v3.24.3
Label Element Value
Prospectus [Line Items] rr_ProspectusLineItems  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Jul. 31, 2024
Entity Registrant Name dei_EntityRegistrantName ADVISORS’ INNER CIRCLE FUND III
Entity Central Index Key dei_EntityCentralIndexKey 0001593547
Entity Inv Company Type dei_EntityInvCompanyType N-1A
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Nov. 27, 2024
Document Effective Date dei_DocumentEffectiveDate Nov. 28, 2024
Prospectus Date rr_ProspectusDate Nov. 28, 2024
CCT Thematic Equity Fund  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk/Return [Heading] rr_RiskReturnHeading CCT Thematic Equity Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The CCT Thematic Equity Fund (the “Fund”) seeks long-term capital appreciation.

Expense [Heading] rr_ExpenseHeading Fund 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 Fund. You may be required to pay commissions and/or other forms of compensation to a broker for transactions in shares, which are not reflected in the table or the example below.

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)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination November 30, 2025
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
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 total annual Fund operating expenses or in the example, affect the Fund’s performance. For the fiscal year ended July 31, 2024, the Fund’s portfolio turnover rate was 31% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 31.00%
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 Fund with the cost of investing in other mutual funds.

 

THMEX Institutional Shares

MSCI All Country World Index (reflects no deduction for fees, expenses or taxes)

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 (including one year of capped expenses in each period) remain the same. 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

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities. This policy can be changed by the Fund upon sixty (60) days’ prior written notice to shareholders. For purposes of this policy, equity securities include common stock, real estate investment trusts (“REITs”) and American depositary receipts (“ADRs”), including unsponsored ADRs. The Fund may invest in the securities of U.S. and non-U.S. issuers of any market capitalization and has exposure to one or more economic sectors.

 

The Adviser uses a thematic investing approach to manage the Fund’s assets. Thematic investing involves capitalizing on what the Adviser believes to be powerful trends, disruptive ideas, innovations and economic forces that are secular (i.e., long-term and persisting regardless of macroeconomic cycles) and are reshaping the world (“Themes”). Examples of Themes include:

 

 

●

Advent of Molecular Medicine. The Adviser believes that breakthroughs in genomic science are changing the practice of medicine. The Adviser believes that genomic sequencing technology, clinical knowledge and data analytics are converging to deliver novel

treatments and diagnostics that will improve medical outcomes and usher in a new era of healthcare.

 

 

●

Next-Generation Automation. The Adviser believes that, as the global labor force ages, companies must find ways to do more with fewer people. The Adviser believes that automation — previously concentrated in automobile and electronics production — has reached an inflection point; technologies have matured and the imperative for companies to invest is becoming clear across a broad spectrum of industries.

 

 

●

Dawn of Heterogeneous Computing. The Adviser believes that for the past few decades, technological advancements have resulted in exponential improvements in the performance and cost of computing technology; and as physical and economic challenges limit further scaling, improvements will come from special-purpose technology designed for specific applications rather than general-purpose processors.

 

The Adviser’s process combines top-down, secular and cyclical views with fundamental, bottom-up research. The Adviser seeks to build a portfolio of approximately 40-50 stocks of companies positioned to exploit Themes. The Adviser believes that these stocks exhibit the greatest opportunity to outperform in a variety of market environments. As importantly, the Adviser seeks to avoid companies potentially disrupted by Themes.

 

Four core investment tenets drive the Adviser’s strategy in constructing the Fund’s portfolio.

 

 

●

The Theme must be big enough to influence the bottom line of companies in multiple industries. The Adviser may intentionally look for Themes that span multiple industries, as the Adviser believes this is where the market can miss opportunity. The Adviser’s investment analysts are organized by Theme, not industry or region, which is designed to allow the Adviser’s analysts to think about Themes holistically and cover all related stocks.

 

 

●

The Theme should create meaningful profits that industry leaders can defend over time. The Adviser’s focus on the impact to corporate performance is designed to distinguish between a trend and a Theme. The Adviser considers a trend to be a meaningful or disruptive change that is not likely to create economic advantages that will result in sustainable profits. There are many profound changes occurring around the world, but the Adviser believes that most of those changes are trends that may not qualify as investment Themes. The Adviser believes that Themes are characterized by

sustainable and defensible competitive advantages (such as, for example, intellectual property).

 

 

●

The potential Theme must be investable. There must be enough publicly traded stocks with sufficient liquidity that the Adviser may invest at least 5% of the Fund’s net assets in the Theme. The Adviser also seeks Themes that are sustainable over longer periods, where the market is likely to begin to discount the profitability of the Theme within a three to five year time horizon.

 

 

●

Multi-Theme portfolio construction. The Adviser believes that a single-Theme focused strategy either would not achieve appropriate diversification, or would end up holding companies tangentially related to the Theme, which brings unintended risk and dilution of the research process. Therefore, the Adviser integrates five to seven multi-sector Themes into a multi-Theme portfolio. In doing so, the Adviser monitors position size and Thematic weights given the broader macroeconomic environment by taking into account factors such as industries and geographies.

 

An analyst researching a Theme may consider which companies may benefit, which may lose, which business models may have to change and how they would do so. Once an analyst identifies a prospective holding, the analyst assesses the company’s Thematic exposure (and the sustainability of it), the company’s management team, the quality of the company’s balance sheet and cash flows, current and future valuation of the company, and whether other investors may begin to discount the impact of the Theme into their valuation models within a three- to five-year) timeframe.

 

Sell decisions are both qualitative and quantitative and are not rules based. The Fund’s portfolio management team may exit a position when the team believes the position’s valuation no longer reflects the long-term opportunity, when the investment no longer fits the Thematic strategy (either because of fundamental changes to the company, or fundamental shifts in the Theme), and may reduce a position based on market appreciation and other factors.

Risk [Heading] rr_RiskHeading Principal Risks
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for 1 year and since inception compare with those of a broad measure of market performance. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.

 

Current performance information is available by calling toll-free to 888-228-0002.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for 1 year and since inception compare with those of a broad measure of market performance.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 888-228-0002
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

BEST QUARTER

WORST QUARTER

10.84%

(16.41)%

6/30/2021

6/30/2022

 

The performance information shown above is based on a calendar year. The Fund’s performance from 1/1/2024 to 9/30/2024 was 14.50%.

Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for Periods Ended December 31, 2023
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 After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

This table compares the Fund’s average annual total returns for the periods ended December 31, 2023 to those of an appropriate broad-based index.

 

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).

CCT Thematic Equity Fund | Equity Market Risk  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk [Text Block] rr_RiskTextBlock

Equity Market Risk — The risk that stock prices will fall over short or extended periods of time, sometimes rapidly and unpredictably. The value of equity securities will fluctuate in response to factors affecting a particular company, as well as broader market and economic conditions. Broad movements in financial markets may adversely affect the price of the Fund’s investments, regardless of how well the companies in which the Fund invests perform. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. Moreover, in the event of a company’s bankruptcy, claims of certain creditors, including bondholders, will have priority over claims of common stock holders such as the Fund.

CCT Thematic Equity Fund | Large Capitalization Risk  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk [Text Block] rr_RiskTextBlock

Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

CCT Thematic Equity Fund | Small and Medium Capitalization Companies Risk  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk [Text Block] rr_RiskTextBlock

Small and Medium Capitalization Companies Risk — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter or listed on an exchange.

CCT Thematic Equity Fund | Sector Risk  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk [Text Block] rr_RiskTextBlock

Sector Risk — The risk that from time to time, based on market or economic conditions, the Fund may have positions in various sectors of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events.

CCT Thematic Equity Fund | Foreign Investment Risk  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk [Text Block] rr_RiskTextBlock

Foreign Investment Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements, inflation and different legal, regulatory and tax environments. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

CCT Thematic Equity Fund | Foreign Currency Risk  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk [Text Block] rr_RiskTextBlock

Foreign Currency Risk — As a result of the Fund’s investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case the dollar value of an investment in the Fund would be adversely affected.

CCT Thematic Equity Fund | American Depositary Receipts Risk  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk [Text Block] rr_RiskTextBlock

American Depositary Receipts Risk — ADRs are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. ADRs are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements, inflation and different legal, regulatory and tax environments. Certain of the depositary receipts in which the Fund invests may be unsponsored depositary receipts. Unsponsored depositary receipts may not provide as much information about the underlying issuer and may not carry the same voting privileges as sponsored depositary receipts. Unsponsored depositary receipts are issued by one or more depositaries in response to market demand, but without a formal agreement with the company that issues the underlying securities.

CCT Thematic Equity Fund | REITs Risk  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk [Text Block] rr_RiskTextBlock

REITs Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund’s investments in REITs are subject to the risks associated with the direct ownership of real estate. Securities of companies principally engaged in the real estate industry may be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. The Fund’s investments are concentrated in issuers conducting business in the real estate industry, and therefore the Fund is subject to risks associated with legislative or regulatory changes, adverse market conditions and/or increased competition affecting that industry.

 

Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

CCT Thematic Equity Fund | Common Stock Risk  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk [Text Block] rr_RiskTextBlock

Common Stock Risk — The prices of common stock may fall over short or extended periods of time. Common stock generally is subordinate to preferred stock and debt upon the liquidation or bankruptcy of the issuing company.

CCT Thematic Equity Fund | Management Risk  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk [Text Block] rr_RiskTextBlock

Management Risk — The value of the Fund may decline if the Adviser’s judgments about the attractiveness, relative value or potential appreciation of a particular security or strategy prove to be incorrect.

CCT Thematic Equity Fund | Thematic Investing Strategy Risk  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk [Text Block] rr_RiskTextBlock

Thematic Investing Strategy Risk — The Adviser manages the Fund’s assets pursuant to its proprietary Thematic-focused investment strategy. The value of the Fund may decline if, among other reasons, Themes beneficial to the Fund do not develop as anticipated or maintain over time, companies selected by the Adviser for inclusion in the Fund’s portfolio as a result of Thematic analysis do not perform as anticipated, the Adviser fails to identify or declines to include in the Fund’s portfolio profitable companies that would have been beneficial to a Theme, or other investment strategies generally outperform Thematic investing based on a variety of factors.

CCT Thematic Equity Fund | Risk Lose Money [Member]  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk [Text Block] rr_RiskTextBlock You could lose money by investing in the Fund.
CCT Thematic Equity Fund | Risk Not Insured Depository Institution [Member]  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk [Text Block] rr_RiskTextBlock A Fund share is not a bank deposit and it is not insured or guaranteed by the FDIC or any other government agency.
CCT Thematic Equity Fund | Institutional Shares  
Prospectus [Line Items] rr_ProspectusLineItems  
Trading Symbol dei_TradingSymbol THMEX
Management Fees (as a percentage of Assets) rr_ManagementFeesOverAssets 0.50%
Other Expenses (as a percentage of Assets): rr_OtherExpensesOverAssets 0.48%
Expenses (as a percentage of Assets) rr_ExpensesOverAssets 0.98%
Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.33%) [1]
Net Expenses (as a percentage of Assets) rr_NetExpensesOverAssets 0.65%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 66
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 279
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 510
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,171
Annual Return 2021 rr_AnnualReturn2021 21.11%
Annual Return 2022 rr_AnnualReturn2022 (17.44%)
Annual Return 2023 rr_AnnualReturn2023 17.24%
Year to Date Return, Label rr_YearToDateReturnLabel performance from 1/1/2024 to 9/30/2024
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel BEST QUARTER
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2021
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 10.84%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel WORST QUARTER
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2022
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (16.41%)
1 Year rr_AverageAnnualReturnYear01 17.24%
Since Inception rr_AverageAnnualReturnSinceInception 10.38%
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 30, 2020
CCT Thematic Equity Fund | Institutional Shares | After Taxes on Distributions  
Prospectus [Line Items] rr_ProspectusLineItems  
1 Year rr_AverageAnnualReturnYear01 16.88%
Since Inception rr_AverageAnnualReturnSinceInception 9.77%
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 30, 2020
CCT Thematic Equity Fund | Institutional Shares | After Taxes on Distributions and Sales  
Prospectus [Line Items] rr_ProspectusLineItems  
1 Year rr_AverageAnnualReturnYear01 10.44%
Since Inception rr_AverageAnnualReturnSinceInception 7.95%
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 30, 2020
CCT Thematic Equity Fund | MSCI All Country World Index (reflects no deduction for fees, expenses or taxes)  
Prospectus [Line Items] rr_ProspectusLineItems  
1 Year rr_AverageAnnualReturnYear01 22.20%
Since Inception rr_AverageAnnualReturnSinceInception 9.82%
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 30, 2020
KBI GLOBAL INVESTORS AQUARIUS FUND  
Prospectus [Line Items] rr_ProspectusLineItems  
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The KBI Global Investors Aquarius Fund (the “Fund”) seeks long-term total return, consisting of capital appreciation and income.

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

These tables describe the fees and expenses that you may pay if you buy and hold Institutional Shares and Investor Shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Institutional Shares, which are not reflected in the table or the example below.

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)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination November 30, 2025
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
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 total annual Fund operating expenses or in the example, affect the Fund’s performance. During its most recent fiscal year, the Fund’s portfolio turnover rate was 41% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 41.00%
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 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 (including one year of capped expenses in each period) remain the same. 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

Under normal circumstances, the Fund principally invests in equity securities, without regard to market capitalization, of companies whose main business is in the water-related resource sector or that are significantly involved in the water-related resource sector. Water-related resource sector activities may include, but are not limited to, water treatment, engineering, filtration, environmental controls, water-related equipment, water and wastewater services, and water utilities. Such activities may also include, but are not limited to, water distribution, water infrastructure and equipment, water-related construction and engineering, environmental control and metering, and services or technologies that conserve or enable more efficient use of water. The specific activities that the Fund may from time to time consider to qualify as “water-related resource sector activities” will change as markets, technologies and investment practices develop. The Fund seeks to invest in companies directly involved in the management of water-related resources and not in packagers or resellers of bottled water.

 

The Fund may invest in equity securities of U.S. and non-U.S. (including both developed and emerging market) companies. The equity securities in which the Fund invests are mainly common stocks, but may also include American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs” and, together with ADRs, “Depositary Receipts”), which are certificates issued by a bank or trust company that represent ownership interests in securities of non-U.S. companies. The Fund may hold up to 20% of its net assets in cash and money market instruments. The Fund may invest in securities of companies with any market capitalization and may focus its investments in a particular geographic region. From time to time, the Fund may invest significantly in small and medium capitalization companies. As of the date of this prospectus, the Adviser anticipates that the Fund will have significant geographic exposure to Europe and Asia.

 

The Fund seeks to achieve its investment objective through an integrated investment approach that incorporates four key elements:

 

 

1.

Theme Definition and Investment Universe

 

The Adviser seeks to precisely define the “water” theme for the Fund’s investment portfolio and identify companies to be included in the Fund’s investable universe in order to create an investment portfolio that accurately reflects the opportunities

available for the Fund. Companies that have been identified by the Adviser for inclusion in the Fund’s investment universe include, but are not limited to, manufacturers, service providers and operators that offer solutions in one or more of the following four categories: (i) increasing supply and access; (ii) decreasing demand and waste; (iii) improving and testing quality; and (iv) building and fixing infrastructure.

 

A stock must meet the Adviser’s revenue screen in order to be included in the Fund’s investable universe. In order to meet the Adviser’s revenue screen, a company must (a) derive at least 50% of its revenue from water-related resource sector activities; or (b) derive at least 10% of its revenues from water-related resource sector activities and be considered a market leader in the sector. The Adviser then assesses the fundamentals of potential buys and ultimately aims to identify companies with attractive growth prospects that are not currently reflected in their valuation.

 

 

2.

Research

 

The Adviser undertakes fundamental analysis in order to identify what in its view are attractively-priced superior companies. In addition to internal research, the Adviser utilizes a select group of niche brokers that view the world with a similar specialist lens and can provide access to capital raising opportunities such as initial public offerings, private placements, private equity secondary investments, and Rule 144A/Regulation S transactions. Representatives of the Adviser also attend industry conferences, work closely with a number of industry bodies and speak directly with potential portfolio companies.

 

The Adviser explicitly integrates environmental, social and governance (“ESG”) factors into the Fund’s investment process in accordance with the Adviser’s belief that companies with strong governance and whose products and services enhance social or environmental goals should meaningfully outperform other companies and are more likely to have long, durable, sustainable business models. The Fund may invest in companies which already demonstrate leadership on ESG issues relevant to their industries, as well as in companies which have yet to make significant progress on such issues but have the potential to do so. The Adviser believes that engagement with selected companies in the Fund’s portfolio will encourage such companies to address issues where sufficient commitment is lacking, or

reinforce progress that may be underway. While the Adviser conducts its own assessment of the ESG performance of all companies, it also uses the services of a third-party provider of ESG research and ratings to assist with that process.

 

 

3.

Conviction-Based Portfolio Construction

 

Weights in securities of particular companies are determined based on the Adviser’s assessment of upside relative to its fair value. The Adviser also implements a risk management overlay that focuses on liquidity, quality, volatility and diversification, e.g., the financial strength, geographical location, business lines and trading pattern of the underlying stock.

 

 

4.

Continuous Challenge

 

In addition to the risk monitoring carried out by the Adviser, the Fund’s portfolio is subject to continuous review and challenge by the Fund’s investment team. The Adviser also reviews and challenges the Fund’s portfolio to ensure that the portfolio meets diversification parameters and that overall portfolio risks are in line with risk parameters.

 

The Adviser may sell a stock if the Adviser believes that the stock’s earnings expectations have deteriorated; the Adviser identifies a negative change in corporate information; the Adviser identifies new information with regard to a material environmental, social and governance issue or controversy; or the Adviser identifies a more attractive investment opportunity. The Adviser may also sell a stock if the stock has achieved its target price; the stock has experienced a change in fundamentals since it was purchased; or there has been a significant change in core activities in the underlying company resulting in thematic characteristics being significantly altered.

 

The portfolio is designed to consist of securities of 35-50 companies. The Fund has adopted a policy to concentrate its investments (invest at least 25% of its assets) in the securities of companies in the industrials and utilities industries. The Fund is classified as “non-diversified,” which means that it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund.

Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration Under normal circumstances, the Fund principally invests in equity securities, without regard to market capitalization, of companies whose main business is in the water-related resource sector or that are significantly involved in the water-related resource sector.
Risk [Heading] rr_RiskHeading Principal Risks
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and the performance table below illustrate the risks and volatility of an investment in the Institutional Shares of the Fund by showing changes in the Fund’s Institutional Shares’ performance from year to year and by showing how the Fund’s Institutional Shares’ average annual total returns for 1 year, 5 years and since inception compare with those of a broad measure of market performance. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available by calling 833-658-4739.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and the performance table below illustrate the risks and volatility of an investment in the Institutional Shares of the Fund by showing changes in the Fund’s Institutional Shares’ performance from year to year and by showing how the Fund’s Institutional Shares’ average annual total returns for 1 year, 5 years and since inception compare with those of a broad measure of market performance.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 833-658-4739
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

 

BEST QUARTER

WORST QUARTER

18.11%

(25.02)%

6/30/2020

3/31/2020

 

The performance information shown above is based on a calendar year. The Fund’s performance for Institutional Shares from 1/1/2024 to 9/30/2024 was 14.31%.
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for Periods Ended December 31, 2023
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 After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

This table compares the Fund’s average annual total returns for the periods ended December 31, 2023 to those of an appropriate broad based index.

 

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-

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

KBI GLOBAL INVESTORS AQUARIUS FUND | Equity Market Risk  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk [Text Block] rr_RiskTextBlock

Equity Market Risk — The risk that stock prices will fall over short or extended periods of time, sometimes rapidly and unpredictably. The value of equity securities will fluctuate in response to factors affecting a particular company, as well as broader market and economic conditions. Broad movements in financial markets may adversely affect the price of the Fund’s investments, regardless of how well the companies in which the Fund invests perform. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. Moreover, in the event of a company’s bankruptcy, claims of certain creditors, including bondholders, will have priority over claims of common stock holders such as the Fund.

KBI GLOBAL INVESTORS AQUARIUS FUND | Large Capitalization Risk  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk [Text Block] rr_RiskTextBlock

Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes.

KBI GLOBAL INVESTORS AQUARIUS FUND | Small and Medium Capitalization Companies Risk  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk [Text Block] rr_RiskTextBlock

Small and Medium Capitalization Companies Risk — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter or listed on an exchange.

KBI GLOBAL INVESTORS AQUARIUS FUND | Management Risk  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk [Text Block] rr_RiskTextBlock

Management Risk — The success of the Fund’s strategy is dependent on the Adviser’s ability and its stock selection process to correctly identify the Fund’s investments. The portfolio securities selected by the Adviser may decline in value or not increase in value when the stock market in general is rising, in which case the Fund could experience losses regardless of the overall performance of the U.S. equity market.

KBI GLOBAL INVESTORS AQUARIUS FUND | Sector Emphasis Risk  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk [Text Block] rr_RiskTextBlock

Sector Emphasis Risk — The securities of companies in the same business sector, if comprising a significant portion of the Fund’s portfolio, may in some circumstances react negatively to market conditions, interest rates and economic, regulatory or financial developments and adversely affect the value of the portfolio to a

greater extent than if such securities comprised a lesser portion of the Fund’s portfolio or the Fund’s portfolio was diversified across a greater number of industry sectors.
KBI GLOBAL INVESTORS AQUARIUS FUND | Water-Related Resource Sector Risk  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk [Text Block] rr_RiskTextBlock

Water-Related Resource Sector Risk — The Fund’s investments in the water-related resource sector may underperform relative to the general market, returns on investments in other sectors or fixed-income securities. The water-related resource sector can be significantly affected by climactic, environmental and political events which could impact water consumption and conservation. Furthermore, because the Fund will focus its investments in the water-related resource sector, economic downturns and global and domestic events affecting the water-related resource sector will have a greater impact on the Fund than would be the case if the Fund’s investments were more diversified. These events may include governmental regulation and institutional change, inflation, an increase in the cost of raw materials, an increase in interest rates, technological advances, changes in consumer sentiment and spending and changes in government spending.

KBI GLOBAL INVESTORS AQUARIUS FUND | Industrials Industry Risk  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk [Text Block] rr_RiskTextBlock

Industrials Industry Risk — Stock prices for the types of companies included in the industrials industry are affected by supply and demand both for their specific product or service and for industrial industry products in general. Government regulation, world events and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities, among other factors, will likewise affect the performance of these companies.

KBI GLOBAL INVESTORS AQUARIUS FUND | Utilities Industry Risk  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk [Text Block] rr_RiskTextBlock

Utilities Industry Risk — Stock prices for companies in the utilities industry are affected by supply and demand, operating costs, governmental regulation, taxes, environmental factors, liabilities for environmental damage and general civil liabilities, and rate caps or rate changes. Utility companies also are vulnerable to natural disasters, terrorist attacks, government intervention or other factors may render a utility company’s equipment unusable or obsolete and negatively impact profitability. Among the risks that may affect utility companies are the following: risks of increases in fuel and other operating costs; the high cost of borrowing to finance capital construction during inflationary periods; restrictions on operations and increased costs and delays associated with compliance with federal and state safety regulations; and the effects of energy conservation and regulatory changes.

KBI GLOBAL INVESTORS AQUARIUS FUND | Liquidity Risk  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk [Text Block] rr_RiskTextBlock

Liquidity Risk — Liquidity risk is the risk that, due to certain investments trading in lower volumes or to market and economic

conditions, the Fund may be unable to find a buyer for its investments when it seeks to sell them or to receive the price it expects based on the Fund’s valuation of the investments. Events that may lead to increased redemptions, such as market disruptions, may also negatively impact the liquidity of the Fund’s investments when it needs to dispose of them. If the Fund is forced to sell its investments at an unfavorable time and/or under adverse conditions in order to meet redemption requests, such sales could negatively affect the Fund. Liquidity issues may also make it difficult to value the Fund’s investments.
KBI GLOBAL INVESTORS AQUARIUS FUND | Geographic Focus Risk  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk [Text Block] rr_RiskTextBlock

Geographic Focus Risk — To the extent that it focuses its investments in a particular country or region, the Fund may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within that country or region. As a result, the Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

KBI GLOBAL INVESTORS AQUARIUS FUND | Foreign Investment/Emerging Markets Risk  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk [Text Block] rr_RiskTextBlock

Foreign Investment/Emerging Markets Risk — The securities of foreign issuers may be less liquid and more volatile than securities of comparable U.S. issuers. The costs associated with securities transactions are often higher in foreign countries than in the U.S. Additionally, investments in foreign securities, even those publicly traded in the United States, may involve risks which are in addition to those inherent in domestic investments. Foreign companies may not be subject to the same regulatory requirements of U.S. companies, and as a consequence, there may be less publicly available information about such companies. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. Foreign companies may be subject to significantly higher levels of taxation

than U.S. companies, including potentially confiscatory levels of taxation, thereby reducing the earnings potential of such foreign companies. Substantial withholding taxes may apply to distributions from foreign companies. Also, foreign companies may not be subject to uniform accounting, auditing, and financial reporting standards and requirements comparable to those applicable to U.S. companies. Foreign governments and foreign economies often are less stable than the U.S. Government and the U.S. economy. The risks associated with international investing will be greater in emerging markets than in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments.
KBI GLOBAL INVESTORS AQUARIUS FUND | Depositary Receipts Risk  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk [Text Block] rr_RiskTextBlock

Depositary Receipts Risk — Depositary receipts, such as ADRs and GDRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory and tax environments.

KBI GLOBAL INVESTORS AQUARIUS FUND | Value Style Risk  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk [Text Block] rr_RiskTextBlock

Value Style Risk — 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 market conditions, or a company’s value or prospects for exceeding earnings expectations, is wrong, the Fund could suffer losses or produce poor performance relative to other funds.

KBI GLOBAL INVESTORS AQUARIUS FUND | Growth Style Risk  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk [Text Block] rr_RiskTextBlock

Growth Style Risk — The Adviser utilizes a “growth style” of investing, meaning that the Fund invests in equity securities of companies that the Adviser believes will have above-average rates of relative earnings growth and which, therefore, may experience above-average increases in stock prices. Over time, a relative growth investing style may go in and out of favor, causing the Fund

to sometimes underperform other equity funds that use differing investing styles.
KBI GLOBAL INVESTORS AQUARIUS FUND | Currency Risk  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk [Text Block] rr_RiskTextBlock

Currency Risk — As a result of the Fund’s investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

KBI GLOBAL INVESTORS AQUARIUS FUND | Money Market Instruments Risk  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk [Text Block] rr_RiskTextBlock

Money Market Instruments Risk — The value of money market instruments may be affected by changing interest rates and by changes in the credit ratings of the investments. An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. A money market fund’s sponsor has no legal obligation to provide financial support to the fund, and there should be no expectation that the sponsor will provide financial support to the fund at any time. Certain money market funds float their net asset value while others seek to preserve the value of investments at a stable net asset value (typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable net asset value per share, is not guaranteed and it is possible for the Fund to lose money by investing in these and other types of money market funds. If the liquidity of a money market fund’s portfolio deteriorates below certain levels, the money market fund may suspend redemptions (i.e., impose a redemption gate) and thereby prevent the Fund from selling its investment in the money market fund or impose a fee of up to 2% on amounts the Fund redeems from the money market fund (i.e., impose a liquidity fee). These measures may result in an investment loss or prohibit the Fund from redeeming shares when the Adviser would otherwise redeem shares. Money market funds and the securities they invest in are subject to comprehensive regulations. The enactment of new legislation or regulations, as well as changes in interpretation and

enforcement of current laws, may affect the manner of operation, performance and/or yield of money market funds.

KBI GLOBAL INVESTORS AQUARIUS FUND | Risk Lose Money [Member]  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk [Text Block] rr_RiskTextBlock You could lose money by investing in the Fund.
KBI GLOBAL INVESTORS AQUARIUS FUND | Risk Not Insured Depository Institution [Member]  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk [Text Block] rr_RiskTextBlock A Fund share is not a bank deposit and it is not insured or guaranteed by the FDIC or any government agency.
KBI GLOBAL INVESTORS AQUARIUS FUND | Risk Nondiversified Status [Member]  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk [Text Block] rr_RiskTextBlock Non-Diversified Risk — The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. If the securities in which the Fund invests perform poorly, the Fund could incur greater losses than it would have had it invested in a greater number of securities. However, the Fund intends to satisfy the asset diversification requirements for qualification as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).
KBI GLOBAL INVESTORS AQUARIUS FUND | Institutional Shares  
Prospectus [Line Items] rr_ProspectusLineItems  
Trading Symbol dei_TradingSymbol KBIWX
Redemption Fee (as a percentage of Amount Redeemed) rr_RedemptionFeeOverRedemption (2.00%)
Management Fees (as a percentage of Assets) rr_ManagementFeesOverAssets 0.85%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Component1 Other Expenses rr_Component1OtherExpensesOverAssets 0.52%
Other Expenses (as a percentage of Assets): rr_OtherExpensesOverAssets 0.52%
Expenses (as a percentage of Assets) rr_ExpensesOverAssets 1.37%
Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.37%) [2]
Net Expenses (as a percentage of Assets) rr_NetExpensesOverAssets 1.00%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 102
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 397
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 715
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,614
Annual Return 2019 rr_AnnualReturn2019 24.31%
Annual Return 2020 rr_AnnualReturn2020 13.48%
Annual Return 2021 rr_AnnualReturn2021 27.33%
Annual Return 2022 rr_AnnualReturn2022 (14.33%)
Annual Return 2023 rr_AnnualReturn2023 19.48%
Year to Date Return, Label rr_YearToDateReturnLabel performance for Institutional Shares from 1/1/2024 to 9/30/2024
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2024
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 14.31%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel BEST QUARTER
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2020
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 18.11%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel WORST QUARTER
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Mar. 31, 2020
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (25.02%)
1 Year rr_AverageAnnualReturnYear01 19.48%
5 Years rr_AverageAnnualReturnYear05 12.95%
Since Inception rr_AverageAnnualReturnSinceInception 10.87%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 12, 2018
KBI GLOBAL INVESTORS AQUARIUS FUND | Institutional Shares | After Taxes on Distributions  
Prospectus [Line Items] rr_ProspectusLineItems  
1 Year rr_AverageAnnualReturnYear01 17.88%
5 Years rr_AverageAnnualReturnYear05 10.84%
Since Inception rr_AverageAnnualReturnSinceInception 8.89%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 12, 2018
KBI GLOBAL INVESTORS AQUARIUS FUND | Institutional Shares | After Taxes on Distributions and Sales  
Prospectus [Line Items] rr_ProspectusLineItems  
1 Year rr_AverageAnnualReturnYear01 12.46%
5 Years rr_AverageAnnualReturnYear05 9.99%
Since Inception rr_AverageAnnualReturnSinceInception 8.31%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 12, 2018
KBI GLOBAL INVESTORS AQUARIUS FUND | Investor Shares  
Prospectus [Line Items] rr_ProspectusLineItems  
Redemption Fee (as a percentage of Amount Redeemed) rr_RedemptionFeeOverRedemption (2.00%)
Management Fees (as a percentage of Assets) rr_ManagementFeesOverAssets 0.85%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Component1 Other Expenses rr_Component1OtherExpensesOverAssets 0.52%
Other Expenses (as a percentage of Assets): rr_OtherExpensesOverAssets 0.77%
Expenses (as a percentage of Assets) rr_ExpensesOverAssets 1.62%
Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.37%) [2]
Net Expenses (as a percentage of Assets) rr_NetExpensesOverAssets 1.25%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 127
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 475
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 846
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,891
KBI GLOBAL INVESTORS AQUARIUS FUND | MSCI AC World Index NR (reflects no deductions for fees, expenses or taxes but are net of dividend tax withholding)  
Prospectus [Line Items] rr_ProspectusLineItems  
1 Year rr_AverageAnnualReturnYear01 22.20%
5 Years rr_AverageAnnualReturnYear05 11.72%
Since Inception rr_AverageAnnualReturnSinceInception 9.53%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 12, 2018
[1] Chevy Chase Trust Company (the “Adviser” or “CCT”) has contractually agreed to waive fees and/or to reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions, 12b-1 Fees, Shareholder Servicing Fees, acquired fund fees and expenses, fees paid to third party tax reclaim recovery service providers and non-routine expenses (collectively, “excluded expenses”)) from exceeding 0.65% of the average daily net assets of the Fund’s Institutional Shares until November 30, 2025 (the “contractual expense limit”). In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the contractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This agreement may be terminated: (i) by the Board of Trustees (the “Board”) of The Advisors’ Inner Circle Fund III (the “Trust”), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on November 30, 2025.
[2] KBI Global Investors (North America) Ltd (the “Adviser”) has contractually agreed to waive fees and reimburse expenses to the extent necessary to keep total Annual Fund Operating Expenses (excluding 12b-1 Fees, interest, taxes, brokerage commissions, research, and other costs and expenses relating to the securities that are purchased and sold by the Fund, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and non-routine expenses (collectively, “excluded expenses”)) from exceeding 1.00% of the average daily net assets of each of the Fund’s share classes until November 30, 2025 (the “contractual expense limit”). In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the contractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This agreement may be terminated: (i) by the Board of Trustees (the “Board”) of The Advisors’ Inner Circle Fund III (the “Trust”), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on November 30, 2025.