What has been the average portfolio turnover since fund inception?

The portfolio turnover is very low. We have no scientific measure of that. But we are long-term investors. Our holding term is ideally 5-10 years or more. We sometimes cut losers, or re-allocate capital from a winner to a lower-valued potential winner in periods where cash holdings and inflows are low. However, this has been a rare occurrence.

Trading costs are high in these markets. Churning a portfolio frequently is a losing strategy. Ideally we would not turn over our portfolio at all. We would just deploy new cash as it flows in, until such a time as valuations eventually get stretched beyond what we consider reasonable.