A few months ago the equity analysts at their firm recommended that Henry and Sue buy shares of AGM Inc. for their clients and the stock has generated significant gains. Now the analysts recommend selling AGM and replacing it with its primary competitor, BFP Co$.$ Henry's strategy results in $20\%$ average annual turnover, whereas Sue's strategy leads to turnover of $50\%$ a year. All else being the same, which manager should attribute a higher effective tax cost to a decision to make the switch?

Select one

A$.$ Henry

B$.$ Sue

C$.$ Neither. Their effective tax costs are the same.

D$.$ Whoever has the most concentrated portfolio