XML 34 R2.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Label Element Value
Muhlenkamp Fund  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk/Return [Heading] rr_RiskReturnHeading Muhlenkamp Fund
Objective [Heading] rr_ObjectiveHeading Investment Objectives
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock
The Muhlenkamp Fund (the “Fund”) seeks to maximize total after-tax return to its shareholders through capital appreciation, and income from dividends and interest, consistent with reasonable risk.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock
The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination April 30, 2025
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. During the most recent fiscal year, the Fund’s portfolio turnover rate was 14.72% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 14.72%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The Total Annual Fund Operating Expenses for the Fund do not correlate to the ratio of operating expenses to average net assets in the "Financial Highlights" section of the Fund's Statutory Prospectus, which reflects the operating expenses of the Fund and does not include acquired fund fees and expenses (“AFFE”).
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (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
The Fund principally invests in a diversified list of common stocks of companies of any capitalization, determined by the investment adviser to be highly profitable, yet undervalued. The Adviser looks for companies it believes to have above-average profitability, as measured by corporate return-on-equity, and that sell at below-average prices, as measured by price-to-earnings-ratios. To determine average profitability and average price, the Adviser uses data produced by various independent research organizations. In pursuing its investment objectives, the Fund may also invest in exchange-traded funds (“ETF”s) and in securities of foreign issuers, including American Depositary Receipts (“ADR”s). The Fund may purchase investment grade fixed income or debt securities, of any maturity or duration, from time to time as substitutes for stocks when the Adviser determines that market conditions warrant their purchase. The Fund intends to invest for the long-term, but may sell stocks and other securities regardless of how long they have been held.

At the Adviser’s discretion, the Fund may invest up to 100% of its assets in cash, cash equivalents, and high-quality, short-term debt securities and money market instruments (i) to retain flexibility in meeting redemptions, paying expenses, and identifying and assessing investment opportunities, and (ii) for temporary defensive purposes in response to adverse market, economic or political conditions. Such investments may result in the Fund not achieving its investment objectives.
Risk [Heading] rr_RiskHeading Principal Risks
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock
The accompanying bar chart and performance table 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 broad measures of market performance. Following the bar chart is the Fund’s highest and lowest return for a quarter during the period shown in the bar chart. The performance table compares the performance of the Fund over time to the performance of the Fund’s benchmark index and a supplemental index that tracks the prices of consumer goods. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at https://muhlenkamp.com/.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The accompanying bar chart and performance table 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 broad measures of market performance.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress https://muhlenkamp.com/
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar Year Total Returns as of December 31
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
Best QuarterWorst Quarter
Q2 202022.86%Q1 2020-27.04%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2020
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 22.86%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Mar. 31, 2020
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (27.04%)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for the periods ended December 31, 2023(1)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).
Muhlenkamp Fund | Risk Lose Money [Member]  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk Narrative [Text Block] rr_RiskTextBlock 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.
Muhlenkamp Fund | Risk Not Insured Depository Institution [Member]  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk Narrative [Text Block] rr_RiskTextBlock An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC") or any other governmental agency.
Muhlenkamp Fund | General Market Risk Member  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk Narrative [Text Block] rr_RiskTextBlock General Market Risk. The Fund’s net asset value (“NAV”) 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.
Muhlenkamp Fund | Management Risk Member  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk Narrative [Text Block] rr_RiskTextBlock Management Risk. The Fund may not meet its investment objectives or may underperform mutual funds with similar strategies if the Adviser cannot successfully implement the Fund’s investment strategies.
Muhlenkamp Fund | Equity Securities Risk Member  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk Narrative [Text Block] rr_RiskTextBlock 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 or companies in which the Fund invests.
Muhlenkamp Fund | Large-Cap, Mid-Cap And Small-Cap Companies Risk Member  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk Narrative [Text Block] rr_RiskTextBlock
Large-Cap, Mid-Cap and Small-Cap Companies Risk. The Fund’s investment in larger companies is subject to the risk that larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. Securities of mid-cap and small-cap companies may be more volatile and less liquid than the securities of large-cap companies.
Muhlenkamp Fund | Value-Style Investing Risk Member  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk Narrative [Text Block] rr_RiskTextBlock
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.
Muhlenkamp Fund | ETF Risk Member  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk Narrative [Text Block] rr_RiskTextBlock
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.
Muhlenkamp Fund | Foreign Securities Risk Member  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk Narrative [Text Block] rr_RiskTextBlock
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. There may be less information publicly available about foreign companies than about a U.S. company, and many foreign companies are not subject to accounting, auditing, and financial reporting standards, regulatory framework and practices comparable to those in the U.S.
Muhlenkamp Fund | ADR Risk Member  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk Narrative [Text Block] rr_RiskTextBlock
ADR Risk. ADRs are generally subject to the same risks as 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.
Muhlenkamp Fund | Currency Risk Member  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk Narrative [Text Block] rr_RiskTextBlock
Currency Risk. When the Fund buys or sells securities on a foreign stock exchange, the transaction is undertaken in the local currency rather than in U.S. dollars, which carries the risk that the value of the foreign currency will increase or decrease, which may impact the value of the Fund’s portfolio holdings and your investment. Foreign countries may adopt economic policies and/or currency exchange controls that affect its currency valuations in a disadvantageous manner for U.S. investors and companies and restrict or prohibit the Fund’s ability to repatriate both investment capital and income, which could place the Fund’s assets in such country at risk of total loss.
Muhlenkamp Fund | Debt Securities Risk Member  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk Narrative [Text Block] rr_RiskTextBlock
Debt Securities Risk. The Fund’s investments in debt securities will be subject to credit risk, interest rate risk, prepayment risk, and duration risk. Credit risk is the risk that an issuer will not make timely payments of principal and interest. Interest rate risk is the risk that the value of debt securities fluctuates with changes in interest rates (e.g., increases in interest rates result in a decrease in value of debt securities). The Fund will be exposed to heightened interest rate risk as interest rates rise from historically low levels. Pre-payment risk is the risk that the principal on debt securities will be paid off prior to maturity causing the Fund to invest in debt securities with lower interest rates. Duration risk is the risk that holding long duration and long maturity investments will magnify certain other risks, including interest rate risk and credit risk.
Muhlenkamp Fund | Consumer Price Index - CPI (reflects no deduction for fees, expenses or taxes)  
Prospectus [Line Items] rr_ProspectusLineItems  
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expenses or taxes)
Label rr_AverageAnnualReturnLabel Consumer Price Index - CPI(reflects no deduction for fees, expenses or taxes) [1]
1 Year rr_AverageAnnualReturnYear01 3.35% [1]
5 Years rr_AverageAnnualReturnYear05 4.07% [1]
10 Years rr_AverageAnnualReturnYear10 2.79% [1]
Since Inception rr_AverageAnnualReturnSinceInception 2.70% [1]
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 01, 1988 [1]
Muhlenkamp Fund | S&P 500® Total Return Index (reflects no deduction for fees, expenses or taxes)  
Prospectus [Line Items] rr_ProspectusLineItems  
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expenses or taxes)
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 01, 1988 [1]
Muhlenkamp Fund | Muhlenkamp Fund Class  
Prospectus [Line Items] rr_ProspectusLineItems  
Trading Symbol dei_TradingSymbol MUHLX
Shareholder Fee, Other rr_ShareholderFeeOther none
Management Fees (as a percentage of Assets) rr_ManagementFeesOverAssets 1.00%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses (as a percentage of Assets): rr_OtherExpensesOverAssets 0.25%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.06% [2]
Expenses (as a percentage of Assets) rr_ExpensesOverAssets 1.31%
Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.14%) [3]
Net Expenses (as a percentage of Assets) rr_NetExpensesOverAssets 1.17% [2],[3]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 119
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 387
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 691
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,554
Annual Return 2014 rr_AnnualReturn2014 0.64%
Annual Return 2015 rr_AnnualReturn2015 (6.21%)
Annual Return 2016 rr_AnnualReturn2016 (3.70%)
Annual Return 2017 rr_AnnualReturn2017 18.77%
Annual Return 2018 rr_AnnualReturn2018 (13.29%)
Annual Return 2019 rr_AnnualReturn2019 14.39%
Annual Return 2020 rr_AnnualReturn2020 11.86%
Annual Return 2021 rr_AnnualReturn2021 29.02%
Annual Return 2022 rr_AnnualReturn2022 2.88%
Annual Return 2023 rr_AnnualReturn2023 13.92%
Label rr_AverageAnnualReturnLabel Return Before Taxes [1]
1 Year rr_AverageAnnualReturnYear01 13.92% [1]
5 Years rr_AverageAnnualReturnYear05 14.11% [1]
10 Years rr_AverageAnnualReturnYear10 6.12% [1]
Since Inception rr_AverageAnnualReturnSinceInception 9.08% [1]
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 01, 1988 [1]
Muhlenkamp Fund | Muhlenkamp Fund Class | After Taxes on Distributions  
Prospectus [Line Items] rr_ProspectusLineItems  
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions [1]
1 Year rr_AverageAnnualReturnYear01 13.69% [1]
5 Years rr_AverageAnnualReturnYear05 12.75% [1]
10 Years rr_AverageAnnualReturnYear10 4.47% [1]
Since Inception rr_AverageAnnualReturnSinceInception 8.27% [1]
Muhlenkamp Fund | Muhlenkamp Fund Class | After Taxes on Distributions and Sales  
Prospectus [Line Items] rr_ProspectusLineItems  
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions and Sale of Fund Shares [1]
1 Year rr_AverageAnnualReturnYear01 8.41% [1]
5 Years rr_AverageAnnualReturnYear05 11.11% [1]
10 Years rr_AverageAnnualReturnYear10 4.44% [1]
Since Inception rr_AverageAnnualReturnSinceInception 7.94% [1]
[1] The Muhlenkamp Fund, a series of Wexford Trust, (the “Predecessor Fund”) transferred into the Fund in a tax-free reorganization on September 5, 2014. Performance information shown includes the performance of the Predecessor Fund for periods prior to September 5, 2014.
[2] The Total Annual Fund Operating Expenses for the Fund do not correlate to the ratio of operating expenses to average net assets in the "Financial Highlights" section of the Fund's Statutory Prospectus, which reflects the operating expenses of the Fund and does not include acquired fund fees and expenses (“AFFE”).
[3] Muhlenkamp & Company, Inc. (the “Adviser”) has contractually agreed to waive its management fees, and pay Fund expenses, in order to ensure that effective May 1, 2023, Total Annual Fund Operating Expenses (excluding AFFE, leverage/borrowing interest, interest expense, taxes, brokerage commissions, and extraordinary expenses) do not exceed 1.20% of the Fund’s average daily net assets. Fees waived and expenses paid by the Adviser may be recouped by the Adviser for a period of 36 months following the date on which such fee waiver and expense payment was made if such recoupment can be achieved without exceeding the expense limit in effect at the time the fee waiver and expense payment occurred and the expense limit in place at the time of recoupment. The Operating Expenses Limitation Agreement is indefinite, but cannot be terminated through at least April 30, 2025. Thereafter, the agreement may be terminated at any time upon 60 days’ written notice by the Trust’s Board of Trustees (the “Board”) or the Adviser.