Portfolio turnover shows how much of a fund's holdings were bought and sold over a year, as a percentage of its assets.
Portfolio turnover measures how actively a fund trades. The usual definition is the smaller of the fund's total purchases or total sales over a year, divided by its average AUM.
How to read it:
Trading has costs: brokerage, taxes on transactions and the price impact of large orders. These come out of the fund's assets, so higher turnover can mean higher costs even when the expense ratio looks the same.
Fund houses publish turnover in their monthly fact sheets. A high figure shows that the manager changes the portfolio often. On its own, it says nothing about whether those changes added to returns.
Each fund page has its returns, risk, costs, managers and everything it holds.