The fund has not borrowed any funds but its accrued management fee with the portfolio manager currently totals $33,000. There are 3.4 million shares outstanding.

What is the new asset value of the fund and if during the year the portfolio manager sells all of the holdings of stock D and replaces it with 200,000 shares of stock E at $40 per share and 700,000 shares of stock F at $25 per share. What is the turnover rate?

*please show all calculations and formula and explain why

The composition of the Fingroup Fund portfolio is as follows