Question

A mutual fund sold $58 million of assets during the year and purchased $64 million in assets. If the average daily assets of the fund were $216 million, what was the fund turnover

Answer 1

Answer: 26.85%

Explanation:

Based on the information given in the question, the fund turnover will be calculated thus:

Funds sold = $58 Million

Average Daily Assets = $216 Million

Fund Turnover = Fund Sold / Average Daily Assets

Fund Turnover = $58 Million / $216 million

= 26.85%