v3.8.0.1
Document and Entity Information
Total
Risk/Return:  
Document Type 485BPOS
Document Period End Date Jan. 31, 2018
Registrant Name LEUTHOLD FUNDS INC
Central Index Key 0001000351
Amendment Flag false
Document Creation Date Jan. 26, 2018
Document Effective Date Jan. 31, 2018
Prospectus Date Jan. 31, 2018
Leuthold Core Investment Fund | Leuthold Core Investment Fund-Retail Class  
Risk/Return:  
Trading Symbol LCORX
Leuthold Core Investment Fund | Leuthold Core Investment Fund-Institutional Class  
Risk/Return:  
Trading Symbol LCRIX
Leuthold Global Fund | Leuthold Global Fund (Retail)  
Risk/Return:  
Trading Symbol GLBLX
Leuthold Global Fund | Leuthold Global Fund (Institutional)  
Risk/Return:  
Trading Symbol GLBIX
Leuthold Select Industries Fund | No Load  
Risk/Return:  
Trading Symbol LSLTX
Leuthold Global Industries Fund | Retail Class  
Risk/Return:  
Trading Symbol LGINX
Leuthold Global Industries Fund | Institutional Class  
Risk/Return:  
Trading Symbol LGIIX
Grizzly Short Fund | No Load  
Risk/Return:  
Trading Symbol GRZZX


v3.8.0.1
Leuthold Core Investment Fund

Leuthold Core Investment Fund

Investment Objective

Leuthold Core Investment Fund seeks capital appreciation and income (or “total return”) in amounts attainable by assuming only prudent investment risk over the long term.

Fund Fees and Expenses

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

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees - Leuthold Core Investment Fund
Leuthold Core Investment Fund-Retail Class
Leuthold Core Investment Fund-Institutional Class
Maximum Sales Charge (Load) Imposed on Purchases none none
Maximum Deferred Sales Charge (Load) none none
Maximum Deferred Sales Charge (Load) Imposed on Reinvested Dividends and Distributions none none
Redemption Fee (as a percentage of amount redeemed within 5 business days of purchase) 2.00% 2.00%
Exchange Fee (as a percentage of amount exchanged within 5 business days of purchase) 2.00% 2.00%

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses - Leuthold Core Investment Fund
Leuthold Core Investment Fund-Retail Class
Leuthold Core Investment Fund-Institutional Class
Management Fees 0.90% 0.90%
Distribution (12b-1) Fees none none
Other Expenses 0.37% 0.26%
Service Fees 0.11% none
Dividends on Short Positions 0.02% 0.02%
All Remaining Other Expenses 0.18% 0.18%
Acquired Fund Fees and Expenses [1] 0.06% 0.06%
Total Annual Fund Operating Expenses 1.27% 1.16%
[1] Acquired Fund Fees and Expenses are not directly borne by the Fund, and they are not reflected in the Fund’s financial statements, with the result that the information presented in the expense table may differ from that presented in the financial highlights.

Example

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 these periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - Leuthold Core Investment Fund - USD ($)
One Year
Three Years
Five Years
Ten Years
Leuthold Core Investment Fund-Retail Class 129 403 697 1,534
Leuthold Core Investment Fund-Institutional Class 118 368 638 1,409

Portfolio Turnover

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. During the most recent fiscal year, the Fund’s portfolio turnover rate was 52.36% of the average value of its portfolio.

Principal Investment Strategies of the Fund

The Fund is a “flexible” fund, meaning that it allocates its investments among:

 

 

➣

Common stocks and other equity securities (including common stocks, preferred stocks, convertible preferred stocks, warrants, options, and American Depository Receipts, and may engage in short sales of equity securities);

 

 

➣

Bonds and other debt securities (including U.S. and some developed and emerging foreign government-related securities (including those issued by sovereign and local governments and their sponsored entities), U.S. and some foreign corporate securities, and securitized debts, both above and below investment grade);

 

 

➣

Real estate investment trusts;

 

 

➣

Commodities (including both physical commodities and commodity-based exchange-traded funds); and

 

 

➣

Money market instruments;

 

in proportions which reflect the judgment of Leuthold Weeden Capital Management (referred to as the Adviser) of the potential returns and risks of each asset class. The Adviser considers a number of factors when making these allocations, including economic conditions and monetary factors, inflation and interest rate levels and trends, investor confidence, and technical stock market measures.

 

The Fund expects that normally:

 

 

➣

30% to 70% of its net assets will be invested in common stocks and other equity securities;

 

 

➣

30% to 70% of its net assets will be invested in bonds and other debt securities (other than money market instruments), except during prolonged periods of low interest rates; and

 

 

➣

up to 20% of its assets will be invested in money market instruments.

 

The Fund’s investments in common stocks and other equity securities may consist of:

 

 

➣

Large, mid, or small capitalization common stocks;

 

 

➣

Growth stocks, value stocks, or cyclical stocks;

 

 

➣

Aggressive stocks or defensive stocks;

 

 

➣

Stocks in any industry or sector;

 

 

➣

Equity mutual funds and exchange-traded funds;

 

 

➣

Stocks in emerging and less developed markets;

 

 

➣

Common stocks of foreign issuers; and

 

 

➣

Options.


In investing in equity securities and debt securities, the Fund uses a disciplined, unemotional, quantitative investment approach that is based on the belief investors can achieve superior investment performance through group selection (Select Industries Strategy).

 

Pursuant to the Select Industries Strategy, the Adviser believes that as shifts among industry groups in the equity market have become more dramatic, group selection has become as important as individual stock selection in determining investment performance. The Adviser considers a group to be a collection of stocks whose investment performance tends to be similarly influenced by a variety of factors. The Adviser currently monitors about 110 groups. The major types of groups the Adviser monitors as part of the Select Industries Strategy are Industry Specific Groups comprised of narrower themes. Examples include “Airlines,” “Health Care Facilities” or “Semiconductors”.

 

The Adviser continuously updates its investment discipline and adjusts the Fund’s portfolio as necessary to keep the Fund invested in stocks in those groups which the Adviser believes are the most attractive. Such adjustments usually results in high portfolio turnover.

 

The Fund may invest in U.S. and some foreign (developed and emerging) government-related securities, including those issued by sovereign and local governments and their sponsored entities, U.S. and some foreign corporate securities, and securitized debts. The Funds may invest in both above and below investment grade securities or mutual funds and exchange-traded funds that invest in these securities.

 

The Fund may engage in short sales of index-related and other equity securities to reduce its equity exposure or to profit from an anticipated decline in the price of the security sold short.

 

The Fund’s investments are allocated among common stocks, corporate bonds, government bonds, real estate investment trusts, commodities (including both physical commodities and commodity-based exchange-traded funds), and cash equivalents. Portfolio weightings in these asset classes are driven by models that (1) determine the relative appeal of each asset class in relation to the others, and (2) the return potential of each asset class on an absolute, or stand-alone, basis.

Principal Risks of Investing in the Fund

Investors in the Fund may lose money. The principal risks of investing in the Fund, including the risks to which the Fund’s portfolio as a whole is subject and the circumstances reasonably likely to affect adversely the Fund’s performance, are summarized below.

 

 

➣

Market Risk: The prices of the securities, particularly the common stocks, in which the Fund invests may decline for a number of reasons. The price declines of common stocks, in particular, may be steep, sudden, and/or prolonged.

 

 

➣

Interest Rate Risk: In general, the value of bonds and other debt securities falls when interest rates rise. Longer term obligations are usually more sensitive to interest rate changes than shorter term obligations. While bonds and other debt securities normally fluctuate less in price than common stocks, there have been extended periods of increases in interest rates that have caused significant declines in bond prices.

 

 

➣

Credit Risk: The issuers of the bonds and other debt securities held by the Fund or by the mutual funds in which the Fund invests may not be able to make interest or principal payments. Even if these issuers are able to make interest or principal payments, they may suffer adverse changes in financial condition that would lower the credit quality of the security, leading to greater volatility in the price of the security.

 

 

➣

Foreign and Emerging Markets Securities 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 the U.S. The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by mutual funds in which the Fund invests may be affected unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies will adversely affect the Fund. 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 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. 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. 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.

  

 

➣

Short Sales Risk: The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. It is possible that the Fund’s long positions will decline in value at the same time that the value of its short positions increase, thereby increasing potential losses to the Fund. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as “covering” the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund’s investment performance will also suffer if it is required to close out a short position earlier than it had intended. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund’s open short positions. These expenses may negatively impact the performance of the Fund. Short positions introduce more risk to the Fund than long positions (purchases) because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the shorted security. Therefore, in theory, securities sold short have unlimited risk.


 

➣

High Portfolio Turnover Risk: The Fund’s annual portfolio turnover rate generally exceeds 100%. (Generally speaking, a turnover rate of 100% occurs when the Fund replaces securities valued at 100% of its average net assets within a one year period.) High portfolio turnover (100% or more) will result in the Fund incurring more transaction costs such as brokerage commissions or mark-ups or mark-downs. Payment of those transaction costs reduces total return. High portfolio turnover could result in the payment by the Fund’s stockholders of increased taxes on realized gains. Distributions to the Fund’s stockholders, to the extent they are short-term capital gains, will be taxed at ordinary income rates for federal income tax purposes, rather than at lower capital gains rates.

 

 

➣

Asset Allocation Risk: The Fund’s performance will also be affected by the Adviser’s ability to anticipate correctly the relative potential returns and risks of the asset classes in which the Fund invests. For example, the Fund’s relative investment performance would suffer if only a small portion of its assets were allocated to stocks during a significant stock market advance, and its absolute investment performance would suffer if a major portion of its assets were allocated to stocks during a market decline. Finally, since the Fund intends to assume only prudent investment risk, there will be periods in which the Fund underperforms mutual funds that are willing to assume greater risk.

  

 

➣

Quantitative Investment Approach Risk: The Fund utilizes a quantitative investment approach. While the Adviser continuously reviews and refines, if necessary, its investment approach, there may be market conditions where the quantitative investment approach performs poorly.

 

 

➣

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

 

As a result, the Fund is a suitable investment only for those investors who have medium to long-term investment goals. Prospective investors who are uncomfortable with an investment that may decrease in value should not invest in the Fund. The Adviser does not intend the Fund to be a fixed, balanced investment program. Rather, the Fund is intended to be a flexible core investment suitable for long-term investors. Long-term investors may wish to supplement an investment in the Fund with other investments to satisfy their short-term financial needs and to diversify their exposure to various markets and asset classes

Performance Information

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how its average annual returns over various periods compare with those of an index that reflects a broad measure of market performance, as well as additional indices that reflect the performance of investments similar to those of the Fund. The bar chart shows the performance of the Fund’s Retail Class shares, and performance of the Fund’s Institutional Class shares will differ from those shown to the extent that the classes of shares do not have the same expenses or inception date. Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future. Updated performance information is available on the Fund’s website, www.leutholdfunds.com.

Leuthold Core Investment Fund Total Return of the Retail Shares (per calendar year)

Bar Chart

Note: During the ten year period shown on the bar chart, the Fund’s highest total return for a quarter was 16.10% (quarter ended September 30, 2009) and the lowest total return for a quarter was -14.71% (quarter ended December 31, 2008).

Average Annual Total Returns (for the periods ended December 31, 2017)

Average Annual Returns - Leuthold Core Investment Fund
Label
Average Annual Returns, 1 Year
Average Annual Returns, 5 Years
Average Annual Returns, 10 Years
Average Annual Returns, Inception Date
Leuthold Core Investment Fund-Retail Class
Retail Shares Return Before Taxes
 15.76% 9.16% 4.29%  
Leuthold Core Investment Fund-Retail Class | After Taxes on Distributions
Return After Taxes on Distributions
 14.90% 7.83% 3.52%  
Leuthold Core Investment Fund-Retail Class | After Taxes on Distributions and Sale of Fund Shares
Return After Taxes on Distributions and Sale of Fund Shares
 9.63% 6.91% 3.21%  
Leuthold Core Investment Fund-Institutional Class
Institutional Shares Return Before Taxes
 15.88% 9.27% 4.40% Jan. 31, 2006
S&P 500 Index
S&P 500 Index
 21.83% 15.79% 8.50% Jan. 31, 2006
Lipper Flexible Portfolio Funds Index
Lipper Flexible Portfolio Funds Index
 15.47% 7.77% 5.21% Jan. 31, 2006
Morningstar Tactical Allocation Index
Morningstar Tactical Allocation Index
 12.63% 5.36% 3.78% Jan. 31, 2006
Bloomberg Barclays Global Aggregate Index
Bloomberg Barclays Global Aggregate Index
 7.40% 0.79% 3.09% Jan. 31, 2006

The inception date for Institutional Shares is January 31, 2006.

 

We use the Lipper Flexible Portfolio Funds Index, the Morningstar Tactical Allocation Index, and Bloomberg Barclays Global Aggregate Index because those indices compare the Fund’s performance with the returns of indices reflecting the performance of investments similar to those of the Fund.

 

The after-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the 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. The Fund’s return after taxes on distributions and sale of Fund shares may be higher than the other return figures for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

 

One of the Fund’s additional indices has changed. Previously, the Fund used the Barclays U.S. Aggregate Index, but now the Fund uses the Bloomberg Barclays Global Aggregate Index, because the new index better reflects both the underlying holdings of the Fund and the investible stock universe for the Fund. The average annual total returns of the Barclays U.S. Aggregate Index for the one-year, five-year and ten-year periods ended December 31, 2017 were 3.54%,2.10%and 4.01%,respectively.



v3.8.0.1
Label Element Value
Leuthold Core Investment Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading

Leuthold Core Investment Fund
Objective [Heading] rr_ObjectiveHeading

Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

Leuthold Core Investment Fund seeks capital appreciation and income (or “total return”) in amounts attainable by assuming only prudent investment risk over the long term.
Expense [Heading] rr_ExpenseHeading

Fund Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading

Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The 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. During the most recent fiscal year, the Fund’s portfolio turnover rate was 52.36% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 52.36%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees

Acquired Fund Fees and Expenses are not directly borne by the Fund, and they are not reflected in the Fund’s financial statements, with the result that the information presented in the expense table may differ from that presented in the financial highlights.
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 these periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption

Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading

Principal Investment Strategies of the Fund
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund is a “flexible” fund, meaning that it allocates its investments among:

 

 

➣

Common stocks and other equity securities (including common stocks, preferred stocks, convertible preferred stocks, warrants, options, and American Depository Receipts, and may engage in short sales of equity securities);

 

 

➣

Bonds and other debt securities (including U.S. and some developed and emerging foreign government-related securities (including those issued by sovereign and local governments and their sponsored entities), U.S. and some foreign corporate securities, and securitized debts, both above and below investment grade);

 

 

➣

Real estate investment trusts;

 

 

➣

Commodities (including both physical commodities and commodity-based exchange-traded funds); and

 

 

➣

Money market instruments;

 

in proportions which reflect the judgment of Leuthold Weeden Capital Management (referred to as the Adviser) of the potential returns and risks of each asset class. The Adviser considers a number of factors when making these allocations, including economic conditions and monetary factors, inflation and interest rate levels and trends, investor confidence, and technical stock market measures.

 

The Fund expects that normally:

 

 

➣

30% to 70% of its net assets will be invested in common stocks and other equity securities;

 

 

➣

30% to 70% of its net assets will be invested in bonds and other debt securities (other than money market instruments), except during prolonged periods of low interest rates; and

 

 

➣

up to 20% of its assets will be invested in money market instruments.

 

The Fund’s investments in common stocks and other equity securities may consist of:

 

 

➣

Large, mid, or small capitalization common stocks;

 

 

➣

Growth stocks, value stocks, or cyclical stocks;

 

 

➣

Aggressive stocks or defensive stocks;

 

 

➣

Stocks in any industry or sector;

 

 

➣

Equity mutual funds and exchange-traded funds;

 

 

➣

Stocks in emerging and less developed markets;

 

 

➣

Common stocks of foreign issuers; and

 

 

➣

Options.


In investing in equity securities and debt securities, the Fund uses a disciplined, unemotional, quantitative investment approach that is based on the belief investors can achieve superior investment performance through group selection (Select Industries Strategy).

 

Pursuant to the Select Industries Strategy, the Adviser believes that as shifts among industry groups in the equity market have become more dramatic, group selection has become as important as individual stock selection in determining investment performance. The Adviser considers a group to be a collection of stocks whose investment performance tends to be similarly influenced by a variety of factors. The Adviser currently monitors about 110 groups. The major types of groups the Adviser monitors as part of the Select Industries Strategy are Industry Specific Groups comprised of narrower themes. Examples include “Airlines,” “Health Care Facilities” or “Semiconductors”.

 

The Adviser continuously updates its investment discipline and adjusts the Fund’s portfolio as necessary to keep the Fund invested in stocks in those groups which the Adviser believes are the most attractive. Such adjustments usually results in high portfolio turnover.

 

The Fund may invest in U.S. and some foreign (developed and emerging) government-related securities, including those issued by sovereign and local governments and their sponsored entities, U.S. and some foreign corporate securities, and securitized debts. The Funds may invest in both above and below investment grade securities or mutual funds and exchange-traded funds that invest in these securities.

 

The Fund may engage in short sales of index-related and other equity securities to reduce its equity exposure or to profit from an anticipated decline in the price of the security sold short.

 

The Fund’s investments are allocated among common stocks, corporate bonds, government bonds, real estate investment trusts, commodities (including both physical commodities and commodity-based exchange-traded funds), and cash equivalents. Portfolio weightings in these asset classes are driven by models that (1) determine the relative appeal of each asset class in relation to the others, and (2) the return potential of each asset class on an absolute, or stand-alone, basis.
Risk [Heading] rr_RiskHeading

Principal Risks of Investing in the Fund
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

Investors in the Fund may lose money. The principal risks of investing in the Fund, including the risks to which the Fund’s portfolio as a whole is subject and the circumstances reasonably likely to affect adversely the Fund’s performance, are summarized below.

 

 

➣

Market Risk: The prices of the securities, particularly the common stocks, in which the Fund invests may decline for a number of reasons. The price declines of common stocks, in particular, may be steep, sudden, and/or prolonged.

 

 

➣

Interest Rate Risk: In general, the value of bonds and other debt securities falls when interest rates rise. Longer term obligations are usually more sensitive to interest rate changes than shorter term obligations. While bonds and other debt securities normally fluctuate less in price than common stocks, there have been extended periods of increases in interest rates that have caused significant declines in bond prices.

 

 

➣

Credit Risk: The issuers of the bonds and other debt securities held by the Fund or by the mutual funds in which the Fund invests may not be able to make interest or principal payments. Even if these issuers are able to make interest or principal payments, they may suffer adverse changes in financial condition that would lower the credit quality of the security, leading to greater volatility in the price of the security.

 

 

➣

Foreign and Emerging Markets Securities 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 the U.S. The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by mutual funds in which the Fund invests may be affected unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies will adversely affect the Fund. 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 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. 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. 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.

  

 

➣

Short Sales Risk: The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. It is possible that the Fund’s long positions will decline in value at the same time that the value of its short positions increase, thereby increasing potential losses to the Fund. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as “covering” the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund’s investment performance will also suffer if it is required to close out a short position earlier than it had intended. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund’s open short positions. These expenses may negatively impact the performance of the Fund. Short positions introduce more risk to the Fund than long positions (purchases) because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the shorted security. Therefore, in theory, securities sold short have unlimited risk.


 

➣

High Portfolio Turnover Risk: The Fund’s annual portfolio turnover rate generally exceeds 100%. (Generally speaking, a turnover rate of 100% occurs when the Fund replaces securities valued at 100% of its average net assets within a one year period.) High portfolio turnover (100% or more) will result in the Fund incurring more transaction costs such as brokerage commissions or mark-ups or mark-downs. Payment of those transaction costs reduces total return. High portfolio turnover could result in the payment by the Fund’s stockholders of increased taxes on realized gains. Distributions to the Fund’s stockholders, to the extent they are short-term capital gains, will be taxed at ordinary income rates for federal income tax purposes, rather than at lower capital gains rates.

 

 

➣

Asset Allocation Risk: The Fund’s performance will also be affected by the Adviser’s ability to anticipate correctly the relative potential returns and risks of the asset classes in which the Fund invests. For example, the Fund’s relative investment performance would suffer if only a small portion of its assets were allocated to stocks during a significant stock market advance, and its absolute investment performance would suffer if a major portion of its assets were allocated to stocks during a market decline. Finally, since the Fund intends to assume only prudent investment risk, there will be periods in which the Fund underperforms mutual funds that are willing to assume greater risk.

  

 

➣

Quantitative Investment Approach Risk: The Fund utilizes a quantitative investment approach. While the Adviser continuously reviews and refines, if necessary, its investment approach, there may be market conditions where the quantitative investment approach performs poorly.

 

 

➣

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

 

As a result, the Fund is a suitable investment only for those investors who have medium to long-term investment goals. Prospective investors who are uncomfortable with an investment that may decrease in value should not invest in the Fund. The Adviser does not intend the Fund to be a fixed, balanced investment program. Rather, the Fund is intended to be a flexible core investment suitable for long-term investors. Long-term investors may wish to supplement an investment in the Fund with other investments to satisfy their short-term financial needs and to diversify their exposure to various markets and asset classes
Risk Lose Money [Text] rr_RiskLoseMoney
Investors in the Fund may lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how its average annual returns over various periods compare with those of an index that reflects a broad measure of market performance, as well as additional indices that reflect the performance of investments similar to those of the Fund. The bar chart shows the performance of the Fund’s Retail Class shares, and performance of the Fund’s Institutional Class shares will differ from those shown to the extent that the classes of shares do not have the same expenses or inception date. Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future. Updated performance information is available on the Fund’s website, www.leutholdfunds.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns
The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how its average annual returns over various periods compare with those of an index that reflects a broad measure of market performance, as well as additional indices that reflect the performance of investments similar to those of the Fund.
Performance Additional Market Index [Text] rr_PerformanceAdditionalMarketIndex

We use the Lipper Flexible Portfolio Funds Index, the Morningstar Tactical Allocation Index, and Bloomberg Barclays Global Aggregate Index because those indices compare the Fund’s performance with the returns of indices reflecting the performance of investments similar to those of the Fund.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress
www.leutholdfunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture
Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future.
Bar Chart [Heading] rr_BarChartHeading

Leuthold Core Investment Fund Total Return of the Retail Shares (per calendar year)
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Note: During the ten year period shown on the bar chart, the Fund’s highest total return for a quarter was 16.10% (quarter ended September 30, 2009) and the lowest total return for a quarter was -14.71% (quarter ended December 31, 2008).
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel
highest total return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 16.10%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel
lowest total return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (14.71%)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate
The after-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred
Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the 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.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher
The Fund’s return after taxes on distributions and sale of Fund shares may be higher than the other return figures for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

The inception date for Institutional Shares is January 31, 2006.

 

We use the Lipper Flexible Portfolio Funds Index, the Morningstar Tactical Allocation Index, and Bloomberg Barclays Global Aggregate Index because those indices compare the Fund’s performance with the returns of indices reflecting the performance of investments similar to those of the Fund.

 

The after-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the 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. The Fund’s return after taxes on distributions and sale of Fund shares may be higher than the other return figures for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

 

One of the Fund’s additional indices has changed. Previously, the Fund used the Barclays U.S. Aggregate Index, but now the Fund uses the Bloomberg Barclays Global Aggregate Index, because the new index better reflects both the underlying holdings of the Fund and the investible stock universe for the Fund. The average annual total returns of the Barclays U.S. Aggregate Index for the one-year, five-year and ten-year periods ended December 31, 2017 were 3.54%,2.10%and 4.01%,respectively.
Caption rr_AverageAnnualReturnCaption

Average Annual Total Returns (for the periods ended December 31, 2017)
Leuthold Core Investment Fund | S&P 500 Index  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel
S&P 500 Index
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 21.83%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 15.79%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 8.50%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jan. 31, 2006
Leuthold Core Investment Fund | Lipper Flexible Portfolio Funds Index  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel
Lipper Flexible Portfolio Funds Index
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 15.47%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 7.77%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 5.21%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jan. 31, 2006
Leuthold Core Investment Fund | Morningstar Tactical Allocation Index  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel
Morningstar Tactical Allocation Index
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 12.63%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 5.36%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 3.78%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jan. 31, 2006
Leuthold Core Investment Fund | Bloomberg Barclays Global Aggregate Index  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel
Bloomberg Barclays Global Aggregate Index
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 7.40%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 0.79%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 3.09%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jan. 31, 2006
Leuthold Core Investment Fund | Leuthold Core Investment Fund-Retail Class  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) rr_MaximumDeferredSalesChargeOverOther none
Maximum Deferred Sales Charge (Load) Imposed on Reinvested Dividends and Distributions rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (as a percentage of amount redeemed within 5 business days of purchase) rr_RedemptionFeeOverRedemption 2.00%
Exchange Fee (as a percentage of amount exchanged within 5 business days of purchase) rr_ExchangeFeeOverRedemption 2.00%
Management Fees rr_ManagementFeesOverAssets 0.90%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Service Fees rr_Component1OtherExpensesOverAssets 0.11%
Dividends on Short Positions rr_Component2OtherExpensesOverAssets 0.02%
All Remaining Other Expenses rr_Component3OtherExpensesOverAssets 0.18%
Other Expenses rr_OtherExpensesOverAssets 0.37%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.06% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.27%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 129
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 403
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 697
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,534
Annual Return 2008 rr_AnnualReturn2008 (27.44%)
Annual Return 2009 rr_AnnualReturn2009 27.49%
Annual Return 2010 rr_AnnualReturn2010 3.53%
Annual Return 2011 rr_AnnualReturn2011 (5.34%)
Annual Return 2012 rr_AnnualReturn2012 8.32%
Annual Return 2013 rr_AnnualReturn2013 19.18%
Annual Return 2014 rr_AnnualReturn2014 8.58%
Annual Return 2015 rr_AnnualReturn2015 (0.96%)
Annual Return 2016 rr_AnnualReturn2016 4.51%
Annual Return 2017 rr_AnnualReturn2017 15.76%
Label rr_AverageAnnualReturnLabel
Retail Shares Return Before Taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 15.76%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 9.16%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 4.29%
Leuthold Core Investment Fund | Leuthold Core Investment Fund-Retail Class | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel
Return After Taxes on Distributions
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 14.90%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 7.83%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 3.52%
Leuthold Core Investment Fund | Leuthold Core Investment Fund-Retail Class | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel
Return After Taxes on Distributions and Sale of Fund Shares
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 9.63%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 6.91%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 3.21%
Leuthold Core Investment Fund | Leuthold Core Investment Fund-Institutional Class  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) rr_MaximumDeferredSalesChargeOverOther none
Maximum Deferred Sales Charge (Load) Imposed on Reinvested Dividends and Distributions rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (as a percentage of amount redeemed within 5 business days of purchase) rr_RedemptionFeeOverRedemption 2.00%
Exchange Fee (as a percentage of amount exchanged within 5 business days of purchase) rr_ExchangeFeeOverRedemption 2.00%
Management Fees rr_ManagementFeesOverAssets 0.90%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Service Fees rr_Component1OtherExpensesOverAssets none
Dividends on Short Positions rr_Component2OtherExpensesOverAssets 0.02%
All Remaining Other Expenses rr_Component3OtherExpensesOverAssets 0.18%
Other Expenses rr_OtherExpensesOverAssets 0.26%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.06% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.16%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 118
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 368
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 638
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,409
Label rr_AverageAnnualReturnLabel
Institutional Shares Return Before Taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 15.88%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 9.27%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 4.40%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jan. 31, 2006
[1] Acquired Fund Fees and Expenses are not directly borne by the Fund, and they are not reflected in the Fund’s financial statements, with the result that the information presented in the expense table may differ from that presented in the financial highlights.


v3.8.0.1
Leuthold Global Fund

Leuthold Global Fund

Investment Objective

Leuthold Global Fund seeks capital appreciation and income (or “total return”) in amounts attainable by assuming only prudent investment risk over the long term.

Fund Fees and Expenses

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

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees - Leuthold Global Fund
Leuthold Global Fund (Retail)
Leuthold Global Fund (Institutional)
Maximum Sales Charge (Load) Imposed on Purchases none none
Maximum Deferred Sales Charge (Load) none none
Maximum Deferred Sales Charge (Load) Imposed on Reinvested Dividends and Distributions none none
Redemption Fee (as a percentage of amount redeemed within 5 business days of purchase) 2.00% 2.00%
Exchange Fee (as a percentage of amount exchanged within 5 business days of purchase) 2.00% 2.00%

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses - Leuthold Global Fund
Leuthold Global Fund (Retail)
Leuthold Global Fund (Institutional)
Management Fees 0.90% 0.90%
Distribution (12b-1) Fees 0.20% none
Other Expenses 0.52% 0.52%
All Remaining Other Expenses 0.46% 0.46%
Acquired Fund Fees and Expenses [1] 0.06% 0.06%
Total Annual Fund Operating Expenses 1.62% 1.42%
[1] Acquired Fund Fees and Expenses are not directly borne by the Fund, and they are not reflected in the Fund’s financial statements, with the result that the information presented in the expense table may differ from that presented in the financial highlights.

Example

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 these periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. 

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - Leuthold Global Fund - USD ($)
One Year
Three Years
Five Years
Ten Years
Leuthold Global Fund (Retail) 165 511 881 1,922
Leuthold Global Fund (Institutional) 145 449 776 1,702

Portfolio Turnover

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. During the most recent fiscal year, the Fund’s portfolio turnover rate was 63.13 % of the average value of its portfolio.

Principal Investment Strategies of the Fund

Leuthold Global Fund is a “flexible” fund, meaning that it allocates its investments among:

 

 

➣

Common stocks and other equity securities (including common stocks, preferred stocks, convertible preferred stocks, warrants, options, and American Depository Receipts, and may engage in short sales of equity securities);


 

➣

Bonds and other debt securities (including global developed and emerging government-related securities (including those issued by sovereign and local governments and their sponsored entities), global corporate securities, and securitized debts both above and below investment grade); and

 

 

➣

Money market instruments from around the world;

 

in proportions which reflect the judgment of Leuthold Weeden Capital Management (referred to as the Adviser) of the potential returns and risks of each asset class.

 

The Adviser considers a number of factors when making these allocations, including economic conditions and monetary factors, inflation and interest rate levels and trends, investor confidence, and technical stock market measures. Normally, the Fund will invest at least 40% of its assets in securities from international markets, unless market conditions are not deemed favorable by the Adviser, in which case the Fund may invest less than 40% of its assets in securities from international markets (but in any event not less than 30%). While at least 40% of the Fund’s assets will be invested in securities from international markets, the Fund’s investments will be allocated among the following categories, with portions of each being made up of domestic and international securities:

 

 

➣

30% to 70% of its net assets will be invested in common stocks and other equity securities;

 

 

➣

30% to 70% of its net assets will be invested in bonds and other debt securities (other than money market instruments), except during prolonged periods of low interest rates; and

 

 

➣

up to 20% of its assets will be invested in money market instruments.

 

The Fund’s investments in common stocks and other equity securities may consist of the following from around the world:

 

 

➣

Large, mid, or small capitalization common stocks;

 

 

➣

Growth stocks, value stocks, or cyclical stocks;

 

 

➣

Aggressive stocks or defensive stocks;

 

 

➣

Stocks in any industry or sector;

 

 

➣

Equity mutual funds and exchange-traded funds; and

 

 

➣

Options.

 

In investing in equity securities and debt securities, the Fund utilizes a disciplined, unemotional, quantitative investment approach that is based on the belief investors can achieve superior investment performance through group selection (Global Group Strategy). The Fund will invest in domestic and foreign companies of all sizes and industries as well as in “growth” stocks and “value” stocks.

 

The Adviser currently monitors about 90 global groups. The major types of groups the Adviser monitors are Industry Specific Groups comprised of narrower themes. Examples include “Airlines,” “Health Care Facilities” or “Semiconductors”.

 

The Adviser continuously updates its investment discipline and adjusts the Fund’s portfolio as necessary to keep the Fund invested in stocks in those groups which the Adviser believes are the most attractive. Such adjustments may result in high portfolio turnover.

 

The Fund may invest in global (developed and emerging) government related securities, including those issued by sovereign and local governments and their sponsored entities, global corporate securities, and securitized debts. The Fund may invest in both above and below investment grade securities or mutual funds and exchange-traded funds that invest in these securities.

 

The Fund may engage in short sales of index-related and other equity securities to reduce its equity exposure or to profit from an anticipated decline in the price of the security sold short.

Principal Risks of Investing in the Fund

Investors in the Fund may lose money. The principal risks of investing in the Fund, including the risks to which the Fund’s portfolio as a whole is subject and the circumstances reasonably likely to affect adversely the Fund’s performance, are summarized below.

 

 

➣

Market Risk: The prices of the securities, particularly the common stocks, in which the Fund invests may decline for a number of reasons. The price declines of common stocks, in particular, may be steep, sudden, and/or prolonged.

 

 

➣

Interest Rate Risk: In general, the value of bonds and other debt securities falls when interest rates rise. Longer term obligations are usually more sensitive to interest rate changes than shorter term obligations. While bonds and other debt securities normally fluctuate less in price than common stocks, there have been extended periods of increases in interest rates that have caused significant declines in bond prices.

 

 

➣

Credit Risk: The issuers of the bonds and other debt securities held by the Fund or by the mutual funds in which the Fund invests may not be able to make interest or principal payments. Even if these issuers are able to make interest or principal payments, they may suffer adverse changes in financial condition that would lower the credit quality of the security, leading to greater volatility in the price of the security.

 

 

➣

Foreign Securities 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 the U.S. The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by mutual funds in which the Fund invests may be affected unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies will adversely affect the Fund. 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 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. 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. 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.

  

 

➣

Short Sales Risk: The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. It is possible that the Fund’s long positions will decline in value at the same time that the value of its short positions increase, thereby increasing potential losses to the Fund. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as”covering” the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund.


The Fund’s investment performance will also suffer if it is required to close out a short position earlier than it had intended. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund’s open short positions. These expenses may negatively impact the performance of the Fund. Short positions introduce more risk to the Fund than long positions (purchases) because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the shorted security. Therefore, in theory, securities sold short have unlimited risk.

 

 

➣

High Portfolio Turnover Risk: The Fund’s annual portfolio turnover rate may exceed 100%. (Generally speaking, a turnover rate of 100% occurs when the Fund replaces securities valued at 100% of its average net assets within a one year period.) High portfolio turnover (100% or more) will result in the Fund incurring more transaction costs such as brokerage commissions or mark-ups or mark-downs. Payment of those transaction costs reduces total return. High portfolio turnover could result in the payment by the Fund’s stockholders of increased taxes on realized gains. Distributions to the Fund’s stockholders, to the extent they are short-term capital gains, will be taxed at ordinary income rates for federal income tax purposes, rather than at lower capital gains rates.

 

 

➣

Asset Allocation Risk: The Fund’s performance will also be affected by the Adviser’s ability to anticipate correctly the relative potential returns and risks of the asset classes in which the Fund invests. For example, the Fund’s relative investment performance would suffer if only a small portion of its assets were allocated to stocks during a significant stock market advance, and its absolute investment performance would suffer if a major portion of its assets were allocated to stocks during a market decline. Finally, since the Fund intends to assume only prudent investment risk, there will be periods in which the Fund underperforms mutual funds that are willing to assume greater risk.

  

 

➣

Quantitative Investment Approach Risk: The Fund utilizes a quantitative investment approach. While the Adviser continuously reviews and refines, if necessary, its investment approach, there may be market conditions where the quantitative investment approach performs poorly.

 

 

➣

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

 

As a result, the Fund is a suitable investment only for those investors who have medium to long-term investment goals. Prospective investors who are uncomfortable with an investment that may decrease in value should not invest in the Fund. The Adviser does not intend the Fund to be a fixed, balanced investment program. Rather, the Fund is intended to be a flexible core investment suitable for long-term investors. Long-term investors may wish to supplement an investment in the Fund with other investments to satisfy their short-term financial needs and to diversify their exposure to various markets and asset classes.

Performance Information

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how its average annual returns over various periods compare with those of an index that reflects a broad measure of market performance, as well as additional indices that reflect the performance of investments similar to those of the Fund. The bar chart shows the performance of the Fund’s Retail Class shares, and performance of the Fund’s Institutional Class shares will differ from those shown to the extent that the classes of shares do not have the same expenses or inception date. Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future. Updated performance information is available on the Fund’s website, www.leutholdfunds.com.

Leuthold Global Fund Total Return of the Retail Shares (per calendar year)

Bar Chart

Note: During the nine year period shown on the bar chart, the Fund’s highest total return for a quarter was 16.61% (quarter ended June 30, 2009) and the lowest return for a quarter was -13.11% (quarter ended September 30, 2011).

Average Annual Total Returns (for the periods ended December 31, 2017)

Average Annual Returns - Leuthold Global Fund
Label
Average Annual Returns, 1 Year
Average Annual Returns, 5 Years
Average Annual Returns, Since Inception
Average Annual Returns, Inception Date
Leuthold Global Fund (Retail)
Retail Shares Return Before Taxes
 16.53% 7.06% 5.36% Jul. 01, 2008
Leuthold Global Fund (Retail) | After Taxes on Distributions
Return After Taxes on Distributions
 13.68% 4.69% 3.93%  
Leuthold Global Fund (Retail) | After Taxes on Distributions and Sale of Fund Shares
Return After Taxes on Distributions and Sale of Shares
 10.83% 5.07% 4.02%  
Leuthold Global Fund (Institutional)
Institutional Shares Return Before Taxes
 16.72% 7.29% 5.37% Apr. 30, 2008
S&P 500 Index Retail Class Comparison
S&P 500 Index Retail Class Comparison
 21.83% 15.79% 10.38% Jul. 01, 2008
MSCI All Country World Index Retail Class Comparison
MSCI All Country World Index Retail Class Comparison
 24.62% 11.40% 6.82% Jul. 01, 2008
Barclays Global Aggregate Index Retail Class Comparison
Bloomberg Barclays Global Aggregate Index Retail Class Comparison
 7.40% 0.79% 2.90% Jul. 01, 2008
S&P 500 Index Institutional Class Comparison
S&P 500 Index Institutional Class Comparison
 21.83% 15.79% 9.38% Apr. 30, 2008
MSCI All Country World Index Institutional Class Comparison
MSCI All Country World Index Institutional Class Comparison
 24.62% 11.40% 5.85% Apr. 30, 2008
Barclays Global Aggregate Index Institutional Class Comparison
Bloomberg Barclays Global Aggregate Index Institutional Class Comparison
 7.40% 0.79% 2.72% Apr. 30, 2008

The inception date for Retail Shares is July 1, 2008. The inception date for Institutional Shares is April 30, 2008.

 

We use the MSCI All Country World Index and Bloomberg Barclays Global Aggregate Index because those indices compare the Fund’s performance with the returns of indices reflecting the performance of investments similar to those of the Fund.

 

The after-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the 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. The Fund’s return after taxes on distributions and sale of Fund shares may be higher than the other return figures for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.



v3.8.0.1
Label Element Value
Leuthold Global Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading

Leuthold Global Fund
Objective [Heading] rr_ObjectiveHeading

Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

Leuthold Global Fund seeks capital appreciation and income (or “total return”) in amounts attainable by assuming only prudent investment risk over the long term.
Expense [Heading] rr_ExpenseHeading

Fund Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading

Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The 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. During the most recent fiscal year, the Fund’s portfolio turnover rate was 63.13 % of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 63.13%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees

Acquired Fund Fees and Expenses are not directly borne by the Fund, and they are not reflected in the Fund’s financial statements, with the result that the information presented in the expense table may differ from that presented in the financial highlights.
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 these periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. 
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption

Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading

Principal Investment Strategies of the Fund
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

Leuthold Global Fund is a “flexible” fund, meaning that it allocates its investments among:

 

 

➣

Common stocks and other equity securities (including common stocks, preferred stocks, convertible preferred stocks, warrants, options, and American Depository Receipts, and may engage in short sales of equity securities);


 

➣

Bonds and other debt securities (including global developed and emerging government-related securities (including those issued by sovereign and local governments and their sponsored entities), global corporate securities, and securitized debts both above and below investment grade); and

 

 

➣

Money market instruments from around the world;

 

in proportions which reflect the judgment of Leuthold Weeden Capital Management (referred to as the Adviser) of the potential returns and risks of each asset class.

 

The Adviser considers a number of factors when making these allocations, including economic conditions and monetary factors, inflation and interest rate levels and trends, investor confidence, and technical stock market measures. Normally, the Fund will invest at least 40% of its assets in securities from international markets, unless market conditions are not deemed favorable by the Adviser, in which case the Fund may invest less than 40% of its assets in securities from international markets (but in any event not less than 30%). While at least 40% of the Fund’s assets will be invested in securities from international markets, the Fund’s investments will be allocated among the following categories, with portions of each being made up of domestic and international securities:

 

 

➣

30% to 70% of its net assets will be invested in common stocks and other equity securities;

 

 

➣

30% to 70% of its net assets will be invested in bonds and other debt securities (other than money market instruments), except during prolonged periods of low interest rates; and

 

 

➣

up to 20% of its assets will be invested in money market instruments.

 

The Fund’s investments in common stocks and other equity securities may consist of the following from around the world:

 

 

➣

Large, mid, or small capitalization common stocks;

 

 

➣

Growth stocks, value stocks, or cyclical stocks;

 

 

➣

Aggressive stocks or defensive stocks;

 

 

➣

Stocks in any industry or sector;

 

 

➣

Equity mutual funds and exchange-traded funds; and

 

 

➣

Options.

 

In investing in equity securities and debt securities, the Fund utilizes a disciplined, unemotional, quantitative investment approach that is based on the belief investors can achieve superior investment performance through group selection (Global Group Strategy). The Fund will invest in domestic and foreign companies of all sizes and industries as well as in “growth” stocks and “value” stocks.

 

The Adviser currently monitors about 90 global groups. The major types of groups the Adviser monitors are Industry Specific Groups comprised of narrower themes. Examples include “Airlines,” “Health Care Facilities” or “Semiconductors”.

 

The Adviser continuously updates its investment discipline and adjusts the Fund’s portfolio as necessary to keep the Fund invested in stocks in those groups which the Adviser believes are the most attractive. Such adjustments may result in high portfolio turnover.

 

The Fund may invest in global (developed and emerging) government related securities, including those issued by sovereign and local governments and their sponsored entities, global corporate securities, and securitized debts. The Fund may invest in both above and below investment grade securities or mutual funds and exchange-traded funds that invest in these securities.

 

The Fund may engage in short sales of index-related and other equity securities to reduce its equity exposure or to profit from an anticipated decline in the price of the security sold short.
Risk [Heading] rr_RiskHeading

Principal Risks of Investing in the Fund
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

Investors in the Fund may lose money. The principal risks of investing in the Fund, including the risks to which the Fund’s portfolio as a whole is subject and the circumstances reasonably likely to affect adversely the Fund’s performance, are summarized below.

 

 

➣

Market Risk: The prices of the securities, particularly the common stocks, in which the Fund invests may decline for a number of reasons. The price declines of common stocks, in particular, may be steep, sudden, and/or prolonged.

 

 

➣

Interest Rate Risk: In general, the value of bonds and other debt securities falls when interest rates rise. Longer term obligations are usually more sensitive to interest rate changes than shorter term obligations. While bonds and other debt securities normally fluctuate less in price than common stocks, there have been extended periods of increases in interest rates that have caused significant declines in bond prices.

 

 

➣

Credit Risk: The issuers of the bonds and other debt securities held by the Fund or by the mutual funds in which the Fund invests may not be able to make interest or principal payments. Even if these issuers are able to make interest or principal payments, they may suffer adverse changes in financial condition that would lower the credit quality of the security, leading to greater volatility in the price of the security.

 

 

➣

Foreign Securities 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 the U.S. The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by mutual funds in which the Fund invests may be affected unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies will adversely affect the Fund. 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 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. 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. 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.

  

 

➣

Short Sales Risk: The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. It is possible that the Fund’s long positions will decline in value at the same time that the value of its short positions increase, thereby increasing potential losses to the Fund. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as”covering” the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund.


The Fund’s investment performance will also suffer if it is required to close out a short position earlier than it had intended. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund’s open short positions. These expenses may negatively impact the performance of the Fund. Short positions introduce more risk to the Fund than long positions (purchases) because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the shorted security. Therefore, in theory, securities sold short have unlimited risk.

 

 

➣

High Portfolio Turnover Risk: The Fund’s annual portfolio turnover rate may exceed 100%. (Generally speaking, a turnover rate of 100% occurs when the Fund replaces securities valued at 100% of its average net assets within a one year period.) High portfolio turnover (100% or more) will result in the Fund incurring more transaction costs such as brokerage commissions or mark-ups or mark-downs. Payment of those transaction costs reduces total return. High portfolio turnover could result in the payment by the Fund’s stockholders of increased taxes on realized gains. Distributions to the Fund’s stockholders, to the extent they are short-term capital gains, will be taxed at ordinary income rates for federal income tax purposes, rather than at lower capital gains rates.

 

 

➣

Asset Allocation Risk: The Fund’s performance will also be affected by the Adviser’s ability to anticipate correctly the relative potential returns and risks of the asset classes in which the Fund invests. For example, the Fund’s relative investment performance would suffer if only a small portion of its assets were allocated to stocks during a significant stock market advance, and its absolute investment performance would suffer if a major portion of its assets were allocated to stocks during a market decline. Finally, since the Fund intends to assume only prudent investment risk, there will be periods in which the Fund underperforms mutual funds that are willing to assume greater risk.

  

 

➣

Quantitative Investment Approach Risk: The Fund utilizes a quantitative investment approach. While the Adviser continuously reviews and refines, if necessary, its investment approach, there may be market conditions where the quantitative investment approach performs poorly.

 

 

➣

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

 

As a result, the Fund is a suitable investment only for those investors who have medium to long-term investment goals. Prospective investors who are uncomfortable with an investment that may decrease in value should not invest in the Fund. The Adviser does not intend the Fund to be a fixed, balanced investment program. Rather, the Fund is intended to be a flexible core investment suitable for long-term investors. Long-term investors may wish to supplement an investment in the Fund with other investments to satisfy their short-term financial needs and to diversify their exposure to various markets and asset classes.
Risk Lose Money [Text] rr_RiskLoseMoney
Investors in the Fund may lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how its average annual returns over various periods compare with those of an index that reflects a broad measure of market performance, as well as additional indices that reflect the performance of investments similar to those of the Fund. The bar chart shows the performance of the Fund’s Retail Class shares, and performance of the Fund’s Institutional Class shares will differ from those shown to the extent that the classes of shares do not have the same expenses or inception date. Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future. Updated performance information is available on the Fund’s website, www.leutholdfunds.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns
The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how its average annual returns over various periods compare with those of an index that reflects a broad measure of market performance, as well as additional indices that reflect the performance of investments similar to those of the Fund.
Performance Additional Market Index [Text] rr_PerformanceAdditionalMarketIndex

We use the MSCI All Country World Index and Bloomberg Barclays Global Aggregate Index because those indices compare the Fund’s performance with the returns of indices reflecting the performance of investments similar to those of the Fund.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress
www.leutholdfunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture
Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future.
Bar Chart [Heading] rr_BarChartHeading

Leuthold Global Fund Total Return of the Retail Shares (per calendar year)
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Note: During the nine year period shown on the bar chart, the Fund’s highest total return for a quarter was 16.61% (quarter ended June 30, 2009) and the lowest return for a quarter was -13.11% (quarter ended September 30, 2011).
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel
highest total return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 16.61%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel
lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (13.11%)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate
The after-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred
Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the 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.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher
The Fund’s return after taxes on distributions and sale of Fund shares may be higher than the other return figures for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

The inception date for Retail Shares is July 1, 2008. The inception date for Institutional Shares is April 30, 2008.

 

We use the MSCI All Country World Index and Bloomberg Barclays Global Aggregate Index because those indices compare the Fund’s performance with the returns of indices reflecting the performance of investments similar to those of the Fund.

 

The after-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the 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. The Fund’s return after taxes on distributions and sale of Fund shares may be higher than the other return figures for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.
Caption rr_AverageAnnualReturnCaption

Average Annual Total Returns (for the periods ended December 31, 2017)
Leuthold Global Fund | S&P 500 Index Retail Class Comparison  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel
S&P 500 Index Retail Class Comparison
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 21.83%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 15.79%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 10.38%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jul. 01, 2008
Leuthold Global Fund | MSCI All Country World Index Retail Class Comparison  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel
MSCI All Country World Index Retail Class Comparison
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 24.62%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 11.40%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 6.82%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jul. 01, 2008
Leuthold Global Fund | Barclays Global Aggregate Index Retail Class Comparison  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel
Bloomberg Barclays Global Aggregate Index Retail Class Comparison
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 7.40%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 0.79%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 2.90%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jul. 01, 2008
Leuthold Global Fund | S&P 500 Index Institutional Class Comparison  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel
S&P 500 Index Institutional Class Comparison
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 21.83%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 15.79%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 9.38%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Apr. 30, 2008
Leuthold Global Fund | MSCI All Country World Index Institutional Class Comparison  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel
MSCI All Country World Index Institutional Class Comparison
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 24.62%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 11.40%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 5.85%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Apr. 30, 2008
Leuthold Global Fund | Barclays Global Aggregate Index Institutional Class Comparison  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel
Bloomberg Barclays Global Aggregate Index Institutional Class Comparison
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 7.40%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 0.79%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 2.72%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Apr. 30, 2008
Leuthold Global Fund | Leuthold Global Fund (Retail)  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) rr_MaximumDeferredSalesChargeOverOther none
Maximum Deferred Sales Charge (Load) Imposed on Reinvested Dividends and Distributions rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (as a percentage of amount redeemed within 5 business days of purchase) rr_RedemptionFeeOverRedemption 2.00%
Exchange Fee (as a percentage of amount exchanged within 5 business days of purchase) rr_ExchangeFeeOverRedemption 2.00%
Management Fees rr_ManagementFeesOverAssets 0.90%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.20%
All Remaining Other Expenses rr_Component3OtherExpensesOverAssets 0.46%
Other Expenses rr_OtherExpensesOverAssets 0.52%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.06% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.62%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 165
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 511
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 881
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,922
Annual Return 2009 rr_AnnualReturn2009 31.72%
Annual Return 2010 rr_AnnualReturn2010 15.38%
Annual Return 2011 rr_AnnualReturn2011 (7.44%)
Annual Return 2012 rr_AnnualReturn2012 10.87%
Annual Return 2013 rr_AnnualReturn2013 17.53%
Annual Return 2014 rr_AnnualReturn2014 3.15%
Annual Return 2015 rr_AnnualReturn2015 (1.82%)
Annual Return 2016 rr_AnnualReturn2016 1.42%
Annual Return 2017 rr_AnnualReturn2017 16.53%
Label rr_AverageAnnualReturnLabel
Retail Shares Return Before Taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 16.53%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 7.06%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 5.36%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jul. 01, 2008
Leuthold Global Fund | Leuthold Global Fund (Retail) | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel
Return After Taxes on Distributions
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 13.68%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 4.69%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 3.93%
Leuthold Global Fund | Leuthold Global Fund (Retail) | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel
Return After Taxes on Distributions and Sale of Shares
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 10.83%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 5.07%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 4.02%
Leuthold Global Fund | Leuthold Global Fund (Institutional)  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) rr_MaximumDeferredSalesChargeOverOther none
Maximum Deferred Sales Charge (Load) Imposed on Reinvested Dividends and Distributions rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (as a percentage of amount redeemed within 5 business days of purchase) rr_RedemptionFeeOverRedemption 2.00%
Exchange Fee (as a percentage of amount exchanged within 5 business days of purchase) rr_ExchangeFeeOverRedemption 2.00%
Management Fees rr_ManagementFeesOverAssets 0.90%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
All Remaining Other Expenses rr_Component3OtherExpensesOverAssets 0.46%
Other Expenses rr_OtherExpensesOverAssets 0.52%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.06% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.42%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 145
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 449
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 776
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,702
Label rr_AverageAnnualReturnLabel
Institutional Shares Return Before Taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 16.72%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 7.29%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 5.37%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Apr. 30, 2008
[1] Acquired Fund Fees and Expenses are not directly borne by the Fund, and they are not reflected in the Fund’s financial statements, with the result that the information presented in the expense table may differ from that presented in the financial highlights.


v3.8.0.1
Leuthold Select Industries Fund

Leuthold Select Industries Fund

Investment Objective

Leuthold Select Industries Fund (LSLTX) seeks capital appreciation.

Fund Fees and Expenses

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

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees
Leuthold Select Industries Fund
No Load
Maximum Sales Charge (Load) Imposed on Purchases none
Maximum Deferred Sales Charge (Load) none
Maximum Deferred Sales Charge (Load) Imposed on Reinvested Dividends and Distributions none
Redemption Fee none
Exchange Fee none

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses
Leuthold Select Industries Fund
No Load
Management Fees 1.00%
Distribution (12b-1) Fees none
Other Expenses 0.80%
Service Fees 0.09%
All Remaining Other Expenses 0.71%
Total Annual Fund Operating Expenses 1.80%
Expense Reimbursement 0.30% [1]
After Expense Reimbursement 1.50%
[1] The Fund’s investment adviser has contractually agreed in the investment advisory agreement to waive its advisory fee to the extent necessary to insure that Net Expenses (excluding dividends on short positions and Acquired Fund Fees and Expenses) do not exceed 1.50% of the average daily net assets of the Fund. The investment advisory agreement may be terminated by the Fund or the Fund’s investment adviser for any reason upon sixty days’ prior written notice, but is expected to continue indefinitely. In any of the following three fiscal years, the Fund’s investment adviser may recover waived fees, but in no event may the Fund’s expenses exceed the expense limitation above.

Example

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 these periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example
One Year
Three Years
Five Years
Ten Years
Leuthold Select Industries Fund | No Load | USD ($) 153 537 947 2,091

Portfolio Turnover

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. During the most recent fiscal year, the Fund’s portfolio turnover rate was 62.72% of the average value of its portfolio.

Principal Investment Strategies of the Fund

The Fund seeks capital appreciation by investing substantially all of its assets in equity securities traded in the U.S. securities markets (including common stocks, preferred stocks, convertible preferred stocks, warrants, options, and American Depository Receipts). The Fund invests in companies of all sizes and industries as well as in “growth” stocks and “value” stocks. In investing in equity securities, the Fund uses a disciplined, unemotional, quantitative investment approach that is based on the belief investors can achieve superior investment performance through group selection (Select Industries Strategy).

 

Pursuant to the Select Industries Strategy, Leuthold Weeden Capital Management (referred to as the Adviser) believes that as shifts among industry groups in the equity market have become more dramatic, group selection has become as important as individual stock selection in determining investment performance. The Adviser considers a group to be a collection of stocks whose investment performance tends to be similarly influenced by a variety of factors. The Adviser currently monitors about 110 groups. The major types of groups the Adviser monitors are Industry Specific Groups comprised of narrower themes. Examples include “Airlines,” “Health Care Facilities” or “Semiconductors”.

 

The Adviser continuously updates its investment discipline and adjusts the Fund’s portfolio as necessary to keep the Fund invested in stocks in those groups which the Adviser believes are the most attractive. Such adjustments usually results in high portfolio turnover.

Principal Risks of Investing in the Fund

Investors in the Fund may lose money. The principal risks of investing in the Fund, including the risks to which the Fund’s portfolio as a whole is subject and the circumstances reasonably likely to affect adversely the Fund’s performance, are summarized below.

 

 

➣

Market Risk: The prices of the securities, particularly the common stocks, in which the Fund invests may decline for a number of reasons. The price declines of common stocks, in particular, may be steep, sudden, and/or prolonged.

 

 

➣

Foreign Securities 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 the U.S. The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by mutual funds in which the Fund invests may be affected unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies will adversely affect the Fund. 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 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. 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. 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.

  

 

➣

High Portfolio Turnover Risk: The Fund’s annual portfolio turnover rate generally exceeds 100%. (Generally speaking, a turnover rate of 100% occurs when the Fund replaces securities valued at 100% of its average net assets within a one year period.) High portfolio turnover (100% or more) will result in the Fund incurring more transaction costs such as brokerage commissions or mark-ups or mark-downs. Payment of those transaction costs reduces total return. High portfolio turnover could result in the payment by the Fund’s stockholders of increased taxes on realized gains. Distributions to the Fund’s stockholders, to the extent they are short- term capital gains, will be taxed at ordinary income rates for federal income tax purposes, rather than at lower capital gains rates.

  

 

➣

Quantitative Investment Approach Risk: The Fund utilizes a quantitative investment approach. While the Adviser continuously reviews and refines, if necessary, its investment approach, there may be market conditions where the quantitative investment approach performs poorly.

 

 

➣

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

 

As a result, the Fund is a suitable investment only for those investors who have long-term investment goals. Prospective investors who are uncomfortable with an investment that may decrease in value should not invest in the Fund.

Performance Information

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how its average annual returns over various periods compare to the performance with those of an index that reflects a broad measure of market performance, as well as additional indices that reflect the performance of investments similar to those of the Fund. Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future.

Leuthold Select Industries Fund Total Return (per calendar year)

Bar Chart

Note: During the ten year period shown on the bar chart, the Fund’s highest total return for a quarter was 18.92% (quarter ended September 30, 2009) and the lowest total return for a quarter was-23.51% (quarter ended September 30, 2011).

Average Annual Total Returns (for the periods ended December 31, 2017)

Average Annual Returns - Leuthold Select Industries Fund
Label
Average Annual Returns, 1 Year
Average Annual Returns, 5 Years
Average Annual Returns, 10 Years
No Load
Return before taxes
 21.84% 16.02% 5.54%
No Load | After Taxes on Distributions
Return after taxes on distributions
 20.48% 15.68% 5.38%
No Load | After Taxes on Distributions and Sale of Fund Shares
Return after taxes on distributions and sale of Fund shares
 13.46% 12.95% 4.43%
S&P 500 Index
S&P 500 Index
 21.83% 15.79% 8.50%
Russell 2000 Index
Russell 2000 Index
 14.65% 14.12% 8.71%
Lipper Multi-Cap Core Funds Index
Lipper Multi-Cap Core Funds Index
 20.54% 14.24% 7.69%

We use the Russell 2000 Index and Lipper Multi-Cap Core Funds Index because those indices compare the Fund’s performance with the returns of indices reflecting the performance of investments similar to those of the Fund.

 

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



v3.8.0.1
Label Element Value
Leuthold Select Industries Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading

Leuthold Select Industries Fund
Objective [Heading] rr_ObjectiveHeading

Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

Leuthold Select Industries Fund (LSLTX) seeks capital appreciation.
Expense [Heading] rr_ExpenseHeading

Fund Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading

Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The 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. During the most recent fiscal year, the Fund’s portfolio turnover rate was 62.72% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 62.72%
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 these periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption

Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading

Principal Investment Strategies of the Fund
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund seeks capital appreciation by investing substantially all of its assets in equity securities traded in the U.S. securities markets (including common stocks, preferred stocks, convertible preferred stocks, warrants, options, and American Depository Receipts). The Fund invests in companies of all sizes and industries as well as in “growth” stocks and “value” stocks. In investing in equity securities, the Fund uses a disciplined, unemotional, quantitative investment approach that is based on the belief investors can achieve superior investment performance through group selection (Select Industries Strategy).

 

Pursuant to the Select Industries Strategy, Leuthold Weeden Capital Management (referred to as the Adviser) believes that as shifts among industry groups in the equity market have become more dramatic, group selection has become as important as individual stock selection in determining investment performance. The Adviser considers a group to be a collection of stocks whose investment performance tends to be similarly influenced by a variety of factors. The Adviser currently monitors about 110 groups. The major types of groups the Adviser monitors are Industry Specific Groups comprised of narrower themes. Examples include “Airlines,” “Health Care Facilities” or “Semiconductors”.

 

The Adviser continuously updates its investment discipline and adjusts the Fund’s portfolio as necessary to keep the Fund invested in stocks in those groups which the Adviser believes are the most attractive. Such adjustments usually results in high portfolio turnover.
Risk [Heading] rr_RiskHeading

Principal Risks of Investing in the Fund
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

Investors in the Fund may lose money. The principal risks of investing in the Fund, including the risks to which the Fund’s portfolio as a whole is subject and the circumstances reasonably likely to affect adversely the Fund’s performance, are summarized below.

 

 

➣

Market Risk: The prices of the securities, particularly the common stocks, in which the Fund invests may decline for a number of reasons. The price declines of common stocks, in particular, may be steep, sudden, and/or prolonged.

 

 

➣

Foreign Securities 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 the U.S. The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by mutual funds in which the Fund invests may be affected unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies will adversely affect the Fund. 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 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. 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. 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.

  

 

➣

High Portfolio Turnover Risk: The Fund’s annual portfolio turnover rate generally exceeds 100%. (Generally speaking, a turnover rate of 100% occurs when the Fund replaces securities valued at 100% of its average net assets within a one year period.) High portfolio turnover (100% or more) will result in the Fund incurring more transaction costs such as brokerage commissions or mark-ups or mark-downs. Payment of those transaction costs reduces total return. High portfolio turnover could result in the payment by the Fund’s stockholders of increased taxes on realized gains. Distributions to the Fund’s stockholders, to the extent they are short- term capital gains, will be taxed at ordinary income rates for federal income tax purposes, rather than at lower capital gains rates.

  

 

➣

Quantitative Investment Approach Risk: The Fund utilizes a quantitative investment approach. While the Adviser continuously reviews and refines, if necessary, its investment approach, there may be market conditions where the quantitative investment approach performs poorly.

 

 

➣

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

 

As a result, the Fund is a suitable investment only for those investors who have long-term investment goals. Prospective investors who are uncomfortable with an investment that may decrease in value should not invest in the Fund.
Risk Lose Money [Text] rr_RiskLoseMoney
Investors in the Fund may lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how its average annual returns over various periods compare to the performance with those of an index that reflects a broad measure of market performance, as well as additional indices that reflect the performance of investments similar to those of the Fund. Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns
The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how its average annual returns over various periods compare to the performance with those of an index that reflects a broad measure of market performance, as well as additional indices that reflect the performance of investments similar to those of the Fund.
Performance Additional Market Index [Text] rr_PerformanceAdditionalMarketIndex
We use the Russell 2000 Index and Lipper Multi-Cap Core Funds Index because those indices compare the Fund’s performance with the returns of indices reflecting the performance of investments similar to those of the Fund.
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture
Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future.
Bar Chart [Heading] rr_BarChartHeading

Leuthold Select Industries Fund Total Return (per calendar year)
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Note: During the ten year period shown on the bar chart, the Fund’s highest total return for a quarter was 18.92% (quarter ended September 30, 2009) and the lowest total return for a quarter was-23.51% (quarter ended September 30, 2011).
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel
highest total return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 18.92%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel
lowest total return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (23.51%)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate
The after-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred
Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the 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.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

We use the Russell 2000 Index and Lipper Multi-Cap Core Funds Index because those indices compare the Fund’s performance with the returns of indices reflecting the performance of investments similar to those of the Fund.

 

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

Average Annual Total Returns (for the periods ended December 31, 2017)
Leuthold Select Industries Fund | S&P 500 Index  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel
S&P 500 Index
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 21.83%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 15.79%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 8.50%
Leuthold Select Industries Fund | Russell 2000 Index  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel
Russell 2000 Index
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 14.65%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 14.12%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 8.71%
Leuthold Select Industries Fund | Lipper Multi-Cap Core Funds Index  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel
Lipper Multi-Cap Core Funds Index
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 20.54%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 14.24%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 7.69%
Leuthold Select Industries Fund | No Load  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) rr_MaximumDeferredSalesChargeOverOther none
Maximum Deferred Sales Charge (Load) Imposed on Reinvested Dividends and Distributions rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (as a percentage of amount redeemed within 5 business days of purchase) rr_RedemptionFeeOverRedemption none
Exchange Fee (as a percentage of amount exchanged within 5 business days of purchase) rr_ExchangeFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Service Fees rr_Component1OtherExpensesOverAssets 0.09%
All Remaining Other Expenses rr_Component3OtherExpensesOverAssets 0.71%
Other Expenses rr_OtherExpensesOverAssets 0.80%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.80%
Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.30%) [1]
After Expense Reimbursement rr_NetExpensesOverAssets 1.50%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 153
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 537
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 947
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 2,091
Annual Return 2008 rr_AnnualReturn2008 (34.67%)
Annual Return 2009 rr_AnnualReturn2009 18.62%
Annual Return 2010 rr_AnnualReturn2010 0.59%
Annual Return 2011 rr_AnnualReturn2011 (6.50%)
Annual Return 2012 rr_AnnualReturn2012 11.92%
Annual Return 2013 rr_AnnualReturn2013 41.93%
Annual Return 2014 rr_AnnualReturn2014 16.27%
Annual Return 2015 rr_AnnualReturn2015 (0.73%)
Annual Return 2016 rr_AnnualReturn2016 5.33%
Annual Return 2017 rr_AnnualReturn2017 21.84%
Label rr_AverageAnnualReturnLabel
Return before taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 21.84%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 16.02%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 5.54%
Leuthold Select Industries Fund | No Load | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel
Return after taxes on distributions
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 20.48%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 15.68%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 5.38%
Leuthold Select Industries Fund | No Load | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel
Return after taxes on distributions and sale of Fund shares
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 13.46%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 12.95%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 4.43%
[1] The Fund’s investment adviser has contractually agreed in the investment advisory agreement to waive its advisory fee to the extent necessary to insure that Net Expenses (excluding dividends on short positions and Acquired Fund Fees and Expenses) do not exceed 1.50% of the average daily net assets of the Fund. The investment advisory agreement may be terminated by the Fund or the Fund’s investment adviser for any reason upon sixty days’ prior written notice, but is expected to continue indefinitely. In any of the following three fiscal years, the Fund’s investment adviser may recover waived fees, but in no event may the Fund’s expenses exceed the expense limitation above.


v3.8.0.1
Leuthold Global Industries Fund

Leuthold Global Industries Fund

Investment Objective

Leuthold Global Industries Fund seeks capital appreciation and dividend income.

Fund Fees and Expenses

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

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees - Leuthold Global Industries Fund
Retail Class
Institutional Class
Maximum Sales Charge (Load) Imposed on Purchases none none
Maximum Deferred Sales Charge (Load) none none
Maximum Deferred Sales Charge (Load) Imposed on Reinvested Dividends and Distributions none none
Redemption Fee (as a percentage of amount redeemed within 5 business days of purchase) 2.00% 2.00%
Exchange Fee (as a percentage of amount exchanged within 5 business days of purchase) 2.00% 2.00%

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses - Leuthold Global Industries Fund
Retail Class
Institutional Class
Management Fees 1.00% 1.00%
Distribution (12b-1) Fees 0.25% none
Other Expenses 1.41% 1.41%
All Remaining Other Expenses 1.40% 1.40%
Acquired Fund Fees and Expenses [1] 0.01% 0.01%
Total Annual Fund Operating Expenses 2.67% 2.42%
Expense Reimbursement [2] 1.17% 1.17%
Total Annual Fund Operating Expenses after Expense Reimbursement 1.51% 1.26%
[1] Acquired Fund Fees and Expenses are not directly borne by the Fund, and they are not reflected in the Fund’s financial statements, with the result that the information presented in the expense table may differ from that presented in the financial highlights.
[2] The Fund’s investment adviser has contractually agreed in the investment advisory agreement to waive its advisory fees to the extent necessary to insure that Net Expenses (excluding dividends on short positions and Acquired Fund Fees andExpenses) do not exceed 1.50% and 1.25% of the average daily net assets of the Fund for the Retail and Institutional Shares, respectively. The investment advisory agreement may be terminated by the Fund or the Fund’s investment adviser for any reason upon sixty days’ prior written notice, but is expected to continue indefinitely. In any of the following three fiscal years, the Fund’s investment adviser may recover waived fees, but in no event may the Fund’s expenses exceed the expense limitations above.

Example

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 these periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - Leuthold Global Industries Fund - USD ($)
One Year
Three Years
Five Years
Ten Years
Retail Class 154 719 1,131 2,917
Institutional Class 128 643 1,186 2,668

Portfolio Turnover

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. During the most recent fiscal year, the Fund’s portfolio turnover rate was 87.41%.

Principal Investment Strategies of the Fund

Normally, the Fund will invest at least 40% of its assets in securities from non-U.S. securities markets (the Fund refers to these markets as “international markets”), unless market conditions are not deemed favorable by the Fund’s investment adviser (Adviser), in which case the Fund may invest less than 40% of its assets in securities from international markets (but in any event not less than 30%). The Fund differs from the Leuthold Global Fund because the Leuthold Global Fund is a “flexible” fund that allocates its investments among equity securities, fixed-income securities, and money market instruments, while the Fund invests in equity securities.

 

The Fund’s investments in common stocks and other equity securities (which include preferred stocks, convertible preferred stocks, warrants, options, and American Depository Receipts) may consist of the following from around the world:

 

 

➣

Large, mid, or small capitalization common stocks;

 

 

➣

Growth stocks, value stocks, or cyclical stocks;

 

 

➣

Aggressive stocks or defensive stocks;

 

 

➣

Stocks in any industry or sector;

 

 

➣

Equity mutual funds and exchange-traded funds; and

 

 

➣

Put and call options on any securities in which the Fund may invest.

 

In investing in common stocks and other equity securities, the Fund utilizes a disciplined, unemotional, quantitative investment approach that is based on the belief investors can achieve superior investment performance through group selection (Global Group Strategy).

 

The Adviser currently monitors about 90 global groups. The major types of groups the Adviser monitors are Industry Specific Groups comprised of narrower themes. Examples include “Airlines,” “Health Care Facilities” or “Semiconductors”.

 

In selecting among equity securities within the global groups, the Fund looks for companies that are financially sound with good prospects for the future. It will invest in domestic and foreign companies of all sizes and industries as well as in”growth” stocks and “value” stocks. The Fund sells companies that no longer meet its investment criteria, or if better investment opportunities are available. In addition,

the Adviser continuously updates its investment discipline and adjusts the Fund’s portfolio as necessary to keep the Fund invested in stocks in those groups which the Adviser believes are the most attractive. As a result, the Fund may engage in active and frequent trading, and the portfolio turnover of the Fund may be high.

Principal Risks of Investing in the Fund

Investors in the Fund may lose money. The principal risks of investing in the Fund, including the risks to which the Fund’s portfolio as a whole is subject and the circumstances reasonably likely to affect adversely the Fund’s performance, are summarized below.

 

 

➣

Market Risk: The prices of the securities, particularly the common stocks, in which the Fund invests may decline for a number of reasons. The price declines of common stocks, in particular, may be steep, sudden, and/or prolonged.

 

 

➣

Foreign Securities 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 the U.S. The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by mutual funds in which the Fund invests may be affected unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies will adversely affect the Fund. 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 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. 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. 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.

 

 

 

 

➣

High Portfolio Turnover Risk: The Fund’s annual portfolio turnover rate may exceed 100%. (Generally speaking, a turnover rate of 100% occurs when the Fund replaces securities valued at 100% of its average net assets within a one year period.) High portfolio turnover (100% or more) will result in the Fund incurring more transaction costs such as brokerage commissions or mark-ups or mark-downs. Payment of those transaction costs reduces total return. High portfolio turnover could result in the payment by the Fund’s stockholders of increased taxes on realized gains. Distributions to the Fund’s stockholders, to the extent they are short-term capital gains, will be taxed at ordinary income rates for federal income tax purposes, rather than at lower capital gains rates.

 

 

➣

Quantitative Investment Approach Risk: The Fund utilizes a quantitative investment approach. While the Adviser continuously reviews and refines, if necessary, its investment approach, there may be market conditions where the quantitative investment approach performs poorly.

 

 

➣

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

As a result, the Fund is a suitable investment only for those investors who have long-term investment goals. Prospective investors who are uncomfortable with an investment that may decrease in value should not invest in the Fund.

Performance Information

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how its average annual returns over various periods compare with those of an index that reflects a broad measure of market performance, as well as additional indices that reflect the performance of investments similar to those of the Fund. The bar chart shows the performance of the Fund’s Retail Class shares, and performance of the Fund’s Institutional Class shares will differ from those shown to the extent that the classes of shares do not have the same expenses or inception date. Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future. Updated performance information is available on the Fund’s website, www.leutholdfunds.com.

Leuthold Global Industries Fund Total Return of the Retail Shares (per calendar year)

Bar Chart

Note: During the seven year period shown on the bar chart, the Fund’s highest total return for a quarter was 19.67% (quarter ended September 30, 2010) and the lowest total return for a quarter was -23.34% (quarter ended September 30, 2011).

Average Annual Total Returns (for the periods ended December 31, 2017)

Average Annual Returns - Leuthold Global Industries Fund
Label
Average Annual Returns, 1 Year
Average Annual Returns, 5 Years
Average Annual Returns, Since Inception
Average Annual Returns, Inception Date
Retail Class
Retail Shares Return Before Taxes
 24.66% 12.24% 10.82% May 17, 2010
Retail Class | After Taxes on Distributions
Return After Taxes on Distributions
 21.86% 11.24% 10.17%  
Retail Class | After Taxes on Distributions and Sale of Fund Shares
Return After Taxes on Distributions and Sale of Shares
 15.26% 9.69% 8.79%  
Institutional Class
Institutional Shares Return Before Taxes
 25.02% 12.52% 11.11% May 17, 2010
S&P 500 Index
S&P 500 Index
 21.83% 15.79% 14.25% May 17, 2010
MSCI All Country World Index
MSCI All Country World Index
 24.62% 11.40% 10.82% May 17, 2010
Lipper Global Multi-Cap Value Index
Lipper Global Multi-Cap Value Index
 19.37% 10.18% 9.83% May 17, 2010

The inception date for Retail Shares and Institutional shares is May 17, 2010.

 

We use the MSCI All Country World Index and Lipper Global Multi-Cap Value Index because those indices compare the Fund’s performance with the returns of indices reflecting the performance of investments similar to those of the Fund.

 

The after-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the 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. The Fund’s return after taxes on distributions and sale of Fund shares may be higher than the other return figures for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.



v3.8.0.1
Label Element Value
Leuthold Global Industries Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading

Leuthold Global Industries Fund
Objective [Heading] rr_ObjectiveHeading

Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

Leuthold Global Industries Fund seeks capital appreciation and dividend income.
Expense [Heading] rr_ExpenseHeading

Fund Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading

Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The 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. During the most recent fiscal year, the Fund’s portfolio turnover rate was 87.41%.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 87.41%
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 these periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption

Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading

Principal Investment Strategies of the Fund
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

Normally, the Fund will invest at least 40% of its assets in securities from non-U.S. securities markets (the Fund refers to these markets as “international markets”), unless market conditions are not deemed favorable by the Fund’s investment adviser (Adviser), in which case the Fund may invest less than 40% of its assets in securities from international markets (but in any event not less than 30%). The Fund differs from the Leuthold Global Fund because the Leuthold Global Fund is a “flexible” fund that allocates its investments among equity securities, fixed-income securities, and money market instruments, while the Fund invests in equity securities.

 

The Fund’s investments in common stocks and other equity securities (which include preferred stocks, convertible preferred stocks, warrants, options, and American Depository Receipts) may consist of the following from around the world:

 

 

➣

Large, mid, or small capitalization common stocks;

 

 

➣

Growth stocks, value stocks, or cyclical stocks;

 

 

➣

Aggressive stocks or defensive stocks;

 

 

➣

Stocks in any industry or sector;

 

 

➣

Equity mutual funds and exchange-traded funds; and

 

 

➣

Put and call options on any securities in which the Fund may invest.

 

In investing in common stocks and other equity securities, the Fund utilizes a disciplined, unemotional, quantitative investment approach that is based on the belief investors can achieve superior investment performance through group selection (Global Group Strategy).

 

The Adviser currently monitors about 90 global groups. The major types of groups the Adviser monitors are Industry Specific Groups comprised of narrower themes. Examples include “Airlines,” “Health Care Facilities” or “Semiconductors”.

 

In selecting among equity securities within the global groups, the Fund looks for companies that are financially sound with good prospects for the future. It will invest in domestic and foreign companies of all sizes and industries as well as in”growth” stocks and “value” stocks. The Fund sells companies that no longer meet its investment criteria, or if better investment opportunities are available. In addition,

the Adviser continuously updates its investment discipline and adjusts the Fund’s portfolio as necessary to keep the Fund invested in stocks in those groups which the Adviser believes are the most attractive. As a result, the Fund may engage in active and frequent trading, and the portfolio turnover of the Fund may be high.
Risk [Heading] rr_RiskHeading

Principal Risks of Investing in the Fund
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

Investors in the Fund may lose money. The principal risks of investing in the Fund, including the risks to which the Fund’s portfolio as a whole is subject and the circumstances reasonably likely to affect adversely the Fund’s performance, are summarized below.

 

 

➣

Market Risk: The prices of the securities, particularly the common stocks, in which the Fund invests may decline for a number of reasons. The price declines of common stocks, in particular, may be steep, sudden, and/or prolonged.

 

 

➣

Foreign Securities 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 the U.S. The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by mutual funds in which the Fund invests may be affected unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies will adversely affect the Fund. 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 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. 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. 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.

 

 

 

 

➣

High Portfolio Turnover Risk: The Fund’s annual portfolio turnover rate may exceed 100%. (Generally speaking, a turnover rate of 100% occurs when the Fund replaces securities valued at 100% of its average net assets within a one year period.) High portfolio turnover (100% or more) will result in the Fund incurring more transaction costs such as brokerage commissions or mark-ups or mark-downs. Payment of those transaction costs reduces total return. High portfolio turnover could result in the payment by the Fund’s stockholders of increased taxes on realized gains. Distributions to the Fund’s stockholders, to the extent they are short-term capital gains, will be taxed at ordinary income rates for federal income tax purposes, rather than at lower capital gains rates.

 

 

➣

Quantitative Investment Approach Risk: The Fund utilizes a quantitative investment approach. While the Adviser continuously reviews and refines, if necessary, its investment approach, there may be market conditions where the quantitative investment approach performs poorly.

 

 

➣

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

As a result, the Fund is a suitable investment only for those investors who have long-term investment goals. Prospective investors who are uncomfortable with an investment that may decrease in value should not invest in the Fund.
Risk Lose Money [Text] rr_RiskLoseMoney
Investors in the Fund may lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how its average annual returns over various periods compare with those of an index that reflects a broad measure of market performance, as well as additional indices that reflect the performance of investments similar to those of the Fund. The bar chart shows the performance of the Fund’s Retail Class shares, and performance of the Fund’s Institutional Class shares will differ from those shown to the extent that the classes of shares do not have the same expenses or inception date. Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future. Updated performance information is available on the Fund’s website, www.leutholdfunds.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns
The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how its average annual returns over various periods compare with those of an index that reflects a broad measure of market performance, as well as additional indices that reflect the performance of investments similar to those of the Fund.
Performance Additional Market Index [Text] rr_PerformanceAdditionalMarketIndex

We use the MSCI All Country World Index and Lipper Global Multi-Cap Value Index because those indices compare the Fund’s performance with the returns of indices reflecting the performance of investments similar to those of the Fund.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress
www.leutholdfunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture
Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future.
Bar Chart [Heading] rr_BarChartHeading

Leuthold Global Industries Fund Total Return of the Retail Shares (per calendar year)
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Note: During the seven year period shown on the bar chart, the Fund’s highest total return for a quarter was 19.67% (quarter ended September 30, 2010) and the lowest total return for a quarter was -23.34% (quarter ended September 30, 2011).
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel
highest total return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2010
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 19.67%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel
lowest total return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (23.34%)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate
The after-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred
Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the 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.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher
The Fund’s return after taxes on distributions and sale of Fund shares may be higher than the other return figures for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

The inception date for Retail Shares and Institutional shares is May 17, 2010.

 

We use the MSCI All Country World Index and Lipper Global Multi-Cap Value Index because those indices compare the Fund’s performance with the returns of indices reflecting the performance of investments similar to those of the Fund.

 

The after-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the 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. The Fund’s return after taxes on distributions and sale of Fund shares may be higher than the other return figures for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.
Caption rr_AverageAnnualReturnCaption

Average Annual Total Returns (for the periods ended December 31, 2017)
Leuthold Global Industries Fund | S&P 500 Index  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel
S&P 500 Index
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 21.83%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 15.79%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 14.25%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate May 17, 2010
Leuthold Global Industries Fund | MSCI All Country World Index  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel
MSCI All Country World Index
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 24.62%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 11.40%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 10.82%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate May 17, 2010
Leuthold Global Industries Fund | Lipper Global Multi-Cap Value Index  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel
Lipper Global Multi-Cap Value Index
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 19.37%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 10.18%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 9.83%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate May 17, 2010
Leuthold Global Industries Fund | Retail Class  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) rr_MaximumDeferredSalesChargeOverOther none
Maximum Deferred Sales Charge (Load) Imposed on Reinvested Dividends and Distributions rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (as a percentage of amount redeemed within 5 business days of purchase) rr_RedemptionFeeOverRedemption 2.00%
Exchange Fee (as a percentage of amount exchanged within 5 business days of purchase) rr_ExchangeFeeOverRedemption 2.00%
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
All Remaining Other Expenses rr_Component3OtherExpensesOverAssets 1.40%
Other Expenses rr_OtherExpensesOverAssets 1.41%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.67%
Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (1.17%) [2]
After Expense Reimbursement rr_NetExpensesOverAssets 1.51%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 154
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 719
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,131
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 2,917
Annual Return 2011 rr_AnnualReturn2011 (14.15%)
Annual Return 2012 rr_AnnualReturn2012 16.55%
Annual Return 2013 rr_AnnualReturn2013 33.80%
Annual Return 2014 rr_AnnualReturn2014 6.47%
Annual Return 2015 rr_AnnualReturn2015 (2.03%)
Annual Return 2016 rr_AnnualReturn2016 2.36%
Annual Return 2017 rr_AnnualReturn2017 24.66%
Label rr_AverageAnnualReturnLabel
Retail Shares Return Before Taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 24.66%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 12.24%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 10.82%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate May 17, 2010
Leuthold Global Industries Fund | Retail Class | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel
Return After Taxes on Distributions
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 21.86%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 11.24%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 10.17%
Leuthold Global Industries Fund | Retail Class | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel
Return After Taxes on Distributions and Sale of Shares
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 15.26%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 9.69%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 8.79%
Leuthold Global Industries Fund | Institutional Class  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) rr_MaximumDeferredSalesChargeOverOther none
Maximum Deferred Sales Charge (Load) Imposed on Reinvested Dividends and Distributions rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (as a percentage of amount redeemed within 5 business days of purchase) rr_RedemptionFeeOverRedemption 2.00%
Exchange Fee (as a percentage of amount exchanged within 5 business days of purchase) rr_ExchangeFeeOverRedemption 2.00%
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
All Remaining Other Expenses rr_Component3OtherExpensesOverAssets 1.40%
Other Expenses rr_OtherExpensesOverAssets 1.41%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.42%
Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (1.17%) [2]
After Expense Reimbursement rr_NetExpensesOverAssets 1.26%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 128
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 643
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,186
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 2,668
Label rr_AverageAnnualReturnLabel
Institutional Shares Return Before Taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 25.02%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 12.52%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 11.11%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate May 17, 2010
[1] Acquired Fund Fees and Expenses are not directly borne by the Fund, and they are not reflected in the Fund’s financial statements, with the result that the information presented in the expense table may differ from that presented in the financial highlights.
[2] The Fund’s investment adviser has contractually agreed in the investment advisory agreement to waive its advisory fees to the extent necessary to insure that Net Expenses (excluding dividends on short positions and Acquired Fund Fees andExpenses) do not exceed 1.50% and 1.25% of the average daily net assets of the Fund for the Retail and Institutional Shares, respectively. The investment advisory agreement may be terminated by the Fund or the Fund’s investment adviser for any reason upon sixty days’ prior written notice, but is expected to continue indefinitely. In any of the following three fiscal years, the Fund’s investment adviser may recover waived fees, but in no event may the Fund’s expenses exceed the expense limitations above.


v3.8.0.1
Grizzly Short Fund

Grizzly Short Fund

Investment Objective

Grizzly Short Fund (GRZZX) seeks capital appreciation.

Fund Fees and Expenses

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

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees
Grizzly Short Fund
No Load
Maximum Sales Charge (Load) Imposed on Purchases none
Maximum Deferred Sales Charge (Load) none
Maximum Deferred Sales Charge (Load) Imposed on Reinvested Dividends and Distributions none
Redemption Fee none
Exchange Fee none

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses
Grizzly Short Fund
No Load
Management Fees 1.25%
Distribution (12b-1) Fees none
Other Expenses 1.53%
Service Fees 0.10%
Dividends on Short Positions 1.09%
All Remaining Other Expenses 0.19%
Acquired Fund Fees and Expenses 0.15% [1]
Total Annual Fund Operating Expenses 2.78%
[1] Acquired Fund Fees and Expenses are not directly borne by the Fund, and they are not reflected in the Fund’s financial statements, with the result that the information presented in the expense table may differ from that presented in the financial highlights.

Example

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 these periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating

expenses remain the same.

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example
One Year
Three Years
Five Years
Ten Years
Grizzly Short Fund | No Load | USD ($) 281 862 1,469 3,109

Portfolio Turnover

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. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0.00% of the average value of its portfolio.

Principal Investment Strategies of the Fund

Grizzly Short Fund sells stocks short. Short selling involves the sale of borrowed securities. When the Fund sells a stock short, it incurs an obligation to replace the stock borrowed at whatever its price may be at the time it purchases the stock for delivery to the securities lender. The Fund will realize a gain if at that time the price of the stock is less than the price of the stock when it was sold short, and will realize a loss if at that time the price of the stock is greater than the price of the stock when it was sold short. The aggregate amount of its outstanding short positions typically will be approximately equal to, or slightly less than, its net assets. When the Fund’s outstanding short positions equal its net assets, it is “100% short.” The Fund utilizes a disciplined, unemotional, quantitative investment approach.

 

The Fund believes that in all market conditions there will exist some companies whose stocks are overvalued by the market and that capital appreciation can be realized by selling short those stocks. However, the best overall results typically will be achieved in declining stock markets. In rising stock markets the risk of loss is likely.


The Fund generally will have outstanding approximately 60 to 100 stocks that it has sold short. The Fund may increase the number of stocks it sells short if market conditions warrant an increase. In determining which stocks to sell short, Leuthold Weeden Capital Management (referred to as the Adviser) calculates a quantitative index for each security that it follows that is designed to identify those securities that are most likely to decline in price or underperform the market (the “Vulnerability Index”). In calculating a Vulnerability Index, the Adviser considers twelve or more components. Some of the components include fundamental factors such as earnings growth or dividends, while other components consider market factors such as institutional trading activity or insider buying or selling. From time to time the Fund may sell short index-related securities. The Fund will do so to rapidly increase its short position.

 

The Fund also follows a disciplined approach in determining when to cover its short positions. The factors the Adviser considers in determining when to cover short positions include:

 

 

➣

Price movements of the stocks sold short;

 

 

➣

Changes in the Vulnerability Index;

 

 

➣

Daily trading volume of the stock; and

 

 

➣

News and articles concerning the stock appearing in financial services and publications.

Principal Risks of Investing in the Fund

Investors in the Fund may lose money. The principal risks of investing in the Fund, including the risks to which the Fund’s portfolio as a whole is subject and the circumstances reasonably likely to affect adversely the Fund’s performance, are summarized below.

 

 

➣

Market Risk: The prices of the securities, particularly the common stocks, in which the Fund invests may decline for a number of reasons. The price declines of common stocks, in particular, may be steep, sudden, and/or prolonged. As the Fund’s principal investment strategy is to sell stocks short, it may be difficult for the Fund to achieve its goal in rising stock markets.

  

 

➣

Short Sales Risk: The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. It is possible that the Fund’s long positions will decline in value at the same time that the value of its short positions increase, thereby increasing potential losses to the Fund. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as “covering” the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund’s investment performance will also suffer if it is required to close out a short position earlier than it had intended. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund’s open short positions. These expenses may negatively impact the performance of the Fund. Short positions introduce more risk to the Fund than long positions (purchases) because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the shorted security. Therefore, in theory, securities sold short have unlimited risk.

 

 

➣

Rising Stock Market Risk: The Fund typically will be approximately “100% short.” Accordingly, in rising stock markets its risk of loss will be greater than in declining stock markets. Over time stock markets have risen more often than they have declined.

  

 

➣

Smaller and Medium Capitalization Companies Risk: The securities of smaller capitalization companies are generally riskier than larger capitalization companies since they don’t have the financial resources or the well established businesses of the larger companies. Generally, the share prices of stocks of smaller capitalization companies are more volatile than those of larger capitalization companies. The returns of stocks of smaller capitalization companies may vary, sometimes significantly, from the returns of the overall market. Smaller capitalization companies tend to perform poorly during times of economic stress. Finally, relative to large company stocks, the stocks of smaller capitalization companies may be thinly traded, and purchases and sales may result in higher transaction costs. The securities of medium capitalization companies generally trade in lower volumes than those of large capitalization companies and tend to be more volatile because mid- cap companies tend to be more susceptible to adverse business or economic events than larger more established companies.

 

 

➣

High Portfolio Turnover Risk: The Fund’s annual portfolio turnover rate may exceed 100%. (Generally speaking, a turnover rate of 100% occurs when the Fund replaces securities valued at 100% of its average net assets within a one year period.) High portfolio turnover (100% or more) will result in the Fund incurring more transaction costs such as brokerage commissions or mark-ups or mark-downs. Payment of those transaction costs reduces total return. High portfolio turnover could result in the payment by the Fund’s stockholders of increased taxes on realized gains. Distributions to the Fund’s stockholders, to the extent they are short-term capital gains, will be taxed at ordinary income rates for federal income tax purposes, rather than at lower capital gains rates. Industry practice is to calculate the turnover ratio only on the Fund’s long portfolio. If short positions were also included in this calculation, the Fund’s turnover ratio would likely be higher.

 

 

➣

Quantitative Investment Approach Risk: The Fund utilizes a quantitative investment approach. While the Adviser continuously reviews and refines, if necessary, its investment approach, there may be market conditions where the quantitative investment approach performs poorly.

 

 

➣

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

 

Investors who wish to hedge some or all of their stock portfolios might find that investment goal consistent with an investment in the Fund.

 

However, because movements in the prices of the stocks the Fund has sold short are unlikely to correlate perfectly with the stocks in an investor’s portfolio, such an investor could incur both a loss on the investor’s stock portfolio and the investor’s investment in the Fund.

Performance Information

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how its average annual returns over various periods compare with those of an index that reflects a broad measure of market performance, as well as additional indices that reflect the performance of investments similar to those of the Fund. Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future.

Grizzly Short Fund Total Return (per calendar year)

Bar Chart

Note: During the ten year period shown on the bar chart, the Fund’s highest total return for a quarter was 23.30% (quarter ended September 30,2011) and the lowest total return for a quarter was -26.55% (quarter ended June 30, 2009).

Average Annual Total Returns (for the periods ended December 31, 2017)

Average Annual Returns - Grizzly Short Fund
Label
Average Annual Returns, 1 Year
Average Annual Returns, 5 Years
Average Annual Returns, 10 Years
No Load
Return before taxes
 (19.84%) (14.20%) (12.82%)
No Load | After Taxes on Distributions
Return after taxes on distributions
 (19.84%) (14.20%) (12.97%)
No Load | After Taxes on Distributions and Sale of Fund Shares
Return after taxes on distributions and sale of Fund shares
 (11.23%) (9.94%) (7.86%)
S&P 500
S&P 500
 21.83% 15.79% 8.50%
S&P Midcap 400
S&P Midcap 400
 16.24% 15.01% 9.97%
Lipper Dedicated Short Bias Funds Index
Lipper Dedicated Short Bias Funds Index
 (26.69%) (22.84%) (18.12%)

We use the S&P Midcap 400 and Lipper Dedicated Short Bias Funds Index because those indices compare the Fund’s performance with the returns of indices reflecting the performance of investments similar to those of the Fund.

 

The after-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the 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. The Fund’s return after taxes on distributions and sale of Fund shares may be higher than the other return figures for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.



v3.8.0.1
Label Element Value
Grizzly Short Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading

Grizzly Short Fund
Objective [Heading] rr_ObjectiveHeading

Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

Grizzly Short Fund (GRZZX) seeks capital appreciation.
Expense [Heading] rr_ExpenseHeading

Fund Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading

Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The 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. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0.00% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate none
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees

Acquired Fund Fees and Expenses are not directly borne by the Fund, and they are not reflected in the Fund’s financial statements, with the result that the information presented in the expense table may differ from that presented in the financial highlights.
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 these periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating

expenses remain the same.
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption

Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading

Principal Investment Strategies of the Fund
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

Grizzly Short Fund sells stocks short. Short selling involves the sale of borrowed securities. When the Fund sells a stock short, it incurs an obligation to replace the stock borrowed at whatever its price may be at the time it purchases the stock for delivery to the securities lender. The Fund will realize a gain if at that time the price of the stock is less than the price of the stock when it was sold short, and will realize a loss if at that time the price of the stock is greater than the price of the stock when it was sold short. The aggregate amount of its outstanding short positions typically will be approximately equal to, or slightly less than, its net assets. When the Fund’s outstanding short positions equal its net assets, it is “100% short.” The Fund utilizes a disciplined, unemotional, quantitative investment approach.

 

The Fund believes that in all market conditions there will exist some companies whose stocks are overvalued by the market and that capital appreciation can be realized by selling short those stocks. However, the best overall results typically will be achieved in declining stock markets. In rising stock markets the risk of loss is likely.


The Fund generally will have outstanding approximately 60 to 100 stocks that it has sold short. The Fund may increase the number of stocks it sells short if market conditions warrant an increase. In determining which stocks to sell short, Leuthold Weeden Capital Management (referred to as the Adviser) calculates a quantitative index for each security that it follows that is designed to identify those securities that are most likely to decline in price or underperform the market (the “Vulnerability Index”). In calculating a Vulnerability Index, the Adviser considers twelve or more components. Some of the components include fundamental factors such as earnings growth or dividends, while other components consider market factors such as institutional trading activity or insider buying or selling. From time to time the Fund may sell short index-related securities. The Fund will do so to rapidly increase its short position.

 

The Fund also follows a disciplined approach in determining when to cover its short positions. The factors the Adviser considers in determining when to cover short positions include:

 

 

➣

Price movements of the stocks sold short;

 

 

➣

Changes in the Vulnerability Index;

 

 

➣

Daily trading volume of the stock; and

 

 

➣

News and articles concerning the stock appearing in financial services and publications.

Risk [Heading] rr_RiskHeading

Principal Risks of Investing in the Fund
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

Investors in the Fund may lose money. The principal risks of investing in the Fund, including the risks to which the Fund’s portfolio as a whole is subject and the circumstances reasonably likely to affect adversely the Fund’s performance, are summarized below.

 

 

➣

Market Risk: The prices of the securities, particularly the common stocks, in which the Fund invests may decline for a number of reasons. The price declines of common stocks, in particular, may be steep, sudden, and/or prolonged. As the Fund’s principal investment strategy is to sell stocks short, it may be difficult for the Fund to achieve its goal in rising stock markets.

  

 

➣

Short Sales Risk: The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. It is possible that the Fund’s long positions will decline in value at the same time that the value of its short positions increase, thereby increasing potential losses to the Fund. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as “covering” the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund’s investment performance will also suffer if it is required to close out a short position earlier than it had intended. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund’s open short positions. These expenses may negatively impact the performance of the Fund. Short positions introduce more risk to the Fund than long positions (purchases) because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the shorted security. Therefore, in theory, securities sold short have unlimited risk.

 

 

➣

Rising Stock Market Risk: The Fund typically will be approximately “100% short.” Accordingly, in rising stock markets its risk of loss will be greater than in declining stock markets. Over time stock markets have risen more often than they have declined.

  

 

➣

Smaller and Medium Capitalization Companies Risk: The securities of smaller capitalization companies are generally riskier than larger capitalization companies since they don’t have the financial resources or the well established businesses of the larger companies. Generally, the share prices of stocks of smaller capitalization companies are more volatile than those of larger capitalization companies. The returns of stocks of smaller capitalization companies may vary, sometimes significantly, from the returns of the overall market. Smaller capitalization companies tend to perform poorly during times of economic stress. Finally, relative to large company stocks, the stocks of smaller capitalization companies may be thinly traded, and purchases and sales may result in higher transaction costs. The securities of medium capitalization companies generally trade in lower volumes than those of large capitalization companies and tend to be more volatile because mid- cap companies tend to be more susceptible to adverse business or economic events than larger more established companies.

 

 

➣

High Portfolio Turnover Risk: The Fund’s annual portfolio turnover rate may exceed 100%. (Generally speaking, a turnover rate of 100% occurs when the Fund replaces securities valued at 100% of its average net assets within a one year period.) High portfolio turnover (100% or more) will result in the Fund incurring more transaction costs such as brokerage commissions or mark-ups or mark-downs. Payment of those transaction costs reduces total return. High portfolio turnover could result in the payment by the Fund’s stockholders of increased taxes on realized gains. Distributions to the Fund’s stockholders, to the extent they are short-term capital gains, will be taxed at ordinary income rates for federal income tax purposes, rather than at lower capital gains rates. Industry practice is to calculate the turnover ratio only on the Fund’s long portfolio. If short positions were also included in this calculation, the Fund’s turnover ratio would likely be higher.

 

 

➣

Quantitative Investment Approach Risk: The Fund utilizes a quantitative investment approach. While the Adviser continuously reviews and refines, if necessary, its investment approach, there may be market conditions where the quantitative investment approach performs poorly.

 

 

➣

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

 

Investors who wish to hedge some or all of their stock portfolios might find that investment goal consistent with an investment in the Fund.

 

However, because movements in the prices of the stocks the Fund has sold short are unlikely to correlate perfectly with the stocks in an investor’s portfolio, such an investor could incur both a loss on the investor’s stock portfolio and the investor’s investment in the Fund.
Risk Lose Money [Text] rr_RiskLoseMoney
Investors in the Fund may lose money.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how its average annual returns over various periods compare with those of an index that reflects a broad measure of market performance, as well as additional indices that reflect the performance of investments similar to those of the Fund. Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns
The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how its average annual returns over various periods compare with those of an index that reflects a broad measure of market performance, as well as additional indices that reflect the performance of investments similar to those of the Fund.
Performance Additional Market Index [Text] rr_PerformanceAdditionalMarketIndex
We use the S&P Midcap 400 and Lipper Dedicated Short Bias Funds Index because those indices compare the Fund’s performance with the returns of indices reflecting the performance of investments similar to those of the Fund.
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture
Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future.
Bar Chart [Heading] rr_BarChartHeading

Grizzly Short Fund Total Return (per calendar year)
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Note: During the ten year period shown on the bar chart, the Fund’s highest total return for a quarter was 23.30% (quarter ended September 30,2011) and the lowest total return for a quarter was -26.55% (quarter ended June 30, 2009).
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel
highest total return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2011
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 23.30%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel
lowest total return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2009
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (26.55%)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate
The after-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred
Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the 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.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher
The Fund’s return after taxes on distributions and sale of Fund shares may be higher than the other return figures for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

We use the S&P Midcap 400 and Lipper Dedicated Short Bias Funds Index because those indices compare the Fund’s performance with the returns of indices reflecting the performance of investments similar to those of the Fund.

 

The after-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the 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. The Fund’s return after taxes on distributions and sale of Fund shares may be higher than the other return figures for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.
Caption rr_AverageAnnualReturnCaption

Average Annual Total Returns (for the periods ended December 31, 2017)
Grizzly Short Fund | S&P 500  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel
S&P 500
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 21.83%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 15.79%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 8.50%
Grizzly Short Fund | S&P Midcap 400  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel
S&P Midcap 400
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 16.24%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 15.01%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 9.97%
Grizzly Short Fund | Lipper Dedicated Short Bias Funds Index  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel
Lipper Dedicated Short Bias Funds Index
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (26.69%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 (22.84%)
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 (18.12%)
Grizzly Short Fund | No Load  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) rr_MaximumDeferredSalesChargeOverOther none
Maximum Deferred Sales Charge (Load) Imposed on Reinvested Dividends and Distributions rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (as a percentage of amount redeemed within 5 business days of purchase) rr_RedemptionFeeOverRedemption none
Exchange Fee (as a percentage of amount exchanged within 5 business days of purchase) rr_ExchangeFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 1.25%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Service Fees rr_Component1OtherExpensesOverAssets 0.10%
Dividends on Short Positions rr_Component2OtherExpensesOverAssets 1.09%
All Remaining Other Expenses rr_Component3OtherExpensesOverAssets 0.19%
Other Expenses rr_OtherExpensesOverAssets 1.53%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.15% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.78%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 281
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 862
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,469
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 3,109
Annual Return 2008 rr_AnnualReturn2008 73.69%
Annual Return 2009 rr_AnnualReturn2009 (47.17%)
Annual Return 2010 rr_AnnualReturn2010 (23.19%)
Annual Return 2011 rr_AnnualReturn2011 (1.92%)
Annual Return 2012 rr_AnnualReturn2012 (21.13%)
Annual Return 2013 rr_AnnualReturn2013 (26.61%)
Annual Return 2014 rr_AnnualReturn2014 (11.04%)
Annual Return 2015 rr_AnnualReturn2015 3.81%
Annual Return 2016 rr_AnnualReturn2016 (14.40%)
Annual Return 2017 rr_AnnualReturn2017 (19.84%)
Label rr_AverageAnnualReturnLabel
Return before taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (19.84%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 (14.20%)
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 (12.82%)
Grizzly Short Fund | No Load | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel
Return after taxes on distributions
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (19.84%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 (14.20%)
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 (12.97%)
Grizzly Short Fund | No Load | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel
Return after taxes on distributions and sale of Fund shares
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (11.23%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 (9.94%)
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 (7.86%)
[1] Acquired Fund Fees and Expenses are not directly borne by the Fund, and they are not reflected in the Fund’s financial statements, with the result that the information presented in the expense table may differ from that presented in the financial highlights.


v3.8.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Jan. 31, 2018