XML 12 R8.htm IDEA: XBRL DOCUMENT v3.6.0.2
Label Element Value
Motley Fool Independence Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Motley Fool Independence Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The investment objective of the Independence Fund is to achieve long-term capital appreciation.

Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

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

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment):
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Independence 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 Independence 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 Independence Fund’s performance. During the most recent fiscal year, the Predecessor Independence Fund’s portfolio turnover rate was 21%.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 21.00%
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates "Other Expenses” for the Fund have been restated to reflect the estimated expenses for the Fund for its current fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Independence Fund with the cost of investing in other mutual funds.


The Example assumes that you invest $10,000 in Investor Shares or $100,000 in Institutional Shares of the Independence Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that:  (1) your investment has a 5% return each year, and (2) the Independence Fund’s operating expenses remain the same (taking into account the contractual expense limitation agreement in place for one year).  Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Independence Fund pursues its investment objective by investing primarily in common stocks of U.S. companies and common stocks and depositary receipts of companies that are organized under the laws of other countries around the world.  Under normal market circumstances, the Independence Fund seeks to stay fully invested and does not attempt to time the market.  Although the fund does not have market capitalization constraints for its investments, it is expected that investments in the securities of U.S. companies having smaller and middle market capitalizations and the securities in foreign companies, including companies organized under the laws of emerging market countries, will be important components of the Independence Fund’s investment program. As a result, the Independence Fund has the freedom to go anywhere to make investments for its shareholders.


In identifying investments for the Independence Fund, the Adviser looks for securities of companies that have high-quality businesses with strong market positions, manageable leverage, and robust streams of free cash flow, and trade at attractive prices.  In managing the Independence Fund’s investment portfolio, the Adviser regularly reviews and adjusts the Independence Fund’s allocations to particular markets and sectors to maintain a diversified mix of investments that the Adviser believes are undervalued and offer the best overall potential for capital appreciation.  The Independence Fund will sell securities in which it has invested based upon the Adviser’s analysis of fundamental investment criteria, including its assessment of the current value of a security relative to the security’s current market price, business fundamentals relating to the issuer, and developments affecting the issuer’s business prospects and risks.


The Independence Fund prefers to invest in high-quality businesses when possible. To identify these high-quality businesses, the Adviser evaluates the quality of a company using four criteria: management, the economics of the business, competitive advantage, and the durability of its competitive advantage period.


Management.


The Adviser believes that high-quality, motivated managers are a key element to long-term success at many businesses. In short, it takes a very special kind of business to survive poor management. The Adviser’s process reviews managers on a multi-faceted basis focusing on several factors, including tenure, capital allocation, and alignment of incentives.


Economics of the Business.


The Adviser believes that there is little more important than the economic performance of the business as a signal for quality. The Adviser’s process looks at the company’s long-term return on capital, business model, relative and absolute margins and other key performance indicators to gain insight into its potential for future performance.


Competitive Advantage.


The Adviser seeks companies that offer certain characteristics that allow them to generate outsized returns on capital on an absolute basis as well as in comparison to their peers. Competitive advantages may include pricing power, geographic barriers to entry, regulatory barriers to entry and superior branding, among others.


Durability of Competitive Advantage Period.


Companies often display superior economics over the short term due to favorable product cycles, customer preference, temporary structural or tactical advantages or other components. As the Adviser’s desire is to own companies in the Fund that can be kept in the portfolio for many years, a core part of the Adviser’s process is to consider what the company might look like over a period of ten or more years. The Adviser considers whether the company seems likely to grow, to increase profitability through additional products or other offerings, and if it has optionality that may make it a larger, stronger business in the future than it might be today.


Although there is no limitation on the percentage of the Independence Fund’s net assets that may be invested in securities of foreign companies, such investments generally will not constitute more than 50% of the Independence Fund’s net assets.  To limit the risks associated with highly concentrated holdings, the Independence Fund does not invest more than 5% of its net assets in any one class of the securities of any one issuer at the time of purchase.


While investing in a particular sector is not a principal investment strategy of the Independence Fund, its portfolio may be significantly invested in a sector as a result of the portfolio management decisions made pursuant to its principal investment strategy.

Risk [Heading] rr_RiskHeading Principal Investment Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

The value of the Independence Fund’s investments may decrease, which will cause the value of the Independence Fund’s shares to decrease. As a result, you may lose money on your investment in the Independence Fund, and there can be no assurance that the Independence Fund will achieve its investment objective.


Company and Market Risk


The common stock of a company may not perform as well as expected, and may decrease in value, because of factors related to the company (such as poorer-than-expected earnings or management decisions, changes in the industry in which the company is engaged, or a reduction in the demand for a company’s products or services). General market and economic factors may adversely affect securities markets generally, which could adversely affect the value of the Independence Fund’s investments in common stocks.  In addition, the rights of holders of common stock are subordinate to the rights of preferred shares and debt holders.


Investments in Small and Mid-Capitalization Companies


The Independence Fund invests in securities of companies of all sizes, including those that have relatively small market capitalizations.  Investments in securities of these companies involve greater risks than do investments in larger, more established companies. The prices of securities of small-cap companies tend to be more vulnerable to adverse developments specific to the company or its industry, or the securities markets generally, than are securities of larger capitalization companies.


Investment Style Risk


The Independence Fund pursues a “value style” of investing.  Value investing focuses on companies with stocks that appear undervalued in light of factors such as the company’s earnings, book value, revenues or cash flow.  If the Adviser’s assessment of a company’s value or its prospects for exceeding earnings expectations or market conditions is inaccurate, the Independence Fund could suffer losses or produce poor performance relative to other funds.  In addition, “value stocks” can continue to be undervalued by the market for long periods of time.


Foreign Investments


The Independence Fund invests in the securities of foreign companies. Investing in securities of foreign companies involves risks generally not associated with investments in the securities of U.S. companies, including the risks associated with fluctuations in foreign currency exchange rates, unreliable and untimely information about issuers, and political and economic instability.


Emerging Market Countries


Investing in emerging market countries involves risks in addition to and greater than those generally associated with investing in more developed foreign markets. In many less developed markets, there is less governmental supervision and regulation of business and industry practices, stock exchanges, brokers, and listed companies than there is in more developed markets. The securities markets of certain countries in which the Independence Fund may invest may also be smaller, less liquid, and subject to greater price volatility than those of more developed markets.


Depositary Receipts


The Independence Fund may purchase depositary receipts (ADRs, EDRs, GDRs, and NVDRs) to facilitate its investments in foreign securities. By investing in ADRs rather than investing directly in the securities of foreign issuers, the Independence Fund can avoid currency risks during the settlement period for purchase and sales. However, ADRs do not eliminate all the risks inherent in investing in the securities of foreign issuers.

Risk Lose Money [Text] rr_RiskLoseMoney The value of the Independence Fund’s investments may decrease, which will cause the value of the Independence Fund’s shares to decrease. As a result, you may lose money on your investment in the Independence Fund, and there can be no assurance that the Independence Fund will achieve its investment objective.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information:
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and performance table below illustrate the risks and volatility of an investment in the Independence Fund. The Independence Fund’s past performance, both before and after taxes, does not necessarily indicate how the Independence Fund will perform in the future. Updated performance information is available online at www.foolfunds.com or by calling 888-863-8803 (toll free).


The Independence Fund commenced operations on December 21, 2016, by acquiring the assets and liabilities of the Predecessor Independence Fund in exchange for shares of the Independence Fund. Accordingly, the performance information shown below for periods prior to December 21, 2016 is that of the Predecessor Independence Fund, which was also a publicly-sold open-end mutual fund.  The Predecessor Independence Fund was also advised by the Adviser and had the same investment objective and strategies as the Independence Fund.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and performance table below illustrate the risks and volatility of an investment in the Independence Fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 888-863-8803
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.foolfunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Independence Fund’s past performance, both before and after taxes, does not necessarily indicate how the Independence Fund will perform in the future.
Bar Chart Narrative [Text Block] rr_BarChartNarrativeTextBlock

The bar chart shows changes in the performance of the Independence Fund’s Investor Shares from year to year.


Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

The Fund’s calendar year-to-date total return as of September 30, 2016 was 1.66%.


Best Quarter: 17.07% in the quarter ended September 30, 2010


Worst Quarter: (13.47)% in the quarter ended September 30, 2011

Year to Date Return, Label rr_YearToDateReturnLabel year-to-date total return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2016
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 1.66%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2010
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 17.07%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (13.47%)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees and expenses)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Independence Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher The “Return After Taxes on Distributions and Sale of Fund Shares” is higher than the “Return Before Taxes” and the “Return After Taxes on Distributions” because of realized losses that would have been sustained upon the sale of Independence Fund shares immediately after the relevant period.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

The performance table shows how the Independence Fund’s Investor Shares and Institutional Shares average annual total returns for the periods indicated compare with those of the FTSE Global All Cap (Fair Value 16.00 EST) Net Tax (US RIC) Index, a broad measure of market performance.

Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Independence Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The “Return After Taxes on Distributions and Sale of Fund Shares” is higher than the “Return Before Taxes” and the “Return After Taxes on Distributions” because of realized losses that would have been sustained upon the sale of Independence Fund shares immediately after the relevant period.

Caption rr_AverageAnnualReturnCaption PERFORMANCE TABLE (Average annual total returns for the periods ended December 31, 2015)
Motley Fool Independence Fund | FTSE Global All Cap (Fair Value 16.00 EST) Net Tax (US RIC) Index (reflects no deduction for fees and expenses) Investor Class Comparison  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (0.95%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 6.62%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 10.98%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jun. 16, 2009
Motley Fool Independence Fund | FTSE Global All Cap (Fair Value 16.00 EST) Net Tax (US RIC) Index (reflects no deduction for fees and expenses) Institutional Class Comparison  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (0.95%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 6.62%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception (1.51%)
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jun. 17, 2015
Motley Fool Independence Fund | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of net asset value) rr_MaximumDeferredSalesChargeOverOther none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (as a percentage of Amount Redeemed) rr_RedemptionFeeOverRedemption (2.00%)
Exchange Fee rr_ExchangeFeeOverRedemption none
Maximum Annual Small-Balance Account Fee (on accounts with balances less than $10,000) rr_MaximumAccountFee $ 24
Management Fees rr_ManagementFeesOverAssets 0.85%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.26% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.11%
Total Annual Operating Expenses After Recoupment rr_NetExpensesOverAssets 1.15%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 117
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 357
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 615
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,355
Annual Return 2010 rr_AnnualReturn2010 18.80%
Annual Return 2011 rr_AnnualReturn2011 (3.34%)
Annual Return 2012 rr_AnnualReturn2012 13.15%
Annual Return 2013 rr_AnnualReturn2013 23.91%
Annual Return 2014 rr_AnnualReturn2014 7.27%
Annual Return 2015 rr_AnnualReturn2015 (1.58%)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (1.58%) [2]
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 7.43% [2]
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 12.33% [2]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jun. 16, 2009 [2]
Fees Waived/Expenses Recouped ck0000831114_FeesWaivedExpensesRecouped 0.04% [3]
Motley Fool Independence Fund | Investor Shares | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (1.60%) [2]
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 7.21% [2]
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 12.07% [2]
Motley Fool Independence Fund | Investor Shares | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (0.89%) [2]
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 5.85% [2]
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 10.02% [2]
Motley Fool Independence Fund | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of net asset value) rr_MaximumDeferredSalesChargeOverOther none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (as a percentage of Amount Redeemed) rr_RedemptionFeeOverRedemption (2.00%)
Exchange Fee rr_ExchangeFeeOverRedemption none
Maximum Annual Small-Balance Account Fee (on accounts with balances less than $10,000) rr_MaximumAccountFee $ 24
Management Fees rr_ManagementFeesOverAssets 0.85%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 1.27% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.12%
Total Annual Operating Expenses After Recoupment rr_NetExpensesOverAssets 0.95%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 969
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 5,509
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 10,314
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 23,591
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (1.37%) [4]
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 [4]
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 0.03% [4]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jun. 17, 2015 [4]
Fees Waived/Expenses Recouped ck0000831114_FeesWaivedExpensesRecouped (1.17%) [3]
[1] "Other Expenses" for the Fund have been restated to reflect the estimated expenses for the Fund for its current fiscal year. The Independence Fund is the successor to the Motley Fool Independence Fund, a series of The Motley Fool Funds Trust (the "Predecessor Independence Fund") which was reorganized into the Independence Fund on December 21, 2016.
[2] The Investor Shares of the Predecessor Independence Fund commenced operations on June 16, 2009.
[3] The Adviser has contractually agreed to pay, waive or absorb a portion of the Independence Fund's Investor Shares and Institutional Shares expenses through the end of February 2018, or such later date as may be determined by the Independence Fund and the Adviser, to the extent necessary to limit operating expenses (excluding brokerage commissions, taxes, interest expense, acquired fund fees and expenses, and any extraordinary expenses) to an amount not to exceed 1.15% and 0.95% annually of average daily net assets of the Investor Shares and Institutional Shares, respectively. If the excluded expenses are incurred, operating expenses may be higher than 1.15% and 0.95% annually, for the Investor Shares and Institutional Shares, respectively. The Adviser may recover from the Independence Fund's fees and expenses previously paid, waived or absorbed for a period of three years after such fees or expenses were incurred, provided that the repayments do not cause operating expenses (excluding brokerage commissions, taxes, interest expense, acquired fund fees and expenses, and any extraordinary expenses) to exceed 1.15% and 0.95% annually of average daily net assets of Investor Shares and Institutional Shares, respectively or, if less, the expense limitation that was in place at the time the fees or expenses were paid, waived or absorbed. The expense limitation agreement will terminate automatically if the Adviser is no longer serving as investment adviser to the Independence Fund, but otherwise it can be terminated only by the Independence Fund's Board of Directors.
[4] The Institutional Shares of the Predecessor Independence Fund commenced operations on June 17, 2015.