Finally, asset turnover for the most recent fiscal year is greater than asset turnover for the previous fiscal year.

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This makes sense because high debt levels, poor margins and slow rates of asset turnover are all signs of higher risk.

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Piotroski also wants to see no increase in shares outstanding, a rising gross margin from the previous fiscal year, and finally, rising year-over-year asset turnover.

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Their competence and duty to advise seemingly encompasses anything a fund may encounter- asset allocation, manager and fund performance, personnel turnover at managers, real estate, private equity, international and emerging markets, hedge funds, fund of funds, brokerage-everything but consultant-related issues.

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