Portfolio turnover is calculated in Tables 7 and 8 from Tables 9 and 10, which is data from Financial Statistics.

turnover % = 100 x (total purchases + total sales during the year
(p + s)) / (assets at start of year + assets at year end (y e))

Table 7

UK ordinary shares turnover %

year	unit trusts	investment trusts	insurance companies	pension funds
1993*	57.6	32.1	18.1	19.1
1994	52.6	28.2	22.2	16.7
1995	50.0	44.1	18.7	24.5
1996	44.9	43.2	19.2	30.9
1997	42.6	37.7	19.6	26.1
1998	47.8	39.2	20.1	29.8
1999	51.9	48.0	37.6	44.7
2000	57.2	44.3	31.0	52.9
2001	49.5	43.7	23.2	34.1
2002	52.9	39.0	24.7	38.1
2003	55.3	44.3	31.0	50.3
2004*	43.2	42.2	25.0	40.0

* using only one end year value

Table 8

Overseas shares turnover %

year	unit trusts	investment trusts	insurance companies	pension funds
1993 *	118.2	55.9	54.3	51.8
1994	98.2	62.9	61.5	66.2
1995	82.6	62.1	45.1	56.9
1996	86.7	88.6	48.3	71.6
1997	86.7	60.5	55.5	80.9
1998	95.7	55.6	59.2	63.8
1999	91.7	68.3	54.6	52.9
2000	82.1	62.0	65.8	93.3
2001	65.2	63.6	48.9	70.7
2002	64.3	58.8	57.6	69.0
2003	82.1	65.0	65.8	65.6
2004*	65.0	42.2	61.5	67.4

* using only one end year value

Table 9

UK ordinary shares (£ billion):
total purchases and sales and y e assets

year	unit trusts	investment trusts	insurance companies	pension funds
1993 p + s	38	9	60	93
1993 y e	33	14	166	243
1994 p + s	40	11	72	77
1994 y e	43	15	159	219
1995 p + s	51	15	67	116
1995 y e	59	19	199	255
1996 p + s	57	19	81	164
1996 y e	68	25	223	276
1997 p + s	66	20	99	161
1997 y e	87	28	283	340
1998 p + s	86	20	118	201
1998 y e	93	23	305	335
1999 p + s	110	24	254	309
1999 y e	119	27	370	357
2000 p + s	135	27	255	347
2000 y e	117	32	358	299
2001 p + s	111	27	208	193
2001 y e	104	29	312	267
2002 p + s	99	21	126	173
2002 y e	83	19	231	186
2003 p + s	110	16	116	187
2003 y e	116	22	238	186
2004 p + s	133	19	119	149

Table 10

Overseas ordinary shares (£ billion):
total purchases and sales and y e assets

year	unit trusts	investment trusts	insurance companies	pension funds
1993 p + s	52	19	50	85
1993 y e	22	17	46	82
1994 p + s	54	22	56	104
1994 y e	33	18	45	75
1995 p + s	57	23	46	91
1995 y e	36	19	57	85
1996 p + s	72	29	56	121
1996 y e	47	25	59	84
1997 p + s	78	26	71	152
1997 y e	43	18	69	104
1998 p + s	90	20	84	136
1998 y e	51	18	73	109
1999 p + s	111	28	101	136
1999 y e	70	23	112	148
2000 p + s	163	35	168	264
2000 y e	80	21	98	135
2001 p + s	151	26	133	186
2001 y e	104	19	104	128
2002 p + s	122	21	90	160
2002 y e	83	14	80	104
2003 p + s	128	20	91	151
2003 y e	116	20	78	126
2004 p + s	149	26	96	170