The frequency of buying and selling in a portfolio will be driven by the manager’s style. Value investors are typically long-term investors who buy undervalued stocks and hold them until they appreciate. Annual turnover for value managers usually varies from 20% to 80%. Growth managers base their decisions on earnings growth and are less patient. They often sell after the next earnings statement comes out. Thus it is not unusual to see annual turnover of 60% to several hundred percent for these investors. | 
