09-25-2013, 12:07 PM
My covered calls usually go out about six months, and most turnover has resulted from exercised calls. If all of my calls ended today, about 50% of my long positions would get taken out. Over the past year some turnover has also resulted from anticipating fed moves and just being generally nervous. A good amount of my current cash allocation is from trimming down interest rate sensitive holdings like BDC's, REITs, and utilities.
Alex