Shareholder Report | 12 Months Ended |
Jul. 31, 2024 USD ($) Holdings |
Shareholder Report [Line Items] | |
Document Type | N-CSR |
Amendment Flag | false |
Registrant Name | Ranger Funds Investment Trust |
Entity Central Index Key | 0001524348 |
Entity Investment Company Type | N-1A |
Document Period End Date | Jul. 31, 2024 |
INSTITUTIONAL CLASS | |
Shareholder Report [Line Items] | |
Fund Name | RANGER SMALL CAP FUND |
Class Name | INSTITUTIONAL CLASS |
Trading Symbol | RFISX |
Shareholder Report Annual or Semi-Annual | annual shareholder report |
Additional Information [Text Block] | This annual shareholder report https://www.rangerfunds.com/ 1-866-458-4744 |
Additional Information Phone Number | 1-866-458-4744 |
Additional Information Website | https://www.rangerfunds.com/ |
Expenses [Text Block] | What were the Fund costs for the past year? (based on a hypothetical $10,000 investment) Fund Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment* Ranger Small Cap Fund $120.00 1.16% *Annualized |
Expenses Paid, Amount | $ 120 |
Expense Ratio, Percent | 1.16% |
Factors Affecting Performance [Text Block] | The Small Cap Fund’s fiscal year faced challenges due to the Federal Reserve’s ongoing monetary tightening and “higher for longer” stance. The Fed Funds rate remained at 5.33%, with the last 25 basis point hike in July 2023. Despite no policy changes, economic releases caused volatile shifts in rate expectations. The Fund returned 7.7% for the fiscal year, underperforming the Russell 2000 Growth index’s 12.8% due to brief periods of low-quality stock leadership. Rate expectation volatility drove market reactions, swinging between optimism and concern. By the end of Q3 2023, the Fund had a 10.1% year-to-date return, compared to the Russell 2000 Growth index’s 5.2%. Economic resilience and persistent core inflation pushed 10-year Treasury yields to 4.99% in mid-October. Sentiment shifted as the Fed reduced inflation, with core CPI dropping to 3.9% in December 2023 from 5.7% a year earlier. A rally began on October 27th, fueled by the Fed’s December signal of accommodation. In Q4 2023, the Fund returned 9.2%, underperforming the Russell 2000 Growth index by 3.5%. Low-quality stocks led the late-quarter rally, with non-earning companies and the biotech sector performing strongly. December’s accommodative policy indication for 2024 suggested a potential soft landing, with the Fed hinting at three rate cuts. Q4 2023 GDP grew by 3.4%, marking six consecutive quarters of better-than-expected growth. By Q1 2024, GDP revisions continued to rise, and the Fed projected only one rate cut for the year. In May, economic data weakened, and the Russell 2000 Growth index fell by 2.9% in Q2 2024. Over 30 central banks cut rates, and the Fed’s stance wavered as unemployment rose. For H1 2024, the Fund returned 1.8%, underperforming the Russell 2000 Growth index’s 4.4%. Quality stocks outperformed, while high-leverage and high-beta stocks also did well. Market capitalization disparities were significant, with the highest quintile returning 46.4% and the lowest quintiles underperforming. Super Micro Computer (SMCI) was a standout, returning 188% in H1 2024 and significantly impacting the Russell 2000 Growth index. Mega Cap stocks dominated, with the top seven S&P 500 stocks generating 115% of Q2 returns. Micro and small-cap stocks traded at a discount to large caps. In July, as economic conditions supported monetary accommodation, small-cap stocks rallied. The Russell 2000 Growth index returned 8.2%, while the Fund returned 4.8%, led by low-quality stocks. Short-term underperformance in a concentrated portfolio can create opportunities, especially in a normalized interest rate environment where quality growth stocks may excel. |
Performance Past Does Not Indicate Future [Text] | Past performance is not a good predictor of future performance |
Line Graph [Table Text Block] | Ranger SmallCap Line Graph Ranger SmallCap Russell 2000 Growth 8/1/2014 10000 10000 1/31/2015 10425 10746 7/31/2015 12140 12007 1/31/2016 10341 9670 7/31/2016 12245 11369 1/31/2017 13397 12267 7/31/2017 14206 13386 1/31/2018 15527 15321 7/31/2018 17014 16455 1/31/2019 15820 14921 7/31/2019 17983 16259 1/31/2020 18555 16999 7/31/2020 19649 17235 1/31/2021 24170 24256 7/31/2021 27668 24300 1/31/2022 24735 20606 7/31/2022 21779 18667 1/31/2023 21517 19267 7/31/2023 23476 20829 1/31/2024 23000 20127 7/31/2024 25290 23494 |
Average Annual Return [Table Text Block] | AVERAGE ANNUAL RETURNS 1 Year 5 Years 10 Years Ending Value Ranger Small Cap Fund 7.73% 7.06% 9.72% $ 632,254 Russell 2000® Growth Index 12.80% 7.64% 8.92% $ 587,360 |
Net Assets | $ 36,198,191 |
Holdings Count | Holdings | 50 |
Advisory Fees Paid, Amount | $ 168,319 |
Investment Company, Portfolio Turnover | 35.55% |
Additional Fund Statistics [Text Block] | Fund statistics NET ASSETS: $36,198,191 PORTFOLIO HOLDINGS: 50 PORTFOLIO TURNOVER: 35.55% ADVISORY FEES PAID BY FUND: $168,319 |
Largest Holdings [Text Block] | top ten holdings (% Of Net Assets 1. LeMaitre Vascular, Inc. 3.99% 2. Texas Roadhouse, Inc. 3.95% 3. Permian Resources Corp. Class A 3.82% 4. Pegasystems, Inc. 3.43% 5. Medpace Holdings, Inc. 3.42% 6. Casella Waste Systems, Inc. Class A 2.93% 7. Guidewire Software, Inc. 2.91% 8. Repligen Corp. 2.80% 9. TopBuild Corp. 2.72% 10. WNS Holdings, Ltd. ADR 2.62% Total % of Net Assets 32.57% |
Material Fund Change [Text Block] | How has the fund changed The Fund has not had any material changes during the year ended July 31, 2024. |
Updated Prospectus Phone Number | 1-866-458-4744 |
Updated Prospectus Web Address | https://www.rangerfunds.com/ |
INSTITUTIONAL CLASS [Default Label] | |
Shareholder Report [Line Items] | |
Fund Name | RANGER MICRO CAP FUND |
Class Name | INSTITUTIONAL CLASS |
Trading Symbol | RFIMX |
Shareholder Report Annual or Semi-Annual | annual shareholder report |
Additional Information [Text Block] | This annual shareholder report This report describes changes to the Fund that occurred during the reporting period. https://www.rangerfunds.com/ 1-866-458-4744 |
Additional Information Phone Number | 1-866-458-4744 |
Additional Information Website | https://www.rangerfunds.com/ |
Expenses [Text Block] | What were the Fund costs for the past year? (based on a hypothetical $10,000 investment) Fund Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment* Ranger Micro Cap Fund $144.00 1.43% *Annualized |
Expenses Paid, Amount | $ 144 |
Expense Ratio, Percent | 1.43% |
Factors Affecting Performance [Text Block] | The Micro Cap Fund’s fiscal year faced challenges due to the Federal Reserve’s ongoing monetary tightening and “higher for longer” stance. The Fed Funds rate remained at 5.33%, with the last 25 basis point hike in July 2023. Despite no policy changes, economic releases caused volatile shifts in rate expectations. The Fund returned 1.8% for the fiscal year, underperforming the Russell Microcap Growth index’s 11.1% due to brief periods of low-quality stock leadership. Rate expectation volatility drove market reactions, swinging between optimism and concern. By the end of Q3 2023, the Fund had a 5.3% year-to-date return, compared to the Russell Microcap Growth index’s -5.6%. Economic resilience and persistent core inflation pushed 10-year Treasury yields to 4.99% in mid-October. Sentiment shifted as the Fed reduced inflation, with core CPI dropping to 3.9% in December 2023 from 5.7% a year earlier. A rally began on October 27th, fueled by the Fed’s December signal of accommodation. In Q4 2023, the Fund underperformed the Russell Microcap Growth index by 12.0%. Low-quality stocks led the late-quarter rally, with non-earning companies and the biotech sector performing strongly. December’s accommodative policy indication for 2024 suggested a potential soft landing, with the Fed hinting at three rate cuts. Q4 2023 GDP grew by 3.4%, marking six consecutive quarters of better-than-expected growth. By Q1 2024, GDP revisions continued to rise, and the Fed projected only one rate cut for the year. In May, economic data weakened, and the Russell Microcap Growth index fell by 5.6% in Q2 2024. Over 30 central banks cut rates, and the Fed’s stance wavered as unemployment rose. For H1 2024, the Fund returned 7.7%, outperforming the Russell Microcap Growth index’s 0.7%. Quality stocks outperformed, while high-leverage and high-beta stocks also did well. Market capitalization disparities were significant, with the highest quintile returning 13.2% and the lowest quintiles underperforming. Mega Cap stocks dominated, with the top seven S&P 500 stocks generating 115% of Q2 returns. Micro and small-cap stocks traded at a discount to large caps. In July, as economic conditions supported monetary accommodation, small-cap stocks rallied. The Russell Microcap Growth index returned 10.2%, while the Fund returned 6.7%, led by low-quality stocks. Short-term underperformance in a concentrated portfolio can create opportunities, especially in a normalized interest rate environment where quality growth stocks may excel. Long-term Fund performance demonstrates the durability of quality growth, particularly during periods of lower speculation. |
Performance Past Does Not Indicate Future [Text] | Past performance is not a good predictor of future performance. |
Line Graph [Table Text Block] | Ranger MicroCap Line Graph Ranger Microcap Russell Microcap Growth 6/6/2018 10000 10000 6/30/2018 10160 9819 7/31/2018 9990 9814 8/31/2018 10890 10502 9/30/2018 10720 10128 10/31/2018 9450 8759 11/30/2018 9690 8716 12/31/2018 8531 7603 1/31/2019 9334 8394 2/28/2019 10188 8951 3/31/2019 9927 8819 4/30/2019 10127 8898 5/31/2019 9646 8328 6/30/2019 10107 8857 7/31/2019 10489 8640 10/31/2019 10157 8161 1/31/2020 10649 9192 7/31/2020 11011 9854 1/31/2021 16641 14829 7/31/2021 19492 14751 1/31/2022 17694 11332 7/31/2022 16403 9919 1/31/2023 16935 10247 7/31/2023 19016 10146 1/31/2024 16026 9828 7/31/2024 19365 11269 |
Average Annual Return [Table Text Block] | AVERAGE ANNUAL RETURNS 1 Year 5 Years Since Inception Ending Value Ranger Micro Cap Fund 1.84% 13.05% 11.34% $484,136 Russell Microcap® Growth Index 11.06% 5.45% 1.96% $281,714 |
Net Assets | $ 10,771,514 |
Holdings Count | Holdings | 33 |
Advisory Fees Paid, Amount | $ 15,690 |
Investment Company, Portfolio Turnover | 36.75% |
Additional Fund Statistics [Text Block] | Fund statistics NET ASSETS: $10,771,514 PORTFOLIO HOLDINGS: 33 PORTFOLIO TURNOVER: 36.75% ADVISORY FEES PAID BY FUND: $15,690 |
Largest Holdings [Text Block] | top ten holdings (% of Net Assets) 1. UFP Technologies, Inc. 6.61% 2. LeMaitre Vascular, Inc. 6.24% 3. PDF Solutions, Inc. 4.36% 4. OneSpaWorld Holdings Ltd. 4.33% 5. i3 Verticals, Inc. Class A 4.17% 6. Aris Water Solutions, Inc. Class A 4.15% 7. iRadimed Corp. 4.00% 8. ANI Pharmaceuticals, Inc. 3.83% 9. Mitek Systems, Inc. 3.46% 10. BioLife Solutions, Inc. 3.33% Total % of Net Assets 44.49% |
Material Fund Change [Text Block] | How has the fund changed This is a summary of certain changes to the Fund since April 1, 2024. For more information you may review the Fund’s next prospectus, which we expect to be available by November 28, 2024 at https://www.rangerfunds.com/documents/ or upon request at 1-866-458-4744. Effective April 1, 2024, the investment advisory fees for the Fund changed from 1.25% to 1.00% per annum of the Fund’s average daily net assets. Additionally, effective April 1, 2024, the expense limitation for the Fund pursuant to the expense limitation agreement changed from 1.50% to 1.25% of the Fund’s average daily net assets until at least November 28, 2024. |
Updated Prospectus Phone Number | 1-866-458-4744 |
Updated Prospectus Web Address | https://www.rangerfunds.com/ |