The new fund had average daily assets of $3.8 billion in the past year. the fund sold $416 million and purchased $516 million worth of stock during the year. what was its turnover ratio? (round your answer to 2 decimal places.)

The excess of purchases over sales is most likely due to new inflows into the fund.

Therefore only $416 million of stock held by the fund was replaced by new holdings.

Turnover Ratio =  Total sales/ total assets = $416/$3,800 = 10.95% (Rounded to 2 decimals)

Turnover Ratio = 10.95%

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