Turnover is calculated using:
where "Turnover" is an annualized and normalized figure measuring how frequently assets are bought and sold within the item. Turnover can be calculated for any object: investments, symbols, investment types, asset types, investment goals, sector, or sub-portfolios. Turnover is available in the Custom report.
"Purchases" is defined here as the sum of all out of pocket purchases (not including reinvestments), plus the market value of any transfers in. Written using custom report fields, this is: (Purchases-OOP + Transfers In).
"Sales" is defined here as the sum of all redemptions (before subtracting commissions), plus the market value of any transfers out. Written using custom report fields, this is: (Redemptions + Transfers Out).
(For Portfolio Turnover calculation, purchases and redemptions in the default cash account or any investment type of "Cash" are excluded.)
"M" is the factor used to annualize the turnover. Examples: If the time period is 6 months, M = 2. If the time period is 2 years, M = 0.5. If the time period is 1 year, M = 1.
"Average_Value" is the average of the beginning and ending values. Written using custom report fields, this is: (End value + Beg value) / 2.