Who trades, and who waits
How much of a fund's book changes in a single quarter?
Some funds replaced well over half their positions in three months. Others changed almost nothing. The calmest names in our data turned over under 5% of their book in a quarter, which over a year is a rounding error, and they include some of the most successful investors alive.
We could not reach the database to compute this study just now. The figures below are therefore missing, rather than zero. We would rather show you an honest gap than a confident blank.
- For each fund present in BOTH quarters, the number of positions opened plus closed, as a share of all positions touched.
- Funds appearing in only one quarter are excluded: every position would count as 'new' and the fund would show 100% turnover having done nothing at all.
- This counts POSITIONS, not money. A fund can rotate a hundred tiny holdings and leave 95% of its capital untouched.
- Any fund still showing 100% here has genuinely replaced its entire disclosed book, which is unusual enough that it may reflect a filing change rather than trading. Treat it as a question, not a finding.
Free to quote, chart or republish with attribution. Cite as: SteadyShares, Who trades, and who waits, https://steadyshares.com/research/who-trades-and-who-waits. If you are a journalist and want the underlying query or a different cut of the data, ask and we will run it.
Read next
Educational information, not financial advice, and not a recommendation to buy or sell anything. A late regulatory filing is a paperwork failure and nothing more: we make no allegation of wrongdoing against any person named on this page.