&#8217;s Institutional Class&#160;shares 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&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font> </p>falsefalsefalsenonnum:textBlockItemTypenaThe Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 1 -Subparagraph 1 false013false 4rr_ExpenseExampleWithRedemptionTableTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00~ http://bnymellon.com/20130830/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact ck0001388485_S000041944Member row primary compact * ~falsefalse~ http://bnymellon.com/20130830/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact ck0001388485_S000041944Member row primary compact * ~truehttp://bnymellon.com/20130830/role/ScheduleExpenseExampleTransposed20003020003 - Schedule - Expense Example {Transposed}truefalsefalse1falseColumnprimaryElement*3false 4rr_ExpenseExampleYear01rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabelrr:NonNegativeMonetaryTypemonetaryThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 4 false2 USDfalsefalse$2falseColumnprimaryElement*4false 4rr_ExpenseExampleYear03rr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabelrr:NonNegativeMonetaryTypemonetaryThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 1 -Subparagraph 2 false2 USDfalsefalse$1falseRowperiodPeriod*Rowdei_LegalEntityAxisAxisck0001388485_S000041944MemberRowrr_ProspectusShareClassAxisAxis*RowunitUnit*duration2013-09-01T00:00:002013-09-01T00:00:00falsefalseGotham Neutral Funddei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldick0001388485_S000041944Memberdei_LegalEntityAxisexplicitMemberfalsefalseInstitutional Classrr_ProspectusShareClassAxisxbrldihttp://xbrl.org/2006/xbrldick0001388485_C000130259Memberrr_ProspectusShareClassAxisexplicitMemberGotham Neutral FundInstitutional ClassusdStandardhttp://www.xbrl.org/2003/iso4217USDiso42170 0truefalsefalsefalsefalsefalsefalsefalsefalse1truefalsetrue379379falsefalsefalse2truefalsetrue11521152falsefalsefalsenanafalse0falseExpense Example (USD $)UnKnownUnKnownUnKnownUnKnownfalsefalsefalseSheet211021010ColumnprimaryElement*RowperiodPeriod*Rowdei_LegalEntityAxisAxisck0001388485_S000041944MemberRowrr_ProspectusShareClassAxisAxis*RowunitUnit*falsenonnum:textBlockItemTypenaContains a command for the SEC Viewer for the role corresponding to ExpenseExample.No definition available.false014false 4rr_PortfolioTurnoverHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Portfolio Turnoverfalsefalsefalsexbrli:stringItemTypestringDisclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection instructions -Paragraph 5 false015false 4rr_PortfolioTurnoverTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<p style="margin:0in 0in .0001pt;"> <font size="2" style="font-size:10.0pt; font-family: Times New Roman;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160; A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.&#160; These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance.</font> </p>falsefalsefalsenonnum:textBlockItemTypenaDisclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Subsection example -Paragraph 3 false016false 4rr_StrategyHeadingrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Summary of Principal Investment Strategiesfalsefalsefalsexbrli:stringItemTypestringPrincipal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection a false017false 4rr_StrategyNarrativeTextBlockrr_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<p style="margin:0in 0in .0001pt;"> <font size="2" style="font-size:10.0pt; font-family: Times New Roman;">The Fund seeks to achieve its investment objective by investing under normal circumstances in long and short positions of equity and equity-related securities.&#160; By taking long and short positions in different securities, the Fund attempts to limit the effect of market movements on portfolio performance.&#160; The Fund will generally take long positions in securities that the Adviser believes to be undervalued and short positions in securities that the Adviser believes to be overvalued, based on the Adviser&#8217;s analysis of the issuer&#8217;s financial reports and market valuation.</font> </p> <br/><p style="margin:0in 0in .0001pt;"> <font size="2" style="font-size:10.0pt; font-family: Times New Roman;">The Adviser seeks to capitalize on market inefficiencies by employing a systematic bottom-up approach based on fundamentals of financial performance to identify companies that appear to be undervalued or overvalued on both an absolute and relative basis.&#160; Using publicly available financial data, the Adviser&#8217;s approach consists of:</font> </p> <br/><p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"> <font size="2" style="font-size:10.0pt; font-family: Symbol;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font> <font size="2" style="font-size:10.0pt;">Researching and analyzing each company in the Adviser&#8217;s coverage universe according to a proprietary methodology that emphasizes fundamentals such as recurring earnings, capital efficiency and valuation;</font> </p> <br/><p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"> <font size="2" style="font-size:10.0pt; font-family: Symbol;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font> <font size="2" style="font-size:10.0pt;">Identifying and excluding companies that do not conform to the Adviser&#8217;s valuation methodology or companies judged by the Adviser to have questionable financial reporting;</font> </p> <br/><p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"> <font size="2" style="font-size:10.0pt; font-family: Symbol;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font> <font size="2" style="font-size:10.0pt;">Updating the analysis for earning releases, 10-Ks, 10-Qs and other corporate filings; and</font> </p> <br/><p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"> <font size="2" style="font-size:10.0pt; font-family: Symbol;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font> <font size="2" style="font-size:10.0pt;">Recording analysis in a centralized database enabling the firm to compare all companies and identify the best longs and shorts on a daily basis.&#160; This firm-wide database fosters transparency and accountability and is central to the Adviser&#8217;s investment process.</font> </p> <br/><p style="margin:0in 0in .0001pt;"> <font size="2" style="font-size:10.0pt; font-family: Times New Roman;">The long portfolio is rebalanced daily to weight most heavily those stocks that are priced at the largest discount to the Adviser&#8217;s assessment of value.&#160; In general, as a company appears cheaper its weight in the portfolio increases. 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Government actions also may affect the Fund&#8217;s ability to engage in short selling.&#160; In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund&#8217;s open short positions. 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The securities of smaller companies may trade less frequently and in smaller volumes, and as a result, may be less liquid than securities of larger companies. In addition, smaller companies may be more vulnerable to economic, market and industry changes.&#160; As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short-term.&#160; Because smaller companies may have limited product lines, markets or financial resources or may depend on a few key employees, they may be more susceptible to particular economic events or competitive factors than large capitalization companies.</font> </p> <br/><p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"> <font size="2" style="font-size:10.0pt; font-family: Symbol;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font> <b><font size="2" style="font-size:10.0pt;font-weight:bold;">Management Risk:</font></b><font size="2" style="font-size:10.0pt;">&#160; As with any managed fund, the Adviser may not be successful in selecting the best-performing securities or investment techniques, and the Fund&#8217;s performance may lag behind that of similar funds.&#160; The Adviser may also miss out on an investment opportunity because the assets necessary to take advantage of the opportunity are tied up in less advantageous investments.</font> </p> <br/><p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"> <font size="2" style="font-size:10.0pt; font-family: Symbol;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font> <b><font size="2" style="font-size:10.0pt;font-weight:bold;">Portfolio Turnover Risk:</font></b><font size="2" style="font-size:10.0pt;">&#160; The Fund may sell its securities, regardless of the length of time that they have been held, if the Adviser determines that it would be in the Fund&#8217;s best interest to do so.&#160; It is anticipated that the Fund will frequently adjust the size of its long and short positions. These transactions will increase the Fund&#8217;s &#8220;portfolio turnover&#8221; and the Fund may experience a high portfolio turnover rate (over 100%).&#160; High turnover rates generally result in higher brokerage costs to the Fund and in higher net taxable gain for shareholders, and may reduce the Fund&#8217;s returns.</font> </p> <br/><p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"> <font size="2" style="font-size:10.0pt; font-family: Symbol;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font> <b><font size="2" style="font-size:10.0pt;font-weight:bold;">Limited History of Operations:</font></b> <font size="2" style="font-size:10.0pt;">The Fund is a recently formed mutual fund and has a limited history of operations. 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Gotham Neutral Fund
Gotham Neutral Fund
Investment Objective

The Gotham Neutral Fund (the “Fund”) seeks long-term capital appreciation with minimal correlation to the S&P 500® Index.

Expenses and Fees

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees (fees paid directly from your investment):
Shareholder Fees
Gotham Neutral Fund
Institutional Class
Redemption Fee (as a percentage of amount redeemed within 90 days of purchase) 1.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
Annual Fund Operating Expenses
Gotham Neutral Fund
Institutional Class
Management Fees 2.00%
Distribution and/or Service (Rule 12b-1) Fees none
Other Expenses [1] 1.77%
Dividend and Interest Expense on Securities Sold Short 1.52%
Other Operating Expenses 0.25%
Total Annual Fund Operating Expenses 3.77%
[1] "Other Expenses" are based on estimated amounts for the current fiscal year.
Expense Example

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’s Institutional Class shares 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 (USD $)
1 year
3 years
Gotham Neutral Fund Institutional Class
379 1,152
Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance.

Summary of Principal Investment Strategies

The Fund seeks to achieve its investment objective by investing under normal circumstances in long and short positions of equity and equity-related securities.  By taking long and short positions in different securities, the Fund attempts to limit the effect of market movements on portfolio performance.  The Fund will generally take long positions in securities that the Adviser believes to be undervalued and short positions in securities that the Adviser believes to be overvalued, based on the Adviser’s analysis of the issuer’s financial reports and market valuation.


The Adviser seeks to capitalize on market inefficiencies by employing a systematic bottom-up approach based on fundamentals of financial performance to identify companies that appear to be undervalued or overvalued on both an absolute and relative basis.  Using publicly available financial data, the Adviser’s approach consists of:


·                  Researching and analyzing each company in the Adviser’s coverage universe according to a proprietary methodology that emphasizes fundamentals such as recurring earnings, capital efficiency and valuation;


·                  Identifying and excluding companies that do not conform to the Adviser’s valuation methodology or companies judged by the Adviser to have questionable financial reporting;


·                  Updating the analysis for earning releases, 10-Ks, 10-Qs and other corporate filings; and


·                  Recording analysis in a centralized database enabling the firm to compare all companies and identify the best longs and shorts on a daily basis.  This firm-wide database fosters transparency and accountability and is central to the Adviser’s investment process.


The long portfolio is rebalanced daily to weight most heavily those stocks that are priced at the largest discount to the Adviser’s assessment of value.  In general, as a company appears cheaper its weight in the portfolio increases. Similarly, the short portfolio is rebalanced daily to weight most heavily those short positions selling at the largest premium to the Adviser’s measures of value.  The Adviser seeks to maintain the Fund’s net equity exposure, which is the value of the Fund’s long positions minus its short positions, in the range of approximately 0%-25%.  Because the Fund rebalances its long and short positions on a daily basis, the Fund may experience a high portfolio turnover rate.


Equity securities include common and preferred stocks.  Equity-related securities include convertible bonds, convertible preferred stock, warrants and rights.  There are no limits on the market capitalizations of the companies in which the Fund may invest.  The Fund will principally invest in equity and equity-related securities of U.S. issuers but may invest in equity and equity-related securities of foreign issuers.

Summary of Principal Risks

The Fund is subject to the principal risks summarized below.  These risks could adversely affect the Fund’s net asset value (“NAV”), yield and total return.  It is possible to lose money by investing in the Fund.


·                                          Equity Securities Risk: Equity securities are subject to greater fluctuations in market value than other asset classes as a result of such factors as a company’s business performance, investor perceptions, stock market trends and general economic conditions.  The rights of equity holders are subordinate to all other claims on a company’s assets including debt holders.  The value of equity securities could decline if the financial condition of the companies decline or if overall market and economic conditions deteriorate.  Equity investments risk a loss of all or a substantial portion of the investment.


·               Market Risk: The Fund is subject to market risk—the risk that securities markets and individual securities will increase or decrease in value.  Market risk applies to every market and every security.  Security prices may fluctuate widely over short or extended periods in response to market or economic news and conditions, and securities markets also tend to move in cycles.  If there is a general decline in the securities markets, it is possible your investment may lose value regardless of the individual results of the companies in which the Fund invests. The magnitude of up and down price or market fluctuations over time is sometimes referred to as “volatility,” and it can be significant.  In addition, different asset classes and geographic markets may experience periods of significant correlation with each other.  As a result of this correlation, the securities and markets in which the Fund invests may experience volatility due to market, economic, political or social events and conditions that may not readily appear to directly relate to such securities, the securities’ issuer or the markets in which they trade.


·                                          Value Style Risk: Investing in “value” stocks presents the risk that the stocks may never reach what the Adviser believes are their full market values, either because the market fails to recognize what the Adviser considers to be the companies’ true business values or because the Adviser misjudges those values. In addition, value stocks may fall out of favor with investors and underperform growth stocks during given periods.  Value-oriented investment approaches are subject to the risk that securities believed to be undervalued do not appreciate in value as anticipated or decline in value.


·                                          Short Sale Risk:  Short selling a security involves selling a borrowed security with the expectation that the value of that security will decline so that the security may be purchased at a lower price when returning the borrowed security.  The risk for loss on short selling is greater than the original value of the securities sold short because the price of the borrowed security may rise, thereby increasing the price at which the security must be purchased.  Although the Fund’s gain is limited to the price at which it sold the security short, its potential loss is limited only by the maximum attainable price of the security, less the price at which the security was sold and may, theoretically, be unlimited. Government actions also may affect the Fund’s ability to engage in short selling.  In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund’s open short positions. These types of short sales expenses (sometimes referred to as the “negative cost of carry”) negatively impact the performance of the Fund since these expenses tend to cause the Fund to lose money on a short sale even in instances where the price of the underlying security sold short does not change over the duration of the short sale.


·                                          Small and Mid Cap Securities Risk: Investments in small and mid cap companies may be riskier than investments in larger, more established companies. The securities of smaller companies may trade less frequently and in smaller volumes, and as a result, may be less liquid than securities of larger companies. In addition, smaller companies may be more vulnerable to economic, market and industry changes.  As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short-term.  Because smaller companies may have limited product lines, markets or financial resources or may depend on a few key employees, they may be more susceptible to particular economic events or competitive factors than large capitalization companies.


·                                          Management Risk:  As with any managed fund, the Adviser may not be successful in selecting the best-performing securities or investment techniques, and the Fund’s performance may lag behind that of similar funds.  The Adviser may also miss out on an investment opportunity because the assets necessary to take advantage of the opportunity are tied up in less advantageous investments.


·                                          Portfolio Turnover Risk:  The Fund may sell its securities, regardless of the length of time that they have been held, if the Adviser determines that it would be in the Fund’s best interest to do so.  It is anticipated that the Fund will frequently adjust the size of its long and short positions. These transactions will increase the Fund’s “portfolio turnover” and the Fund may experience a high portfolio turnover rate (over 100%).  High turnover rates generally result in higher brokerage costs to the Fund and in higher net taxable gain for shareholders, and may reduce the Fund’s returns.


·                                          Limited History of Operations: The Fund is a recently formed mutual fund and has a limited history of operations. The Adviser also has a limited history of advising a mutual fund.

Performance Information

The Fund’s performance information is only shown when the Fund has had a full calendar year of operations.

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Document and Entity Information
0 Months Ended
Sep. 01, 2013
Risk/Return:  
Document Type 485BPOS
Document Period End Date Sep. 01, 2013
Registrant Name FundVantage Trust
Central Index Key 0001388485