How frequently a fund manager churns his portfolio is measured by a scheme’s Turnover Ratio (TR). A higher TR implies more trading costs borne by the scheme, thereby increasing the expense ratio that, in turn, impacting the returns. But, a higher TR is not automatically bad. If the fund manager’s calls are mostly correct, a high TR is no impediment to good performance. On the other hand, a high TR could also mean that the fund manager trades frequently.
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