Shareholder Report | 6 Months Ended |
May 31, 2024 USD ($) Integer |
Shareholder Report [Line Items] | |
Document Type | N-CSRS |
Amendment Flag | false |
Registrant Name | Ultimus Managers Trust |
Entity Central Index Key | 0001545440 |
Entity Investment Company Type | N-1A |
Document Period End Date | May 31, 2024 |
Q3 All-Season Active Rotation ETF | |
Shareholder Report [Line Items] | |
Fund Name | Q3 All-Season Active Rotation ETF |
Class Name | Q3 All-Season Active Rotation ETF |
Trading Symbol | QVOY |
Annual or Semi-Annual Statement [Text Block] | This semi-annual shareholder report |
Shareholder Report Annual or Semi-Annual | semi-annual shareholder report |
Additional Information [Text Block] | You can find additional information about the Fund |
Material Fund Change Notice [Text Block] | You can also request this information by contacting us at (888) 348-1255 |
Additional Information Phone Number | (888) 348-1255 |
Additional Information Website | www.q3allseasonfunds.com |
Expenses [Text Block] | What were the Fund’s costs for the last six months? (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 Q3 All-Season Active Rotation ETF $ 47 0.94% |
Expenses Paid, Amount | $ 47 |
Expense Ratio, Percent | 0.94% |
Factors Affecting Performance [Text Block] | How did the Fund perform during the reporting period? Over the last six months, the Q3 All-Season Active Rotation Fund has held diversified equity positions across all market capitalizations and the growth/value spectrum. As large caps – particularly growth - have dominated, the performance of the Fund has lagged traditional equity indexes while maintaining increased diversification. Because the Fund invests across several asset classes including equities, bonds, and alternatives, it may trail popular equity indexes, such as the S&P 500, which are focused on just one segment of the market. This is by design, and it is what makes the Fund appropriate for investors seeking true, active asset allocation. In addition to its diversified core equity holdings, the Fund also invests in “active” equity funds. These consist of sectors, subsectors and internationals. Returns from this portion of the Fund’s holdings tend to have an outsized impact on the portfolio as a whole. Over the last six months, these positions were varied, though value was generally favored over growth which hampered performance. A shift to more growth-oriented sectors occurred later in the period as the NASDAQ 100 made new highs at the end of May. Fixed income holdings in the Fund shifted from being conservative in nature for the first few months of 2024, to more aggressive positions including High Yields and Emerging Markets. This portion of the portfolio was a bright spot as QVOY’s bond holdings outperformed the fixed income market as a whole. However, bonds only make up a small portion of the Fund so the overall impact was muted. Alternative ETFs struggled for the period, as investments in Gold and Blockchain ETFs rallied, then gave back much of their gains resulting in a small net loss from this sleeve of the portfolio. |
Line Graph [Table Text Block] | How has the Fund performed since inception? Total Return Based on $10,000 Investment |
Average Annual Return [Table Text Block] | Years Years MSCI World Index Dow Jones Moderately Aggressive Portfolio Index 12/06/22 12/06/22 10,000 10,000 May-2023 May-2023 10,619 10,197 May-2024 May-2024 13,265 11,915 Average Annual Total Returns 1 Year Since Inception Q3 All-Season Active Rotation ETF - NAV 15.16% 12.17% Q3 All-Season Active Rotation ETF - Market Price 15.30% 12.15% MSCI World Index 24.92% 21.00% Dow Jones Moderately Aggressive Portfolio Index 16.84% 12.55% |
Net Assets | $ 84,630,168 |
Holdings Count | Integer | 13 |
Advisory Fees Paid, Amount | $ 258,540 |
Investment Company, Portfolio Turnover | 339% |
Additional Fund Statistics [Text Block] | Fund Statistics Net Assets $ 84,630,168 Number of Portfolio Holdings 13 Advisory Fee $ 258,540 Portfolio Turnover 339% |
Holdings [Text Block] | Asset Weighting (% of total investments) Sector Weighting (% of net assets) Equity 67.7% Commodity 28.1% Fixed Income 4.0% Other Assets in Excess of Liabilities 0.2% Exchange-Traded Funds 100.0% |
Largest Holdings [Text Block] | Top 10 Holdings (% of net assets) Holding Name % of Net VanEck Gold Miners ETF 14.4% iShares Core S&P 500 ETF 14.1% Fidelity MSCI Utilities Index ETF 13.8% Vanguard Mid-Cap Value ETF 13.6% Vanguard FTSE Emerging Markets ETF 13.2% iShares MSCI USA Momentum Factor ETF 13.0% abrdn Physical Platinum Shares ETF 4.7% Global X Uranium ETF 4.7% SPDR Gold MiniShares Trust ETF 4.3% iShares J.P. Morgan USD Emerging Markets Bond ETF 1.4% |
Q3 ALL-SEASON TACTICAL FUND C Class | |
Shareholder Report [Line Items] | |
Fund Name | Q3 All-Season Tactical Fund |
Class Name | C Class |
Trading Symbol | QACTX |
Annual or Semi-Annual Statement [Text Block] | This semi-annual shareholder report |
Shareholder Report Annual or Semi-Annual | semi-annual shareholder report |
Additional Information [Text Block] | You can find additional information about the Fund |
Material Fund Change Notice [Text Block] | You can also request this information by contacting us at (855) 784-2399 |
Additional Information Phone Number | (855) 784-2399 |
Additional Information Website | www.q3allseasonfunds.com |
Expenses [Text Block] | What were the Fund’s costs for the last six months? (based on a hypothetical $10,000 investment) Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment C Class $ 147 2.94% |
Expenses Paid, Amount | $ 147 |
Expense Ratio, Percent | 2.94% |
Factors Affecting Performance [Text Block] | How did the Fund perform during the reporting period? Performance for the Q3 All-Season Tactical Fund for the period was largely due to positions in NASDAQ 100 as the Fund was able to identify a positive trend in that index. Continued strength in the technology sector bolstered the index to new highs during the year, and as such the Fund’s quantitative trading rules signaled buying opportunities. Defensive positions were taken in long-term Treasuries when the Fund determined the volatility of the NASDAQ was heightened. Such positions amounted to about 20% of the overall market exposure for the period. Small gains were realized in the Treasury positions – long and inverse - as that market trended down the first several months of the year, before it began an upward move in May. The majority of the profitable trades in Treasuries were on the short side, though, as yields began to rise earlier in the year on fears of continued elevated inflation readings. The Tactical Fund was able to participate in the upside movement of the equity markets during the period, as it kept a close watch on signs of exuberance by monitoring technical signals on a daily basis. Such indicators are designed to identify short-term tops in the market, so the Fund is able to pivot away from equities and into areas of the market deemed less prone to significant downside moves. |
Line Graph [Table Text Block] | How has the Fund performed since inception? Total Return Based on $10,000 Investment Years Years Bloomberg U.S. Aggregate Bond Index Dow Jones Moderate Portfolio Index 03/18/21 03/18/21 10,000 10,000 May-2021 May-2021 10,142 10,367 May-2022 May-2022 9,308 9,508 May-2023 May-2023 9,108 9,344 May-2024 May-2024 9,227 10,499 |
Average Annual Return [Table Text Block] | Average Annual Total Returns 1 Year Since Inception Q3 All-Season Tactical Fund - C Class 17.09% -1.85% Bloomberg U.S. Aggregate Bond Index 1.31% -2.48% Dow Jones Moderate Portfolio Index 12.35% 1.53% |
Net Assets | $ 48,472,978 |
Holdings Count | Integer | 2 |
Advisory Fees Paid, Amount | $ 236,866 |
Investment Company, Portfolio Turnover | 369% |
Additional Fund Statistics [Text Block] | Fund Statistics Net Assets $ 48,472,978 Number of Portfolio Holdings 2 Advisory Fee $ 236,866 Portfolio Turnover 369% |
Holdings [Text Block] | Asset Weighting (% of total investments) Sector Weighting (% of net assets) Exchange-Traded Funds 98.6% Money Market Funds 1.5% Liabilities in Excess of Other Assets -0.1% Exchange-Traded Funds 98.5% Money Market Funds 1.5% |
Lyrical International Value Equity Fund Investor Class | |
Shareholder Report [Line Items] | |
Fund Name | Lyrical International Value Equity Fund |
Class Name | Investor Class |
Trading Symbol | LYRNX |
Annual or Semi-Annual Statement [Text Block] | This semi-annual shareholder report |
Shareholder Report Annual or Semi-Annual | semi-annual shareholder report |
Additional Information [Text Block] | You can find additional information about the Fund |
Material Fund Change Notice [Text Block] | You can also request this information by contacting us at (888) 884-8099 |
Additional Information Phone Number | (888) 884-8099 |
Additional Information Website | www.lyricalvaluefunds.com |
Expenses [Text Block] | What were the Fund’s costs for the last six months? (based on a hypothetical $10,000 investment) Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment Investor Class $ 62 1.24% |
Expenses Paid, Amount | $ 62 |
Expense Ratio, Percent | 1.24% |
Factors Affecting Performance [Text Block] | How did the Fund perform during the reporting period? The Fund performed well during the reporting period. Our Fund was up over 200 basis points compared to the MSCI EAFE during the 6-month period. Our performance was driven by a combination of both multiple expansion and earnings growth. For the reporting period, the three positions that most positively impacted performance were: Aercap (AER-US) up 36%, Rexel (RXL-FR) up 31%, and Spie (SPIE-FR) up 43%. On the other side, the three positions that most negatively impacted performance were: OpenText (OTEX-CA) down 28%, Teleperformance (TEP-FR) down 16%, and Entain (ENT-LON) down 14%. Even after strong returns in the periods, the portfolio remains attractively valued. The price-to-earnings (P/E) ratio ended the period at 9.3x times the next twelve months consensus earnings. The MSCI EAFE had a valuation of 14.2 times earnings on this same basis, a premium of 53% to the Fund. In addition to an attractive valuation, our Fund also has had superior earnings growth. Since 2012, the companies in our portfolio have grown their EPS at a 6.8% annualized rate, compared to the MSCI EAFE at 5.7%. |
Line Graph [Table Text Block] | How has the Fund performed since inception? Total Return Based on $100,000 Investment Years Years MSCI EAFE Index 03/02/20 03/02/20 100,000 May-2020 May-2020 95,200 May-2021 May-2021 131,770 May-2022 May-2022 118,093 May-2023 May-2023 121,708 May-2024 May-2024 144,256 |
Average Annual Return [Table Text Block] | Average Annual Total Returns 1 Year Since Inception Lyrical International Value Equity Fund - Investor Class 15.96% 7.99% MSCI EAFE Index 18.53% 9.01% |
Net Assets | $ 13,252,836 |
Holdings Count | Integer | 31 |
Advisory Fees Paid, Amount | $ 0 |
Investment Company, Portfolio Turnover | 16% |
Additional Fund Statistics [Text Block] | Fund Statistics Net Assets $ 13,252,836 Number of Portfolio Holdings 31 Advisory Fee (net of waivers) $ 0 Portfolio Turnover 16% |
Holdings [Text Block] | Asset Weighting (% of total investments) Country Weighting (% of net assets) France 21.6% Netherlands 17.9% Japan 11.9% Canada 9.8% United Kingdom 9.4% Switzerland 7.9% Germany 4.8% South Korea 4.3% Hong Kong 3.2% Spain 2.8% Finland 2.7% Isle of Man 2.0% United States 0.8% Common Stocks 95.4% Money Market Funds 0.8% Preferred Stocks 3.8% |
Largest Holdings [Text Block] | Top 10 Holdings (% of net assets) Holding Name % of Net AerCap Holdings N.V. 5.2% Suncor Energy, Inc. 5.1% Exor N.V. 4.9% Euronext N.V. 4.9% Rexel S.A. 4.9% Bollore SE 4.7% Ashtead Group plc 4.6% Samsung Electronics Company Ltd. 4.3% Nintendo Company Ltd. - ADR 4.3% Johnson Controls International plc 4.0% |
Lyrical U.S. Value Equity Fund Institutional Class | |
Shareholder Report [Line Items] | |
Fund Name | Lyrical U.S. Value Equity Fund |
Class Name | Institutional Class |
Trading Symbol | LYRIX |
Annual or Semi-Annual Statement [Text Block] | This semi-annual shareholder report |
Shareholder Report Annual or Semi-Annual | semi-annual shareholder report |
Additional Information [Text Block] | You can find additional information about the Fund |
Material Fund Change Notice [Text Block] | You can also request this information by contacting us at (888) 884-8099 |
Additional Information Phone Number | (888) 884-8099 |
Additional Information Website | www.lyricalvaluefunds.com |
Expenses [Text Block] | What were the Fund’s costs for the last six months? (based on a hypothetical $10,000 investment) Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment Institutional Class $ 50 0.99% |
Expenses Paid, Amount | $ 50 |
Expense Ratio, Percent | 0.99% |
Factors Affecting Performance [Text Block] | How did the Fund perform during the reporting period? The Fund performed well during the reporting period with above average absolute returns. Our returns also exceeded those of the S&P 500, which was no easy task given how much of the index returns were driven by one mega cap growth stock, NVIDIA. That one stock drove 20% of the S&P 500 return in the period, contributing 3.3 percentage points of the 16.4% index return. For the reporting period, the three positions that most positively impacted performance were: United Rentals (URI) up 41%, Flex (FLEX) up 75%, and NRG Energy (NRG) up 72%. On the other side, the three positions that most negatively impacted performance were: Expedia (EXPE) down 17%, Concentrix (CNXC) down 34%, and Global Payments (GPN) down 12%. Even after strong returns in the periods, the portfolio remains attractively valued. The price-to-earnings (P/E) ratio ended the period at 11.4 times the next twelve months consensus earnings. The S&P 500 had a valuation of 20.7 times earnings on this same basis, a premium of 81% to the Fund. What is uncommon about our portfolio is not just how cheap it is but also its attractive growth. Throughout our history our portfolios have had a discounted P/E to the S&P 500 with comparable growth. Currently, our growth profile is much better than that, with not just comparable growth, but superior growth. In fact, this continues to be one of the best growth profiles in our firm’s history. |
Line Graph [Table Text Block] | How has the Fund performed over the last 10 years? Total Return Based on $100,000 Investment Years Years S&P 500 Index May-2014 May-2014 100,000 May-2015 May-2015 111,806 May-2016 May-2016 113,725 May-2017 May-2017 133,591 May-2018 May-2018 152,806 May-2019 May-2019 158,587 May-2020 May-2020 178,945 May-2021 May-2021 251,093 May-2022 May-2022 250,341 May-2023 May-2023 257,656 May-2024 May-2024 330,280 |
Average Annual Return [Table Text Block] | Average Annual Total Returns 1 Year 5 Years 10 Years Lyrical U.S. Value Equity Fund - Institutional Class 36.66% 14.32% 8.21% S&P 500 ® 28.19% 15.80% 12.69% |
Net Assets | $ 719,078,349 |
Holdings Count | Integer | 32 |
Advisory Fees Paid, Amount | $ 2,744,559 |
Investment Company, Portfolio Turnover | 13% |
Additional Fund Statistics [Text Block] | Fund Statistics Net Assets $ 719,078,349 Number of Portfolio Holdings 32 Advisory Fee (net of waivers) $ 2,744,559 Portfolio Turnover 13% |
Holdings [Text Block] | Asset Weighting (% of total investments) Sector Weighting (% of net assets) Technology 26.0% Financials 16.7% Industrials 14.3% Health Care 11.5% Communications 8.0% Consumer Discretionary 7.9% Materials 5.7% Energy 5.0% Utilities 4.7% Money Market Funds 0.2% Common Stocks 99.8% |
Largest Holdings [Text Block] | Top 10 Holdings (% of net assets) Holding Name % of Net United Rentals, Inc. 7.6% Fidelity National Information Services, Inc. 6.0% Ameriprise Financial, Inc. 5.2% Suncor Energy, Inc. 5.0% NRG Energy, Inc. 4.7% Johnson Controls International plc 4.6% Uber Technologies, Inc. 4.6% Cigna Group (The) 4.3% Flex Ltd. 4.1% HCA Healthcare, Inc. 4.0% |
Lyrical U.S. Value Equity Fund A Class | |
Shareholder Report [Line Items] | |
Fund Name | Lyrical U.S. Value Equity Fund |
Class Name | A Class |
Trading Symbol | LYRAX |
Annual or Semi-Annual Statement [Text Block] | This semi-annual shareholder report |
Shareholder Report Annual or Semi-Annual | semi-annual shareholder report |
Additional Information [Text Block] | You can find additional information about the Fund |
Material Fund Change Notice [Text Block] | You can also request this information by contacting us at (888) 884-8099 |
Additional Information Phone Number | (888) 884-8099 |
Additional Information Website | www.lyricalvaluefunds.com |
Expenses [Text Block] | What were the Fund’s costs for the last six months? (based on a hypothetical $10,000 investment) Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment A Class $ 62 1.24% |
Expenses Paid, Amount | $ 62 |
Expense Ratio, Percent | 1.24% |
Factors Affecting Performance [Text Block] | How did the Fund perform during the reporting period? The Fund performed well during the reporting period with above average absolute returns. Our returns also exceeded those of the S&P 500, which was no easy task given how much of the index returns were driven by one mega cap growth stock, NVIDIA. That one stock drove 20% of the S&P 500 return in the period, contributing 3.3 percentage points of the 16.4% index return. For the reporting period, the three positions that most positively impacted performance were: United Rentals (URI) up 41%, Flex (FLEX) up 75%, and NRG Energy (NRG) up 72%. On the other side, the three positions that most negatively impacted performance were: Expedia (EXPE) down 17%, Concentrix (CNXC) down 34%, and Global Payments (GPN) down 12%. Even after strong returns in the periods, the portfolio remains attractively valued. The price-to-earnings (P/E) ratio ended the period at 11.4 times the next twelve months consensus earnings. The S&P 500 had a valuation of 20.7 times earnings on this same basis, a premium of 81% to the Fund. What is uncommon about our portfolio is not just how cheap it is but also its attractive growth. Throughout our history our portfolios have had a discounted P/E to the S&P 500 with comparable growth. Currently, our growth profile is much better than that, with not just comparable growth, but superior growth. In fact, this continues to be one of the best growth profiles in our firm’s history. |
Line Graph [Table Text Block] | How has the Fund performed since inception? Total Return Based on $10,000 Investment* Years Years S&P 500 Index 07/05/22 07/05/22 10,000 May-2023 May-2023 11,081 May-2024 May-2024 14,205 |
Average Annual Return [Table Text Block] | Average Annual Total Returns 1 Year Since Inception Lyrical U.S. Value Equity Fund - A Class Without Load 36.31% 20.42% With Load 28.50% 16.74% S&P 500 ® 28.19% 20.24% |
Net Assets | $ 719,078,349 |
Holdings Count | Integer | 32 |
Advisory Fees Paid, Amount | $ 2,744,559 |
Investment Company, Portfolio Turnover | 13% |
Additional Fund Statistics [Text Block] | Fund Statistics Net Assets $ 719,078,349 Number of Portfolio Holdings 32 Advisory Fee (net of waivers) $ 2,744,559 Portfolio Turnover 13% |
Holdings [Text Block] | Asset Weighting (% of total investments) Sector Weighting (% of net assets) Technology 26.0% Financials 16.7% Industrials 14.3% Health Care 11.5% Communications 8.0% Consumer Discretionary 7.9% Materials 5.7% Energy 5.0% Utilities 4.7% Money Market 0.2% Common Stocks 99.8% Money Market Funds 0.2% |
Largest Holdings [Text Block] | Top 10 Holdings (% of net assets) Holding Name % of Net United Rentals, Inc. 7.6% Fidelity National Information Services, Inc. 6.0% Ameriprise Financial, Inc. 5.2% Suncor Energy, Inc. 5.0% NRG Energy, Inc. 4.7% Johnson Controls International plc 4.6% Uber Technologies, Inc. 4.6% Cigna Group (The) 4.3% Flex Ltd. 4.1% HCA Healthcare, Inc. 4.0% |
Lyrical International Value Equity Fund Institutional Class | |
Shareholder Report [Line Items] | |
Fund Name | Lyrical International Value Equity Fund |
Class Name | Institutional Class |
Trading Symbol | LYRWX |
Annual or Semi-Annual Statement [Text Block] | This semi-annual shareholder report |
Shareholder Report Annual or Semi-Annual | semi-annual shareholder report |
Additional Information [Text Block] | You can find additional information about the Fund |
Material Fund Change Notice [Text Block] | You can also request this information by contacting us at (888) 884-8099 |
Additional Information Phone Number | (888) 884-8099 |
Additional Information Website | www.lyricalvaluefunds.com |
Expenses [Text Block] | What were the Fund’s costs for the last six months? (based on a hypothetical $10,000 investment) Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment Institutional Class $ 50 0.99% |
Expenses Paid, Amount | $ 50 |
Expense Ratio, Percent | 0.99% |
Factors Affecting Performance [Text Block] | How did the Fund perform during the reporting period? The Fund performed well during the reporting period. Our Fund was up over 200 basis points compared to the MSCI EAFE during the 6-month period. Our performance was driven by a combination of both multiple expansion and earnings growth. For the reporting period, the three positions that most positively impacted performance were: Aercap (AER-US) up 36%, Rexel (RXL-FR) up 31%, and Spie (SPIE-FR) up 43%. On the other side, the three positions that most negatively impacted performance were: OpenText (OTEX-CA) down 28%, Teleperformance (TEP-FR) down 16%, and Entain (ENT-LON) down 14%. Even after strong returns in the periods, the portfolio remains attractively valued. The price-to-earnings (P/E) ratio ended the period at 9.3x times the next twelve months consensus earnings. The MSCI EAFE had a valuation of 14.2 times earnings on this same basis, a premium of 53% to the Fund. In addition to an attractive valuation, our Fund also has had superior earnings growth. Since 2012, the companies in our portfolio have grown their EPS at a 6.8% annualized rate, compared to the MSCI EAFE at 5.7%. |
Line Graph [Table Text Block] | How has the Fund performed since inception? Total Return Based on $100,000 Investment Years Years MSCI EAFE Index 03/02/20 03/02/20 100,000 May-2020 May-2020 95,200 May-2021 May-2021 131,770 May-2022 May-2022 118,093 May-2023 May-2023 121,708 May-2024 May-2024 144,256 |
Average Annual Return [Table Text Block] | Average Annual Total Returns 1 Year Since Inception Lyrical International Value Equity Fund - Institutional Class 16.29% 8.26% MSCI EAFE Index 18.53% 9.01% |
Net Assets | $ 13,252,836 |
Holdings Count | Integer | 31 |
Advisory Fees Paid, Amount | $ 0 |
Investment Company, Portfolio Turnover | 16% |
Additional Fund Statistics [Text Block] | Fund Statistics Net Assets $ 13,252,836 Number of Portfolio Holdings 31 Advisory Fee (net of waivers) $ 0 Portfolio Turnover 16% |
Holdings [Text Block] | Asset Weighting (% of total investments) Country Weighting (% of net assets) France 21.6% Netherlands 17.9% Japan 11.9% Canada 9.8% United Kingdom 9.4% Switzerland 7.9% Germany 4.8% South Korea 4.3% Hong Kong 3.2% Spain 2.8% Finland 2.7% Isle of Man 2.0% United States 0.8% Common Stocks 95.4% Money Market Funds 0.8% Preferred Stocks 3.8% |
Largest Holdings [Text Block] | Top 10 Holdings (% of net assets) Holding Name % of Net AerCap Holdings N.V. 5.2% Suncor Energy, Inc. 5.1% Exor N.V. 4.9% Euronext N.V. 4.9% Rexel S.A. 4.9% Bollore SE 4.7% Ashtead Group plc 4.6% Samsung Electronics Company Ltd. 4.3% Nintendo Company Ltd. - ADR 4.3% Johnson Controls International plc 4.0% |
Lyrical U.S. Value Equity Fund C Class | |
Shareholder Report [Line Items] | |
Fund Name | Lyrical U.S. Value Equity Fund |
Class Name | C Class |
Trading Symbol | LYRCX |
Annual or Semi-Annual Statement [Text Block] | This semi-annual shareholder report |
Shareholder Report Annual or Semi-Annual | semi-annual shareholder report |
Additional Information [Text Block] | You can find additional information about the Fund |
Material Fund Change Notice [Text Block] | You can also request this information by contacting us at (888) 884-8099 |
Additional Information Phone Number | (888) 884-8099 |
Additional Information Website | www.lyricalvaluefunds.com |
Expenses [Text Block] | What were the Fund’s costs for the last six months? (based on a hypothetical $10,000 investment) Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment C Class $ 100 1.99% |
Expenses Paid, Amount | $ 100 |
Expense Ratio, Percent | 1.99% |
Factors Affecting Performance [Text Block] | How did the Fund perform during the reporting period? The Fund performed well during the reporting period with above average absolute returns. Our returns also exceeded those of the S&P 500, which was no easy task given how much of the index returns were driven by one mega cap growth stock, NVIDIA. That one stock drove 20% of the S&P 500 return in the period, contributing 3.3 percentage points of the 16.4% index return. For the reporting period, the three positions that most positively impacted performance were: United Rentals (URI) up 41%, Flex (FLEX) up 75%, and NRG Energy (NRG) up 72%. On the other side, the three positions that most negatively impacted performance were: Expedia (EXPE) down 17%, Concentrix (CNXC) down 34%, and Global Payments (GPN) down 12%. Even after strong returns in the periods, the portfolio remains attractively valued. The price-to-earnings (P/E) ratio ended the period at 11.4 times the next twelve months consensus earnings. The S&P 500 had a valuation of 20.7 times earnings on this same basis, a premium of 81% to the Fund. What is uncommon about our portfolio is not just how cheap it is but also its attractive growth. Throughout our history our portfolios have had a discounted P/E to the S&P 500 with comparable growth. Currently, our growth profile is much better than that, with not just comparable growth, but superior growth. In fact, this continues to be one of the best growth profiles in our firm’s history. |
Line Graph [Table Text Block] | How has the Fund performed since inception? Total Return Based on $10,000 Investment Years Years S&P 500 Index 07/05/22 07/05/22 10,000 May-2023 May-2023 11,081 May-2024 May-2024 14,205 |
Average Annual Return [Table Text Block] | Average Annual Total Returns 1 Year Since Inception Lyrical U.S. Value Equity Fund - C Class Without CDSC 35.34% 19.54% With 34.34% 19.54% S&P 500 ® 28.19% 20.24% |
Net Assets | $ 719,078,349 |
Holdings Count | Integer | 32 |
Advisory Fees Paid, Amount | $ 2,744,559 |
Investment Company, Portfolio Turnover | 13% |
Additional Fund Statistics [Text Block] | Fund Statistics Net Assets $ 719,078,349 Number of Portfolio Holdings 32 Advisory Fee (net of waivers) $ 2,744,559 Portfolio Turnover 13% |
Holdings [Text Block] | Asset Weighting (% of total investments) Sector Weighting (% of net assets) Technology 26.0% Financials 16.7% Industrials 14.3% Health Care 11.5% Communications 8.0% Consumer Discretionary 7.9% Materials 5.7% Energy 5.0% Utilities 4.7% Money Market 0.2% Common stocks 99.8% Money Market Funds 0.2% |
Largest Holdings [Text Block] | Top 10 Holdings (% of net assets) Holding Name % of Net United Rentals, Inc. 7.6% Fidelity National Information Services, Inc. 6.0% Ameriprise Financial, Inc. 5.2% Suncor Energy, Inc. 5.0% NRG Energy, Inc. 4.7% Johnson Controls International plc 4.6% Uber Technologies, Inc. 4.6% Cigna Group (The) 4.3% Flex Ltd. 4.1% HCA Healthcare, Inc. 4.0% |
Lyrical International Value Equity Fund A Class | |
Shareholder Report [Line Items] | |
Fund Name | Lyrical International Value Equity Fund |
Class Name | A Class |
Trading Symbol | LYRVX |
Annual or Semi-Annual Statement [Text Block] | This semi-annual shareholder report |
Shareholder Report Annual or Semi-Annual | semi-annual shareholder report |
Additional Information [Text Block] | You can find additional information about the Fund |
Material Fund Change Notice [Text Block] | You can also request this information by contacting us at (888) 884-8099 |
Additional Information Phone Number | (888) 884-8099 |
Additional Information Website | www.lyricalvaluefunds.com |
Expenses [Text Block] | What were the Fund’s costs for the last six months? (based on a hypothetical $10,000 investment) Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment A Class $ 62 1.24% |
Expenses Paid, Amount | $ 62 |
Expense Ratio, Percent | 1.24% |
Factors Affecting Performance [Text Block] | How did the Fund perform during the reporting period? The Fund performed well during the reporting period. Our Fund was up over 200 basis points compared to the MSCI EAFE during the 6-month period. Our performance was driven by a combination of both multiple expansion and earnings growth. For the reporting period, the three positions that most positively impacted performance were: Aercap (AER-US) up 36%, Rexel (RXL-FR) up 31%, and Spie (SPIE-FR) up 43%. On the other side, the three positions that most negatively impacted performance were: OpenText (OTEX-CA) down 28%, Teleperformance (TEP-FR) down 16%, and Entain (ENT-LON) down 14%. Even after strong returns in the periods, the portfolio remains attractively valued. The price-to-earnings (P/E) ratio ended the period at 9.3x times the next twelve months consensus earnings. The MSCI EAFE had a valuation of 14.2 times earnings on this same basis, a premium of 53% to the Fund. In addition to an attractive valuation, our Fund also has had superior earnings growth. Since 2012, the companies in our portfolio have grown their EPS at a 6.8% annualized rate, compared to the MSCI EAFE at 5.7%. |
Line Graph [Table Text Block] | How has the Fund performed since inception? Total Return Based on $10,000 Investment* Years Years MSCI EAFE Index 07/05/22 07/05/22 10,000 May-2023 May-2023 11,614 May-2024 May-2024 13,766 Average Annual Total Returns 1 Year Since Inception Lyrical International Value Equity Fund - A Class Without Load 16.03% 16.54% With Load 9.36% 12.96% MSCI EAFE Index 18.53% 18.28% |
Net Assets | $ 13,252,836 |
Holdings Count | Integer | 31 |
Advisory Fees Paid, Amount | $ 0 |
Investment Company, Portfolio Turnover | 16% |
Additional Fund Statistics [Text Block] | Industrials 29.7% Financials 21.8% Technology 18.0% Consumer Discretionary 12.6% Communications 5.7% Energy 5.1% Consumer Staples 3.2% Materials 2.2% Money Market Funds 0.8% Other Assets in Excess of Liabilities 0.9% Fund Statistics Net Assets $ 13,252,836 Number of Portfolio Holdings 31 Advisory Fee (net of waivers) $ 0 Portfolio Turnover 16% |
Holdings [Text Block] | Asset Weighting (% of total investments) Country Weighting (% of net assets) Common Stocks 95.4% Money Market Funds 0.8% Preferred Stocks 3.8% France 21.6% Netherlands 17.9% Japan 11.9% Canada 9.8% United Kingdom 9.4% Switzerland 7.9% Germany 4.8% South Korea 4.3% Hong Kong 3.2% Spain 2.8% Finland 2.7% Isle of Man 2.0% United States 0.8% |
Largest Holdings [Text Block] | Top 10 Holdings (% of net assets) Holding Name % of Net AerCap Holdings N.V. 5.2% Suncor Energy, Inc. 5.1% Exor N.V. 4.9% Euronext N.V. 4.9% Rexel S.A. 4.9% Bollore SE 4.7% Ashtead Group plc 4.6% Samsung Electronics Company Ltd. 4.3% Nintendo Company Ltd. - ADR 4.3% Johnson Controls International plc 4.0% |
Q3 ALL-SEASON SYSTEMATIC OPPORTUNITIES FUND Institutional Class | |
Shareholder Report [Line Items] | |
Fund Name | Q3 All-Season Systematic Opportunities Fund |
Class Name | Institutional Class |
Trading Symbol | QASOX |
Annual or Semi-Annual Statement [Text Block] | This semi-annual shareholder report |
Shareholder Report Annual or Semi-Annual | semi-annual shareholder report |
Additional Information [Text Block] | You can find additional information about the Fund |
Material Fund Change Notice [Text Block] | You can also request this information by contacting us at (855) 784-2399 |
Additional Information Phone Number | (855) 784-2399 |
Additional Information Website | www.q3allseasonfunds.com |
Expenses [Text Block] | What were the Fund’s costs for the last six months? (based on a hypothetical $10,000 investment) Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment Institutional Class $ 66 1.32% |
Expenses Paid, Amount | $ 66 |
Expense Ratio, Percent | 1.32% |
Factors Affecting Performance [Text Block] | How did the Fund perform during the reporting period? The Q3 All-Season Systematic Opportunities Fund continues to perform as designed – producing positive returns over any market environment. For the most recent period, the Fund again registered profits as the markets looked to maintain their positive trends. The Fund, however, is largely indifferent as to the overall direction of the markets, since its trading rules are short-term in nature and not dependent on trends. Over the last six months, the Fund was only exposed to equities approximately 60% of the time, and still notched gains, with considerably less market risk. While the last several months have been decidedly bullish, the Fund has had fewer trades than historically expected. QASOX only enters the market during pullbacks and tends to stay invested in trades for just a few days. With very few meaningful pullbacks in equities over the last several months, the Fund has maintained larger than normal defensive positions (money market funds) while it waited for opportunities to enter the equity market. Currently, these defensive positions are generating just over 5% a year, so the Fund has the opportunity to make meaningful gains when it is waiting for potential equity trades. |
Line Graph [Table Text Block] | How has the Fund performed since inception? Total Return Based on $100,000 Investment Years Years Bloomberg U.S. Aggregate Bond Index Dow Jones Moderate Portfolio Index 12/30/19 12/30/19 100,000 100,000 May-2020 May-2020 105,385 94,569 May-2021 May-2021 104,959 119,739 May-2022 May-2022 96,329 109,822 May-2023 May-2023 94,265 107,927 May-2024 May-2024 95,495 121,258 |
Average Annual Return [Table Text Block] | Average Annual Total Returns 1 Year Since Inception Q3 All-Season Systematic Opportunities Fund - Institutional Class 11.27% 2.86% Bloomberg U.S. Aggregate Bond Index 1.31% -1.04% Dow Jones Moderate Portfolio Index 12.35% 4.46% |
Net Assets | $ 192,428,373 |
Holdings Count | Integer | 1 |
Advisory Fees Paid, Amount | $ 938,594 |
Investment Company, Portfolio Turnover | 56% |
Additional Fund Statistics [Text Block] | Fund Statistics Net Assets $ 192,428,373 Number of Portfolio Holdings 1 Advisory Fee (net of recoupments) $ 938,594 Portfolio Turnover 56 |
Holdings [Text Block] | Asset Weighting (% of total investments) Sector Weighting (% of net assets) Money Market Funds 100.0% Other Assets in Excess of Liabilities 99.2% Money Market Funds 0.8% |
Lyrical U.S. Value Equity Fund Investor Class | |
Shareholder Report [Line Items] | |
Fund Name | Lyrical U.S. Value Equity Fund |
Class Name | Investor Class |
Trading Symbol | LYRBX |
Annual or Semi-Annual Statement [Text Block] | This semi-annual shareholder report |
Shareholder Report Annual or Semi-Annual | semi-annual shareholder report |
Additional Information [Text Block] | You can find additional information about the Fund |
Material Fund Change Notice [Text Block] | You can also request this information by contacting us at (888) 884-8099 |
Additional Information Phone Number | (888) 884-8099 |
Additional Information Website | www.lyricalvaluefunds.com |
Expenses [Text Block] | What were the Fund’s costs for the last six months? (based on a hypothetical $10,000 investment) Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment Investor Class $ 62 1.24% |
Expenses Paid, Amount | $ 62 |
Expense Ratio, Percent | 1.24% |
Factors Affecting Performance [Text Block] | How did the Fund perform during the reporting period? The Fund performed well during the reporting period with above average absolute returns. Our returns also exceeded those of the S&P 500, which was no easy task given how much of the index returns were driven by one mega cap growth stock, NVIDIA. That one stock drove 20% of the S&P 500 return in the period, contributing 3.3 percentage points of the 16.4% index return. For the reporting period, the three positions that most positively impacted performance were: United Rentals (URI) up 41%, Flex (FLEX) up 75%, and NRG Energy (NRG) up 72%. On the other side, the three positions that most negatively impacted performance were: Expedia (EXPE) down 17%, Concentrix (CNXC) down 34%, and Global Payments (GPN) down 12%. Even after strong returns in the periods, the portfolio remains attractively valued. The price-to-earnings (P/E) ratio ended the period at 11.4 times the next twelve months consensus earnings. The S&P 500 had a valuation of 20.7 times earnings on this same basis, a premium of 81% to the Fund. What is uncommon about our portfolio is not just how cheap it is but also its attractive growth. Throughout our history our portfolios have had a discounted P/E to the S&P 500 with comparable growth. Currently, our growth profile is much better than that, with not just comparable growth, but superior growth. In fact, this continues to be one of the best growth profiles in our firm’s history. |
Line Graph [Table Text Block] | How has the Fund performed over the last 10 years? Total Return Based on $10,000 Investment Years Years S&P 500 Index May-2014 May-2014 10,000 May-2015 May-2015 11,181 May-2016 May-2016 11,372 May-2017 May-2017 13,359 May-2018 May-2018 15,281 May-2019 May-2019 15,859 May-2020 May-2020 17,895 May-2021 May-2021 25,109 May-2022 May-2022 25,034 May-2023 May-2023 25,766 May-2024 May-2024 33,028 |
Average Annual Return [Table Text Block] | Average Annual Total Returns 1 Year 5 Years 10 Years Lyrical U.S. Value Equity Fund - Investor Class 36.38% 14.04% 7.90% S&P 500 ® 28.19% 15.80% 12.69% |
Net Assets | $ 719,078,349 |
Holdings Count | Integer | 32 |
Advisory Fees Paid, Amount | $ 2,744,559 |
Investment Company, Portfolio Turnover | 13% |
Additional Fund Statistics [Text Block] | Fund Statistics Net Assets $ 719,078,349 Number of Portfolio Holdings 32 Advisory Fee (net of waivers) $ 2,744,559 Portfolio Turnover 13% |
Holdings [Text Block] | Asset Weighting (% of total investments) Sector Weighting (% of net assets) Common Stocks 99.8% Money Market Funds 0.2% Technology 26.0% Financials 16.7% Industrials 14.3% Health Care 11.5% Communications 8.0% Consumer Discretionary 7.9% Materials 5.7% Energy 5.0% Utilities 4.7% Money Market 0.2% |
Largest Holdings [Text Block] | Top 10 Holdings (% of net assets) Holding Name % of Net United Rentals, Inc. 7.6% Fidelity National Information Services, Inc. 6.0% Ameriprise Financial, Inc. 5.2% Suncor Energy, Inc. 5.0% NRG Energy, Inc. 4.7% Johnson Controls International plc 4.6% Uber Technologies, Inc. 4.6% Cigna Group (The) 4.3% Flex Ltd. 4.1% HCA Healthcare, Inc. 4.0% |
Lyrical International Value Equity Fund C Class | |
Shareholder Report [Line Items] | |
Fund Name | Lyrical International Value Equity Fund |
Class Name | C Class |
Trading Symbol | LYRZX |
Annual or Semi-Annual Statement [Text Block] | This semi-annual shareholder report |
Shareholder Report Annual or Semi-Annual | semi-annual shareholder report |
Additional Information [Text Block] | You can find additional information about the Fund |
Material Fund Change Notice [Text Block] | You can also request this information by contacting us at (888) 884-8099 |
Additional Information Phone Number | (888) 884-8099 |
Additional Information Website | www.lyricalvaluefunds.com |
Expenses [Text Block] | What were the Fund’s costs for the last six months? (based on a hypothetical $10,000 investment) Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment C Class $ 100 1.99% |
Expenses Paid, Amount | $ 100 |
Expense Ratio, Percent | 1.99% |
Factors Affecting Performance [Text Block] | How did the Fund perform during the reporting period? The Fund performed well during the reporting period. Our Fund was up over 200 basis points compared to the MSCI EAFE during the 6-month period. Our performance was driven by a combination of both multiple expansion and earnings growth. For the reporting period, the three positions that most positively impacted performance were: Aercap (AER-US) up 36%, Rexel (RXL-FR) up 31%, and Spie (SPIE-FR) up 43%. On the other side, the three positions that most negatively impacted performance were: OpenText (OTEX-CA) down 28%, Teleperformance (TEP-FR) down 16%, and Entain (ENT-LON) down 14%. Even after strong returns in the periods, the portfolio remains attractively valued. The price-to-earnings (P/E) ratio ended the period at 9.3x times the next twelve months consensus earnings. The MSCI EAFE had a valuation of 14.2 times earnings on this same basis, a premium of 53% to the Fund. In addition to an attractive valuation, our Fund also has had superior earnings growth. Since 2012, the companies in our portfolio have grown their EPS at a 6.8% annualized rate, compared to the MSCI EAFE at 5.7%. |
Line Graph [Table Text Block] | How has the Fund performed since inception? Total Return Based on $10,000 Investment Years Years MSCI EAFE Index 07/05/22 07/05/22 10,000 May-2023 May-2023 11,614 May-2024 May-2024 13,766 |
Average Annual Return [Table Text Block] | Average Annual Total Returns 1 Year Since Inception Lyrical International Value Equity Fund - C Class Without CDSC 15.18% 15.67% With 14.18% 15.67% MSCI EAFE Index 18.53% 18.28% |
Net Assets | $ 13,252,836 |
Holdings Count | Integer | 31 |
Advisory Fees Paid, Amount | $ 0 |
Investment Company, Portfolio Turnover | 16% |
Additional Fund Statistics [Text Block] | Fund Statistics Net Assets $ 13,252,836 Number of Portfolio Holdings 31 Advisory Fee (net of waivers) $ 0 Portfolio Turnover 16% |
Holdings [Text Block] | Asset Weighting (% of total investments) Country Weighting (% of net assets) Common Stocks 95.4% Money Market Funds 0.8% Preferred Stocks 3.8% France 21.6% Netherlands 17.9% Japan 11.9% Canada 9.8% United Kingdom 9.4% Switzerland 7.9% Germany 4.8% South Korea 4.3% Hong Kong 3.2% Spain 2.8% Finland 2.7% Isle of Man 2.0% United States 0.8% |
Largest Holdings [Text Block] | Top 10 Holdings (% of net assets) Holding Name % of Net AerCap Holdings N.V. 5.2% Suncor Energy, Inc. 5.1% Exor N.V. 4.9% Euronext N.V. 4.9% Rexel S.A. 4.9% Bollore SE 4.7% Ashtead Group plc 4.6% Samsung Electronics Company Ltd. 4.3% Nintendo Company Ltd. - ADR 4.3% Johnson Controls International plc 4.0% |
Q3 ALL-SEASON TACTICAL FUND Institutional Class | |
Shareholder Report [Line Items] | |
Fund Name | Q3 All-Season Tactical Fund |
Class Name | Institutional Class |
Trading Symbol | QAITX |
Annual or Semi-Annual Statement [Text Block] | This semi-annual shareholder report |
Shareholder Report Annual or Semi-Annual | semi-annual shareholder report |
Additional Information [Text Block] | You can find additional information about the Fund |
Material Fund Change Notice [Text Block] | You can also request this information by contacting us at (855) 784-2399 |
Additional Information Phone Number | (855) 784-2399 |
Additional Information Website | www.q3allseasonfunds.com |
Expenses [Text Block] | What were the Fund’s costs for the last six months? (based on a hypothetical $10,000 investment) Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment Institutional Class $ 79 1.58% |
Expenses Paid, Amount | $ 79 |
Expense Ratio, Percent | 1.58% |
Factors Affecting Performance [Text Block] | How did the Fund perform during the reporting period? Performance for the Q3 All-Season Tactical Fund for the period was largely due to positions in NASDAQ 100 as the Fund was able to identify a positive trend in that index. Continued strength in the technology sector bolstered the index to new highs during the year, and as such the Fund’s quantitative trading rules signaled buying opportunities. Defensive positions were taken in long-term Treasuries when the Fund determined the volatility of the NASDAQ was heightened. Such positions amounted to about 20% of the overall market exposure for the period. Small gains were realized in the Treasury positions – long and inverse - as that market trended down the first several months of the year, before it began an upward move in May. The majority of the profitable trades in Treasuries were on the short side, though, as yields began to rise earlier in the year on fears of continued elevated inflation readings. The Tactical Fund was able to participate in the upside movement of the equity markets during the period, as it kept a close watch on signs of exuberance by monitoring technical signals on a daily basis. Such indicators are designed to identify short-term tops in the market, so the Fund is able to pivot away from equities and into areas of the market deemed less prone to significant downside moves. |
Line Graph [Table Text Block] | How has the Fund performed since inception? Total Return Based on $100,000 Investment Years Years Bloomberg U.S. Aggregate Bond Index Dow Jones Moderate Portfolio Index 12/30/19 12/30/19 100,000 100,000 May-2020 May-2020 105,385 94,569 May-2021 May-2021 104,959 119,739 May-2022 May-2022 96,329 109,822 May-2023 May-2023 94,265 107,927 May-2024 May-2024 95,495 121,258 |
Average Annual Return [Table Text Block] | Average Annual Total Returns 1 Year Since Inception Q3 All-Season Tactical Fund - Institutional Class 18.74% 4.59% Bloomberg U.S. Aggregate Bond Index 1.31% -1.04% Dow Jones Moderate Portfolio Index 12.35% 4.46% |
Net Assets | $ 48,472,978 |
Holdings Count | Integer | 2 |
Advisory Fees Paid, Amount | $ 236,866 |
Investment Company, Portfolio Turnover | 369% |
Additional Fund Statistics [Text Block] | Fund Statistics Net Assets $ 48,472,978 Number of Portfolio Holdings 2 Advisory Fee $ 236,866 Portfolio Turnover 369% |
Holdings [Text Block] | Asset Weighting (% of total investments) Sector Weighting (% of net assets) Exchange-Traded Funds 98.5% Money Market Funds 1.5% Liabilities in Excess of Other Assets -0.1% Money Market Funds 1.5% Exchange-Traded Funds 98.6% |