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Exhibit
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Exhibit No.
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Instance Document
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EX-101.INS
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Schema Document
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EX-101.SCH
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Calculation Linkbase Document
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EX-101.CAL
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Definition Linkbase Document
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EX-101.DEF
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Label Linkbase Document
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EX-101.LAB
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Presentation Linkbase Document
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EX-101.PRE
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Document and Entity Information |
Total |
|---|---|
| Prospectus: | |
| Document Type | 497 |
| Document Period End Date | May 31, 2018 |
| Registrant Name | Managed Portfolio Series |
| Central Index Key | 0001511699 |
| Amendment Flag | false |
| Document Creation Date | May 31, 2018 |
| Document Effective Date | May 31, 2018 |
| Prospectus Date | Dec. 31, 2017 |
| Reinhart Genesis PMV Fund | Investor Class | |
| Prospectus: | |
| Trading Symbol | RPMAX |
| Reinhart Genesis PMV Fund | Advisor Class | |
| Prospectus: | |
| Trading Symbol | RPMFX |
| Reinhart Genesis PMV Fund | ||||||||||||||||||||||||||||||||||||
| Reinhart Genesis PMV Fund | ||||||||||||||||||||||||||||||||||||
| Investment Objective | ||||||||||||||||||||||||||||||||||||
The Reinhart Genesis PMV Fund (the “Fund”) seeks long-term capital appreciation.
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| Fees and Expenses of the Fund | ||||||||||||||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
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| Shareholder Fees (fees paid directly from your investment) | ||||||||||||||||||||||||||||||||||||
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| Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||||||||||||||||||||||||||||
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| Example | ||||||||||||||||||||||||||||||||||||
This Example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the expense limitation for one year).
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| Although your actual costs may be higher or lower, based on these assumptions, your costs would be: | ||||||||||||||||||||||||||||||||||||
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| 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 the annual fund operating expenses or in the Example, affect the Fund’s performance.
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| Principal Investment Strategies | ||||||||||||||||||||||||||||||||||||
Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities issued by small and mid-capitalization (“small-cap or mid-cap”) companies. The Fund considers a company to be a small or mid-cap company if it has a market capitalization, at the time of purchase, within the capitalization range of the Russell 2500TM Index as of the date it was last reconstituted. The market capitalizations within the Index vary, but as of May 31, 2017 they ranged from approximately $0.1 billion to $10.6 billion. The Fund’s investment strategy utilizes the Adviser’s proprietary Private Market Value (“PMV”) methodology to determine a company’s true intrinsic value, which is the amount an acquirer would be willing to pay for the entire company. This PMV becomes the “anchor” by which all decisions by the Adviser are framed within an emotional market. PMV is calculated by observing actual takeover valuations and applying the corresponding, appropriate valuation multiples to each security analyzed. Since stock prices tend to be more volatile than a security’s intrinsic value, this discipline attempts to eliminate the emotion of the markets and identifies objective investment opportunities. The Adviser selects investments for the Fund’s portfolio that generally can be purchased at a discount of 30% or more to the PMV. The Adviser typically sells investments when they reach or are close to reaching the PMV, or due to a change in the fundamentals of the security. In addition, the Adviser emphasizes quality and attempts to find sustainable competitive advantages, one stock at a time, with an overall focus on positive risk/reward to protect capital in challenging markets while capturing most of the upside return when stocks advance. The Fund may invest up to 20% of its net assets in securities of foreign issuers, real estate investment trusts (“REITs”) and securities of other investment companies, including exchange-traded funds (“ETFs”). The Fund’s investments in foreign securities may include American depositary receipts (“ADRs”).
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| Principal Risks | ||||||||||||||||||||||||||||||||||||
As with any mutual fund, there are risks to investing. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Remember, in addition to possibly not achieving your investment goals, you could lose all or a portion of your investment in the Fund over short or even long periods of time. The principal risks of investing in the Fund are: General Market Risk. The Fund’s net asset value and investment return will fluctuate based upon changes in the value of its portfolio securities. Certain securities selected for the Fund’s portfolio may be worth less than the price originally paid for them, or less than they were worth at an earlier time. Management Risk. The Fund may not meet its investment objective or may underperform the market or other mutual funds with similar strategies if the Adviser cannot successfully implement the Fund’s investment strategies. Equity Securities Risk. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific industries, sectors, geographic markets, or companies in which the Fund invests. Small-Cap and Mid-Cap Companies Risk. Securities of small-cap and mid-cap companies may be more volatile and less liquid than the securities of large-cap companies. Value-Style Investing Risk. The Fund’s value investments are subject to the risk that their intrinsic values may not be recognized by the broad market or that their prices may decline. REIT Risk. The real estate industry has been subject to substantial fluctuations and declines on a local, regional and national basis in the past and may continue to be in the future. Also, the value of a REIT can be hurt by economic downturns or by changes in real estate values, rents, property taxes, interest rates, tax treatment, regulations, or the legal structure of a real estate investment trust. ETF Risk. The market price of an ETF will fluctuate based on changes in the ETF’s net asset value as well as changes in the supply and demand of its shares in the secondary market. It is also possible that an active secondary market of an ETF’s shares may not develop and market trading in the shares of the ETF may be halted under certain circumstances. The lack of liquidity in a particular ETF could result in it being more volatile than the ETF’s underlying portfolio of securities. In addition, the Fund will bear its pro rata portion of an ETF’s expenses and the Fund’s expenses may therefore be higher than if it invested directly in securities. Foreign Securities Risk. Investments in securities of foreign issuers involve risks not ordinarily associated with investments in securities and instruments of U.S. issuers, including risks relating to political, social, and economic developments abroad, differences between U.S. and foreign regulatory and accounting requirements, tax risks, and market practices, as well as fluctuations in foreign currencies. ADR Risk. ADRs are generally subject to the same risks as the foreign securities because their values depend on the performance of the underlying foreign securities. ADRs may be purchased through "sponsored" or "unsponsored" facilities. A sponsored facility is established jointly by the issuer of the underlying security and a depositary, whereas a depositary may establish an unsponsored facility without participation by the issuer of the depositary security. Holders of unsponsored ADRs generally bear all the costs of such depositary receipts, and the issuers of unsponsored ADRs frequently are under no obligation to distribute shareholder communications received from the company that issues the underlying foreign securities or to pass through voting rights to the holders of the ADRs. As a result, there may not be a correlation between such information and the market values of unsponsored ADRs. Investment Company Risk. The Fund bears all risks associated with the investment companies (including ETFs) in which it invests, including the risk that an investment company will not successfully implement its investment strategy or meet its investment objective. The Fund also bears its pro rata portion of an investment company’s total expenses, in addition to the Fund’s own expenses, and therefore the Fund’s total expenses may be higher than if it invested directly in the securities held by the investment company. New Fund Risk. The Fund is new with no operating history and there can be no assurance that the Fund will grow to or maintain an economically viable size, in which case the Trust’s Board of Trustees may determine to liquidate the Fund.
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| Performance | ||||||||||||||||||||||||||||||||||||
When the Fund has been in operation for a full calendar year, performance information will be shown here. Performance information, when available, will provide 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 certain periods compare with those of a broad measure of market performance. Past performance (before and after taxes) will not necessarily continue in the future. Updated performance information will be available at www.reinhartfunds.com or by calling (855) 774-3863.
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| Label | Element | Value | ||||
|---|---|---|---|---|---|---|
| Reinhart Genesis PMV Fund | ||||||
| Risk/Return: | rr_RiskReturnAbstract | |||||
| Risk/Return [Heading] | rr_RiskReturnHeading | Reinhart Genesis PMV Fund | ||||
| Objective [Heading] | rr_ObjectiveHeading | Investment Objective | ||||
| Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The Reinhart Genesis PMV Fund (the “Fund”) seeks long-term capital appreciation.
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| Expense [Heading] | rr_ExpenseHeading | Fees and Expenses of the Fund | ||||
| Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
|
||||
| Shareholder Fees Caption [Text] | rr_ShareholderFeesCaption | Shareholder Fees (fees paid directly from your investment) | ||||
| Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||
| Fee Waiver or Reimbursement over Assets, Date of Termination | rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination | Dec. 31, 2018 | ||||
| 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 the annual fund operating expenses or in the Example, affect the Fund’s performance.
|
||||
| Other Expenses, New Fund, Based on Estimates [Text] | rr_OtherExpensesNewFundBasedOnEstimates | Because the Fund is new, Other Expenses are based on estimated amounts for the Fund’s current fiscal year. | ||||
| Expense Example [Heading] | rr_ExpenseExampleHeading | Example | ||||
| Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | This Example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the expense limitation for one year).
|
||||
| Expense Example by, Year, Caption [Text] | rr_ExpenseExampleByYearCaption | Although your actual costs may be higher or lower, based on these assumptions, your costs would be: | ||||
| Strategy [Heading] | rr_StrategyHeading | Principal Investment Strategies | ||||
| Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities issued by small and mid-capitalization (“small-cap or mid-cap”) companies. The Fund considers a company to be a small or mid-cap company if it has a market capitalization, at the time of purchase, within the capitalization range of the Russell 2500TM Index as of the date it was last reconstituted. The market capitalizations within the Index vary, but as of May 31, 2017 they ranged from approximately $0.1 billion to $10.6 billion. The Fund’s investment strategy utilizes the Adviser’s proprietary Private Market Value (“PMV”) methodology to determine a company’s true intrinsic value, which is the amount an acquirer would be willing to pay for the entire company. This PMV becomes the “anchor” by which all decisions by the Adviser are framed within an emotional market. PMV is calculated by observing actual takeover valuations and applying the corresponding, appropriate valuation multiples to each security analyzed. Since stock prices tend to be more volatile than a security’s intrinsic value, this discipline attempts to eliminate the emotion of the markets and identifies objective investment opportunities. The Adviser selects investments for the Fund’s portfolio that generally can be purchased at a discount of 30% or more to the PMV. The Adviser typically sells investments when they reach or are close to reaching the PMV, or due to a change in the fundamentals of the security. In addition, the Adviser emphasizes quality and attempts to find sustainable competitive advantages, one stock at a time, with an overall focus on positive risk/reward to protect capital in challenging markets while capturing most of the upside return when stocks advance. The Fund may invest up to 20% of its net assets in securities of foreign issuers, real estate investment trusts (“REITs”) and securities of other investment companies, including exchange-traded funds (“ETFs”). The Fund’s investments in foreign securities may include American depositary receipts (“ADRs”).
|
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| Risk [Heading] | rr_RiskHeading | Principal Risks | ||||
| Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | As with any mutual fund, there are risks to investing. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Remember, in addition to possibly not achieving your investment goals, you could lose all or a portion of your investment in the Fund over short or even long periods of time. The principal risks of investing in the Fund are: General Market Risk. The Fund’s net asset value and investment return will fluctuate based upon changes in the value of its portfolio securities. Certain securities selected for the Fund’s portfolio may be worth less than the price originally paid for them, or less than they were worth at an earlier time. Management Risk. The Fund may not meet its investment objective or may underperform the market or other mutual funds with similar strategies if the Adviser cannot successfully implement the Fund’s investment strategies. Equity Securities Risk. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific industries, sectors, geographic markets, or companies in which the Fund invests. Small-Cap and Mid-Cap Companies Risk. Securities of small-cap and mid-cap companies may be more volatile and less liquid than the securities of large-cap companies. Value-Style Investing Risk. The Fund’s value investments are subject to the risk that their intrinsic values may not be recognized by the broad market or that their prices may decline. REIT Risk. The real estate industry has been subject to substantial fluctuations and declines on a local, regional and national basis in the past and may continue to be in the future. Also, the value of a REIT can be hurt by economic downturns or by changes in real estate values, rents, property taxes, interest rates, tax treatment, regulations, or the legal structure of a real estate investment trust. ETF Risk. The market price of an ETF will fluctuate based on changes in the ETF’s net asset value as well as changes in the supply and demand of its shares in the secondary market. It is also possible that an active secondary market of an ETF’s shares may not develop and market trading in the shares of the ETF may be halted under certain circumstances. The lack of liquidity in a particular ETF could result in it being more volatile than the ETF’s underlying portfolio of securities. In addition, the Fund will bear its pro rata portion of an ETF’s expenses and the Fund’s expenses may therefore be higher than if it invested directly in securities. Foreign Securities Risk. Investments in securities of foreign issuers involve risks not ordinarily associated with investments in securities and instruments of U.S. issuers, including risks relating to political, social, and economic developments abroad, differences between U.S. and foreign regulatory and accounting requirements, tax risks, and market practices, as well as fluctuations in foreign currencies. ADR Risk. ADRs are generally subject to the same risks as the foreign securities because their values depend on the performance of the underlying foreign securities. ADRs may be purchased through "sponsored" or "unsponsored" facilities. A sponsored facility is established jointly by the issuer of the underlying security and a depositary, whereas a depositary may establish an unsponsored facility without participation by the issuer of the depositary security. Holders of unsponsored ADRs generally bear all the costs of such depositary receipts, and the issuers of unsponsored ADRs frequently are under no obligation to distribute shareholder communications received from the company that issues the underlying foreign securities or to pass through voting rights to the holders of the ADRs. As a result, there may not be a correlation between such information and the market values of unsponsored ADRs. Investment Company Risk. The Fund bears all risks associated with the investment companies (including ETFs) in which it invests, including the risk that an investment company will not successfully implement its investment strategy or meet its investment objective. The Fund also bears its pro rata portion of an investment company’s total expenses, in addition to the Fund’s own expenses, and therefore the Fund’s total expenses may be higher than if it invested directly in the securities held by the investment company. New Fund Risk. The Fund is new with no operating history and there can be no assurance that the Fund will grow to or maintain an economically viable size, in which case the Trust’s Board of Trustees may determine to liquidate the Fund.
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| Risk Lose Money [Text] | rr_RiskLoseMoney | Remember, in addition to possibly not achieving your investment goals, you could lose all or a portion of your investment in the Fund over short or even long periods of time. | ||||
| Risk Not Insured Depository Institution [Text] | rr_RiskNotInsuredDepositoryInstitution | An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. | ||||
| Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance | ||||
| Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | When the Fund has been in operation for a full calendar year, performance information will be shown here. Performance information, when available, will provide 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 certain periods compare with those of a broad measure of market performance. Past performance (before and after taxes) will not necessarily continue in the future. Updated performance information will be available at www.reinhartfunds.com or by calling (855) 774-3863.
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||||
| Performance Information Illustrates Variability of Returns [Text] | rr_PerformanceInformationIllustratesVariabilityOfReturns | Performance information, when available, will provide 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 certain periods compare with those of a broad measure of market performance. | ||||
| Performance One Year or Less [Text] | rr_PerformanceOneYearOrLess | When the Fund has been in operation for a full calendar year, performance information will be shown here. | ||||
| Performance Availability Phone [Text] | rr_PerformanceAvailabilityPhone | (855) 774-3863 | ||||
| Performance Availability Website Address [Text] | rr_PerformanceAvailabilityWebSiteAddress | www.reinhartfunds.com | ||||
| Performance Past Does Not Indicate Future [Text] | rr_PerformancePastDoesNotIndicateFuture | Past performance (before and after taxes) will not necessarily continue in the future. | ||||
| Reinhart Genesis PMV Fund | Investor Class | ||||||
| Risk/Return: | rr_RiskReturnAbstract | |||||
| Shareholder Fees (fees paid directly from your investment) | rr_ShareholderFeeOther | none | ||||
| Management Fees | rr_ManagementFeesOverAssets | 0.95% | ||||
| Distribution (12b-1) Fee | rr_DistributionAndService12b1FeesOverAssets | 0.25% | ||||
| Shareholder Servicing Plan Fee | rr_Component1OtherExpensesOverAssets | 0.15% | ||||
| Other Expenses | rr_OtherExpensesOverAssets | 0.94% | [1] | |||
| Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 2.29% | ||||
| Less: Fee Waiver and Expense Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (1.09%) | [2] | |||
| Total Annual Fund Operating Expenses After Expense Reimbursement | rr_NetExpensesOverAssets | 1.20% | [2] | |||
| Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | $ 122 | ||||
| Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 611 | ||||
| Reinhart Genesis PMV Fund | Advisor Class | ||||||
| Risk/Return: | rr_RiskReturnAbstract | |||||
| Shareholder Fees (fees paid directly from your investment) | rr_ShareholderFeeOther | none | ||||
| Management Fees | rr_ManagementFeesOverAssets | 0.95% | ||||
| Distribution (12b-1) Fee | rr_DistributionAndService12b1FeesOverAssets | none | ||||
| Shareholder Servicing Plan Fee | rr_Component1OtherExpensesOverAssets | 0.15% | ||||
| Other Expenses | rr_OtherExpensesOverAssets | 0.94% | [1] | |||
| Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 2.04% | ||||
| Less: Fee Waiver and Expense Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (1.09%) | [2] | |||
| Total Annual Fund Operating Expenses After Expense Reimbursement | rr_NetExpensesOverAssets | 0.95% | [2] | |||
| Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | $ 97 | ||||
| Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | $ 534 | ||||
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| Label | Element | Value |
|---|---|---|
| Risk/Return: | rr_RiskReturnAbstract | |
| Prospectus Date | rr_ProspectusDate | Dec. 31, 2017 |