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Finance Dictionary and Glossary of Investment Terms
A measure of a fund''s trading activity, computed by dividing the lesser of purchases or sales (excluding all securities with maturities of less than one year) by average monthly assets. A turnover ratio of 100% or more does not necessarily suggest that all securities in the portfolio have been traded. In practical terms, the resulting percentage loosely represents the percentage of the portfolio''s holdings that have changed over the past year.