What level of portfolio turnover is typical for a Masters Select Fund?
This varies widely based on the fund and circumstances. Some of the Masters Select managers have lower turnover than others. Sometimes market volatility impacts turnover either because rapid stock price spikes and/or dips change the relative appeal of certain stocks, or because in a declining market tax-motivated trading can increase turnover. Masters’ Select Equity’s annual turnover has ranged between 35% and 102% over the five years ended 12/31/08. Masters’ Select International’s annual turnover has ranged between 88% and 160% over the five years ended 12/31/08. Masters Select Value’s annual turnover has ranged between 24% and 39% over the five years ended 12/31/08. Masters Select Smaller Companies turnover has been as high as 149% during its life and we believe it is likely to be over 100% in most years. Masters’ Select Focused Opportunities’ turnover relative to the other Masters Select Funds is likely to be more volatile by virtue of its greater concentration. It has ranged betwee
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