投资经理对个股、仓位的判断差异直接成为今年基金专户业绩分化的主要原因。记者获悉，今年以来有部分基金公司专户产品因业绩表现低迷在到期后无法续约，与此同时，近期专户产品跌幅跑输指数的现象可能表明专户投资经理已开始提高股票仓位。

Investment manager in stocks、The judgment of the position directly became the difference this year fund performance is the main reason for the differentiation。The reporter learns，Since this year some fund only door company products for performance after the end of the slump in contract cannot，At the same time，The recent fall only door products run lose the phenomenon that might indicate only door index investment manager has started to improve stock positions。

　　由于专户理财具有特殊的产品周期，专户投资对时间成本要求较高，因此专户投资经理需要有极强的个股研究能力，同时还对买入卖出的时间点有准确的把握。

Because only door has special financial product cycles，Only door investment to the time cost request is higher，So only door investment manager need strong research ability individual stocks，And a long time have accurate grasp of。

　　因此，业绩表现较好的专户投资经理往往拥有较强的投资经验尤其是个股选择能力。值得关注的是，经过连续多周的指数调整，部分仓位较轻的基金公司专户投资经理显然已经按捺不住抄底的冲动。

so，Performance good account investment managers often has strong investment stock selection ability experience especially。There is concern，For many weeks after the index of adjustment，Part of the position the lighter fund company account investment managers have apparently can't restrain copy of the impulse。

　　考虑到前期市场下跌之际，专户产品普遍具有相对较强的抗跌能力，而近期出现跑输现象极有可能显示仓位的变化。

Considering the market fall of early，Only door products generally have relatively strong anti fall ability，And recently appeared to run is likely to lose phenomenon that the change of position。

　　市场人士认为，专户产品上周净值跌幅较大极有可能是专户投资经理大幅提高股票仓位所致，之前的轻仓可能转变为中性以上仓位，而在今年7月份，部分强势股开始补跌可能也拖累了专户产品当周净值的表现。上海证券报

Market experts think，Only door products net last week heavy falls is most likely only door investment manager increase caused by stock positions，The light warehouse before could change into more than neutral position，And in July this year，The strong part of begins to fill fall may also to drag down the only door product performance of the new net value。Shanghai stock certificate report