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A measure of portfolio churning, the portfolio turnover ratio (PTR) is obtained by dividing its total sales or purchases (excluding cash), whichever is less, by its average monthly assets during the year. Higher churning indicates that fund manager was actively buying and selling the securities during the period. It will cause higher transaction cost which is not desirable unless superior asset selection yields benefits that offsets the transaction cost. Low PTR may mean that the transaction cost is lower but may also indicate the passive response of the fund manager to the dynamic investment scenario.