0001398344-18-016230.txt : 20181109 0001398344-18-016230.hdr.sgml : 20181109 20181109100420 ACCESSION NUMBER: 0001398344-18-016230 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 18 FILED AS OF DATE: 20181109 DATE AS OF CHANGE: 20181109 EFFECTIVENESS DATE: 20181109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FORUM FUNDS CENTRAL INDEX KEY: 0000315774 IRS NUMBER: 010516963 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-67052 FILM NUMBER: 181171691 BUSINESS ADDRESS: STREET 1: THREE CANAL PLAZA CITY: PORTLAND STATE: ME ZIP: 04101 BUSINESS PHONE: 2073472000 MAIL ADDRESS: STREET 1: FORUM FUNDS STREET 2: THREE CANAL PLAZA CITY: PORTLAND STATE: ME ZIP: 04101 FORMER COMPANY: FORMER CONFORMED NAME: FORUM FUNDS INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: FAHNESTOCK DAILY INCOME FUND INC DATE OF NAME CHANGE: 19870617 FORMER COMPANY: FORMER CONFORMED NAME: DAILY INCOME EXTENSION FUND INC DATE OF NAME CHANGE: 19810607 0000315774 S000004568 DF Dent Premier Growth Fund C000012489 DF Dent Premier Growth Fund DFDPX 0000315774 S000033130 DF Dent Midcap Growth Fund C000102025 Investor Shares DFDMX C000195205 Institutional Shares DFMGX 0000315774 S000037552 DF Dent Small Cap Growth Fund C000115949 Investor Shares DFDSX C000195206 Institutional Shares DFSGX 497 1 fp0036899_497-xbrl.htm

FORUM FUNDS

THREE CANAL PLAZA, SUITE 600

PORTLAND, MAINE 04101

 

November 9, 2018

 

VIA EDGAR

 

U.S. Securities and Exchange Commission

100 F Street, NE

Washington, DC 20549

 

Re:Forum Funds (the “Trust” or “Registrant”)

File Nos. 002-67052/811-03023

Filing Pursuant to Rule 497(c)

 

Ladies and Gentlemen:

 

Pursuant to Rule 497(c) of the Securities Act of 1933, as amended, (the “1933 Act”) are exhibits containing interactive data format risk/return summary information that reflects the risk/return summary information in the Prospectus dated November 1, 2018, as re-filed on November 1, 2018, for the DF Dent Premier Growth Fund, the DF Dent Mid Cap Growth Fund, and the DF Dent Small Cap Growth Fund, each a series of the Registrant, as filed pursuant to Rule 497(c) under the 1933 Act on November 1, 2018 (accession number 0001398344-18-015722).

 

If you have any questions or comments concerning the foregoing, please contact me at (207) 347-2076 or by email at zac.tackett@atlanticfundservices.com.

 

Sincerely,

 

/s/ Zachary R. Tackett  

Zachary R. Tackett, Esq.

Vice President and Secretary to the Registrant

 

Attachments

EX-101.INS 2 forum-20181025.xml XBRL INSTANCE FILE 0000315774 2018-10-25 2018-10-25 0000315774 forum:S000004568Member 2018-10-25 2018-10-25 0000315774 forum:S000004568Member forum:Index1Member 2018-10-25 2018-10-25 0000315774 forum:S000004568Member forum:C000012489Member 2018-10-25 2018-10-25 0000315774 forum:S000004568Member forum:C000012489Member rr:AfterTaxesOnDistributionsMember 2018-10-25 2018-10-25 0000315774 forum:S000004568Member forum:C000012489Member rr:AfterTaxesOnDistributionsAndSalesMember 2018-10-25 2018-10-25 0000315774 forum:S000033130Member 2018-10-25 2018-10-25 0000315774 forum:S000033130Member forum:Index2Member 2018-10-25 2018-10-25 0000315774 forum:S000033130Member forum:C000102025Member 2018-10-25 2018-10-25 0000315774 forum:S000033130Member forum:C000102025Member rr:AfterTaxesOnDistributionsMember 2018-10-25 2018-10-25 0000315774 forum:S000033130Member forum:C000102025Member rr:AfterTaxesOnDistributionsAndSalesMember 2018-10-25 2018-10-25 0000315774 forum:S000033130Member forum:C000195205Member 2018-10-25 2018-10-25 0000315774 forum:S000037552Member 2018-10-25 2018-10-25 0000315774 forum:S000037552Member forum:Index3Member 2018-10-25 2018-10-25 0000315774 forum:S000037552Member forum:C000115949Member 2018-10-25 2018-10-25 0000315774 forum:S000037552Member forum:C000115949Member rr:AfterTaxesOnDistributionsMember 2018-10-25 2018-10-25 0000315774 forum:S000037552Member forum:C000115949Member rr:AfterTaxesOnDistributionsAndSalesMember 2018-10-25 2018-10-25 0000315774 forum:S000037552Member forum:C000195206Member 2018-10-25 2018-10-25 iso4217:USD xbrli:pure 497 2018-06-30 FORUM FUNDS 0000315774 false 2018-11-01 2018-11-01 2018-11-01 <p style="font: 11pt Times New Roman, Times, Serif; 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Each share class is invested in the same portfolio of securities, and the annual returns would have differed only to the extent that the classes do not have the same charges and expenses. The performance figures have not been adjusted to reflect applicable class fees and expenses. Updated performance information is available at www.dfdent.com or by calling (866) 2DF-DENT or (866) 233-3368 (toll free).</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Performance information (before and after taxes) represents only past performance and does not necessarily indicate future results.</i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Annual Returns as of December 31</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Annual Returns as of December 31</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Investor Shares</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Annual Returns as of December 31</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Investor Shares</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the period shown, the highest return for a quarter was 20.09% for the quarter ended June 30, 2009, and the lowest return was -27.35% for the quarter ended December 31, 2008.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The calendar year-to-date total return as of September 30, 2018 was 19.74%.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the period shown, the highest return for a quarter was 14.22% for the quarter ended September 30, 2013, and the lowest return was -7.99% for the quarter ended September 30, 2015.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The calendar year-to-date total return as of September 30, 2018 was 17.13%.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the period shown, the highest return for a quarter was 8.81% for the quarter ended June 30, 2016, and the lowest return was -11.21% for the quarter ended September 30, 2015.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The calendar year-to-date total return as of September 30, 2018 was 21.30%.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Average Annual Total Returns</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><i>(For the periods ended </i>December 31, 2017<i>)</i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Average Annual Total Returns</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><i>(For the periods ended December 31</i>, <i>2017)</i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Average Annual Total Returns</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><i>(For the periods ended December 31, 2017)</i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>S&#38;P 500</b><sup>&#174;</sup> <b>Index </b>is a broad-based, unmanaged measure of changes in stock market conditions based on the average performance of stocks of 500 large U.S. companies.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Russell Midcap</b><sup>&#174;</sup> <b>Growth Index </b>measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for the Fund's Investor Shares and after-tax returns for other share classes will vary.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Russell 2000</b><sup>&#174;</sup> <b>Growth Index </b>measures the performance of the small cap growth segment of the U.S. equity universe. 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You could lose money on your investment in the Fund, and the Fund could underperform other investments. You could lose money on your investment in the Fund, and the Fund could underperform other investments. 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 government agency. 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 government agency. 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 government agency. The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund from year to year and by showing how the Fund's average annual returns compare with those of a broad measure of market performance. The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund's Investor Shares from year to year and by showing how the Fund's average annual returns compare with those of a broad measure of market performance. The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund's Investor Shares from year to year and by showing how the Fund's average annual returns compare with those of a broad measure of market performance. (866) 2DF-DENT or (866) 233-3368 (866) 2DF-DENT or (866) 233-3368 (866) 2DF-DENT or (866) 233-3368 www.dfdent.com www.dfdent.com www.dfdent.com Performance information (before and after taxes) represents only past performance and does not necessarily indicate future results. Performance information (before and after taxes) represents only past performance and does not necessarily indicate future results. Performance information (before and after taxes) represents only past performance and does not necessarily indicate future results. 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. 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. 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. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. DFDPX DFDMX DFMGX DFDSX DFSGX year-to-date total return year-to-date total return year-to-date total return 2018-09-30 2018-09-30 2018-09-30 0.1974 0.1713 0.2130 highest return highest return highest return 2009-06-30 2013-09-30 2016-06-30 0.2009 0.1422 0.0881 lowest return lowest return lowest return 2008-12-31 2015-09-30 2015-09-30 -0.2735 -0.0799 -0.1121 Expense information in the table has been restated to reflect current fees. Expense information in the table has been restated to reflect current fees. Expense information in the table has been restated to reflect current fees. Total Annual Operating Expenses do not correlate to the ratio of expenses to average net assets given in the financial highlights due to a reduction in the expense cap. Total Annual Operating Expenses do not correlate to the ratio of expenses to average net assets given in the financial highlights due to a reduction in the expense cap for Investor Shares. Total Annual Operating Expenses do not correlate to the ratio of expenses to average net assets given in the financial highlights due to a reduction in the expense cap for Investor Shares. The Fund is non-diversified. Investment by the Fund in securities of a limited number of issuers may expose it to greater market risk and potential monetary losses than if its assets were diversified among the securities of a greater number of issuers. The Fund is non-diversified. Investment by the Fund in securities of a limited number of issuers may expose it to greater market risk and potential monetary losses than if its assets were diversified among the securities of a greater number of issuers. After-tax returns are shown only for the Fund's Investor Shares and after-tax returns for other share classes will vary. After-tax returns are shown only for the Fund's Investor Shares and after-tax returns for other share classes will vary. (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) D.F. Dent and Company, Inc. (the "Adviser") has contractually agreed to waive a portion of its fee and/ or reimburse Fund expenses to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (excluding all taxes, interest, portfolio transaction expenses, and extraordinary expenses) to 1.10% on the first $150 million in Fund net assets and to 0.90% on net assets exceeding $150 million through October 31, 2019 (the "Expense Cap"). The Expense Cap may only be raised or eliminated with the consent of the Board of Trustees. The Adviser may be reimbursed by the Fund for fees waived and expenses reimbursed by the Adviser pursuant to the Expense Cap if such payment is made within three years of the fee waiver or expense reimbursement and does not cause the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement of the Fund to exceed the lesser of (i) the then-current expense cap, and (ii) the expense cap in place at the time the fees/expenses were waived/ reimbursed. Expense information in the table has been restated to reflect current fees. Total Annual Operating Expenses do not correlate to the ratio of expenses to average net assets given in the financial highlights due to a reduction in the expense cap. D.F. Dent and Company, Inc. (the "Adviser") has contractually agreed to waive a portion of its fee and/or reimburse Fund expenses to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (excluding all taxes, interest, portfolio transaction expenses, and extraordinary expenses) of Investor Shares and Institutional Shares to 0.98% and 0.85%, respectively, through October 31, 2019 (the "Expense Cap"). The Expense Cap may only be raised or eliminated with the consent of the Board of Trustees. The Adviser may be reimbursed by the Fund for fees waived and expenses reimbursed by the Adviser pursuant to the Expense Cap if such payment is made within three years of the fee waiver or expense reimbursement and does not cause the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement of a class to exceed the lesser of (i) the then-current expense cap, and (ii) the expense cap in place at the time the fees/expenses were waived/reimbursed. D.F. Dent and Company, Inc. (the "Adviser") has contractually agreed to waive a portion of its fee and/or reimburse Fund expenses to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (excluding all taxes, interest, portfolio transaction expenses, and extraordinary expenses) of Investor Shares and Institutional Shares to 1.05% and 0.95%, respectively, through October 31, 2019 (the "Expense Cap"). The Expense Cap may only be raised or eliminated with the consent of the Board of Trustees. The Adviser may be reimbursed by the Fund for fees waived and expenses reimbursed by the Adviser pursuant to the Expense Cap if such payment is made within three years of the fee waiver or expense reimbursement and does not cause the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement of a class to exceed the lesser of (i) the then-current expense cap, and (ii) the expense cap in place at the time the fees/expenses were waived/reimbursed. Institutional Shares commenced operations on November 29, 2017. Performance for the 1 year and Since Inception periods is a blended average annual return which includes the returns of Investor Shares (inception date November 1, 2013) prior to the commencement of operations of Institutional Shares. Institutional Shares commenced operations on November 29, 2017. Performance for the 1 year, 5 year and Since Inception periods is a blended average annual return which includes the returns of Investor Shares (inception date July 1, 2011) prior to the commencement of operations of Institutional Shares. 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Prospectus Date Nov. 01, 2018
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DF Dent Premier Growth Fund
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>DF Dent Premier Growth Fund</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Investment Objective</b></p>

The objective of the DF Dent Premier Growth Fund (the "Fund") is to seek long-term capital appreciation.

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Fees and Expenses</b></p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Shareholder Fees<br /> (fees paid directly from your investment)</b></p>
Shareholder Fees
DF Dent Premier Growth Fund
DF Dent Premier Growth Fund Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) none
Maximum Deferred Sales Charge (Load) (as a percentage of the offering price) none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Distributions (as a percentage of the offering price) none
Redemption Fee (as a percentage of amount redeemed, if applicable) none
Exchange Fee (as a percentage of amount redeemed, if applicable) none
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Annual Fund Operating Expenses<br /> (expenses that you pay each year as a percentage of the value of your investment)</b></p>
Annual Fund Operating Expenses
DF Dent Premier Growth Fund
DF Dent Premier Growth Fund Shares
Management Fees 1.00%
Distribution and/or Service (12b-1) Fees none
Other Expenses 0.22%
Total Annual Fund Operating Expenses 1.22%
Fee Waiver and/or Expense Reimbursement (0.12%) [1]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 1.10% [2]
[1] D.F. Dent and Company, Inc. (the "Adviser") has contractually agreed to waive a portion of its fee and/ or reimburse Fund expenses to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (excluding all taxes, interest, portfolio transaction expenses, and extraordinary expenses) to 1.10% on the first $150 million in Fund net assets and to 0.90% on net assets exceeding $150 million through October 31, 2019 (the "Expense Cap"). The Expense Cap may only be raised or eliminated with the consent of the Board of Trustees. The Adviser may be reimbursed by the Fund for fees waived and expenses reimbursed by the Adviser pursuant to the Expense Cap if such payment is made within three years of the fee waiver or expense reimbursement and does not cause the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement of the Fund to exceed the lesser of (i) the then-current expense cap, and (ii) the expense cap in place at the time the fees/expenses were waived/ reimbursed.
[2] Expense information in the table has been restated to reflect current fees. Total Annual Operating Expenses do not correlate to the ratio of expenses to average net assets given in the financial highlights due to a reduction in the expense cap.
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Example. </b></p>

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, except that it reflects the Expense Cap through the time periods described below. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not redeem your shares at the end of each period described below, your costs would be:

Expense Example
One Year
Three Years
Five Years
Ten Years
DF Dent Premier Growth Fund | DF Dent Premier Growth Fund Shares | USD ($) 112 375 659 1,467
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover. </b></p>

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 16% of the average value of its portfolio.

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principal Investment Strategies</b></p>

The Fund invests primarily in equity securities, consisting of common, preferred and convertible stock of domestic companies and real estate investment trusts ("REITs") that the Adviser believes possess superior long-term growth characteristics and have strong, sustainable earnings prospects and reasonably valued stock prices. The Fund may also invest in companies that do not have particularly strong earnings histories but do have other attributes that the Adviser believes may contribute to accelerated growth in the foreseeable future. The Fund primarily invests in medium- and large-size domestic companies. For these purposes, the Adviser defines medium-size companies as those with market capitalizations in the range of $3 billion to $20 billion, and large-size companies as those with market capitalizations greater than $20 billion.

 

The Fund's investment strategy also permits the Fund to invest in small-size companies, which, according to the Adviser, are companies that typically have market capitalizations under $3 billion.

 

If the Fund is not invested primarily in medium- and large-size domestic companies due to, among other things, decreases in the market capitalization of those companies in the Fund's portfolio since they were purchased, the Fund will limit new investments to medium- and large-size domestic companies.

 

The Adviser relies on selecting individual stocks and does not try to predict when the stock market may rise or fall. The Adviser uses in-house research and other sources to conduct analyses of prospective Fund investments. Under normal market conditions, the Fund will typically hold approximately 25-50 stocks.

 

In purchasing Fund investments, the Adviser's process begins with an economic analysis of prospective Fund investments across a range of industries, including, but not limited to, investments in the information technology sector, in which the Fund currently invests a significant portion of its net assets. The Adviser then uses fundamental research to identify companies that it believes are well managed, are leaders in an industry niche, are consistent producers and/or exhibit sustainable growth.

 

The Adviser may sell a stock in the Fund's portfolio if, for example, the Adviser believes it has become overvalued or its fundamentals have changed. The Adviser may also change the weighting in a stock if it becomes an excessively large position within the Fund due to appreciation. In addition, the Fund may strategically invest a significant portion of the Fund's total assets in cash or cash equivalents if in certain market conditions other appropriate investments for the Fund are not available at prices the Adviser believes are favorable to the Fund.

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principal Investment Risks</b></p>

The Fund's net asset value ("NAV") and investment return will fluctuate based upon changes in the value of its portfolio securities. You could lose money on your investment in the Fund, and the Fund could underperform other investments. There is no guarantee that the Fund will meet its investment objective. 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 government agency.

 

It is important that you closely review and understand the risks of investing in the Fund prior to making an investment in the Fund.

 

Capital Gains Risk. The sale of securities held in the Fund's portfolio may generate capital gains if the value of a security sold has appreciated since the time of the Fund's initial investment. There can be no guarantee that the Fund will not distribute such capital gains.

 

Cash and Cash Equivalents Risk. To the extent the Fund holds cash and cash equivalents positions, even strategically, the Fund risks achieving lower returns and potential lost opportunities to participate in market appreciation, which could negatively impact the Fund's performance and ability to achieve its investment objective. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising.

 

Convertible Securities Risk. Investments in convertible securities entail some of the risks of both equity and debt securities. The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with the fluctuations in the market value of the underlying securities or any changes in the issuer's credit rating. Convertible securities are subject to the risk that the credit rating of the issuer may have an effect on the value of the convertible securities.

 

Equity Risk. Equity holdings, which include common stocks may decline in value because of changes in the price of a particular holding or a broad stock market decline. Common stock ranks below preferred stock and debt securities in claims for dividends and for assets of the company in a liquidation or bankruptcy. The value of a security may decline for a number of reasons that directly relate to the issuer of a security or broader economic or market events including changes in interest rates.

 

Focused Fund Risk. The Fund employs a strategy of investing in the securities of a limited number of companies, some of which may be in the same industry, sector or geographic region. As a result, the Fund may incur more risk because changes in the value of a single security may have a more significant effect, either positive or negative, on the Fund's net asset value. Further, the Fund may be more sensitive to events affecting a single industry, sector or geographic region. The use of such a focused investment strategy may increase the volatility of the Fund's investment performance, as the Fund may be more susceptible to risks associated with a single economic, political or regulatory event than a portfolio that is more broadly invested.

 

Growth Company Risk. The Fund's investments in growth securities may be more sensitive to company earnings and more volatile than the market in general primarily because their stock prices are based heavily on future expectations. If the Adviser's assessment of the prospects for a company's growth is wrong, or if the Adviser's judgment of how other investors will value the company's growth is wrong, then the price of the company's stock may fall or not approach the value that the Adviser has placed on it.

 

Industrial Sector Risk. To the extent the Fund invests a significant portion of its assets in the industrial sector, the Fund's performance could be negatively impacted by events affecting this sector. The industrial sector includes, for example, aerospace and defense, non-residential construction, engineering, machinery, transportation, and commercial and professional services companies. This sector can be significantly affected by, among other things, business cycle fluctuations, worldwide economy growth, government and corporate spending, supply and demand for specific products and manufacturing, and government regulation.

 

Information Technology Sector Risk. The Fund currently invests a portion of its assets in the information technology sector, and therefore the Fund's performance could be negatively impacted by events affecting this sector. The information technology sector includes, for example, internet, semiconductor, software, hardware, and technology equipment companies. This sector can be significantly affected by, among other things, the supply and demand for specific products and services, the pace of technological development, and government regulation.

 

Large Capitalization Company Risk. The Fund's investments in large capitalization companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

 

Management Risk. The Fund is actively managed and its performance will reflect the Adviser's ability to make investment decisions that are suited to achieving the Fund's investment objective.

 

Market Events Risk. Turbulence in the financial markets and reduced liquidity in equity, credit and fixed-income markets may negatively affect issuers worldwide, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the Federal Reserve and/or other government actors, such as increasing interest rates, could cause increased volatility in financial markets, and higher levels of Fund redemptions, which could have a negative impact on the Fund. Trade barriers and other protectionist trade policies (including those in the U.S.) may also have a negative impact on the Fund.

 

Preferred Stock Risk. Preferred stock is a class of a capital stock that typically pays dividends at a specified rate. Preferred stock is generally senior to common stock, but subordinate to debt securities, with respect to the payment of dividends and on liquidation of the issuer. The market value of preferred stock generally decreases when interest rates rise and is also affected by the issuer's ability to make payments on the preferred stock.

 

Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Furthermore, the Fund currently has a large shareholder controlled by the Fund's Adviser, which could redeem shares to the detriment of other shareholders.

 

REIT Risk. The value of the Fund's investments in REITs may change in response to changes in the real estate market such as declines in the value of real estate, lack of available capital or financing opportunities, and increases in property taxes or operating costs. REITs typically are subject to management fees and other expenses that are separate from those of the Fund.

 

Small and Mid-Sized Capitalization Company Risk. Investments in small and mid-sized capitalization companies may be less liquid, and the prices of such securities may fluctuate more than those of larger, more established companies. These factors could adversely affect the Fund's ability to sell such securities at a desirable time and price.

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Performance Information</b></p>

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund from year to year and by showing how the Fund's average annual returns compare with those of a broad measure of market performance. Updated performance information is available at www.dfdent.com or by calling (866) 2DF-DENT or (866) 233-3368 (toll free).

 

Performance information (before and after taxes) represents only past performance and does not necessarily indicate future results.

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Annual Returns as of December 31</p>
Bar Chart

During the period shown, the highest return for a quarter was 20.09% for the quarter ended June 30, 2009, and the lowest return was -27.35% for the quarter ended December 31, 2008.

 

The calendar year-to-date total return as of September 30, 2018 was 19.74%.

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Average Annual Total Returns</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><i>(For the periods ended </i>December 31, 2017<i>)</i></p>
Average Annual Total Returns - DF Dent Premier Growth Fund
1 Year
5 Years
10 Years
DF Dent Premier Growth Fund Shares 31.84% 14.14% 8.01%
DF Dent Premier Growth Fund Shares | After Taxes on Distributions 29.04% 12.77% 7.32%
DF Dent Premier Growth Fund Shares | After Taxes on Distributions and Sales 20.34% 11.20% 6.44%
S&P 500® Index (reflects no deduction for fees, expenses or taxes) 21.83% 15.79% 8.50%

S&P 500® Index is a broad-based, unmanaged measure of changes in stock market conditions based on the average performance of stocks of 500 large U.S. companies.

 

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. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.

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DF Dent Midcap Growth Fund
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>DF Dent Midcap Growth Fund</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Investment Objective</b></p>

The objective of the DF Dent Midcap Growth Fund (the "Fund") is to seek long-term capital appreciation.

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fees and Expenses</b></p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Shareholder Fees</b><br /> <b>(fees paid directly from your investment)</b></p>
Shareholder Fees - DF Dent Midcap Growth Fund
Investor Shares
Institutional Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) none none
Maximum Deferred Sales Charge (Load) (as a percentage of the offering price) none none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Distributions (as a percentage of the offering price) none none
Redemption Fee (as a percentage of amount redeemed, if applicable) 2.00% 2.00%
Exchange Fee (as a percentage of amount redeemed, if applicable) none none
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Annual Fund Operating Expenses</b><br /> <b>(expenses that you pay each year as a percentage of the value of your investment)</b></p>
Annual Fund Operating Expenses - DF Dent Midcap Growth Fund
Investor Shares
Institutional Shares
Management Fees 0.75% 0.75%
Distribution and/or Service (12b-1) Fees none none
Other Expenses 0.56% 0.52%
Total Annual Fund Operating Expenses 1.31% 1.27%
Fee Waiver and/or Expense Reimbursement [1] (0.33%) (0.42%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement [2] 0.98% 0.85%
[1] D.F. Dent and Company, Inc. (the "Adviser") has contractually agreed to waive a portion of its fee and/or reimburse Fund expenses to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (excluding all taxes, interest, portfolio transaction expenses, and extraordinary expenses) of Investor Shares and Institutional Shares to 0.98% and 0.85%, respectively, through October 31, 2019 (the "Expense Cap"). The Expense Cap may only be raised or eliminated with the consent of the Board of Trustees. The Adviser may be reimbursed by the Fund for fees waived and expenses reimbursed by the Adviser pursuant to the Expense Cap if such payment is made within three years of the fee waiver or expense reimbursement and does not cause the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement of a class to exceed the lesser of (i) the then-current expense cap, and (ii) the expense cap in place at the time the fees/expenses were waived/reimbursed.
[2] Expense information in the table has been restated to reflect current fees. Total Annual Operating Expenses do not correlate to the ratio of expenses to average net assets given in the financial highlights due to a reduction in the expense cap.
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Example. </b></p>

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, except that it reflects the Expense Cap through the time periods described below. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not redeem your shares at the end of each period described below, your costs would be:

Expense Example - DF Dent Midcap Growth Fund - USD ($)
One Year
Three Years
Five Years
Ten Years
Investor Shares 100 383 687 1,550
Institutional Shares 87 361 657 1,497
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover. </b></p>

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 32% of the average value of its portfolio.

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principal Investment Strategies</b></p>

Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of medium-size companies ("80% Policy"). For these purposes, the Fund's Adviser defines medium-sized companies as those companies with market capitalizations in the range of $914.9 million to $46.8 billion, which was the two-year average of the market capitalization range of companies in the Russell Midcap Growth® Index on December 31, 2016 and 2017.

 

The Fund typically invests in U.S.-listed equity securities, consisting of common stocks, preferred stocks, securities convertible into U.S. common stocks, real estate investment trusts ("REITs"), American Depositary Receipts ("ADRs"), and exchange-traded funds ("ETFs"). The Fund invests in equity securities of domestic companies that in the Adviser's view possess superior long-term growth characteristics and have strong, sustainable earnings prospects and reasonably valued stock prices. The Fund may invest in companies that do not have particularly strong earnings histories but do have other attributes that in the Adviser's view may contribute to accelerated growth in the foreseeable future. The Fund is non-diversified, which means that it may concentrate its assets in a limited number of issuers.

 

The Adviser relies on selecting individual stocks and does not try to predict when the stock market may rise or fall. The Adviser uses in-house research and other sources to conduct analyses of prospective Fund investments.

 

In purchasing Fund investments, the Adviser's process begins with an economic analysis of prospective Fund investments across a range of industries, including, but not limited to, investments in the industrial sector and the information technology sector, in each of which the Fund currently invests a significant portion of its net assets. The Adviser then uses fundamental research to identify companies that it believes are well managed, are leaders in an industry niche, are consistent producers and/or exhibit sustainable growth.

 

The Adviser may sell a security in the Fund's portfolio if, for example, the Adviser believes it has become overvalued or its fundamentals have changed. The Adviser may also change the weighting in a stock if it becomes an excessively large position within the Fund due to appreciation. In addition, the Fund may strategically invest a significant portion of the Fund's total assets in cash or cash equivalents if in certain market conditions other appropriate investments for the Fund are not available at prices the Adviser believes are favorable to the Fund.

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principal Investment Risks</b></p>

The Fund's net asset value ("NAV") and investment return will fluctuate based upon changes in the value of its portfolio securities. You could lose money on your investment in the Fund, and the Fund could underperform other investments. There is no guarantee that the Fund will meet its investment objective. 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 government agency.

 

It is important that you closely review and understand the risks of investing in the Fund prior to making an investment in the Fund.

 

ADR Risk. The Fund may invest in ADRs. ADR risks include, but are not limited to, fluctuations in foreign currencies and foreign investment risks, such as political and financial instability, less liquidity, lack of uniform accounting, auditing and financial reporting standards and increased price volatility. In addition, ADRs may not track the price of the underlying foreign securities, and their value may change materially at times when U.S. markets are not open for trading. Unsponsored ADRs may involve additional risks, and their prices may be more volatile than the prices of sponsored ADRs.

 

Cash and Cash Equivalents Risk. To the extent the Fund holds cash and cash equivalents positions, even strategically, the Fund risks achieving lower returns and potential lost opportunities to participate in market appreciation, which could negatively impact the Fund's performance and ability to achieve its investment objective. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising.

 

Convertible Securities Risk. Investments in convertible securities entail some of the risks of both equity and debt securities. The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with the fluctuations in the market value of the underlying securities or any changes in the issuer's credit rating. Convertible securities are subject to the risk that the credit rating of the issuer may have an effect on the value of the convertible securities.

 

Equity Risk. Equity holdings, which include common stocks may decline in value because of changes in the price of a particular holding or a broad stock market decline. Common stock ranks below preferred stock and debt securities in claims for dividends and for assets of the company in a liquidation or bankruptcy. The value of a security may decline for a number of reasons that directly relate to the issuer of a security or broader economic or market events including changes in interest rates.

 

Exchange-Traded Funds Risk. The risks of investment in these securities typically reflect the risks of types of instruments in which the ETFs invest. By investing in an ETF, the Fund becomes a shareholder of that ETF and bears its proportionate share of the fees and expenses of the ETF. ETF shares trade in the secondary market and may be purchased by the Fund at a premium or discount to their NAV. When selling such securities, the Fund may not sell at the same premium or discount and may lose money on the premium or discount.

 

Growth Company Risk. The Fund's investments in growth securities may be more sensitive to company earnings and more volatile than the market in general primarily because their stock prices are based heavily on future expectations. If the Adviser's assessment of the prospects for a company's growth is wrong, or if the Adviser's judgment of how other investors will value the company's growth is wrong, then the price of the company's stock may fall or not approach the value that the Adviser has placed on it.

 

Industrial Sector Risk. To the extent the Fund invests a significant portion of its assets in the industrial sector, the Fund's performance could be negatively impacted by events affecting this sector. The industrial sector includes, for example, aerospace and defense, non-residential construction, engineering, machinery, transportation, and commercial and professional services companies. This sector can be significantly affected by, among other things, business cycle fluctuations, worldwide economy growth, government and corporate spending, supply and demand for specific products and manufacturing, and government regulation.

 

Information Technology Sector Risk. The Fund currently invests a portion of its assets in the information technology sector, and therefore the Fund's performance could be negatively impacted by events affecting this sector. The information technology sector includes, for example, internet, semiconductor, software, hardware, and technology equipment companies. This sector can be significantly affected by, among other things, the supply and demand for specific products and services, the pace of technological development, and government regulation.

 

Initial Public Offering Risk. The Fund may purchase securities in an IPO. Securities purchased in an IPO may be illiquid, and therefore more difficult to sell promptly at the most favorable price, and may be subject to substantial price volatility due to factors such as unseasoned trading, lack of investor knowledge of the company, and limited operating history.

 

Management Risk. The Fund is actively managed and its performance will reflect the Adviser's ability to make investment decisions that are suited to achieving the Fund's investment objective.

 

Market Events Risk. Turbulence in the financial markets and reduced liquidity in equity, credit and fixed-income markets may negatively affect issuers worldwide, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the Federal Reserve and/or other government actors, such as increasing interest rates, could cause increased volatility in financial markets, and higher levels of Fund redemptions, which could have a negative impact on the Fund. Trade barriers and other protectionist trade policies (including those in the U.S.) may also have a negative impact on the Fund.

 

Non-Diversification Risk. The Fund is non-diversified. Investment by the Fund in securities of a limited number of issuers may expose it to greater market risk and potential monetary losses than if its assets were diversified among the securities of a greater number of issuers.

 

Preferred Stock Risk. Preferred stock is a class of a capital stock that typically pays dividends at a specified rate. Preferred stock is generally senior to common stock, but subordinate to debt securities, with respect to the payment of dividends and on liquidation of the issuer. The market value of preferred stock generally decreases when interest rates rise and is also affected by the issuer's ability to make payments on the preferred stock.

 

Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Furthermore, the Fund currently has a large shareholder controlled by the Fund's Adviser, which could redeem shares to the detriment of other shareholders.

 

REIT Risk. The value of the Fund's investments in REITs may change in response to changes in the real estate market such as declines in the value of real estate, lack of available capital or financing opportunities, and increases in property taxes or operating costs. REITs typically are subject to management fees and other expenses that are separate from those of the Fund.

 

Small and Mid-Sized Capitalization Company Risk. Investments in small and mid-sized capitalization companies may be less liquid, and the prices of such securities may fluctuate more than those of larger, more established companies. These factors could adversely affect the Fund's ability to sell such securities at a desirable time and price.

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Performance Information</b></p>

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund's Investor Shares from year to year and by showing how the Fund's average annual returns compare with those of a broad measure of market performance. The historical performance of the Fund's Investor Class shares is used to calculate the performance of the Fund's Institutional Class shares. Each share class is invested in the same portfolio of securities, and the annual returns would have differed only to the extent that the classes do not have the same charges and expenses. The performance figures have not been adjusted to reflect applicable class fees and expenses. Updated performance information is available at www.dfdent.com or by calling (866) 2DF-DENT or (866) 233-3368 (toll free).

 

Performance information (before and after taxes) represents only past performance and does not necessarily indicate future results.

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Annual Returns as of December 31</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Investor Shares</p>
Bar Chart

During the period shown, the highest return for a quarter was 14.22% for the quarter ended September 30, 2013, and the lowest return was -7.99% for the quarter ended September 30, 2015.

 

The calendar year-to-date total return as of September 30, 2018 was 17.13%.

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Average Annual Total Returns</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><i>(For the periods ended December 31</i>, <i>2017)</i></p>
Average Annual Total Returns - DF Dent Midcap Growth Fund
1 Year
5 Years
Since Inception
Inception Date
Investor Shares 31.22% 14.95% 13.53% Jul. 01, 2011
Investor Shares | After Taxes on Distributions 31.13% 14.25% 13.00%  
Investor Shares | After Taxes on Distributions and Sales 17.75% 11.83% 10.87%  
Institutional Shares [1] 31.22% 14.95% 13.53%  
Russell Midcap Growth Index (reflects no deduction for fees, expenses or taxes) 25.27% 15.30% 11.97%  
[1] Institutional Shares commenced operations on November 29, 2017. Performance for the 1 year, 5 year and Since Inception periods is a blended average annual return which includes the returns of Investor Shares (inception date July 1, 2011) prior to the commencement of operations of Institutional Shares.

Russell Midcap® Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values.

 

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. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for the Fund's Investor Shares and after-tax returns for other share classes will vary.

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DF Dent Small Cap Growth Fund
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>DF Dent Small Cap Growth Fund</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Investment Objective</b></p>

The objective of the DF Dent Small Cap Growth Fund (the "Fund") is to seek long-term capital appreciation.

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fees and Expenses</b></p>

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

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Shareholder Fees</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(fees paid directly from your investment)</b></p>
Shareholder Fees - DF Dent Small Cap Growth Fund
Investor Shares
Institutional Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) none none
Maximum Deferred Sales Charge (Load) (as a percentage of the offering price) none none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Distributions (as a percentage of the offering price) none none
Redemption Fee (as a percentage of amount redeemed, if applicable) 2.00% 2.00%
Exchange Fee (as a percentage of amount redeemed, if applicable) none none
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Annual Fund Operating Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>(expenses that you pay each year as a percentage of the value of your investment)</b></p>
Annual Fund Operating Expenses - DF Dent Small Cap Growth Fund
Investor Shares
Institutional Shares
Management Fees 0.85% 0.85%
Distribution and/or Service (12b-1) Fees none none
Other Expenses 2.24% 2.06%
Total Annual Fund Operating Expenses 3.09% 2.91%
Fee Waiver and/or Expense Reimbursement [1] (2.04%) (1.96%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement [2] 1.05% 0.95%
[1] D.F. Dent and Company, Inc. (the "Adviser") has contractually agreed to waive a portion of its fee and/or reimburse Fund expenses to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (excluding all taxes, interest, portfolio transaction expenses, and extraordinary expenses) of Investor Shares and Institutional Shares to 1.05% and 0.95%, respectively, through October 31, 2019 (the "Expense Cap"). The Expense Cap may only be raised or eliminated with the consent of the Board of Trustees. The Adviser may be reimbursed by the Fund for fees waived and expenses reimbursed by the Adviser pursuant to the Expense Cap if such payment is made within three years of the fee waiver or expense reimbursement and does not cause the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement of a class to exceed the lesser of (i) the then-current expense cap, and (ii) the expense cap in place at the time the fees/expenses were waived/reimbursed.
[2] Expense information in the table has been restated to reflect current fees. Total Annual Operating Expenses do not correlate to the ratio of expenses to average net assets given in the financial highlights due to a reduction in the expense cap.
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Example. </b></p>

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, except that it reflects the Expense Cap through the time periods described below. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not redeem your shares at the end of each period described below, your costs would be:

Expense Example - DF Dent Small Cap Growth Fund - USD ($)
One Year
Three Years
Five Years
Ten Years
Investor Shares 107 762 1,442 3,259
Institutional Shares 97 715 1,360 3,092
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover. </b></p>

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 40% of the average value of its portfolio.

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principal Investment Strategies</b></p>

Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of companies with small market capitalizations ("80% Policy"). For these purposes, the Adviser considers small market capitalization companies to be those that at the time of initial purchase are within the range of the Russell 2000® Growth Index or the S&P SmallCap 600® Index during the most recent 12 month period (which was $7.6 million to $16.7 billion as of September 30, 2018).

 

The Fund typically invests in U.S. exchange-listed equity securities, consisting of common stocks, preferred stocks, real estate investment trusts ("REITs"), sponsored and unsponsored American Depositary Receipts ("ADRs") and exchange-traded funds ("ETFs"). The Fund may also invest in securities convertible into U.S. common stocks. The Fund invests in equity securities of companies that in the Adviser's view possess superior long-term growth characteristics and have strong, sustainable earnings prospects and/or reasonably valued stock prices. The Fund may invest in companies that do not have particularly strong earnings histories but do have other attributes that in the Adviser's view may contribute to accelerated growth in the foreseeable future, including initial public offerings ("IPOs"). The Fund is non-diversified, which means that it may concentrate its assets in a limited number of issuers. As of the Fund's fiscal year end, it had significant exposure to the information technology and industrial sectors.

 

The Adviser relies on selecting individual stocks and does not try to predict when the stock market may rise or fall. In purchasing Fund investments, the Adviser's process begins with an economic analysis of prospective Fund investments across a range of industries. The Adviser then uses in-house and other fundamental research to identify companies that it believes are well managed, are leaders in an industry niche, are consistent producers and/or exhibit sustainable growth.

 

The Adviser may sell a security in the Fund's portfolio if, for example, the Adviser believes it has become overvalued, its fundamentals have changed or it is no longer appropriate for the portfolio. The Adviser may also change the weighting in a stock if it becomes overweighted in the portfolio due to appreciation. In addition, the Fund may strategically invest a significant portion of the Fund's total assets in cash or cash equivalents if in certain market conditions other appropriate investments for the Fund are not available at prices the Adviser believes are favorable to the Fund.

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principal Investment Risks</b></p>

The Fund's net asset value ("NAV") and investment return will fluctuate based upon changes in the value of its portfolio securities. You could lose money on your investment in the Fund, and the Fund could underperform other investments. There is no guarantee that the Fund will meet its investment objective. 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 government agency.

 

It is important that you closely review and understand the risks of investing in the Fund prior to making an investment in the Fund.

 

ADR Risk. The Fund may invest in ADRs. ADR risks include, but are not limited to, fluctuations in foreign currencies and foreign investment risks, such as political and financial instability, less liquidity, lack of uniform accounting, auditing and financial reporting standards and increased price volatility. In addition, ADRs may not track the price of the underlying foreign securities, and their value may change materially at times when U.S. markets are not open for trading. Unsponsored ADRs may involve additional risks, and their prices may be more volatile than the prices of sponsored ADRs.

 

Cash and Cash Equivalents Risk. To the extent the Fund holds cash and cash equivalents positions, even strategically, the Fund risks achieving lower returns and potential lost opportunities to participate in market appreciation, which could negatively impact the Fund's performance and ability to achieve its investment objective. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising.

 

Consumer Discretionary Sector Risk. Consumer discretionary products and services are non-essential products and services whose demand tends to increase as consumers' disposable income increases, such as automobiles, apparel, electronics, home furnishings, and travel and leisure products and services. Investments in this sector can be significantly affected by the performance of the overall economy, interest rates, competition, and consumer confidence. Success can depend heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer discretionary products. The prices of raw materials fluctuate in response to a number of factors, including changes in government agricultural support programs, exchange rates, import and export controls, changes in international agricultural and trading policies and seasonal and weather conditions. Companies in the consumer discretionary sector may be subject to severe competition, which may also have an adverse impact on their profitability.

 

Convertible Securities Risk. Investments in convertible securities entail some of the risks of both equity and debt securities. The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with the fluctuations in the market value of the underlying securities or any changes in the issuer's credit rating. Convertible securities are subject to the risk that the credit rating of the issuer may have an effect on the value of the convertible securities.

 

Equity Risk. Equity holdings, which include common stocks may decline in value because of changes in the price of a particular holding or a broad stock market decline. Common stock ranks below preferred stock and debt securities in claims for dividends and for assets of the company in a liquidation or bankruptcy. The value of a security may decline for a number of reasons that directly relate to the issuer of a security or broader economic or market events including changes in interest rates.

 

Exchange-Traded Funds Risk. The risks of investment in these securities typically reflect the risks of types of instruments in which the ETFs invest. By investing in an ETF, the Fund becomes a shareholder of that ETF and bears its proportionate share of the fees and expenses of the ETF. ETF shares trade in the secondary market and may be purchased by the Fund at a premium or discount to their NAV. When selling such securities, the Fund may not sell at the same premium or discount and may lose money on the premium or discount.

 

Growth Company Risk. The Fund's investments in growth securities may be more sensitive to company earnings and more volatile than the market in general primarily because their stock prices are based heavily on future expectations. If the Adviser's assessment of the prospects for a company's growth is wrong, or if the Adviser's judgment of how other investors will value the company's growth is wrong, then the price of the company's stock may fall or not approach the value that the Adviser has placed on it.

 

Healthcare Sector Risk. The profitability of companies in the healthcare sector may be affected by government regulations changing costs of medical products and services, limited product lines, and product liability claims, among other things. Many healthcare companies are heavily dependent on patent protection, which may be time consuming and costly, and the expiration of a company's patent may adversely affect that company's profitability. Healthcare companies may be thinly capitalized and susceptible to product obsolescence. Many new products in the healthcare sector require significant research and development and may be subject to regulatory approvals, which may be time consuming and costly and with no guarantee that the product will come to market.

 

Industrial Sector Risk. To the extent the Fund invests a significant portion of its assets in the industrial sector, the Fund's performance could be negatively impacted by events affecting this sector. The industrial sector includes, for example, aerospace and defense, non-residential construction, engineering, machinery, transportation, and commercial and professional services companies. This sector can be significantly affected by, among other things, business cycle fluctuations, worldwide economy growth, government and corporate spending, supply and demand for specific products and manufacturing, and government regulation.

 

Information Technology Sector Risk. The Fund currently invests a portion of its assets in the information technology sector, and therefore the Fund's performance could be negatively impacted by events affecting this sector. The information technology sector includes, for example, internet, semiconductor, software, hardware, and technology equipment companies. This sector can be significantly affected by, among other things, the supply and demand for specific products and services, the pace of technological development, and government regulation.

 

Initial Public Offering Risk. The Fund may purchase securities in an IPO. Securities purchased in an IPO may be illiquid, and therefore more difficult to sell promptly at the most favorable price, and may be subject to substantial price volatility due to factors such as unseasoned trading, lack of investor knowledge of the company, and limited operating history.

 

Management Risk. The Fund is actively managed and its performance will reflect the Adviser's ability to make investment decisions that are suited to achieving the Fund's investment objective.

 

Market Events Risk. Turbulence in the financial markets and reduced liquidity in equity, credit and fixed-income markets may negatively affect issuers worldwide, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the Federal Reserve and/or other government actors, such as increasing interest rates, could cause increased volatility in financial markets, and higher levels of Fund redemptions, which could have a negative impact on the Fund. Trade barriers and other protectionist trade policies (including those in the U.S.) may also have a negative impact on the Fund.

 

Non-Diversification Risk. The Fund is non-diversified. Investment by the Fund in securities of a limited number of issuers may expose it to greater market risk and potential monetary losses than if its assets were diversified among the securities of a greater number of issuers.

 

Preferred Stock Risk. Preferred stock is a class of a capital stock that typically pays dividends at a specified rate. Preferred stock is generally senior to common stock, but subordinate to debt securities, with respect to the payment of dividends and on liquidation of the issuer. The market value of preferred stock generally decreases when interest rates rise and is also affected by the issuer's ability to make payments on the preferred stock.

 

Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Furthermore, the Fund currently has a large shareholder controlled by the Fund's Adviser, which could redeem shares to the detriment of other shareholders.

 

REIT Risk. The value of the Fund's investments in REITs may change in response to changes in the real estate market such as declines in the value of real estate, lack of available capital or financing opportunities, and increases in property taxes or operating costs. REITs typically are subject to management fees and other expenses that are separate from those of the Fund.

 

Small Capitalization Company Risk. The Fund's investments in small capitalization companies may be less liquid and their securities' prices may fluctuate more than those of larger, more established companies. These factors could adversely affect the Fund's ability to sell such securities at a desirable time and price.

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Performance Information</b></p>

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund's Investor Shares from year to year and by showing how the Fund's average annual returns compare with those of a broad measure of market performance. The historical performance of the Fund's Investor Class shares is used to calculate the performance of the Fund's Institutional Class shares. Each share class is invested in the same portfolio of securities, and the annual returns would have differed only to the extent that the classes do not have the same charges and expenses. The performance figures have not been adjusted to reflect applicable class fees and expenses. Updated performance information is available at www.dfdent.com or by calling (866) 2DF-DENT or (866) 233-3368 (toll free).

 

Performance information (before and after taxes) represents only past performance and does not necessarily indicate future results.

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Annual Returns as of December 31</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Investor Shares</p>
Bar Chart

During the period shown, the highest return for a quarter was 8.81% for the quarter ended June 30, 2016, and the lowest return was -11.21% for the quarter ended September 30, 2015.

 

The calendar year-to-date total return as of September 30, 2018 was 21.30%.

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Average Annual Total Returns</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><i>(For the periods ended December 31, 2017)</i></p>
Average Annual Total Returns - DF Dent Small Cap Growth Fund
1 Year
Since Inception
Inception Date
Investor Shares 15.58% 9.49% Nov. 01, 2013
Investor Shares | After Taxes on Distributions 15.58% 9.33%  
Investor Shares | After Taxes on Distributions and Sales 8.82% 7.40%  
Institutional Shares [1] 15.58% 9.49%  
Russell 2000 Growth Index (reflects no deduction for fees, expenses or taxes) 22.17% 10.46%  
[1] Institutional Shares commenced operations on November 29, 2017. Performance for the 1 year and Since Inception periods is a blended average annual return which includes the returns of Investor Shares (inception date November 1, 2013) prior to the commencement of operations of Institutional Shares.

Russell 2000® Growth Index measures the performance of the small cap growth segment of the U.S. equity universe. It includes those Russell Small Cap Index companies with higher price-to-book ratios and higher forecasted growth values.

 

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. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for the Fund's Investor Shares and after-tax returns for other share classes will vary.

XML 14 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
Risk Return Abstract rr_RiskReturnAbstract  
Document Type dei_DocumentType 497
Document Period End Date dei_DocumentPeriodEndDate Jun. 30, 2018
Registrant Name dei_EntityRegistrantName FORUM FUNDS
Central Index Key dei_EntityCentralIndexKey 0000315774
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Nov. 01, 2018
Document Effective Date dei_DocumentEffectiveDate Nov. 01, 2018
Prospectus Date rr_ProspectusDate Nov. 01, 2018
DF Dent Premier Growth Fund  
Risk Return Abstract rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>DF Dent Premier Growth Fund</b></p>
Objective [Heading] rr_ObjectiveHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Investment Objective</b></p>
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The objective of the DF Dent Premier Growth Fund (the "Fund") is to seek long-term capital appreciation.

Expense [Heading] rr_ExpenseHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Fees and Expenses</b></p>
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 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Shareholder Fees<br /> (fees paid directly from your investment)</b></p>
Operating Expenses Caption [Text] rr_OperatingExpensesCaption <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Annual Fund Operating Expenses<br /> (expenses that you pay each year as a percentage of the value of your investment)</b></p>
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination October 31, 2019
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover. </b></p>
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 16% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 16.00%
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts 1.10% on the first $150 million in Fund net assets and to 0.90% on net assets exceeding $150 million through October 31, 2019 (the "Expense Cap").
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 150,000,000
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Expense information in the table has been restated to reflect current fees.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees Total Annual Operating Expenses do not correlate to the ratio of expenses to average net assets given in the financial highlights due to a reduction in the expense cap.
Expense Example [Heading] rr_ExpenseExampleHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Example. </b></p>
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, except that it reflects the Expense Cap through the time periods described below. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not redeem your shares at the end of each period described below, your costs would be:

Strategy [Heading] rr_StrategyHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principal Investment Strategies</b></p>
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund invests primarily in equity securities, consisting of common, preferred and convertible stock of domestic companies and real estate investment trusts ("REITs") that the Adviser believes possess superior long-term growth characteristics and have strong, sustainable earnings prospects and reasonably valued stock prices. The Fund may also invest in companies that do not have particularly strong earnings histories but do have other attributes that the Adviser believes may contribute to accelerated growth in the foreseeable future. The Fund primarily invests in medium- and large-size domestic companies. For these purposes, the Adviser defines medium-size companies as those with market capitalizations in the range of $3 billion to $20 billion, and large-size companies as those with market capitalizations greater than $20 billion.

 

The Fund's investment strategy also permits the Fund to invest in small-size companies, which, according to the Adviser, are companies that typically have market capitalizations under $3 billion.

 

If the Fund is not invested primarily in medium- and large-size domestic companies due to, among other things, decreases in the market capitalization of those companies in the Fund's portfolio since they were purchased, the Fund will limit new investments to medium- and large-size domestic companies.

 

The Adviser relies on selecting individual stocks and does not try to predict when the stock market may rise or fall. The Adviser uses in-house research and other sources to conduct analyses of prospective Fund investments. Under normal market conditions, the Fund will typically hold approximately 25-50 stocks.

 

In purchasing Fund investments, the Adviser's process begins with an economic analysis of prospective Fund investments across a range of industries, including, but not limited to, investments in the information technology sector, in which the Fund currently invests a significant portion of its net assets. The Adviser then uses fundamental research to identify companies that it believes are well managed, are leaders in an industry niche, are consistent producers and/or exhibit sustainable growth.

 

The Adviser may sell a stock in the Fund's portfolio if, for example, the Adviser believes it has become overvalued or its fundamentals have changed. The Adviser may also change the weighting in a stock if it becomes an excessively large position within the Fund due to appreciation. In addition, the Fund may strategically invest a significant portion of the Fund's total assets in cash or cash equivalents if in certain market conditions other appropriate investments for the Fund are not available at prices the Adviser believes are favorable to the Fund.

Risk [Heading] rr_RiskHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principal Investment Risks</b></p>
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

The Fund's net asset value ("NAV") and investment return will fluctuate based upon changes in the value of its portfolio securities. You could lose money on your investment in the Fund, and the Fund could underperform other investments. There is no guarantee that the Fund will meet its investment objective. 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 government agency.

 

It is important that you closely review and understand the risks of investing in the Fund prior to making an investment in the Fund.

 

Capital Gains Risk. The sale of securities held in the Fund's portfolio may generate capital gains if the value of a security sold has appreciated since the time of the Fund's initial investment. There can be no guarantee that the Fund will not distribute such capital gains.

 

Cash and Cash Equivalents Risk. To the extent the Fund holds cash and cash equivalents positions, even strategically, the Fund risks achieving lower returns and potential lost opportunities to participate in market appreciation, which could negatively impact the Fund's performance and ability to achieve its investment objective. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising.

 

Convertible Securities Risk. Investments in convertible securities entail some of the risks of both equity and debt securities. The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with the fluctuations in the market value of the underlying securities or any changes in the issuer's credit rating. Convertible securities are subject to the risk that the credit rating of the issuer may have an effect on the value of the convertible securities.

 

Equity Risk. Equity holdings, which include common stocks may decline in value because of changes in the price of a particular holding or a broad stock market decline. Common stock ranks below preferred stock and debt securities in claims for dividends and for assets of the company in a liquidation or bankruptcy. The value of a security may decline for a number of reasons that directly relate to the issuer of a security or broader economic or market events including changes in interest rates.

 

Focused Fund Risk. The Fund employs a strategy of investing in the securities of a limited number of companies, some of which may be in the same industry, sector or geographic region. As a result, the Fund may incur more risk because changes in the value of a single security may have a more significant effect, either positive or negative, on the Fund's net asset value. Further, the Fund may be more sensitive to events affecting a single industry, sector or geographic region. The use of such a focused investment strategy may increase the volatility of the Fund's investment performance, as the Fund may be more susceptible to risks associated with a single economic, political or regulatory event than a portfolio that is more broadly invested.

 

Growth Company Risk. The Fund's investments in growth securities may be more sensitive to company earnings and more volatile than the market in general primarily because their stock prices are based heavily on future expectations. If the Adviser's assessment of the prospects for a company's growth is wrong, or if the Adviser's judgment of how other investors will value the company's growth is wrong, then the price of the company's stock may fall or not approach the value that the Adviser has placed on it.

 

Industrial Sector Risk. To the extent the Fund invests a significant portion of its assets in the industrial sector, the Fund's performance could be negatively impacted by events affecting this sector. The industrial sector includes, for example, aerospace and defense, non-residential construction, engineering, machinery, transportation, and commercial and professional services companies. This sector can be significantly affected by, among other things, business cycle fluctuations, worldwide economy growth, government and corporate spending, supply and demand for specific products and manufacturing, and government regulation.

 

Information Technology Sector Risk. The Fund currently invests a portion of its assets in the information technology sector, and therefore the Fund's performance could be negatively impacted by events affecting this sector. The information technology sector includes, for example, internet, semiconductor, software, hardware, and technology equipment companies. This sector can be significantly affected by, among other things, the supply and demand for specific products and services, the pace of technological development, and government regulation.

 

Large Capitalization Company Risk. The Fund's investments in large capitalization companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

 

Management Risk. The Fund is actively managed and its performance will reflect the Adviser's ability to make investment decisions that are suited to achieving the Fund's investment objective.

 

Market Events Risk. Turbulence in the financial markets and reduced liquidity in equity, credit and fixed-income markets may negatively affect issuers worldwide, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the Federal Reserve and/or other government actors, such as increasing interest rates, could cause increased volatility in financial markets, and higher levels of Fund redemptions, which could have a negative impact on the Fund. Trade barriers and other protectionist trade policies (including those in the U.S.) may also have a negative impact on the Fund.

 

Preferred Stock Risk. Preferred stock is a class of a capital stock that typically pays dividends at a specified rate. Preferred stock is generally senior to common stock, but subordinate to debt securities, with respect to the payment of dividends and on liquidation of the issuer. The market value of preferred stock generally decreases when interest rates rise and is also affected by the issuer's ability to make payments on the preferred stock.

 

Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Furthermore, the Fund currently has a large shareholder controlled by the Fund's Adviser, which could redeem shares to the detriment of other shareholders.

 

REIT Risk. The value of the Fund's investments in REITs may change in response to changes in the real estate market such as declines in the value of real estate, lack of available capital or financing opportunities, and increases in property taxes or operating costs. REITs typically are subject to management fees and other expenses that are separate from those of the Fund.

 

Small and Mid-Sized Capitalization Company Risk. Investments in small and mid-sized capitalization companies may be less liquid, and the prices of such securities may fluctuate more than those of larger, more established companies. These factors could adversely affect the Fund's ability to sell such securities at a desirable time and price.

Risk Lose Money [Text] rr_RiskLoseMoney You could lose money on your investment in the Fund, and the Fund could underperform other investments.
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 government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Performance Information</b></p>
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund from year to year and by showing how the Fund's average annual returns compare with those of a broad measure of market performance. Updated performance information is available at www.dfdent.com or by calling (866) 2DF-DENT or (866) 233-3368 (toll free).

 

Performance information (before and after taxes) represents only past performance and does not necessarily indicate future results.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund from year to year and by showing how the Fund's average annual returns compare with those of a broad measure of market performance.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone (866) 2DF-DENT or (866) 233-3368
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.dfdent.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Performance information (before and after taxes) represents only past performance and does not necessarily indicate future results.
Bar Chart [Heading] rr_BarChartHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Annual Returns as of December 31</p>
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

During the period shown, the highest return for a quarter was 20.09% for the quarter ended June 30, 2009, and the lowest return was -27.35% for the quarter ended December 31, 2008.

 

The calendar year-to-date total return as of September 30, 2018 was 19.74%.

Performance Table Heading rr_PerformanceTableHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Average Annual Total Returns</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><i>(For the periods ended </i>December 31, 2017<i>)</i></p>
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. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

S&P 500® Index is a broad-based, unmanaged measure of changes in stock market conditions based on the average performance of stocks of 500 large U.S. companies.

 

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. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.

DF Dent Premier Growth Fund | DF Dent Premier Growth Fund Shares  
Risk Return Abstract rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol DFDPX
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the offering price) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Distributions (as a percentage of the offering price) rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (as a percentage of amount redeemed, if applicable) rr_RedemptionFeeOverRedemption none
Exchange Fee (as a percentage of amount redeemed, if applicable) rr_ExchangeFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.22%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.22%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.12%) [1]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.10% [2]
One Year rr_ExpenseExampleYear01 $ 112
Three Years rr_ExpenseExampleYear03 375
Five Years rr_ExpenseExampleYear05 659
Ten Years rr_ExpenseExampleYear10 $ 1,467
Annual Return 2008 rr_AnnualReturn2008 (42.20%)
Annual Return 2009 rr_AnnualReturn2009 30.30%
Annual Return 2010 rr_AnnualReturn2010 25.30%
Annual Return 2011 rr_AnnualReturn2011 1.70%
Annual Return 2012 rr_AnnualReturn2012 16.28%
Annual Return 2013 rr_AnnualReturn2013 34.51%
Annual Return 2014 rr_AnnualReturn2014 5.03%
Annual Return 2015 rr_AnnualReturn2015 1.54%
Annual Return 2016 rr_AnnualReturn2016 2.43%
Annual Return 2017 rr_AnnualReturn2017 31.84%
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date total return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2018
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 19.74%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 20.09%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (27.35%)
1 Year rr_AverageAnnualReturnYear01 31.84%
5 Years rr_AverageAnnualReturnYear05 14.14%
10 Years rr_AverageAnnualReturnYear10 8.01%
DF Dent Premier Growth Fund | After Taxes on Distributions | DF Dent Premier Growth Fund Shares  
Risk Return Abstract rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 29.04%
5 Years rr_AverageAnnualReturnYear05 12.77%
10 Years rr_AverageAnnualReturnYear10 7.32%
DF Dent Premier Growth Fund | After Taxes on Distributions and Sales | DF Dent Premier Growth Fund Shares  
Risk Return Abstract rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 20.34%
5 Years rr_AverageAnnualReturnYear05 11.20%
10 Years rr_AverageAnnualReturnYear10 6.44%
DF Dent Premier Growth Fund | S&P 500® Index (reflects no deduction for fees, expenses or taxes)  
Risk Return Abstract rr_RiskReturnAbstract  
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expenses or taxes)
1 Year rr_AverageAnnualReturnYear01 21.83%
5 Years rr_AverageAnnualReturnYear05 15.79%
10 Years rr_AverageAnnualReturnYear10 8.50%
DF Dent Midcap Growth Fund  
Risk Return Abstract rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>DF Dent Midcap Growth Fund</b></p>
Objective [Heading] rr_ObjectiveHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Investment Objective</b></p>
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The objective of the DF Dent Midcap Growth Fund (the "Fund") is to seek long-term capital appreciation.

Expense [Heading] rr_ExpenseHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fees and Expenses</b></p>
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 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Shareholder Fees</b><br /> <b>(fees paid directly from your investment)</b></p>
Operating Expenses Caption [Text] rr_OperatingExpensesCaption <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Annual Fund Operating Expenses</b><br /> <b>(expenses that you pay each year as a percentage of the value of your investment)</b></p>
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination October 31, 2019
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover. </b></p>
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 32% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 32.00%
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Expense information in the table has been restated to reflect current fees.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees Total Annual Operating Expenses do not correlate to the ratio of expenses to average net assets given in the financial highlights due to a reduction in the expense cap for Investor Shares.
Expense Example [Heading] rr_ExpenseExampleHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Example. </b></p>
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, except that it reflects the Expense Cap through the time periods described below. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not redeem your shares at the end of each period described below, your costs would be:

Strategy [Heading] rr_StrategyHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principal Investment Strategies</b></p>
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of medium-size companies ("80% Policy"). For these purposes, the Fund's Adviser defines medium-sized companies as those companies with market capitalizations in the range of $914.9 million to $46.8 billion, which was the two-year average of the market capitalization range of companies in the Russell Midcap Growth® Index on December 31, 2016 and 2017.

 

The Fund typically invests in U.S.-listed equity securities, consisting of common stocks, preferred stocks, securities convertible into U.S. common stocks, real estate investment trusts ("REITs"), American Depositary Receipts ("ADRs"), and exchange-traded funds ("ETFs"). The Fund invests in equity securities of domestic companies that in the Adviser's view possess superior long-term growth characteristics and have strong, sustainable earnings prospects and reasonably valued stock prices. The Fund may invest in companies that do not have particularly strong earnings histories but do have other attributes that in the Adviser's view may contribute to accelerated growth in the foreseeable future. The Fund is non-diversified, which means that it may concentrate its assets in a limited number of issuers.

 

The Adviser relies on selecting individual stocks and does not try to predict when the stock market may rise or fall. The Adviser uses in-house research and other sources to conduct analyses of prospective Fund investments.

 

In purchasing Fund investments, the Adviser's process begins with an economic analysis of prospective Fund investments across a range of industries, including, but not limited to, investments in the industrial sector and the information technology sector, in each of which the Fund currently invests a significant portion of its net assets. The Adviser then uses fundamental research to identify companies that it believes are well managed, are leaders in an industry niche, are consistent producers and/or exhibit sustainable growth.

 

The Adviser may sell a security in the Fund's portfolio if, for example, the Adviser believes it has become overvalued or its fundamentals have changed. The Adviser may also change the weighting in a stock if it becomes an excessively large position within the Fund due to appreciation. In addition, the Fund may strategically invest a significant portion of the Fund's total assets in cash or cash equivalents if in certain market conditions other appropriate investments for the Fund are not available at prices the Adviser believes are favorable to the Fund.

Risk [Heading] rr_RiskHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principal Investment Risks</b></p>
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

The Fund's net asset value ("NAV") and investment return will fluctuate based upon changes in the value of its portfolio securities. You could lose money on your investment in the Fund, and the Fund could underperform other investments. There is no guarantee that the Fund will meet its investment objective. 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 government agency.

 

It is important that you closely review and understand the risks of investing in the Fund prior to making an investment in the Fund.

 

ADR Risk. The Fund may invest in ADRs. ADR risks include, but are not limited to, fluctuations in foreign currencies and foreign investment risks, such as political and financial instability, less liquidity, lack of uniform accounting, auditing and financial reporting standards and increased price volatility. In addition, ADRs may not track the price of the underlying foreign securities, and their value may change materially at times when U.S. markets are not open for trading. Unsponsored ADRs may involve additional risks, and their prices may be more volatile than the prices of sponsored ADRs.

 

Cash and Cash Equivalents Risk. To the extent the Fund holds cash and cash equivalents positions, even strategically, the Fund risks achieving lower returns and potential lost opportunities to participate in market appreciation, which could negatively impact the Fund's performance and ability to achieve its investment objective. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising.

 

Convertible Securities Risk. Investments in convertible securities entail some of the risks of both equity and debt securities. The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with the fluctuations in the market value of the underlying securities or any changes in the issuer's credit rating. Convertible securities are subject to the risk that the credit rating of the issuer may have an effect on the value of the convertible securities.

 

Equity Risk. Equity holdings, which include common stocks may decline in value because of changes in the price of a particular holding or a broad stock market decline. Common stock ranks below preferred stock and debt securities in claims for dividends and for assets of the company in a liquidation or bankruptcy. The value of a security may decline for a number of reasons that directly relate to the issuer of a security or broader economic or market events including changes in interest rates.

 

Exchange-Traded Funds Risk. The risks of investment in these securities typically reflect the risks of types of instruments in which the ETFs invest. By investing in an ETF, the Fund becomes a shareholder of that ETF and bears its proportionate share of the fees and expenses of the ETF. ETF shares trade in the secondary market and may be purchased by the Fund at a premium or discount to their NAV. When selling such securities, the Fund may not sell at the same premium or discount and may lose money on the premium or discount.

 

Growth Company Risk. The Fund's investments in growth securities may be more sensitive to company earnings and more volatile than the market in general primarily because their stock prices are based heavily on future expectations. If the Adviser's assessment of the prospects for a company's growth is wrong, or if the Adviser's judgment of how other investors will value the company's growth is wrong, then the price of the company's stock may fall or not approach the value that the Adviser has placed on it.

 

Industrial Sector Risk. To the extent the Fund invests a significant portion of its assets in the industrial sector, the Fund's performance could be negatively impacted by events affecting this sector. The industrial sector includes, for example, aerospace and defense, non-residential construction, engineering, machinery, transportation, and commercial and professional services companies. This sector can be significantly affected by, among other things, business cycle fluctuations, worldwide economy growth, government and corporate spending, supply and demand for specific products and manufacturing, and government regulation.

 

Information Technology Sector Risk. The Fund currently invests a portion of its assets in the information technology sector, and therefore the Fund's performance could be negatively impacted by events affecting this sector. The information technology sector includes, for example, internet, semiconductor, software, hardware, and technology equipment companies. This sector can be significantly affected by, among other things, the supply and demand for specific products and services, the pace of technological development, and government regulation.

 

Initial Public Offering Risk. The Fund may purchase securities in an IPO. Securities purchased in an IPO may be illiquid, and therefore more difficult to sell promptly at the most favorable price, and may be subject to substantial price volatility due to factors such as unseasoned trading, lack of investor knowledge of the company, and limited operating history.

 

Management Risk. The Fund is actively managed and its performance will reflect the Adviser's ability to make investment decisions that are suited to achieving the Fund's investment objective.

 

Market Events Risk. Turbulence in the financial markets and reduced liquidity in equity, credit and fixed-income markets may negatively affect issuers worldwide, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the Federal Reserve and/or other government actors, such as increasing interest rates, could cause increased volatility in financial markets, and higher levels of Fund redemptions, which could have a negative impact on the Fund. Trade barriers and other protectionist trade policies (including those in the U.S.) may also have a negative impact on the Fund.

 

Non-Diversification Risk. The Fund is non-diversified. Investment by the Fund in securities of a limited number of issuers may expose it to greater market risk and potential monetary losses than if its assets were diversified among the securities of a greater number of issuers.

 

Preferred Stock Risk. Preferred stock is a class of a capital stock that typically pays dividends at a specified rate. Preferred stock is generally senior to common stock, but subordinate to debt securities, with respect to the payment of dividends and on liquidation of the issuer. The market value of preferred stock generally decreases when interest rates rise and is also affected by the issuer's ability to make payments on the preferred stock.

 

Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Furthermore, the Fund currently has a large shareholder controlled by the Fund's Adviser, which could redeem shares to the detriment of other shareholders.

 

REIT Risk. The value of the Fund's investments in REITs may change in response to changes in the real estate market such as declines in the value of real estate, lack of available capital or financing opportunities, and increases in property taxes or operating costs. REITs typically are subject to management fees and other expenses that are separate from those of the Fund.

 

Small and Mid-Sized Capitalization Company Risk. Investments in small and mid-sized capitalization companies may be less liquid, and the prices of such securities may fluctuate more than those of larger, more established companies. These factors could adversely affect the Fund's ability to sell such securities at a desirable time and price.

Risk Lose Money [Text] rr_RiskLoseMoney You could lose money on your investment in the Fund, and the Fund could underperform other investments.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus The Fund is non-diversified. Investment by the Fund in securities of a limited number of issuers may expose it to greater market risk and potential monetary losses than if its assets were diversified among the securities of a greater number of issuers.
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 government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Performance Information</b></p>
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund's Investor Shares from year to year and by showing how the Fund's average annual returns compare with those of a broad measure of market performance. The historical performance of the Fund's Investor Class shares is used to calculate the performance of the Fund's Institutional Class shares. Each share class is invested in the same portfolio of securities, and the annual returns would have differed only to the extent that the classes do not have the same charges and expenses. The performance figures have not been adjusted to reflect applicable class fees and expenses. Updated performance information is available at www.dfdent.com or by calling (866) 2DF-DENT or (866) 233-3368 (toll free).

 

Performance information (before and after taxes) represents only past performance and does not necessarily indicate future results.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund's Investor Shares from year to year and by showing how the Fund's average annual returns compare with those of a broad measure of market performance.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone (866) 2DF-DENT or (866) 233-3368
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.dfdent.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Performance information (before and after taxes) represents only past performance and does not necessarily indicate future results.
Bar Chart [Heading] rr_BarChartHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Annual Returns as of December 31</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Investor Shares</p>
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

During the period shown, the highest return for a quarter was 14.22% for the quarter ended September 30, 2013, and the lowest return was -7.99% for the quarter ended September 30, 2015.

 

The calendar year-to-date total return as of September 30, 2018 was 17.13%.

Performance Table Heading rr_PerformanceTableHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Average Annual Total Returns</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><i>(For the periods ended December 31</i>, <i>2017)</i></p>
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. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for the Fund's Investor Shares and after-tax returns for other share classes will vary.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

Russell Midcap® Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values.

 

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. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for the Fund's Investor Shares and after-tax returns for other share classes will vary.

DF Dent Midcap Growth Fund | Investor Shares  
Risk Return Abstract rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol DFDMX
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the offering price) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Distributions (as a percentage of the offering price) rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (as a percentage of amount redeemed, if applicable) rr_RedemptionFeeOverRedemption (2.00%)
Exchange Fee (as a percentage of amount redeemed, if applicable) rr_ExchangeFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.56%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.31%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.33%) [3]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.98% [2]
One Year rr_ExpenseExampleYear01 $ 100
Three Years rr_ExpenseExampleYear03 383
Five Years rr_ExpenseExampleYear05 687
Ten Years rr_ExpenseExampleYear10 $ 1,550
Annual Return 2012 rr_AnnualReturn2012 18.31%
Annual Return 2013 rr_AnnualReturn2013 42.69%
Annual Return 2014 rr_AnnualReturn2014 2.03%
Annual Return 2015 rr_AnnualReturn2015 0.79%
Annual Return 2016 rr_AnnualReturn2016 4.24%
Annual Return 2017 rr_AnnualReturn2017 31.22%
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date total return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2018
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 17.13%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2013
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 14.22%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2015
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (7.99%)
1 Year rr_AverageAnnualReturnYear01 31.22%
5 Years rr_AverageAnnualReturnYear05 14.95%
Since Inception rr_AverageAnnualReturnSinceInception 13.53%
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 01, 2011
DF Dent Midcap Growth Fund | Institutional Shares  
Risk Return Abstract rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol DFMGX
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the offering price) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Distributions (as a percentage of the offering price) rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (as a percentage of amount redeemed, if applicable) rr_RedemptionFeeOverRedemption (2.00%)
Exchange Fee (as a percentage of amount redeemed, if applicable) rr_ExchangeFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.52%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.27%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.42%) [3]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.85% [2]
One Year rr_ExpenseExampleYear01 $ 87
Three Years rr_ExpenseExampleYear03 361
Five Years rr_ExpenseExampleYear05 657
Ten Years rr_ExpenseExampleYear10 $ 1,497
1 Year rr_AverageAnnualReturnYear01 31.22% [4]
5 Years rr_AverageAnnualReturnYear05 14.95% [4]
Since Inception rr_AverageAnnualReturnSinceInception 13.53% [4]
DF Dent Midcap Growth Fund | After Taxes on Distributions | Investor Shares  
Risk Return Abstract rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 31.13%
5 Years rr_AverageAnnualReturnYear05 14.25%
Since Inception rr_AverageAnnualReturnSinceInception 13.00%
DF Dent Midcap Growth Fund | After Taxes on Distributions and Sales | Investor Shares  
Risk Return Abstract rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 17.75%
5 Years rr_AverageAnnualReturnYear05 11.83%
Since Inception rr_AverageAnnualReturnSinceInception 10.87%
DF Dent Midcap Growth Fund | Russell Midcap Growth Index (reflects no deduction for fees, expenses or taxes)  
Risk Return Abstract rr_RiskReturnAbstract  
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expenses or taxes)
1 Year rr_AverageAnnualReturnYear01 25.27%
5 Years rr_AverageAnnualReturnYear05 15.30%
Since Inception rr_AverageAnnualReturnSinceInception 11.97%
DF Dent Small Cap Growth Fund  
Risk Return Abstract rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>DF Dent Small Cap Growth Fund</b></p>
Objective [Heading] rr_ObjectiveHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Investment Objective</b></p>
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The objective of the DF Dent Small Cap Growth Fund (the "Fund") is to seek long-term capital appreciation.

Expense [Heading] rr_ExpenseHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fees and Expenses</b></p>
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 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Shareholder Fees</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(fees paid directly from your investment)</b></p>
Operating Expenses Caption [Text] rr_OperatingExpensesCaption <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Annual Fund Operating Expenses</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>(expenses that you pay each year as a percentage of the value of your investment)</b></p>
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination October 31, 2019
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover. </b></p>
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 40% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 40.00%
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Expense information in the table has been restated to reflect current fees.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees Total Annual Operating Expenses do not correlate to the ratio of expenses to average net assets given in the financial highlights due to a reduction in the expense cap for Investor Shares.
Expense Example [Heading] rr_ExpenseExampleHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Example. </b></p>
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, except that it reflects the Expense Cap through the time periods described below. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not redeem your shares at the end of each period described below, your costs would be:

Strategy [Heading] rr_StrategyHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principal Investment Strategies</b></p>
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of companies with small market capitalizations ("80% Policy"). For these purposes, the Adviser considers small market capitalization companies to be those that at the time of initial purchase are within the range of the Russell 2000® Growth Index or the S&P SmallCap 600® Index during the most recent 12 month period (which was $7.6 million to $16.7 billion as of September 30, 2018).

 

The Fund typically invests in U.S. exchange-listed equity securities, consisting of common stocks, preferred stocks, real estate investment trusts ("REITs"), sponsored and unsponsored American Depositary Receipts ("ADRs") and exchange-traded funds ("ETFs"). The Fund may also invest in securities convertible into U.S. common stocks. The Fund invests in equity securities of companies that in the Adviser's view possess superior long-term growth characteristics and have strong, sustainable earnings prospects and/or reasonably valued stock prices. The Fund may invest in companies that do not have particularly strong earnings histories but do have other attributes that in the Adviser's view may contribute to accelerated growth in the foreseeable future, including initial public offerings ("IPOs"). The Fund is non-diversified, which means that it may concentrate its assets in a limited number of issuers. As of the Fund's fiscal year end, it had significant exposure to the information technology and industrial sectors.

 

The Adviser relies on selecting individual stocks and does not try to predict when the stock market may rise or fall. In purchasing Fund investments, the Adviser's process begins with an economic analysis of prospective Fund investments across a range of industries. The Adviser then uses in-house and other fundamental research to identify companies that it believes are well managed, are leaders in an industry niche, are consistent producers and/or exhibit sustainable growth.

 

The Adviser may sell a security in the Fund's portfolio if, for example, the Adviser believes it has become overvalued, its fundamentals have changed or it is no longer appropriate for the portfolio. The Adviser may also change the weighting in a stock if it becomes overweighted in the portfolio due to appreciation. In addition, the Fund may strategically invest a significant portion of the Fund's total assets in cash or cash equivalents if in certain market conditions other appropriate investments for the Fund are not available at prices the Adviser believes are favorable to the Fund.

Risk [Heading] rr_RiskHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principal Investment Risks</b></p>
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

The Fund's net asset value ("NAV") and investment return will fluctuate based upon changes in the value of its portfolio securities. You could lose money on your investment in the Fund, and the Fund could underperform other investments. There is no guarantee that the Fund will meet its investment objective. 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 government agency.

 

It is important that you closely review and understand the risks of investing in the Fund prior to making an investment in the Fund.

 

ADR Risk. The Fund may invest in ADRs. ADR risks include, but are not limited to, fluctuations in foreign currencies and foreign investment risks, such as political and financial instability, less liquidity, lack of uniform accounting, auditing and financial reporting standards and increased price volatility. In addition, ADRs may not track the price of the underlying foreign securities, and their value may change materially at times when U.S. markets are not open for trading. Unsponsored ADRs may involve additional risks, and their prices may be more volatile than the prices of sponsored ADRs.

 

Cash and Cash Equivalents Risk. To the extent the Fund holds cash and cash equivalents positions, even strategically, the Fund risks achieving lower returns and potential lost opportunities to participate in market appreciation, which could negatively impact the Fund's performance and ability to achieve its investment objective. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising.

 

Consumer Discretionary Sector Risk. Consumer discretionary products and services are non-essential products and services whose demand tends to increase as consumers' disposable income increases, such as automobiles, apparel, electronics, home furnishings, and travel and leisure products and services. Investments in this sector can be significantly affected by the performance of the overall economy, interest rates, competition, and consumer confidence. Success can depend heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer discretionary products. The prices of raw materials fluctuate in response to a number of factors, including changes in government agricultural support programs, exchange rates, import and export controls, changes in international agricultural and trading policies and seasonal and weather conditions. Companies in the consumer discretionary sector may be subject to severe competition, which may also have an adverse impact on their profitability.

 

Convertible Securities Risk. Investments in convertible securities entail some of the risks of both equity and debt securities. The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with the fluctuations in the market value of the underlying securities or any changes in the issuer's credit rating. Convertible securities are subject to the risk that the credit rating of the issuer may have an effect on the value of the convertible securities.

 

Equity Risk. Equity holdings, which include common stocks may decline in value because of changes in the price of a particular holding or a broad stock market decline. Common stock ranks below preferred stock and debt securities in claims for dividends and for assets of the company in a liquidation or bankruptcy. The value of a security may decline for a number of reasons that directly relate to the issuer of a security or broader economic or market events including changes in interest rates.

 

Exchange-Traded Funds Risk. The risks of investment in these securities typically reflect the risks of types of instruments in which the ETFs invest. By investing in an ETF, the Fund becomes a shareholder of that ETF and bears its proportionate share of the fees and expenses of the ETF. ETF shares trade in the secondary market and may be purchased by the Fund at a premium or discount to their NAV. When selling such securities, the Fund may not sell at the same premium or discount and may lose money on the premium or discount.

 

Growth Company Risk. The Fund's investments in growth securities may be more sensitive to company earnings and more volatile than the market in general primarily because their stock prices are based heavily on future expectations. If the Adviser's assessment of the prospects for a company's growth is wrong, or if the Adviser's judgment of how other investors will value the company's growth is wrong, then the price of the company's stock may fall or not approach the value that the Adviser has placed on it.

 

Healthcare Sector Risk. The profitability of companies in the healthcare sector may be affected by government regulations changing costs of medical products and services, limited product lines, and product liability claims, among other things. Many healthcare companies are heavily dependent on patent protection, which may be time consuming and costly, and the expiration of a company's patent may adversely affect that company's profitability. Healthcare companies may be thinly capitalized and susceptible to product obsolescence. Many new products in the healthcare sector require significant research and development and may be subject to regulatory approvals, which may be time consuming and costly and with no guarantee that the product will come to market.

 

Industrial Sector Risk. To the extent the Fund invests a significant portion of its assets in the industrial sector, the Fund's performance could be negatively impacted by events affecting this sector. The industrial sector includes, for example, aerospace and defense, non-residential construction, engineering, machinery, transportation, and commercial and professional services companies. This sector can be significantly affected by, among other things, business cycle fluctuations, worldwide economy growth, government and corporate spending, supply and demand for specific products and manufacturing, and government regulation.

 

Information Technology Sector Risk. The Fund currently invests a portion of its assets in the information technology sector, and therefore the Fund's performance could be negatively impacted by events affecting this sector. The information technology sector includes, for example, internet, semiconductor, software, hardware, and technology equipment companies. This sector can be significantly affected by, among other things, the supply and demand for specific products and services, the pace of technological development, and government regulation.

 

Initial Public Offering Risk. The Fund may purchase securities in an IPO. Securities purchased in an IPO may be illiquid, and therefore more difficult to sell promptly at the most favorable price, and may be subject to substantial price volatility due to factors such as unseasoned trading, lack of investor knowledge of the company, and limited operating history.

 

Management Risk. The Fund is actively managed and its performance will reflect the Adviser's ability to make investment decisions that are suited to achieving the Fund's investment objective.

 

Market Events Risk. Turbulence in the financial markets and reduced liquidity in equity, credit and fixed-income markets may negatively affect issuers worldwide, which could have an adverse effect on the Fund. In addition, there is a risk that policy changes by the Federal Reserve and/or other government actors, such as increasing interest rates, could cause increased volatility in financial markets, and higher levels of Fund redemptions, which could have a negative impact on the Fund. Trade barriers and other protectionist trade policies (including those in the U.S.) may also have a negative impact on the Fund.

 

Non-Diversification Risk. The Fund is non-diversified. Investment by the Fund in securities of a limited number of issuers may expose it to greater market risk and potential monetary losses than if its assets were diversified among the securities of a greater number of issuers.

 

Preferred Stock Risk. Preferred stock is a class of a capital stock that typically pays dividends at a specified rate. Preferred stock is generally senior to common stock, but subordinate to debt securities, with respect to the payment of dividends and on liquidation of the issuer. The market value of preferred stock generally decreases when interest rates rise and is also affected by the issuer's ability to make payments on the preferred stock.

 

Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Furthermore, the Fund currently has a large shareholder controlled by the Fund's Adviser, which could redeem shares to the detriment of other shareholders.

 

REIT Risk. The value of the Fund's investments in REITs may change in response to changes in the real estate market such as declines in the value of real estate, lack of available capital or financing opportunities, and increases in property taxes or operating costs. REITs typically are subject to management fees and other expenses that are separate from those of the Fund.

 

Small Capitalization Company Risk. The Fund's investments in small capitalization companies may be less liquid and their securities' prices may fluctuate more than those of larger, more established companies. These factors could adversely affect the Fund's ability to sell such securities at a desirable time and price.

Risk Lose Money [Text] rr_RiskLoseMoney You could lose money on your investment in the Fund, and the Fund could underperform other investments.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus The Fund is non-diversified. Investment by the Fund in securities of a limited number of issuers may expose it to greater market risk and potential monetary losses than if its assets were diversified among the securities of a greater number of issuers.
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 government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Performance Information</b></p>
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund's Investor Shares from year to year and by showing how the Fund's average annual returns compare with those of a broad measure of market performance. The historical performance of the Fund's Investor Class shares is used to calculate the performance of the Fund's Institutional Class shares. Each share class is invested in the same portfolio of securities, and the annual returns would have differed only to the extent that the classes do not have the same charges and expenses. The performance figures have not been adjusted to reflect applicable class fees and expenses. Updated performance information is available at www.dfdent.com or by calling (866) 2DF-DENT or (866) 233-3368 (toll free).

 

Performance information (before and after taxes) represents only past performance and does not necessarily indicate future results.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund's Investor Shares from year to year and by showing how the Fund's average annual returns compare with those of a broad measure of market performance.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone (866) 2DF-DENT or (866) 233-3368
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.dfdent.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Performance information (before and after taxes) represents only past performance and does not necessarily indicate future results.
Bar Chart [Heading] rr_BarChartHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Annual Returns as of December 31</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Investor Shares</p>
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

During the period shown, the highest return for a quarter was 8.81% for the quarter ended June 30, 2016, and the lowest return was -11.21% for the quarter ended September 30, 2015.

 

The calendar year-to-date total return as of September 30, 2018 was 21.30%.

Performance Table Heading rr_PerformanceTableHeading <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Average Annual Total Returns</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><i>(For the periods ended December 31, 2017)</i></p>
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. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for the Fund's Investor Shares and after-tax returns for other share classes will vary.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

Russell 2000® Growth Index measures the performance of the small cap growth segment of the U.S. equity universe. It includes those Russell Small Cap Index companies with higher price-to-book ratios and higher forecasted growth values.

 

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. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for the Fund's Investor Shares and after-tax returns for other share classes will vary.

DF Dent Small Cap Growth Fund | Investor Shares  
Risk Return Abstract rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol DFDSX
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the offering price) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Distributions (as a percentage of the offering price) rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (as a percentage of amount redeemed, if applicable) rr_RedemptionFeeOverRedemption (2.00%)
Exchange Fee (as a percentage of amount redeemed, if applicable) rr_ExchangeFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.85%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 2.24%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.09%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (2.04%) [5]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.05% [2]
One Year rr_ExpenseExampleYear01 $ 107
Three Years rr_ExpenseExampleYear03 762
Five Years rr_ExpenseExampleYear05 1,442
Ten Years rr_ExpenseExampleYear10 $ 3,259
Annual Return 2014 rr_AnnualReturn2014 3.46%
Annual Return 2015 rr_AnnualReturn2015 (4.16%)
Annual Return 2016 rr_AnnualReturn2016 16.45%
Annual Return 2017 rr_AnnualReturn2017 15.58%
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date total return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2018
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 21.30%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2016
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 8.81%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2015
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (11.21%)
1 Year rr_AverageAnnualReturnYear01 15.58%
Since Inception rr_AverageAnnualReturnSinceInception 9.49%
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 01, 2013
DF Dent Small Cap Growth Fund | Institutional Shares  
Risk Return Abstract rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol DFSGX
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the offering price) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Distributions (as a percentage of the offering price) rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (as a percentage of amount redeemed, if applicable) rr_RedemptionFeeOverRedemption (2.00%)
Exchange Fee (as a percentage of amount redeemed, if applicable) rr_ExchangeFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.85%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 2.06%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.91%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (1.96%) [5]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.95% [2]
One Year rr_ExpenseExampleYear01 $ 97
Three Years rr_ExpenseExampleYear03 715
Five Years rr_ExpenseExampleYear05 1,360
Ten Years rr_ExpenseExampleYear10 $ 3,092
1 Year rr_AverageAnnualReturnYear01 15.58% [6]
Since Inception rr_AverageAnnualReturnSinceInception 9.49% [6]
DF Dent Small Cap Growth Fund | After Taxes on Distributions | Investor Shares  
Risk Return Abstract rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 15.58%
Since Inception rr_AverageAnnualReturnSinceInception 9.33%
DF Dent Small Cap Growth Fund | After Taxes on Distributions and Sales | Investor Shares  
Risk Return Abstract rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 8.82%
Since Inception rr_AverageAnnualReturnSinceInception 7.40%
DF Dent Small Cap Growth Fund | Russell 2000 Growth Index (reflects no deduction for fees, expenses or taxes)  
Risk Return Abstract rr_RiskReturnAbstract  
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expenses or taxes)
1 Year rr_AverageAnnualReturnYear01 22.17%
Since Inception rr_AverageAnnualReturnSinceInception 10.46%
[1] D.F. Dent and Company, Inc. (the "Adviser") has contractually agreed to waive a portion of its fee and/ or reimburse Fund expenses to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (excluding all taxes, interest, portfolio transaction expenses, and extraordinary expenses) to 1.10% on the first $150 million in Fund net assets and to 0.90% on net assets exceeding $150 million through October 31, 2019 (the "Expense Cap"). The Expense Cap may only be raised or eliminated with the consent of the Board of Trustees. The Adviser may be reimbursed by the Fund for fees waived and expenses reimbursed by the Adviser pursuant to the Expense Cap if such payment is made within three years of the fee waiver or expense reimbursement and does not cause the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement of the Fund to exceed the lesser of (i) the then-current expense cap, and (ii) the expense cap in place at the time the fees/expenses were waived/ reimbursed.
[2] Expense information in the table has been restated to reflect current fees. Total Annual Operating Expenses do not correlate to the ratio of expenses to average net assets given in the financial highlights due to a reduction in the expense cap.
[3] D.F. Dent and Company, Inc. (the "Adviser") has contractually agreed to waive a portion of its fee and/or reimburse Fund expenses to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (excluding all taxes, interest, portfolio transaction expenses, and extraordinary expenses) of Investor Shares and Institutional Shares to 0.98% and 0.85%, respectively, through October 31, 2019 (the "Expense Cap"). The Expense Cap may only be raised or eliminated with the consent of the Board of Trustees. The Adviser may be reimbursed by the Fund for fees waived and expenses reimbursed by the Adviser pursuant to the Expense Cap if such payment is made within three years of the fee waiver or expense reimbursement and does not cause the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement of a class to exceed the lesser of (i) the then-current expense cap, and (ii) the expense cap in place at the time the fees/expenses were waived/reimbursed.
[4] Institutional Shares commenced operations on November 29, 2017. Performance for the 1 year, 5 year and Since Inception periods is a blended average annual return which includes the returns of Investor Shares (inception date July 1, 2011) prior to the commencement of operations of Institutional Shares.
[5] D.F. Dent and Company, Inc. (the "Adviser") has contractually agreed to waive a portion of its fee and/or reimburse Fund expenses to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (excluding all taxes, interest, portfolio transaction expenses, and extraordinary expenses) of Investor Shares and Institutional Shares to 1.05% and 0.95%, respectively, through October 31, 2019 (the "Expense Cap"). The Expense Cap may only be raised or eliminated with the consent of the Board of Trustees. The Adviser may be reimbursed by the Fund for fees waived and expenses reimbursed by the Adviser pursuant to the Expense Cap if such payment is made within three years of the fee waiver or expense reimbursement and does not cause the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement of a class to exceed the lesser of (i) the then-current expense cap, and (ii) the expense cap in place at the time the fees/expenses were waived/reimbursed.
[6] Institutional Shares commenced operations on November 29, 2017. Performance for the 1 year and Since Inception periods is a blended average annual return which includes the returns of Investor Shares (inception date November 1, 2013) prior to the commencement of operations of Institutional Shares.
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