| Label |
Element |
Value |
| Otter Creek Long/Short Opportunity Fund |
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| Risk/Return: |
rr_RiskReturnAbstract |
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| Risk/Return [Heading] |
rr_RiskReturnHeading |
Otter Creek Long/Short Opportunity Fund
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| Objective [Heading] |
rr_ObjectiveHeading |
Investment Objective
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| Objective, Primary [Text Block] |
rr_ObjectivePrimaryTextBlock |
The Otter Creek Long/Short Opportunity Fund (the “Fund”) seeks long-term capital appreciation.
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| Expense [Heading] |
rr_ExpenseHeading |
Fees and Expenses of the Fund
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| 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.
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| Shareholder Fees Caption [Text] |
rr_ShareholderFeesCaption |
Shareholder Fees (fees paid directly from your investment)
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| Operating Expenses Caption [Text] |
rr_OperatingExpensesCaption |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
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| Fee Waiver or Reimbursement over Assets, Date of Termination |
rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination |
Feb. 28, 2019
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| Portfolio Turnover [Heading] |
rr_PortfolioTurnoverHeading |
Portfolio Turnover
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| 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 134 % of the average value of its portfolio.
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| Portfolio Turnover, Rate |
rr_PortfolioTurnoverRate |
134.00%
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| Expense Example [Heading] |
rr_ExpenseExampleHeading |
Example
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| Expense Example Narrative [Text Block] |
rr_ExpenseExampleNarrativeTextBlock |
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the Expense Caps only in the first year)
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| Expense Example by, Year, Caption [Text] |
rr_ExpenseExampleByYearCaption |
Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
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| Strategy [Heading] |
rr_StrategyHeading |
Principal Investment Strategies of the Fund
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| Strategy Narrative [Text Block] |
rr_StrategyNarrativeTextBlock |
The Fund employs a long/short investment strategy in an attempt to achieve capital appreciation and manage risk. The Fund takes long positions in securities Otter Creek believes to be undervalued and short positions in securities Otter Creek believes to be overvalued. The Fund’s objective is to provide long-term capital appreciation. Under normal market conditions, the net long exposure of the Fund (gross long exposures minus gross short exposures) is expected to range between -35% and +80% net long.
Under normal market conditions, the Fund primarily invests in equity securities that are traded on U.S. securities exchanges. Equity securities in which the Fund may invest include common stocks, convertibles, preferred stocks, warrants, exchange-traded funds (“ETFs”), American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”) and Global Depositary Receipts (“GDRs”). The Fund may invest in securities of companies that are offered pursuant to an initial public offering (“IPO”). The Fund may invest up to 30% of its total assets in securities of foreign issuers. The Fund may also invest up to 20% of the Fund’s net assets in Master Limited Partnerships (“MLPs”), and up to 30% of the Fund’s net assets in equity Real Estate Investment Trusts (“REITs”). To the extent the Fund invests in MLPs, its investments will be restricted to holding interests as a limited partner in such investments.
The Fund may also invest in investment grade fixed income securities, including up to 30% of the Fund’s assets in corporate and convertible bonds as well as debt issued by the U.S. Government and its agencies. Additionally, up to 30% of the Fund’s net assets may be invested in high yield securities (“junk bonds”). High yield bonds are securities rated by a rating organization below its top four long-term rating categories or unrated securities determined by the Advisor to be of equivalent quality.
The Fund may hold up to 100% of its assets in cash or cash equivalents, such as U.S. Government obligations, investment grade debt securities and other money market instruments, for temporary defensive purposes due to economic or market conditions.
The Fund may utilize leverage of no more than 30% of the Fund’s total assets as part of the portfolio management process. From time to time, the Fund may invest a significant portion of its assets in the securities of companies in the same sector of the market. The Fund may also invest up to 10% of its net assets in derivatives including futures, options, swaps and forward foreign currency contracts. These instruments may be used to modify or hedge the Fund’s exposure to a particular investment market related risk, as well as to manage the volatility of the Fund.
The dollar amount of short sales at any one time (not including short sales against the box) may not exceed 100% of the net assets of the Fund, and it is expected that normally the dollar amount of such sales will not exceed 75% of the net assets of the Fund.
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| Risk [Heading] |
rr_RiskHeading |
Principal Investment Risks
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| Risk Narrative [Text Block] |
rr_RiskNarrativeTextBlock |
Losing all or a portion of your money on your investment is a risk of investing in the Fund. The following additional risks could affect the value of your investment:
| · | General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issues in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes, due to a number of factors, including inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters or events, terrorism, regulatory events and government controls. |
| · | Management Risk. The Fund is subject to management risk because it is an actively managed portfolio. The Advisor’s management practices and investment strategies might not produce the desired results. The Advisor may be incorrect in its assessment of a stock’s appreciation or depreciation potential. Additionally, the Advisor only recently began managing mutual funds. |
| · | Leverage Risk. Leverage is investment exposure which exceeds the initial amount invested. The use of leverage can cause the portfolio to lose more than the principal amount invested. Leverage can magnify the portfolio’s gains and losses and therefore increase its volatility. |
| · | High Yield Securities Risk. Fixed income securities that are rated below investment grade (i.e., “junk bonds”) are subject to additional risk factors due to the speculative nature of these securities, such as increased possibility of default liquidation of the security, and changes in value based on public perception of the issuer. Below investment grade securities (high yield/junk bonds) have speculative characteristics, and changes in economic conditions or other circumstances are more likely to impair the ability of issuers of those securities to make principal and interest payments than is the case with issuers of investment grade securities. |
| · | Equity Securities Risk. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. These fluctuations may cause a security to be worth less than its cost when originally purchased or less than it was worth at an earlier time. The stock market may experience declines or stocks in the Fund’s portfolio may not increase their earnings at the rate anticipated. |
| · | Fixed Income Securities Risk. Debt securities are subject to various risks including, among others, credit risk and interest rate risk. These risks can affect a security’s price volatility to varying degrees, depending upon the nature of the instrument. |
| ○ | Credit Risk: The risk that an issuer of a fixed income security will fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer’s financial strength, the market’s perception of an issuer’s creditworthiness, or in a security’s credit rating may affect a security’s value. |
| ○ | Extension Risk: The risk that if interest rates rise, repayments of principal on certain debt securities, including, but not limited to, floating rate loans and mortgage-related securities, may occur at a slower rate than expected and the expected maturity of those securities could lengthen as a result. Securities that are subject to extension risk generally have a greater potential for loss when prevailing interest rates rise, which could cause their values to fall sharply. |
| ○ | Interest Rate Risk: The risk that debt instruments will change in value because of changes in interest rates. The value of an instrument with a longer duration (whether positive or negative) will be more sensitive to changes in interest rates than a similar instrument with a shorter duration. Bonds and other debt instruments typically have a positive duration. The value of a debt instrument with positive duration will generally decline if interest rates increase. As of the date of this Prospectus, interest rates in the U.S. are at or near historically low levels, increasing the exposure of bond investors to the risks associated with rising interest rates. |
| ○ | Prepayment Risk: The risk that the issuer of a debt security, including floating rate loans and mortgage-related securities, repays all or a portion of the principal prior to the security’s maturity. In times of declining interest rates, there is a greater likelihood that the Fund’s higher yielding securities will be pre-paid with the Fund being unable to reinvest the proceeds in an investment with as great a yield. Prepayments can therefore result in lower yields to shareholders of the Fund. |
| · | Short Sales Risk. A short sale will be successful if the price of the shorted security decreases. However, if the underlying security goes up in price during the period in which the short position is outstanding, the Fund will realize a loss. The risk on a short sale is unlimited because the Fund must buy the shorted security at the higher price to complete the transaction. Therefore, short sales may be subject to greater risks than investments in long positions. Entering into short sales can involve the loss of more money than the actual cost of the investment, and the risk of loss if the third party to the short sale does not honor its contract terms. |
| · | Foreign Securities. The Fund may invest in foreign securities. These foreign investments are subject to special risks. Foreign securities can be more volatile than domestic (U.S.) securities. Securities markets of other countries are generally smaller than U.S. securities markets. Many foreign securities may be less liquid and more volatile than U.S. securities, which could affect the Fund’s investments. Investments in foreign securities may also involve exposure to fluctuations in foreign currency exchange rates. |
| · | Derivatives Risk. The Fund’s use of derivatives (which may include options and swaps) may reduce the Fund’s returns and/or increase volatility. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. As a result of the structure of certain derivatives, adverse changes in the value of the underlying instrument can result in a counterparty’s losses being substantially greater than the amount invested in the derivative itself. |
| · | Options Risk. Options on securities may be subject to greater fluctuations in value than an investment in the underlying securities. Purchasing and writing put and call options are highly specialized activities and entail greater than ordinary investment risks. There are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, causing a given transactions not to achieve its objectives. |
| · | Initial Public Offering Risk. The Fund may purchase securities of companies that are offered pursuant to an IPO. The risk exists that the market value of IPO shares will fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs. IPO shares are subject to market risk and liquidity risk. When the Fund’s asset base is small, a significant portion of the Fund’s performance could be attributable to investments in IPOs, because such investments would have a magnified impact on the Fund. |
| · | Master Limited Partnership Risk. Investing in MLPs entails risk related to potential changes in the U.S. tax law which could revoke the pass-through tax attributes that provide the tax efficiencies that make MLPs attractive investment structures. Additional risks include fluctuations in energy prices, decreases in supply of or demand for energy commodities, decreases in demand for MLPs in rising interest rate environments, and various other risks. |
| · | RIC Qualification Risk. To qualify for treatment as a regulated investment company (“RIC”) under the Internal Revenue Code (“Code”), the Fund must meet certain income source, asset diversification and annual distribution requirements. The Fund’s MLP investments may make it more difficult for the Fund to meet these requirements. The asset diversification requirements include a requirement that, at the end of each quarter of each taxable year, not more than 25% of the value of the Fund’s total assets is invested in the securities (including debt securities) of one or more qualified publicly traded partnerships. The Fund anticipates that the MLPs in which it invests will be qualified publicly traded partnerships. If the Fund’s MLP investments exceed this 25% limitation, which could occur if the Fund’s investment in an MLP affiliate were re-characterized as an investment in an MLP, then the Fund would not satisfy the diversification requirements and could fail to qualify as a RIC. If, in any year, the Fund fails to qualify as a RIC for any reason, the Fund would be taxed as an ordinary corporation and would become (or remain) subject to corporate income tax. The resulting corporate taxes could substantially reduce the Fund’s net assets, the amount of income available for distribution and the amount of the Fund’s distributions. |
| · | REIT and Real Estate 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. Shareholders of the Fund will indirectly be subject to the fees and expenses of the individual REITs in which the Fund invests. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. |
| · | Exchange-Traded Fund Risk. An exchange-traded fund (“ETF”), in which the Fund invests may not achieve its investment objective or execute its investment strategies effectively or a large purchase or redemption activity by shareholders of such an investment company might negatively affect the value of the investment company’s shares. The Fund must also pay its pro rata portion of an ETF’s fees and expenses. If an ETF held by the Fund trades at a discount to net asset value, the Fund could lose money even if the securities in which the ETF invests go up in value. |
| · | Portfolio Turnover Risk. A high portfolio turnover rate (100% or more) has the potential to result in the realization and distribution to shareholders of higher capital gains, which may subject you to a higher tax liability. High portfolio turnover involves correspondingly greater expenses to the Fund, including brokerage commissions and dealer mark-ups and other transaction costs. The trading costs and tax effects associated with portfolio turnover may adversely affect the Fund’s performance. |
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| Risk Lose Money [Text] |
rr_RiskLoseMoney |
Losing all or a portion of your money on your investment is a risk of investing in the Fund.
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| Bar Chart and Performance Table [Heading] |
rr_BarChartAndPerformanceTableHeading |
Performance
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| Performance Narrative [Text Block] |
rr_PerformanceNarrativeTextBlock |
The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the Fund’s performance for the Investor Class and is an illustration of how shares of the Fund’s total returns have varied from year to year. The table below illustrates how the Fund’s average annual total returns for the 1-year and since inception periods compare with that of a broad-based securities index. The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. Prior to February 27, 2015, the Fund was managed by an affiliate of the Advisor, Otter Creek Management, Inc. Updated performance information is available on the Fund’s website at www.ottercreekfunds.com or by calling the Fund toll-free at 1-855-681-5261.
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| Performance Information Illustrates Variability of Returns [Text] |
rr_PerformanceInformationIllustratesVariabilityOfReturns |
The following performance information provides some indication of the risks of investing in the Fund.
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| Performance Availability Phone [Text] |
rr_PerformanceAvailabilityPhone |
1-855-681-5261
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| Performance Availability Website Address [Text] |
rr_PerformanceAvailabilityWebSiteAddress |
www.ottercreekfunds.com
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| Performance Past Does Not Indicate Future [Text] |
rr_PerformancePastDoesNotIndicateFuture |
The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.
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| Bar Chart [Heading] |
rr_BarChartHeading |
Calendar Year Total Return as of December 31 – Investor Class
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| Bar Chart Closing [Text Block] |
rr_BarChartClosingTextBlock |
| Highest Quarterly Return: | Q2, 2014 | 5.70% | | | | | | Lowest Quarterly Return: | Q1, 2017 | -4.85% |
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| Highest Quarterly Return, Label |
rr_HighestQuarterlyReturnLabel |
Highest Quarterly Return:
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| Highest Quarterly Return, Date |
rr_BarChartHighestQuarterlyReturnDate |
Jun. 30, 2014
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| Highest Quarterly Return |
rr_BarChartHighestQuarterlyReturn |
5.70%
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| Lowest Quarterly Return, Label |
rr_LowestQuarterlyReturnLabel |
Lowest Quarterly Return:
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| Lowest Quarterly Return, Date |
rr_BarChartLowestQuarterlyReturnDate |
Mar. 31, 2017
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| Lowest Quarterly Return |
rr_BarChartLowestQuarterlyReturn |
(4.85%)
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| Index No Deduction for Fees, Expenses, Taxes [Text] |
rr_IndexNoDeductionForFeesExpensesTaxes |
(reflects no deduction for fees, expenses or taxes)
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| Performance Table Uses Highest Federal Rate |
rr_PerformanceTableUsesHighestFederalRate |
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and does not reflect the impact of state and local taxes.
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| Performance Table Not Relevant to Tax Deferred |
rr_PerformanceTableNotRelevantToTaxDeferred |
Actual after-tax returns depend on your situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts (“IRAs”).
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| Performance Table Explanation after Tax Higher |
rr_PerformanceTableExplanationAfterTaxHigher |
In certain cases, Return After Taxes on Distributions and Sale of Fund Shares may be higher than the other return figures for the same period. This will occur when a capital loss is realized upon the sale of Fund shares or provides an assumed tax benefit that increases the return.
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| Performance Table Closing [Text Block] |
rr_PerformanceTableClosingTextBlock |
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and does not reflect the impact of state and local taxes. Actual after-tax returns depend on your situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts (“IRAs”).
In certain cases, Return After Taxes on Distributions and Sale of Fund Shares may be higher than the other return figures for the same period. This will occur when a capital loss is realized upon the sale of Fund shares or provides an assumed tax benefit that increases the return. Your actual after-tax returns depend on your tax situation and may differ from these shown.
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| Caption |
rr_AverageAnnualReturnCaption |
Average Annual Total Return as of December 31, 2017
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| Otter Creek Long/Short Opportunity Fund | S&P 500® Index (reflects no deduction for fees, expenses or taxes) |
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| Risk/Return: |
rr_RiskReturnAbstract |
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| Label |
rr_AverageAnnualReturnLabel |
S&P 500® Index (reflects no deduction for fees, expenses or taxes)
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| Average Annual Returns, 1 Year |
rr_AverageAnnualReturnYear01 |
21.83%
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| Average Annual Returns, Since Inception |
rr_AverageAnnualReturnSinceInception |
12.08%
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| Otter Creek Long/Short Opportunity Fund | Institutional Class |
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| Risk/Return: |
rr_RiskReturnAbstract |
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| Redemption Fee (as a percentage of Amount Redeemed) |
rr_RedemptionFeeOverRedemption |
(1.00%)
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| Management Fees |
rr_ManagementFeesOverAssets |
1.50%
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| Distribution and Service (Rule 12b-1) Fees |
rr_DistributionAndService12b1FeesOverAssets |
none
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| Interest and Dividends on Securities Sold Short |
rr_Component2OtherExpensesOverAssets |
0.59%
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| Other Expenses (includes Interest and Dividends on Securities Sold Short) |
rr_OtherExpensesOverAssets |
0.82%
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| Acquired Fund Fees and Expenses |
rr_AcquiredFundFeesAndExpensesOverAssets |
0.02%
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| Total Annual Fund Operating Expenses |
rr_ExpensesOverAssets |
2.34%
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| Less: Fee Waiver and Expense Reimbursement |
rr_FeeWaiverOrReimbursementOverAssets |
(0.03%)
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[1] |
| Net Annual Fund Operating Expenses |
rr_NetExpensesOverAssets |
2.31%
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| Expense Example, with Redemption, 1 Year |
rr_ExpenseExampleYear01 |
$ 234
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| Expense Example, with Redemption, 3 Years |
rr_ExpenseExampleYear03 |
728
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| Expense Example, with Redemption, 5 Years |
rr_ExpenseExampleYear05 |
1,248
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| Expense Example, with Redemption, 10 Years |
rr_ExpenseExampleYear10 |
$ 2,674
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| Label |
rr_AverageAnnualReturnLabel |
Institutional Class Return Before Taxes
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| Average Annual Returns, 1 Year |
rr_AverageAnnualReturnYear01 |
(3.49%)
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| Average Annual Returns, Since Inception |
rr_AverageAnnualReturnSinceInception |
3.82%
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| Otter Creek Long/Short Opportunity Fund | Investor Class |
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| Risk/Return: |
rr_RiskReturnAbstract |
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| Redemption Fee (as a percentage of Amount Redeemed) |
rr_RedemptionFeeOverRedemption |
(1.00%)
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| Management Fees |
rr_ManagementFeesOverAssets |
1.50%
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| Distribution and Service (Rule 12b-1) Fees |
rr_DistributionAndService12b1FeesOverAssets |
0.25%
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| Interest and Dividends on Securities Sold Short |
rr_Component2OtherExpensesOverAssets |
0.60%
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| Other Expenses (includes Interest and Dividends on Securities Sold Short) |
rr_OtherExpensesOverAssets |
0.83%
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| Acquired Fund Fees and Expenses |
rr_AcquiredFundFeesAndExpensesOverAssets |
0.02%
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| Total Annual Fund Operating Expenses |
rr_ExpensesOverAssets |
2.60%
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| Less: Fee Waiver and Expense Reimbursement |
rr_FeeWaiverOrReimbursementOverAssets |
(0.03%)
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[1] |
| Net Annual Fund Operating Expenses |
rr_NetExpensesOverAssets |
2.57%
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| Expense Example, with Redemption, 1 Year |
rr_ExpenseExampleYear01 |
$ 260
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| Expense Example, with Redemption, 3 Years |
rr_ExpenseExampleYear03 |
806
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| Expense Example, with Redemption, 5 Years |
rr_ExpenseExampleYear05 |
1,378
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| Expense Example, with Redemption, 10 Years |
rr_ExpenseExampleYear10 |
$ 2,932
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| Annual Return 2014 |
rr_AnnualReturn2014 |
9.58%
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| Annual Return 2015 |
rr_AnnualReturn2015 |
9.32%
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| Annual Return 2016 |
rr_AnnualReturn2016 |
(0.08%)
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| Annual Return 2017 |
rr_AnnualReturn2017 |
(3.76%)
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| Label |
rr_AverageAnnualReturnLabel |
Investor Class Return Before Taxes
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| Average Annual Returns, 1 Year |
rr_AverageAnnualReturnYear01 |
(3.76%)
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| Average Annual Returns, Since Inception |
rr_AverageAnnualReturnSinceInception |
3.59%
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| Otter Creek Long/Short Opportunity Fund | Investor Class | After Taxes on Distributions |
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| Risk/Return: |
rr_RiskReturnAbstract |
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| Label |
rr_AverageAnnualReturnLabel |
Investor Class Return After Taxes on Distributions
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| Average Annual Returns, 1 Year |
rr_AverageAnnualReturnYear01 |
(3.76%)
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| Average Annual Returns, Since Inception |
rr_AverageAnnualReturnSinceInception |
3.59%
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| Otter Creek Long/Short Opportunity Fund | Investor Class | After Taxes on Distributions and Sale of Fund Shares |
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| Risk/Return: |
rr_RiskReturnAbstract |
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| Label |
rr_AverageAnnualReturnLabel |
Investor Class Return After Taxes on Distributions and Sale of Fund Shares
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| Average Annual Returns, 1 Year |
rr_AverageAnnualReturnYear01 |
(2.13%)
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| Average Annual Returns, Since Inception |
rr_AverageAnnualReturnSinceInception |
2.77%
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