is the percentage of a portfolio that is sold in a particular month or year. Assume that a mutual fund has $100 million in assets under management, and the portfolio manager sells $20 million in securities during the year. The rate of turnover is $20 million divided by $100 million, or 20%. Retail and consumer staples, for example, have relatively small asset bases but have high sales volume — thus, they have the highest average asset turnover ratio. Conversely, firms in sectors such as utilities and real estate have large asset bases and low asset turnover.