Metrics
Portfolio Turnover
Measure of how actively a fund manager trades positions.
Portfolio turnover measures how active a fund manager is. A high turnover rate (>100%) implies a trading-oriented strategy, a low one (<20%) a long-term buy-and-hold approach like Berkshire Hathaway's.
From 13F data, turnover can be approximated by relating the sum of absolute changes across all positions to total portfolio size. The true number will differ, however, because intra-quarter trades are invisible.