Turnover levels up on 2003

A quarter of all actively managed equity funds in the UK have portfolio turnover levels above 96% a year, according to Fitzrovia International. Taking conservative assumptions, this means this group of most actively traded funds have estimated trading costs of at least 0.96% each year, compared with 0.55% for the median fund. Looking only at funds investing in the UK, the most actively traded funds have estimated trading costs of at least 1.14% each year, compared to the median of 0.72%. While funds that invest solely in the UK generally have lower portfolio turnover levels, the associa...