Portfolio Turnover: Should you care
The portfolio turnover is yet another important statistics that many of the mutual fund investors talk and check before investing in a fund. For starters portfolio turnover means the percentage of holdings that have changed in a fund over a particular period. It is calculated by total purchase or total sales (whichever is lower) divided by average of net assets of the fund in the same period.
Under the conventional wisdom a lower turnover means the fund is employing buy and hold strategy and if everything remains the same, a fund with a lower turnover would generate higher returns. This is because a higher turnover would mean higher transaction cost, which is deducted from your fund’s net asset value (NAV) that results into lower returns.
Nonetheless, our analysis of 270 regular equity funds shows that turnover is in no way significantly related to the fund’s return. A lower turnover does not mean a higher return or a higher turnover does not mean a lower return. The graph below clearly shows that there is no clear relation between fund's returns and their portfolio turnover. Even the correlation between them is very weak and is positive.
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)
Going one step ahead, we calculated the relationship between expense ratio and turnover, we again found no significant relationship between them. There is a very feeble positive relationship between the expense ratio and the portfolio turnover. Further on, we tried to find the relation between category turnover and their returns. Since there were not enough funds in some categories, we could not prove anything conclusively. However, the following table shows how portfolio turnover and one-year returns are not related. For example, Mid-cap and Banking funds have same median turnover, however, a large difference in returns.
Category | Median Turnover | Median Return (%) |
ELSS | 81.00 | -7.05 |
INTL | 36.00 | 3.84 |
L&MC | 86.50 | -5.93 |
Large Cap | 71.00 | -2.59 |
Mid Cap | 71.00 | -12.90 |
Multi cap | 61.00 | -5.56 |
BANKING | 71.00 | -0.54 |
INFRASTRUCTURE | 50.65 | -18.14 |
IT | 27.86 | 18.75 |
PHARMACEUTICAL | 48.00 | -5.81 |
Small Cap | 48.00 | -18.98 |
Consumption | 60.50 | -1.37 |
DIVIDEND YIELD | 66.00 | -9.09 |
Energy | 66.72 | -16.01 |
MNC | 5.00 | -4.29 |
PSU | 38.00 | -18.79 |