Back to Enhanced Slow-Burning Model
To obtain the rates of turnover, each month the stocks are sorted by expected return.  The first 10% (i.e. decile)
of the listing is saved, then the next decile, and so on.  Then the next month's deciles are compared to the
previous month's.  The number of stocks that were still in the decile is noted.  For example, if there were
100 stocks in decile 1 in January 1996, and then in February only 31 of those companies were still in decile
1, the turnover for that decile would be 69%.   Then for each date, the 10 decile's turnovers were averaged, and 
finally the average of all the months is presented at the top.
Standard Model Standard Model  Slow-Burning Model Slow-Burning Model
Universe Top 1,000 Universe Top 1,000
   Average: 74.57%    Average: 76.61%    Average: 67.59%    Average: 69.00%
1/31/1996 77.96% 1/31/1996 77.88% 1/31/1996 78.39% 1/31/1996 75.52%
2/29/1996 81.50% 2/29/1996 85.98% 2/29/1996 67.27% 2/29/1996 81.10%
3/31/1996 73.32% 3/31/1996 82.47% 3/31/1996 80.91% 3/31/1996 78.02%
4/30/1996 68.43% 4/30/1996 82.22% 4/30/1996 72.70% 4/30/1996 80.00%
5/31/1996 70.28% 5/31/1996 79.75% 5/31/1996 84.61% 5/31/1996 82.72%
6/30/1996 84.92% 6/30/1996 81.52% 6/30/1996 69.03% 6/30/1996 74.81%
7/31/1996 77.24% 7/31/1996 86.95% 7/31/1996 71.54% 7/31/1996 77.49%
8/31/1996 75.71% 8/31/1996 78.72% 8/31/1996 61.88% 8/31/1996 61.67%
9/30/1996 69.75% 9/30/1996 80.77% 9/30/1996 66.71% 9/30/1996 67.82%
10/31/1996 74.92% 10/31/1996 79.36% 10/31/1996 69.53% 10/31/1996 72.05%
11/30/1996 76.21% 11/30/1996 85.08% 11/30/1996 61.50% 11/30/1996 68.62%
12/31/1996 83.79% 12/31/1996 83.08% 12/31/1996 67.34% 12/31/1996 58.72%
1/31/1997 75.02% 1/31/1997 80.90% 1/31/1997 63.12% 1/31/1997 67.05%
2/28/1997 73.40% 2/28/1997 80.12% 2/28/1997 66.34% 2/28/1997 68.80%
3/31/1997 69.09% 3/31/1997 73.48% 3/31/1997 64.90% 3/31/1997 69.39%
4/30/1997 71.01% 4/30/1997 78.51% 4/30/1997 58.60% 4/30/1997 60.68%
5/31/1997 74.25% 5/31/1997 80.49% 5/31/1997 63.31% 5/31/1997 70.69%
6/30/1997 67.26% 6/30/1997 70.65% 6/30/1997 58.54% 6/30/1997 63.45%
7/31/1997 74.31% 7/31/1997 80.19% 7/31/1997 61.53% 7/31/1997 60.09%
8/31/1997 85.41% 8/31/1997 84.95% 8/31/1997 81.21% 8/31/1997 83.34%
9/30/1997 73.68% 9/30/1997 81.85% 9/30/1997 74.73% 9/30/1997 77.57%
10/31/1997 74.60% 10/31/1997 79.05% 10/31/1997 74.33% 10/31/1997 77.98%
11/30/1997 77.84% 11/30/1997 79.74% 11/30/1997 69.68% 11/30/1997 73.95%
12/31/1997 72.71% 12/31/1997 77.50% 12/31/1997 70.25% 12/31/1997 73.00%
1/31/1998 77.37% 1/31/1998 81.08% 1/31/1998 73.19% 1/31/1998 72.29%
2/28/1998 72.70% 2/28/1998 77.83% 2/28/1998 67.97% 2/28/1998 72.17%
3/31/1998 67.71% 3/31/1998 68.19% 3/31/1998 67.04% 3/31/1998 65.06%
4/30/1998 76.12% 4/30/1998 79.46% 4/30/1998 67.07% 4/30/1998 68.48%
5/31/1998 83.63% 5/31/1998 82.65% 5/31/1998 73.06% 5/31/1998 73.15%
6/30/1998 73.76% 6/30/1998 77.24% 6/30/1998 68.24% 6/30/1998 64.91%
7/31/1998 81.50% 7/31/1998 81.59% 7/31/1998 68.47% 7/31/1998 67.07%
8/31/1998 70.09% 8/31/1998 71.22% 8/31/1998 61.26% 8/31/1998 67.93%
9/30/1998 61.01% 9/30/1998 66.71% 9/30/1998 51.06% 9/30/1998 55.00%
10/31/1998 67.25% 10/31/1998 73.70% 10/31/1998 65.44% 10/31/1998 67.37%
11/30/1998 72.59% 11/30/1998 72.47% 11/30/1998 54.36% 11/30/1998 64.07%
12/31/1998 78.10% 12/31/1998 76.77% 12/31/1998 67.15% 12/31/1998 76.82%
1/31/1999 70.75% 1/31/1999 79.78% 1/31/1999 76.30% 1/31/1999 75.67%
2/28/1999 76.42% 2/28/1999 82.31% 2/28/1999 58.94% 2/28/1999 63.46%
3/31/1999 66.54% 3/31/1999 68.21% 3/31/1999 67.58% 3/31/1999 66.92%
4/30/1999 76.30% 4/30/1999 76.86% 4/30/1999 69.80% 4/30/1999 71.74%
5/31/1999 74.14% 5/31/1999 81.04% 5/31/1999 63.38% 5/31/1999 64.68%
6/30/1999 79.57% 6/30/1999 84.61% 6/30/1999 74.89% 6/30/1999 75.39%
7/31/1999 76.37% 7/31/1999 80.40% 7/31/1999 67.01% 7/31/1999 64.80%
8/31/1999 66.01% 8/31/1999 76.68% 8/31/1999 66.92% 8/31/1999 68.36%
9/30/1999 62.78% 9/30/1999 77.84% 9/30/1999 51.13% 9/30/1999 56.89%
10/31/1999 78.59% 10/31/1999 81.10% 10/31/1999 71.24% 10/31/1999 71.92%
11/30/1999 68.89% 11/30/1999 78.17% 11/30/1999 64.55% 11/30/1999 68.45%
12/31/1999 82.73% 12/31/1999 78.13% 12/31/1999 70.58% 12/31/1999 61.30%
1/31/2000 76.41% 1/31/2000 76.28% 1/31/2000 60.15% 1/31/2000 62.17%
2/29/2000 65.94% 2/29/2000 67.47% 2/29/2000 56.15% 2/29/2000 56.53%
3/31/2000 77.07% 3/31/2000 76.12% 3/31/2000 50.18% 3/31/2000 49.26%
4/30/2000 74.33% 4/30/2000 79.86% 4/30/2000 61.46% 4/30/2000 59.73%
5/31/2000 79.43% 5/31/2000 82.93% 5/31/2000 66.81% 5/31/2000 62.13%
6/30/2000 69.82% 6/30/2000 72.63% 6/30/2000 64.69% 6/30/2000 66.45%
7/31/2000 69.70% 7/31/2000 73.01% 7/31/2000 64.06% 7/31/2000 62.88%
8/31/2000 74.54% 8/31/2000 76.53% 8/31/2000 68.48% 8/31/2000 67.27%
9/30/2000 77.01% 9/30/2000 80.55% 9/30/2000 78.24% 9/30/2000 83.29%
10/31/2000 79.43% 10/31/2000 85.54% 10/31/2000 59.37% 10/31/2000 63.92%
11/30/2000 75.22% 11/30/2000 81.81% 11/30/2000 58.96% 11/30/2000 68.45%
12/31/2000 85.18% 12/31/2000 81.17% 12/31/2000 73.29% 12/31/2000 63.51%
1/31/2001 75.56% 1/31/2001 77.05% 1/31/2001 62.85% 1/31/2001 64.10%
2/28/2001 76.49% 2/28/2001 77.84% 2/28/2001 62.32% 2/28/2001 63.11%
3/31/2001 72.92% 3/31/2001 74.46% 3/31/2001 59.47% 3/31/2001 57.07%
4/30/2001 74.30% 4/30/2001 75.43% 4/30/2001 70.99% 4/30/2001 72.07%
5/31/2001 78.41% 5/31/2001 77.85% 5/31/2001 67.68% 5/31/2001 70.97%
6/30/2001 73.61% 6/30/2001 73.75% 6/30/2001 68.27% 6/30/2001 73.31%
7/31/2001 77.75% 7/31/2001 78.53% 7/31/2001 69.48% 7/31/2001 70.89%
8/31/2001 75.15% 8/31/2001 73.04% 8/31/2001 62.90% 8/31/2001 65.84%
9/30/2001 72.58% 9/30/2001 74.04% 9/30/2001 64.18% 9/30/2001 63.20%
10/31/2001 72.19% 10/31/2001 72.31% 10/31/2001 62.19% 10/31/2001 64.40%
11/30/2001 76.37% 11/30/2001 75.10% 11/30/2001 79.07% 11/30/2001 78.48%
12/31/2001 77.45% 12/31/2001 79.30% 12/31/2001 70.34% 12/31/2001 71.42%
1/31/2002 78.63% 1/31/2002 81.28% 1/31/2002 68.69% 1/31/2002 71.47%
2/28/2002 76.51% 2/28/2002 76.37% 2/28/2002 77.99% 2/28/2002 81.59%
3/31/2002 73.64% 3/31/2002 73.52% 3/31/2002 68.93% 3/31/2002 65.27%
4/30/2002 73.08% 4/30/2002 71.72% 4/30/2002 67.81% 4/30/2002 71.29%
5/31/2002 72.70% 5/31/2002 70.76% 5/31/2002 57.18% 5/31/2002 57.93%
6/30/2002 73.79% 6/30/2002 71.03% 6/30/2002 68.40% 6/30/2002 69.02%
7/31/2002 73.91% 7/31/2002 74.78% 7/31/2002 54.75% 7/31/2002 60.98%
8/31/2002 70.46% 8/31/2002 70.28% 8/31/2002 56.98% 8/31/2002 56.47%
9/30/2002 76.39% 9/30/2002 79.58% 9/30/2002 64.47% 9/30/2002 70.52%
10/31/2002 72.22% 10/31/2002 75.34% 10/31/2002 65.24% 10/31/2002 66.71%
11/30/2002 73.77% 11/30/2002 74.59% 11/30/2002 79.57% 11/30/2002 82.09%
12/31/2002 80.60% 12/31/2002 81.98% 12/31/2002 81.39% 12/31/2002 82.60%
1/31/2003 73.22% 1/31/2003 73.96% 1/31/2003 73.88% 1/31/2003 74.17%
2/28/2003 73.69% 2/28/2003 75.47% 2/28/2003 73.95% 2/28/2003 73.26%
3/31/2003 72.51% 3/31/2003 71.16% 3/31/2003 68.69% 3/31/2003 66.42%
4/30/2003 82.27% 4/30/2003 85.64% 4/30/2003 76.10% 4/30/2003 77.23%
5/31/2003 78.11% 5/31/2003 74.84% 5/31/2003 82.79% 5/31/2003 83.16%
6/30/2003 66.09% 6/30/2003 59.23% 6/30/2003 69.53% 6/30/2003 70.19%
7/31/2003 65.92% 7/31/2003 64.29% 7/31/2003 62.75% 7/31/2003 68.08%
8/31/2003 70.61% 8/31/2003 70.63% 8/31/2003 62.65% 8/31/2003 69.37%
9/30/2003 73.56% 9/30/2003 71.12% 9/30/2003 72.97% 9/30/2003 73.06%
10/31/2003 72.32% 10/31/2003 72.23% 10/31/2003 73.82% 10/31/2003 81.07%
11/30/2003 73.44% 11/30/2003 73.44% 11/30/2003 63.84% 11/30/2003 68.03%
12/31/2003 75.81% 12/31/2003 76.17% 12/31/2003 76.94% 12/31/2003 76.86%
1/31/2004 74.74% 1/31/2004 74.36% 1/31/2004 72.26% 1/31/2004 73.08%
2/29/2004 75.86% 2/29/2004 72.92% 2/29/2004 71.33% 2/29/2004 74.07%
3/31/2004 75.65% 3/31/2004 73.47% 3/31/2004 73.60% 3/31/2004 72.87%
4/30/2004 80.25% 4/30/2004 78.73% 4/30/2004 80.31% 4/30/2004 78.93%
5/31/2004 77.65% 5/31/2004 76.36% 5/31/2004 75.00% 5/31/2004 74.85%
6/30/2004 78.34% 6/30/2004 80.72% 6/30/2004 69.38% 6/30/2004 72.11%
7/31/2004 72.78% 7/31/2004 75.51% 7/31/2004 66.19% 7/31/2004 69.84%
8/31/2004 73.43% 8/31/2004 76.12% 8/31/2004 61.81% 8/31/2004 65.24%
9/30/2004 71.51% 9/30/2004 72.14% 9/30/2004 56.45% 9/30/2004 60.61%
10/31/2004 79.14% 10/31/2004 81.02% 10/31/2004 52.37% 10/31/2004 55.92%
11/30/2004 75.11% 11/30/2004 76.22% 11/30/2004 55.91% 11/30/2004 58.37%
12/31/2004 74.61% 12/31/2004 70.51% 12/31/2004 67.64% 12/31/2004 64.39%
1/31/2005 77.93% 1/31/2005 77.14% 1/31/2005 69.03% 1/31/2005 69.90%
2/28/2005 75.45% 2/28/2005 77.45% 2/28/2005 68.00% 2/28/2005 67.24%
3/31/2005 72.88% 3/31/2005 74.49% 3/31/2005 59.68% 3/31/2005 58.47%
4/30/2005 73.52% 4/30/2005 73.73% 4/30/2005 64.17% 4/30/2005 65.12%
5/31/2005 71.64% 5/31/2005 72.06% 5/31/2005 67.83% 5/31/2005 67.94%
6/30/2005 71.98% 6/30/2005 71.65% 6/30/2005 63.72% 6/30/2005 59.86%
7/31/2005 71.98% 7/31/2005 69.74% 7/31/2005 65.98% 7/31/2005 63.03%
8/31/2005 75.41% 8/31/2005 73.82% 8/31/2005 75.88% 8/31/2005 71.18%
9/30/2005 74.07% 9/30/2005 75.70% 9/30/2005 68.94% 9/30/2005 70.30%
10/31/2005 79.15% 10/31/2005 75.80% 10/31/2005 76.06% 10/31/2005 73.50%
11/30/2005 76.81% 11/30/2005 76.90% 11/30/2005 80.08% 11/30/2005 76.70%
12/31/2005 74.67% 12/31/2005 69.90% 12/31/2005 73.79% 12/31/2005 70.70%