Artemis Investment Management, the boutique fund manager, has the highest average portfolio turnover, or degree of buying and selling a fund undertakes, according to Fitzrovia International, the UK fund research firm.

Artemis' mean turnover was 176.2%, compared with an average turnover of 58% of all the 83 firms surveyed. Britannic Asset Management has the second highest turnover at 155.5%, followed by Sarasin at 141.1%. The Fitzrovia survey is the first in its kind and covers unit trusts and open ended investment companies (OIECs) in the UK, covering various regions and sectors.