Every mutual fund has turnover and every portfolio of funds has turnover.
Tax efficiency is super high because fund has little turnover and only small dividend income.
Read about an underappreciated low-turnover fund with a superb record ( p. 218).
The average stock fund has a turnover in the vicinity of 100% , which means that in the space of 12 months it buys and sells an amount of stock equal to its net assets.
Their competence and duty to advise seemingly encompasses anything a fund may encounter- asset allocation, manager and fund performance, personnel turnover at managers, real estate, private equity, international and emerging markets, hedge funds, fund of funds, brokerage-everything but consultant-related issues.
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In particular, Bogle focused on the turnover of mutual fund portfolios.
Don't buy a fund that greatly exceeds this turnover rate unless it delivered really outstanding results--beating the market by a wide margin over a long period and with the same manager at the helm most of that time.
Savvy investors should look at fund expenses, historical portfolio turnover and sector weightings to before deciding if their manager has a chance at beating the market after taxes or is really just a closet indexer charging excessive management fees.
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Average annual turnover at the Pennsylvania fund since 1996: 28%.
Schloegal also likes Yacktman Fund (YACKX) with its low turnover and low expense ratio of 0.96%.
The turnover of stocks in the fund was around 23% in 2010 and has tended to average in the twenties for some time.
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The case for a loss cushion is less compelling in an index fund, which tends to have low turnover and thus few taxable gains to absorb.
This public pension fund is exceptional both in having zero turnover of investment advisors, using a single money manager to oversee 100% of its assets for the past 40 years, and in changing auditors every couple of years.
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It currently averages a 21% annual turnover, though Montgomery says the fund tends to be quicker than that.
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Also, trading costs are greatly increased by this large turnover and trading costs are not included in fund expense ratios.
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Turnover rates in portfolios are high, mutual fund performance chasing is the norm, and investor sentiment shifts much more rapidly than good discipline would infer.
The fund's expense ratio of 0.5% and its turnover ratio of 25% are substantially below peer-group averages.
Someone who joined the fund three years ago has been treated to stiff fees, high turnover, underperformance and a tax bill.
That may be higher than the turnover of 5% or so for a large-cap index fund, but the results are that the portfolio earned 2.5% per annum over the market over the almost 19 years Hulbert measured.
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Much of the fund's results stem from the momentum-oriented approach of manager Elizabeth Morgenthaler, whose portfolio turnover was 1, 355% last year.
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