Portfolio turnover ratio (投资组合转换率）

网友：我在基金的报告看到以下的文字，请问什么是 PTR?

Portfolio turnover ratio (“PTR”) is computed based on the average of the total acquisitions and total disposals of investment securities of the Fund divided by the average fund size calculated on a daily basis. The PTR increased by 0.93 times(>100%) as compared to 0.81 times for the financial year ended 31 July 2010 mainlydue to increase in investing activities.”
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有关PTR的疑问，解释如下：

Portfolio turnover ratio (“PTR”)(投资组合转换率）的计算方式是 （总买进+总卖出）除2再除总NAV.


来一个简单的解释，一个基金的 NAV（总规模） 是 100 万元，那个财政年度（一整年）共买进102万元股票、债卷，也共卖出98万元股票、债卷。

102万+98万除2=100万， 100万除100万（nav）=1 ，PTR 为1 倍。

Portfolio turnover ratio (投资组合转换率）是估算投资组合进行买卖的频繁度，PTR 越高，证明买卖越频繁，越积极管理。