Half of all actively managed equity funds in the UK have an annual portfolio turnover below 58.4 per cent, while a quarter have a portfolio turnover above 94.7 per cent, according to Lipper Fitzrovia’s latest report on portfolio turnover levels for unit trusts and OEICs. The research indicates that the typical holding period for stocks in UK funds is 21 months. The 25 per cent of equity funds that are most actively traded have an average holding period of 13 months. Generally, those funds investing either globally, or solely in the UK, have lower median portfolio turnover, 64.5 per cent and 55.3 per cent respectively. This compares with funds investing in Europe, Japan and North America with median portfolio turnover of 81.0 per cent, 88.3 per cent and 88.1 per cent. Funds with ethical or socially responsible investment policies have the lowest median portfolio turnover of 38.4 per cent.