FEES AND EXPENSES

Operating Expenses Caption [Optional Text]

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)

EXAMPLE

Expense Example by, Year, Caption [Text]

The Example below shows what you would pay if you invested $10,000 over the various time periods indicated. The Example assumes that you reinvested all dividends and other distributions; the average annual return was 5%; the Fund’s total operating expenses are charged and remain the same over the time periods; and you redeemed all of your investment at the end of each time period.

Portfolio Turnover [Heading]

PORTFOLIO TURNOVER

Portfolio Turnover, Rate

38.00%

Prospectus [Line Items]

Expense Narrative [Text Block]

This table sets forth the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

Annual Fund Operating Expenses [Table]

	Investor Shares	Institutional Shares
Management Fees	0.75%	0.75%
Distribution (12b-1) Fees	None	None
Other Expenses
Shareholder Servicing Fee	0.25%	None
Other Miscellaneous Expenses	0.22%	0.27%
Total Other Expenses	0.47%	0.27%
Total Annual Fund Operating Expenses	1.22%	1.02%

Expense Example Narrative [Text Block]

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

Expense Example, With Redemption [Table]

	1 Year	3 Years	5 Years	10 Years
Investor Shares	$124	$387	$670	$1,477
Institutional Shares	$104	$325	$563	$1,248

Portfolio Turnover [Text Block]

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. For the period July 1, 2025 through October 31, 2025, the Fund’s portfolio turnover rate was 46% of the average value of its portfolio.

Expense Heading [Optional Text]

FEES AND EXPENSES

Operating Expenses Caption [Optional Text]

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)

Expense Example [Heading]

EXAMPLE

Expense Example by, Year, Caption [Text]

The Example below shows what you would pay if you invested $10,000 over the various time periods indicated. The Example assumes that you reinvested all dividends and other distributions; the average annual return was 5%; the Fund’s total operating expenses are charged and remain the same over the time periods; and you redeemed all of your investment at the end of each time period. Although your actual costs may be higher or lower based on these assumptions, your costs would be:

Portfolio Turnover [Heading]

PORTFOLIO TURNOVER

Portfolio Turnover, Rate

27.00%

Prospectus [Line Items]

Expense Narrative [Text Block]

This table sets forth the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

Annual Fund Operating Expenses [Table]

	Investor Shares	Institutional Shares
Management Fees	0.70%	0.70%
Distribution (12b-1) Fees	None	None
Other Expenses
Shareholder Servicing Fee	0.25%	None
Other Miscellaneous Expenses	0.66%	0.65%
Total Other Expenses	0.91%	0.65%
Total Annual Fund Operating Expenses⁽¹⁾	1.61%	1.35%
Fee Waiver and Expense Reimbursement⁽¹⁾	(0.16)%	(0.15)%
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement⁽¹⁾	1.45%	1.20%

(1)

The Adviser has a contractual obligation to waive a portion of its fees and to assume certain expenses of the Fund to the extent that the total annual fund operating expenses, excluding taxes, extraordinary expenses, brokerage commissions, interest, and acquired fund fees and expenses, exceed 1.20% of average daily net assets of Institutional Shares and 1.45% of average daily net assets of Investor Shares. This expense limitation is in effect until March 1, 2027. Prior to that date, the arrangement may be terminated only by the vote of the Board of Trustees of the Fund.

Expense Example Narrative [Text Block]

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

Expense Example, With Redemption [Table]

	1 Year	3 Years	5 Years	10 Years
Investor Shares	$148	$492	$861	$1,898
Institutional Shares	$122	$413	$725	$1,611

Portfolio Turnover [Text Block]

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. For the period July 1, 2025 through October 31, 2025, the Fund’s portfolio turnover rate was 26% of the average value of its portfolio.

Expense Heading [Optional Text]

FEES AND EXPENSES

Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text]

Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets that is included in the Fund’s financial highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.

Annual Fund Operating Expenses [Table]

			Institutional Shares
Management Fees			1.50%
Distribution (12b-1) Fees			None
Other Expenses
Dividend Expense on Securities Sold Short and Interest Expense on Borrowings			0.16%
Remainder of Other Expenses			0.19%
Total Other Expenses			0.35%
Acquired Fund Fees and Expenses			0.01%
Total Annual Fund Operating Expenses⁽¹⁾⁽²⁾			1.86%
Fee Waiver and Expense Reimbursement⁽¹⁾			(0.09)%
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement⁽¹⁾⁽²⁾			1.77%

(1)

The Adviser has a contractual obligation to waive a portion of its fees and to assume certain expenses of the Fund to the extent that the total annual fund operating expenses, excluding taxes, extraordinary expenses, brokerage commissions, interest, dividend and interest expenses related to short sales, and acquired fund fees and expenses, exceed 1.60% of average daily net assets of Institutional Shares. This expense limitation is in effect until March 1, 2027. Prior to that date, the arrangement may be terminated only by the vote of the Board of Trustees of the Fund.

(2)

Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets that is included in the Fund’s financial highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. The assets of the Fund will vary based on market conditions and other factors and may vary significantly during volatile market conditions and this in turn may cause the Fund’s expense ratios to be higher or lower than those shown in this table.

Expense Example Narrative [Text Block]

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

Expense Example, With Redemption [Table]

	1 Year	3 Years	5 Years	10 Years
Institutional Shares	$180	$576	$997	$2,172

Portfolio Turnover [Text Block]

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. For the period July 1, 2025 through October 31, 2025, the Fund’s portfolio turnover rate was 65% of the average value of its portfolio.