A mutual fund sold $51 million of assets during the year and purchased $43 million in...

A mutual fund sold $51 million of assets during the year and purchased $43 million in assets. If the average daily assets of the fund were $156 million, what was the fund turnover? (Enter your answer as a percent rounded to 2 decimal places.)

Expert Solution

Fund turnover ratio

=sell or purchase whichever is less ÷ Average AUM

=43 million ÷ 156 million

Fund turnover ratio = 27.56%

jeff jeffy answered 2 years ago

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