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Clients who seek a buy-and-hold mutual fund portfolio can still rack up higher trading costs and taxes when their funds are regularly and aggressively buying and selling.

If a fund manager sells every stock in a given year, the fund will have a turnover rate of 100%. For actively managed funds, a certain level of turnover is expected. Indeed, the industry average is roughly 89%, according to the Motley Fool.

Higher trading costs are one ramification of significant buying and selling. Of the 20 funds on our list, 13 are higher than 1%; another three are higher than 90 basis points.

We created a list of funds with at least $100 million in assets and with the highest turnover ratios. We ranked those funds by three-year returns.

The average turnover rate of these 20 funds is 161%; the average expense ratio is 1.2%; and the average three-year return is 14.2%. Click through to see which funds made the list.

All data from Morningstar Direct.
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20. Victory RS Growth (RSGRX)
3-Yr. Return: 11.81%
Turnover Ratio: 123%
Expense Ratio: 1.10%
Total Assets (millions): $253
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19. Alger SMid Cap Focus (ALMAX)
3-Yr. Return: 11.93%
Turnover Ratio: 164%
Expense Ratio: 1.35%
Total Assets (millions): $184
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18. MassMutual Premier Disciplined Gr (DEIGX)
3-Yr. Return: 11.95%
Turnover Ratio: 124%
Expense Ratio: 0.71%
Total Assets (millions): $385
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17. Calvert Small Cap (CCVAX)
3-Yr. Return: 12.22%
Turnover Ratio: 150%
Expense Ratio: 1.36%
Total Assets (millions): $299
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16. Driehaus International Small Cap Growth (DRIOX)
3-Yr. Return: 12.28%
Turnover Ratio: 151%
Expense Ratio: 1.72%
Total Assets (millions): $310
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15. Virtus Rampart Enhanced Core Equity (PDIAX)
3-Yr. Return: 12.36%
Turnover Ratio: 496%
Expense Ratio: 1.21%
Total Assets (millions): $186
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14. American Century Small Cap Growth Inv (ANOIX)
3-Yr. Return: 12.45%
Turnover Ratio: 130%
Expense Ratio: 1.36%
Total Assets (millions): $507
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13. Ivy Small Cap Core (IYSAX)
3-Yr. Return: 12.48%
Turnover Ratio: 133%
Expense Ratio: 1.50%
Total Assets (millions): $576
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12. Fidelity Trend (FTRNX)
3-Yr. Return: 12.50%
Turnover Ratio: 129%
Expense Ratio: 0.74%
Total Assets (millions): $1,691
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11. JPMorgan Large Cap Value (HLQVX)
3-Yr. Return: 12.62%
Turnover Ratio: 145%
Expense Ratio: 0.77%
Total Assets (millions): $1,205
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10. Oberweis International Opportunities (OBIOX)
3-Yr. Return: 12.74%
Turnover Ratio: 139%
Expense Ratio: 1.60%
Total Assets (millions): $889
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9. T. Rowe Price Global Stock (PRGSX)
3-Yr. Return: 13.18%
Turnover Ratio: 135%
Expense Ratio: 0.89%
Total Assets (millions): $790
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8. CornerCap Small-Cap Value Investor (CSCVX)
3-Yr. Return: 14.30%
Turnover Ratio: 129%
Expense Ratio: 1.30%
Total Assets (millions): $119
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7. TCM Small Cap Growth (TCMSX)
3-Yr. Return: 14.85%
Turnover Ratio: 134%
Expense Ratio: 0.96%
Total Assets (millions): $374
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6. Deutsche Science and Technology (KTCAX)
3-Yr. Return: 15.35%
Turnover Ratio: 171%
Expense Ratio: 0.99%
Total Assets (millions): $750
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5. Zacks Small-Cap Core Inv (ZSCCX)
3-Yr. Return: 15.41%
Turnover Ratio: 147%
Expense Ratio: 1.39%
Total Assets (millions): $140
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4. Wells Fargo Specialized Technology (WFSTX)
3-Yr. Return: 15.78%
Turnover Ratio: 131%
Expense Ratio: 1.41%
Total Assets (millions): $394
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3. Fidelity Small Cap Growth (FCPGX)
3-Yr. Return: 17.09%
Turnover Ratio: 140%
Expense Ratio: 1.09%
Total Assets (millions): $3,428
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2. Driehaus Micro Cap Growth (DMCRX)
3-Yr. Return: 18.63%
Turnover Ratio: 180%
Expense Ratio: 1.48%
Total Assets (millions): $326
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1. T. Rowe Price Global Technology (PRGTX)
3-Yr. Return: 23.45%
Turnover Ratio: 171%
Expense Ratio: 0.90%
Total Assets (millions): $5,535
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