DanH wrote:IIRC, historical annual turnover for this fund is in the 25% range. The semi annual may not list turnover, but the info is there to calculate it. If turnover has ramped up a bit I would neither be surprised nor concerned. I expect turnover to spike in a rising market - particularly after three years of a rising market where this fund's target stocks have been the darlings.
Looks like the first half of 2005 is ~ 45% depending on what average net assets were for the period.
If they are selling because of a rising market, what are they buying if income earnings stocks are increasingly expensive? Or are they re-deploying from expensive stocks into less expensive but still expensive stocks?
There were 11 holdings sold during the period. All had small buys before being liquidated which is quite possible if thinking changed over the period. The following three have seemingly strange stuff going on. I'll accept that Alcan and Suncor reflect uncertainty but the iUnits trades are definitely strange - 100% turnover.
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Stock 12/31/04 Buys Sells 6/30/05
Alcan 657.0 937.0 657.0 937.0
Suncor 2268.6 144.0 127.1 2,285.5
TSX 60 iUnits 1012.9 1040.3 1123.5 1096.1
It'll be interesting to see the full year numbers & detail.