| Label |
Element |
Value |
| Risk Return Abstract |
rr_RiskReturnAbstract |
|
|
| Document Type |
dei_DocumentType |
485BPOS
|
|
| Document Period End Date |
dei_DocumentPeriodEndDate |
Jul. 31, 2018
|
|
| Registrant Name |
dei_EntityRegistrantName |
Eubel Brady & Suttman Mutual Fund Trust
|
|
| Central Index Key |
dei_EntityCentralIndexKey |
0001606378
|
|
| Amendment Flag |
dei_AmendmentFlag |
false
|
|
| Document Creation Date |
dei_DocumentCreationDate |
Nov. 28, 2018
|
|
| Document Effective Date |
dei_DocumentEffectiveDate |
Nov. 28, 2018
|
|
| Prospectus Date |
rr_ProspectusDate |
Dec. 01, 2018
|
|
| Eubel Brady & Suttman Income and Appreciation Fund |
|
|
|
| Risk Return Abstract |
rr_RiskReturnAbstract |
|
|
| Risk/Return [Heading] |
rr_RiskReturnHeading |
EUBEL BRADY & SUTTMAN INCOME AND APPRECIATION FUND
|
|
| Objective [Heading] |
rr_ObjectiveHeading |
INVESTMENT OBJECTIVE
|
|
| Objective, Primary [Text Block] |
rr_ObjectivePrimaryTextBlock |
The Eubel Brady & Suttman Income and Appreciation Fund (the “EBS Income & Appreciation Fund” or the “Fund”) seeks to provide total return through a combination of current income and capital appreciation.
|
|
| Expense [Heading] |
rr_ExpenseHeading |
FEES AND EXPENSES
|
|
| 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 EBS Income & Appreciation Fund.
|
|
| 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
EBS Income & Appreciation 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
60% of the average value of its portfolio.
|
|
| Portfolio Turnover, Rate |
rr_PortfolioTurnoverRate |
60.00%
|
|
| 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 EBS Income & Appreciation 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. 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 circumstances, the EBS Income & Appreciation Fund invests primarily in a diversified portfolio of convertible securities, non-convertible fixed income securities and derivatives. The allocation among these securities will vary based on the Adviser’s assessment of market conditions and it is possible that the Fund may not own all of these securities at the same time. The Fund’s investments in convertible securities may include convertible bonds, convertible preferred stocks, “synthetic” convertible positions, forwards or derivatives that have economic characteristics similar to such securities and hybrids that can be converted into common stock or other securities, such as warrants or options. The Fund may invest in convertible securities of any maturity, credit quality or market capitalization. This may include securities that are rated below investment grade (below the four highest ratings by Moody’s Investors Service, Inc. or Standard & Poors Global Ratings (“S&P”), commonly known as “high yield” or “junk” securities) and those with smaller market capitalizations. The Fund invests primarily in domestic securities and foreign securities that are U.S. dollar denominated.
The Fund may invest in illiquid or thinly traded convertible and non-convertible securities and those that are privately placed but eligible for purchase and sale by certain qualified institutional buyers, as defined under Rule 144A of the Securities Act of 1933. The Fund may also purchase indebtedness and participations in commercial loans. Such investments may be secured and unsecured. The Fund will not invest more than 15% of the value of its net assets in securities or other investments that are illiquid.
The Fund may invest in registered investment companies (“RICs”), such as open-end mutual funds, exchange-traded funds (“ETFs”) and closed-end funds, primarily when it receives a large inflow of cash through shareholder purchases to gain prompt exposure to the markets. The Fund may also invest in money market instruments (including commercial paper) at any time to maintain liquidity or pending selection of investments in accordance with its strategies.
The Fund may invest up to 20% of its net assets in common stock and preferred stock. Such exposure could come from conversion or direct purchases. At times, the Fund may emphasize investments in one or more particular business sectors of the market.
In
selecting investments for the Fund, the Adviser will attempt to identify a security that is trading at an attractive yield relative
to the Adviser’s evaluation of the issuer’s creditworthiness. The Adviser may consider such factors as the conversion
price, conversion premium, option adjusted yield, maturity and the potential price appreciation of the issuer’s common stock.
In assessing a company’s creditworthiness and appreciation potential, the Adviser will typically focus on fundamentals such
as: its balance sheet, debt coverage, contingent liabilities, capital structure, access to capital, ability or potential to generate
cash flow, earnings, and ability to sustain profit margins and other factors.
|
|
| Risk [Heading] |
rr_RiskHeading |
PRINCIPAL RISKS
|
|
| Risk Narrative [Text Block] |
rr_RiskNarrativeTextBlock |
As with any mutual fund investment, the Fund’s returns will vary and you could lose money on your investment in the EBS Income & Appreciation Fund over short or long periods. There is no guarantee that the Fund will achieve its investment objective and the Fund may not be appropriate for use as a complete investment program. The Fund is subject to certain other risks, including the following:
Convertible Security Risk. Convertible securities are hybrid securities and subject to the risks associated with both fixed income and equity investments. The price of convertible securities may fluctuate in response to price changes in the underlying stock.
Convertible securities are normally considered “junior” to secured securities, meaning the company must pay interest on its nonconvertible secured debt before it can make payments on its convertible securities. Therefore, the credit rating of a company’s convertible securities is generally lower than on its secured nonconvertible debt securities.
Certain convertible securities are typically issued and sold through transactions under Rule 144A of the Securities Act of 1933 and the Adviser will determine whether these securities are liquid. If any Rule 144A or non-Rule 144A security held by the Fund should become illiquid, the value of the security may be reduced and a sale of the security may be more difficult.
Convertible bonds pay interest and
are convertible into common stocks or their equivalent value. In general, a convertible bond performs more like a stock when the
price of the underlying stock is high (because it is assumed that it will be converted into the stock) and more like a bond when
the price of the underlying stock is low (because it is assumed that it will mature without being converted) relative to its conversion
price.
Availability
Risk. Depending upon market conditions, convertible securities that meet the Fund’s
investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. This may limit
the ability of the Fund to produce current income and capital appreciation while remaining fully diversified.
Call Risk. Some of the convertible securities that the Fund may own may be “callable”, which means the issuer can redeem the security prior to its maturity. When interest rates are low, an issuer will often redeem its callable securities early. In such a circumstance, the Fund may have to invest its investment proceeds from the callable security in another security offering a lower yield.
Synthetic Convertible Risk. The value of a synthetic convertible will respond differently to market fluctuations than a convertible security because a synthetic convertible is composed of two or more separate securities, each with its own market value. In addition, if the value of the underlying common stock or the level of the index involved in the convertible component falls below the exercise price of the warrant or option, the warrant or option may lose all value.
Derivatives
Risk. The success of the EBS Income & Appreciation Fund’s investment
strategies may also depend on the Adviser’s skill in investing in derivatives, such as writing (selling) put and call
options on securities. The use of derivatives requires special skills and knowledge of investment techniques that are
different than those normally required for purchasing and selling securities, including the ability of the Adviser to
correctly predict changes in the level and direction of movements in the value of the underlying security. The use of
derivatives also involves the risk of loss as a result of the failure of another party to the contract (counterparty) to make
the required payments or otherwise comply with the terms of the contract. The risk of derivatives may be different from the
risks associated with investing directly in the underlying assets, including the risk that changes in the value of a
derivative held by the Fund may not correlate with the Fund’s other investments.
Credit Risk. Credit risk is the risk that the issuer of a security will not be able to make payments of interest and principal when due. Deterioration in the financial condition of an issuer or deterioration in general economic conditions could cause an issuer to fail to make timely payments of principal and interest, when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may affect the value of the Fund’s investments in that issuer. Lower rated securities (commonly known as “high yield” or “junk” securities), are considered primarily speculative with respect to an issuer’s continuing ability to make principal and interest payments, when due.
U.S. Government securities are subject to varying degrees of credit risk, depending upon whether the securities are supported by the full faith and credit of the U.S. Government, the ability to borrow from the U.S. Treasury, or only by the credit of the issuing U.S. Government agency, instrumentality or corporation. No assurance can be given that the U.S. Government will provide financial support to U.S. Government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law.
Interest Rate Risk. The price of a fixed income security is generally expected to decline during periods of rising interest rates. The magnitude of these fluctuations will generally be greater if the Fund holds securities with longer maturities and/or lower quality ratings. Following the financial crisis that began in 2007, the Federal Reserve Board (the “Federal Reserve”) kept the federal funds rate near 0% and purchased large quantities of U.S. government securities in the open market (“Quantitative Easing”). The decision by the Federal Reserve in 2017 to raise the federal funds rate and taper Quantitative Easing, and the possibility that interest rates will continue to rise, may cause fixed income securities to experience a heightened level of interest rate risk.
Liquidity Risk. Liquidity risk is the risk that a security cannot be sold at an advantageous time and/or price in the secondary market, which could prevent the Fund from selling an investment at the approximate price that it is valued or the time it desires to sell. If a fixed income security is downgraded or drops in price, the market demand may be limited, potentially making that security difficult to sell. Additionally, the market for certain securities may become illiquid under adverse market or economic conditions, independent of any specific adverse changes in the conditions of a particular issuer. Liquidity risk may be magnified in a rising interest rate environment or in other circumstances where investor redemptions from fixed income mutual funds may be higher than normal. The capacity of traditional dealers to engage in fixed income trading has not kept pace with the fixed income market’s growth, causing dealer inventories to be at or near historical lows relative to market size. The reduction in dealer inventories could lead to decreased liquidity and increased volatility which may become exacerbated during periods of economic or political stress. Lower rated securities can be subject to greater levels of liquidity risk.
Risks of Investments in RICs. Investments by the Fund in other investment companies, including ETFs, will expose investors to the risk that the underlying fund manager may change objectives which may or may not parallel the investment direction of the Fund. When the Fund invests in shares of RICs, there will be some duplication of expenses because it will indirectly pay a proportion of the RIC’s operating expenses.
Indebtedness Risk. Indebtedness is different from traditional debt securities in that debt securities are part of a large issue of securities to the public and indebtedness may not be a security, but may represent a specific commercial loan to a borrower. Loan participations typically represent direct participation, together with other parties, in a loan to a corporate borrower, and generally are offered by banks or other financial institutions or lending syndicates. The Fund may participate in such syndications, or can buy part of a loan, becoming a part lender. In addition, the Fund, or an agent of the Fund, may act as agent for the loan and be responsible for the collection of principal and interest payments from the corporate borrower. If the Fund enters into a lending arrangement, this type of investment may be considered an illiquid investment and may be difficult to sell or unwind in a timely manner. The Fund’s investments in indebtedness involve the risk of loss in case of default or insolvency of the borrower and the possibility of less legal protection in the event of fraud or misrepresentation.
The Fund’s investments in indebtedness, loan participations and assignments may subject the Fund to losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses.
Tax Risk. The federal income tax treatment of convertible securities or other securities in which the EBS Income & Appreciation Fund may invest may not be clear or may be subject to re-characterization by the Internal Revenue Service.
Foreign Investment Risk. Investments in foreign securities are subject to the risk that world events, such as political upheaval or financial problems will adversely affect the value of securities issued in foreign countries or regions. The value of foreign investments may be affected by the imposition of new government regulations, changes in diplomatic relations between the U.S. and another country, political and economic instability, the imposition or tightening of exchange controls, increased taxation and confiscation of investor assets. Foreign economies may be less stable than the U.S. economy and foreign securities may not be subject to uniform audit or disclosure standards.
Sector
Risk. An emphasis in one or more particular business sectors may cause the Fund’s share
price to be more susceptible to the financial, market or economic events affecting issuers and industries within those sectors
than would be the case for a mutual fund that does not emphasize investment in particular sectors. The sectors that the Fund may
emphasize will vary from time to time. As of July 31, 2018, the Fund had 27.8% of the value of its net assets invested in securities
within the Financials sector. Companies in the Financials sector could be affected by, among other things, changes in interest
rates, debt defaults, availability of financing and regulatory changes.
Market
Risk. The return on and value of an equity security will fluctuate in response to stock
market movements. Common and preferred stocks and other equity securities are subject to market risks, such as a rapid increase
or decrease in a stock’s value or liquidity, and fluctuations in price due to earnings, economic conditions and other factors
beyond the control of the Adviser. A company’s share price may decline if a company does not perform as expected, if it
is not well managed, if there is a decreased demand for its products or services, or during periods of economic uncertainty or
stock market turbulence, among other circumstances. As a result, you could lose money over short or long term periods.
|
|
| Risk Lose Money [Text] |
rr_RiskLoseMoney |
As with any mutual fund investment, the Fund's returns will vary and you could lose money on your investment in the EBS Income & Appreciation Fund over short or long periods.
|
|
| Bar Chart and Performance Table [Heading] |
rr_BarChartAndPerformanceTableHeading |
PERFORMANCE SUMMARY
|
|
| Performance Narrative [Text Block] |
rr_PerformanceNarrativeTextBlock |
The
bar chart and performance table that follow provide some indication of the risks and variability of investing in the EBS Income
& Appreciation Fund. The bar chart shows the Fund’s performance for each full calendar year of the Fund’s operations.
The performance table shows how the Fund’s average annual total returns for 1 year and the period since its inception compare
with those of a broad measure of market performance. The ICE BofA Merrill Lynch U.S. Total Return Alternatives Index and the ICE
BofA Merrill Lynch 1-10 Year Corporate Index are included as additional comparative indices because they are representative of
fixed income securities that may be held by the Fund. How the Fund has performed in the past (before and after taxes) is not necessarily
an indication of how the Fund will perform in the future. Updated performance information, current through the most recent month
end, is available by calling 1-(800) 391-1223.
|
|
| Performance Information Illustrates Variability of Returns [Text] |
rr_PerformanceInformationIllustratesVariabilityOfReturns |
The bar chart and performance table that follow provide some indication of the risks and variability of investing in the EBS Income & Appreciation Fund.
|
|
| Performance Additional Market Index [Text] |
rr_PerformanceAdditionalMarketIndex |
The ICE BofA Merrill Lynch U.S. Total Return Alternatives Index and the ICE BofA Merrill Lynch 1-10 Year Corporate Index are included as additional comparative indices because they are representative of fixed income securities that may be held by the Fund.
|
|
| Performance Availability Phone [Text] |
rr_PerformanceAvailabilityPhone |
1-(800) 391-1223
|
|
| Performance Past Does Not Indicate Future [Text] |
rr_PerformancePastDoesNotIndicateFuture |
How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
|
|
| Bar Chart Closing [Text Block] |
rr_BarChartClosingTextBlock |
The
Fund’s 2018 year-to-date return through September 30, 2018 is –0.05%.
During the periods shown in the bar chart, the highest return for a quarter was 3.45% during the quarter ended June 30, 2016 and the lowest return for a quarter was –2.40% during the quarter ended September 30, 2015.
|
|
| Performance Table Heading |
rr_PerformanceTableHeading |
Average Annual Total Returns For Periods Ended December 31, 2017:
|
|
| Performance Table Uses Highest Federal Rate |
rr_PerformanceTableUsesHighestFederalRate |
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
|
|
| Performance Table Not Relevant to Tax Deferred |
rr_PerformanceTableNotRelevantToTaxDeferred |
Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
|
|
| Performance Table Narrative |
rr_PerformanceTableNarrativeTextBlock |
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 an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
|
|
| Eubel Brady & Suttman Income and Appreciation Fund | Eubel Brady & Suttman Income and Appreciation Fund Shares |
|
|
|
| Risk Return Abstract |
rr_RiskReturnAbstract |
|
|
| Trading Symbol |
dei_TradingSymbol |
EBSZX
|
|
| Shareholder Fees (fees paid directly from your investment) |
rr_MaximumCumulativeSalesChargeOverOfferingPrice |
none
|
|
| Management Fees |
rr_ManagementFeesOverAssets |
none
|
[1] |
| Distribution (12b-1) Fees |
rr_DistributionAndService12b1FeesOverAssets |
none
|
|
| Other Expenses |
rr_OtherExpensesOverAssets |
0.21%
|
|
| Shareholder Service Fees |
ebs_ShareholderServiceFees |
0.04%
|
[2] |
| Total Annual Fund Operating Expenses |
rr_ExpensesOverAssets |
0.25%
|
|
| One Year |
rr_ExpenseExampleYear01 |
$ 26
|
|
| Three Years |
rr_ExpenseExampleYear03 |
80
|
|
| Five Years |
rr_ExpenseExampleYear05 |
141
|
|
| Ten Years |
rr_ExpenseExampleYear10 |
$ 318
|
|
| Annual Return 2015 |
rr_AnnualReturn2015 |
(4.71%)
|
|
| Annual Return 2016 |
rr_AnnualReturn2016 |
10.38%
|
|
| Annual Return 2017 |
rr_AnnualReturn2017 |
4.46%
|
|
| Year to Date Return, Label |
rr_YearToDateReturnLabel |
year-to-date return
|
|
| Bar Chart, Year to Date Return, Date |
rr_BarChartYearToDateReturnDate |
Sep. 30, 2018
|
|
| Bar Chart, Year to Date Return |
rr_BarChartYearToDateReturn |
(0.05%)
|
|
| Highest Quarterly Return, Label |
rr_HighestQuarterlyReturnLabel |
highest return for a quarter
|
|
| Highest Quarterly Return, Date |
rr_BarChartHighestQuarterlyReturnDate |
Jun. 30, 2016
|
|
| Highest Quarterly Return |
rr_BarChartHighestQuarterlyReturn |
3.45%
|
|
| Lowest Quarterly Return, Label |
rr_LowestQuarterlyReturnLabel |
lowest return for a quarter
|
|
| Lowest Quarterly Return, Date |
rr_BarChartLowestQuarterlyReturnDate |
Sep. 30, 2015
|
|
| Lowest Quarterly Return |
rr_BarChartLowestQuarterlyReturn |
(2.40%)
|
|
| 1 Year |
rr_AverageAnnualReturnYear01 |
4.46%
|
|
| Since Inception |
rr_AverageAnnualReturnSinceInception |
3.18%
|
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Sep. 30, 2014
|
|
| Eubel Brady & Suttman Income and Appreciation Fund | After Taxes on Distributions | Eubel Brady & Suttman Income and Appreciation Fund Shares |
|
|
|
| Risk Return Abstract |
rr_RiskReturnAbstract |
|
|
| 1 Year |
rr_AverageAnnualReturnYear01 |
3.26%
|
|
| Since Inception |
rr_AverageAnnualReturnSinceInception |
1.92%
|
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Sep. 30, 2014
|
|
| Eubel Brady & Suttman Income and Appreciation Fund | After Taxes on Distributions and Sales | Eubel Brady & Suttman Income and Appreciation Fund Shares |
|
|
|
| Risk Return Abstract |
rr_RiskReturnAbstract |
|
|
| 1 Year |
rr_AverageAnnualReturnYear01 |
2.51%
|
|
| Since Inception |
rr_AverageAnnualReturnSinceInception |
1.87%
|
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Sep. 30, 2014
|
|
| Eubel Brady & Suttman Income and Appreciation Fund | ICE BofA Merrill Lynch U.S. Yield Alternatives Index (reflects no deduction for fees, expenses, or taxes) |
|
|
|
| Risk Return Abstract |
rr_RiskReturnAbstract |
|
|
| 1 Year |
rr_AverageAnnualReturnYear01 |
9.44%
|
|
| Since Inception |
rr_AverageAnnualReturnSinceInception |
2.42%
|
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Sep. 30, 2014
|
|
| Eubel Brady & Suttman Income and Appreciation Fund | ICE BofA Merrill Lynch U.S. Total Return Alternatives Index (reflects no deduction for fees, expenses, or taxes) |
|
|
|
| Risk Return Abstract |
rr_RiskReturnAbstract |
|
|
| 1 Year |
rr_AverageAnnualReturnYear01 |
12.68%
|
|
| Since Inception |
rr_AverageAnnualReturnSinceInception |
6.39%
|
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Sep. 30, 2014
|
|
| Eubel Brady & Suttman Income and Appreciation Fund | ICE BofA Merrill Lynch 1-10 Year Corporate Index (reflects no deduction for fees, expenses, or taxes) |
|
|
|
| Risk Return Abstract |
rr_RiskReturnAbstract |
|
|
| 1 Year |
rr_AverageAnnualReturnYear01 |
4.08%
|
|
| Since Inception |
rr_AverageAnnualReturnSinceInception |
3.04%
|
|
| Inception Date |
rr_AverageAnnualReturnInceptionDate |
Sep. 30, 2014
|
|
| Eubel Brady & Suttman Income Fund |
|
|
|
| Risk Return Abstract |
rr_RiskReturnAbstract |
|
|
| Risk/Return [Heading] |
rr_RiskReturnHeading |
EUBEL BRADY & SUTTMAN INCOME FUND
|
|
| Objective [Heading] |
rr_ObjectiveHeading |
INVESTMENT OBJECTIVE
|
|
| Objective, Primary [Text Block] |
rr_ObjectivePrimaryTextBlock |
The Eubel Brady & Suttman Income Fund (the “EBS Income Fund” or the “Fund”) seeks to preserve capital, produce income and maximize total return.
|
|
| Expense [Heading] |
rr_ExpenseHeading |
FEES AND EXPENSES
|
|
| 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 EBS Income Fund.
|
|
| 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
EBS Income 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 65% of the average
value of its portfolio.
|
|
| Portfolio Turnover, Rate |
rr_PortfolioTurnoverRate |
65.00%
|
|
| 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 EBS Income 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. 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 circumstances, the EBS Income Fund invests in a diversified portfolio of income producing securities. These securities may include, but are not limited to, securities issued by the U.S. Government, its agencies and instrumentalities, corporate and municipal bonds, mortgage and asset-backed securities, collateralized mortgage obligations, convertible bonds, floating rate and inverse floating rate securities, zero coupon bonds, loans, money market instruments (including commercial paper) and shares of other RICs. The Fund may invest in securities of any maturity, credit quality or market capitalization. This may include securities that are rated below investment grade (below the four highest ratings by Moody’s Investors Service, Inc. or S&P Global Ratings, commonly known as “high yield” or “junk” securities) and those with smaller market capitalizations. The Fund will invest primarily in domestic securities or foreign securities that are U.S. dollar denominated. The Fund may also invest in individual fixed and variable rate interest income producing secured notes and secured notes with a fixed or variable rate and shared appreciation component. Each note would represent a loan made to an individual or entity. Such notes would be acquired by the Fund through direct origination with the borrower.
The EBS Income Fund may invest in illiquid
or thinly traded fixed income securities and those that are privately placed but eligible for purchase and sale by certain qualified
institutional buyers, as defined under Rule 144A of the Securities Act of 1933. The Fund may also purchase indebtedness and participation
in commercial loans. Such investments may be secured and unsecured. The Fund will not invest more than 15% of the value of its
net assets in securities or other investments that are illiquid.
The EBS Income Fund may seek modest capital appreciation by investing up to 10% of its net assets in equities, including common stock, preferred stock, and convertible preferred stock. The Fund may invest in money market instruments at any time to maintain liquidity or pending selection of investments.
In selecting investments for the Fund, the Adviser will attempt to identify securities that it believes offer an attractive yield and total return relative to the Adviser’s evaluation of the issuer’s creditworthiness. Using fundamental security analysis, the Adviser seeks to identify securities that may have a comparatively higher yield than another security of similar credit quality or duration, securities whose price may increase in anticipation of an interest rate decline, securities that have potential for a credit upgrade, or securities of companies that have the ability or potential to generate adequate cash flow and earnings to meet interest and principal payments when due. The Adviser’s credit and equity analysis typically contemplates, among other factors, a company’s balance sheet, capital structure, access to capital, ability to sustain and/or grow its business, its competition, and the global environment in which the company operates.
|
|
| Risk [Heading] |
rr_RiskHeading |
PRINCIPAL RISKS
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| Risk Narrative [Text Block] |
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As with any mutual fund investment, the Fund’s returns will vary and you could lose money on your investment in the EBS Income Fund over short or long periods. There is no guarantee that the Fund will achieve its investment objective and the Fund may not be appropriate for use as a complete investment program. The EBS Income Fund is subject to certain risks, including the following:
Call Risk. Some of the securities that the Fund may own may be “callable”, which means the issuer can redeem the security prior to its maturity. When interest rates are low, an issuer will often redeem its callable securities early. In such a circumstance, the Fund may have to invest its investment proceeds from the callable security in another security offering a lower yield.
Credit Risk. Credit risk is the risk that the issuer of a security will not be able to make payments of interest and principal when due. Deterioration in the financial condition of an issuer or deterioration in general economic conditions could cause an issuer to fail to make timely payments of principal and interest, when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may affect the value of the Fund’s investments in that issuer. Lower rated securities (commonly known as “high yield” or “junk” securities) are considered primarily speculative with respect to an issuer’s continuing ability to make principal and interest payments, when due.
U.S. Government securities are subject to varying degrees of credit risk, depending upon whether the securities are supported by the full faith and credit of the U.S. Government, the ability to borrow from the U.S. Treasury, or only by the credit of the issuing U.S. Government agency, instrumentality or corporation. No assurance can be given that the U.S. Government will provide financial support to U.S. Government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law.
Interest
Rate Risk. The price of a fixed income security is generally expected to decline during periods
of rising interest rates. The magnitude of these fluctuations will generally be greater if the Fund holds securities with longer
maturities and/or lower quality ratings. Following the financial crisis that began in 2007, the Federal Reserve kept the federal
funds rate near 0% and purchased large quantities of U.S. government securities in the open market (“Quantitative Easing”).
The decision by the Federal Reserve in 2017 to raise the federal funds rate and taper Quantitative Easing, and the possibility
that interest rates will continue to rise, may cause fixed income securities to experience a heightened level of interest rate
risk.
Liquidity
Risk. Liquidity risk is the risk that a security cannot be sold at an advantageous time
and/or price in the secondary market, which could prevent the Fund from selling an investment at the approximate price that it
is valued or the time it desires to sell. If a fixed income security is downgraded or drops in price, the market demand may be
limited, potentially making that security difficult to sell. Additionally, the market for certain securities may become illiquid
under adverse market or economic conditions, independent of any specific adverse changes in the conditions of a particular issuer.
Liquidity risk may be magnified in a rising interest rate environment or in other circumstances where investor redemptions from
fixed income mutual funds may be higher than normal. The capacity of traditional dealers to engage in fixed income trading has
not kept pace with the fixed income market’s growth, causing dealer inventories to be at or near historical lows relative
to market size. The reduction in dealer inventories could lead to decreased liquidity and increased volatility which may become
exacerbated during periods of economic or political stress. Lower rated securities can be subject to greater levels of liquidity
risk.
U.S. Government Securities Risk.
The Fund invests in securities issued by or guaranteed by the U.S. Government or its agencies and instrumentalities (such as the
Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae) or the Federal Home
Loan Mortgage Corporation (Freddie Mac) securities). The timely payment of principal and interest of the securities issued only
by some of these agencies and instrumentalities is backed by the full faith and credit of the U.S. Government. No assurance can
be given that the U.S. Government would provide financial support to its agencies and instrumentalities if not required to do
so by law.
Mortgage-Backed Securities Risk.
Mortgage-backed securities are subject to varying degrees of credit risk, depending on whether they are issued by agencies or
instrumentalities of the U.S. Government (including those whose securities are neither guaranteed nor insured by the U.S. Government)
or by non-governmental issuers, interest rate risk and prepayment risk, especially when interest rates decline. Mortgage-backed
securities may also be subject to risks unique to the housing industry, including mortgage lending practices, defaults, foreclosures
and changes in real estate values.
Asset-Backed Securities Risk. Asset-backed
securities may be affected by factors concerning the interests in and structure of the issuer or the originator of the receivables,
the creditworthiness of the entities that provide any supporting letters of credit or other credit enhancements or the market’s
assessment of the quality of the underlying security.
Municipal Bond Risk. The risk of
a municipal bond depends on the financial and credit status of the issuer. Changes in a municipality’s financial health
may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund’s
income or hurt the ability to preserve capital and liquidity. In addition, changes in federal tax laws or the activity of an issuer
may adversely affect the tax-exempt status of municipal bonds.
Senior
Floating Rate Securities Risk. Investments in these types of securities may expose the Fund
to a greater degree of credit risk (including default and bankruptcy), liquidity risk and valuation risk than other investments.
Investments in inverse floating rate securities typically involve greater risk than investments in municipal bonds of comparable
maturity and credit quality and their values are more volatile than municipal bonds due to the leverage they entail.
Risks of Investments in RICs. Investments by the Fund in other investment companies, including ETFs, will expose investors to the risk that the underlying fund manager may change objectives which may or may not parallel the investment direction of the Fund. When the Fund invests in shares of RICs, there will be some duplication of expenses because it will indirectly pay a proportion of the RIC’s operating expenses.
Indebtedness
Risk. Indebtedness is different from traditional debt securities in that debt
securities are part of a large issue of securities to the public and indebtedness may not be a security, but may represent a
specific commercial loan to a borrower. Loan participations typically represent direct participation, together with other
parties, in a loan to a corporate borrower, and generally are offered by banks or other financial institutions or lending
syndicates. The Fund may participate in such syndications, or can buy part of a loan, becoming a part lender. In addition,
the Fund, or an agent of the Fund, may act as agent for the loan and be responsible for the collection of principal and
interest payments from the corporate borrower. If the Fund enters into a lending arrangement, this type of investment may be
considered an illiquid investment and may be difficult to sell or unwind in a timely manner. The Fund’s
investments in indebtedness involve the risk of loss in case of default or insolvency of the borrower and the possibility of
less legal protection in the event of fraud or misrepresentation.
The Fund’s investments in indebtedness, loan participations and assignments may subject the Fund to losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses.
Sector
Risk. An emphasis in one or more particular business sectors may cause the value of the Fund’s
share price to be more susceptible to the financial, market or economic events affecting issuers and industries within those sectors
than would be the case for a mutual fund that does not emphasize investment in particular sectors. The sectors that the Fund may
emphasize will vary from time to time. As of July 31, 2018, the Fund had 29.4% of the value of its net assets invested in securities
within the Financials sector. Companies in the Financials sector could be affected by, among other things, changes in interest
rates, debt defaults, availability of financing and regulatory changes.
Market
Risk. The return on and value of an equity security will fluctuate in response to stock market
movements. Common and preferred stocks and other equity securities are subject to market risks, such as a rapid increase or decrease
in a stock’s value or liquidity, and fluctuations in price due to earnings, economic conditions and other factors beyond
the control of the Adviser. A company’s share price may decline if a company does not perform as expected, if it is not
well managed, if there is a decreased demand for its products or services, or during periods of economic uncertainty or stock
market turbulence, among other circumstances. As a result, you could lose money over short or long term periods.
Foreign Investment Risk. Investments in foreign securities are subject to the risk that world events, such as political upheaval or financial problems will adversely affect the value of securities issued in foreign countries or regions. The value of foreign investments may be affected by the imposition of new government regulations, changes in diplomatic relations between the U.S. and another country, political and economic instability, the imposition or tightening of exchange controls, increased taxation and confiscation of investor assets. Foreign economies may be less stable than the U.S. economy and foreign securities may not be subject to uniform audit or disclosure standards.
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| Risk Lose Money [Text] |
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As with any mutual fund investment, the Fund's returns will vary and you could lose money on your investment in the EBS Income Fund over short or long periods.
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| Bar Chart and Performance Table [Heading] |
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PERFORMANCE SUMMARY
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| Performance Narrative [Text Block] |
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The
bar chart and performance table that follow provide some indication of the risks and variability of investing in the EBS Income
Fund. The bar chart shows the Fund’s performance for each full calendar year of the Fund’s operations. The performance
table shows how the Fund’s average annual total returns for 1 year and the period since its inception compare with those
of a broad measure of market performance. The ICE BofA Merrill Lynch U.S. Corporate and Government 1-10 Year Index is included
as an additional comparative index because it is representative of fixed income securities that may be held by the Fund. How the
Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Updated performance information, current through the most recent month end, is available by calling 1-(800) 391-1223.
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| Performance Information Illustrates Variability of Returns [Text] |
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The bar chart and performance table that follow provide some indication of the risks and variability of investing in the EBS Income Fund.
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| Performance Additional Market Index [Text] |
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The ICE BofA Merrill Lynch U.S. Corporate and Government 1-10 Year Index is included as an additional comparative index because it is representative of fixed income securities that may be held by the Fund.
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| Performance Availability Phone [Text] |
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1-(800) 391-1223
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| Performance Past Does Not Indicate Future [Text] |
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How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
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| Bar Chart Closing [Text Block] |
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The
Fund’s 2018 year-to-date return through September 30, 2018 is 1.08%.
During the periods shown in the bar chart, the highest return for a quarter was 2.88% during the quarter ended June 30, 2016 and the lowest return for a quarter was –1.27% during the quarter ended December 31, 2015.
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| Performance Table Heading |
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Average Annual Total Returns For Periods Ended December 31, 2017:
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| Performance Table Uses Highest Federal Rate |
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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.
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| Performance Table Not Relevant to Tax Deferred |
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Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
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| Performance Table Narrative |
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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 an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
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| Eubel Brady & Suttman Income Fund | Eubel Brady & Suttman Income Fund Shares |
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| Risk Return Abstract |
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| Trading Symbol |
dei_TradingSymbol |
EBSFX
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| Shareholder Fees (fees paid directly from your investment) |
rr_MaximumCumulativeSalesChargeOverOfferingPrice |
none
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| Management Fees |
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none
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[3] |
| Distribution (12b-1) Fees |
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none
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| Other Expenses |
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0.16%
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| Shareholder Service Fees |
ebs_ShareholderServiceFees |
0.04%
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[2] |
| Total Annual Fund Operating Expenses |
rr_ExpensesOverAssets |
0.20%
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| One Year |
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$ 20
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| Three Years |
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65
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| Five Years |
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113
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| Ten Years |
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$ 256
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| Annual Return 2015 |
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(1.10%)
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| Annual Return 2016 |
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6.46%
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| Annual Return 2017 |
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1.75%
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| Year to Date Return, Label |
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year-to-date return
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| Bar Chart, Year to Date Return, Date |
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Sep. 30, 2018
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| Bar Chart, Year to Date Return |
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1.08%
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| Highest Quarterly Return, Label |
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highest return for a quarter
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| Highest Quarterly Return, Date |
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Jun. 30, 2016
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| Highest Quarterly Return |
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2.88%
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| Lowest Quarterly Return, Label |
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lowest return for a quarter
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| Lowest Quarterly Return, Date |
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Dec. 31, 2015
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| Lowest Quarterly Return |
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(1.27%)
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| 1 Year |
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1.75%
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| Since Inception |
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2.04%
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| Inception Date |
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Sep. 30, 2014
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| Eubel Brady & Suttman Income Fund | After Taxes on Distributions | Eubel Brady & Suttman Income Fund Shares |
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| Risk Return Abstract |
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| 1 Year |
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0.72%
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| Since Inception |
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1.05%
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| Inception Date |
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Sep. 30, 2014
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| Eubel Brady & Suttman Income Fund | After Taxes on Distributions and Sales | Eubel Brady & Suttman Income Fund Shares |
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| Risk Return Abstract |
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| 1 Year |
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0.99%
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| Since Inception |
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1.11%
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| Inception Date |
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Sep. 30, 2014
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| Eubel Brady & Suttman Income Fund | ICE BofA Merrill Lynch U.S. Corporate & Government Master Index (reflects no deduction for fees, expenses, or taxes) |
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| Risk Return Abstract |
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| 1 Year |
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4.03%
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| Since Inception |
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2.81%
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| Inception Date |
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Sep. 30, 2014
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| Eubel Brady & Suttman Income Fund | ICE BofA Merrill Lynch U.S. Corporate & Government 1-10 Year Index (reflects no deduction for fees, expenses, or taxes) |
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| Risk Return Abstract |
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| 1 Year |
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2.17%
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| Since Inception |
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1.96%
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| Inception Date |
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Sep. 30, 2014
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