With the current yo-yo equity market, it should not be surprising that turnover rates in mutual fund portfolios have been high. But opinions differ as to the impact on investors.

"To listen to the pontifications of some market experts,' turnover is the culprit for a host of problems, from the stock market's gut-wrenching volatility to tax-inefficient portfolio management to investment under-performance," according to Turner Investment Partners of Berwyn, Pa., in a position paper released earlier this year.

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