虽然投资者指望基金专户投资能带来与公募基金不一样的投资效果，但事实上专户投资除了不同于公募基金的产品设计外，其投资选股呈现出类公募化、类指数化现象，部分专户持有的个股数量竟然高达25只。

Although investors expect fund investment can bring and public enlisting fund the investment is not the same effect，But in fact only door investment in addition to different from public enlisting fund the product design，Its investment choose a present a kind of male MuHua、Phenomenon of the index，Part of the number of stocks held only door had only $25。

　　⊙记者 安仲文 ○编辑 张亦文

AnZhongWen ○ ⊙ reporter zhang YiWen editor

　　基金专户在二季度的选股上屡屡失手，显示专户操作普遍出现的“类公募化”现象。虽然投资者指望专户投资能带来与公募基金不一样的投资效果，但事实上专户投资除了产品上不同于公募基金的设计外，基金专户产品的投资选股能力呈现了类公募化、类指数化现象，部分专户持有的个股数量居然高达25只。

In the second quarter, fund of picking stocks dropped on time，Display appear generally only door operation“Kind of male MuHua”phenomenon。Although investors expect only door investment can bring and public enlisting fund the investment is not the same effect，But in fact only door investment in addition to product different from the public enlisting fund the design，Fund investment stock selection ability of the products on the kind of male MuHua、Phenomenon of the index，Part of the number of stocks held only door unexpectedly only $25。

　　三维丝(300056,股吧)披露的2012年半年报数据显示，“海富通基金公司－中信－海富通中信建投新兴成长2号资产管理”在今年第二季度买入三维丝超过30万股。三维丝的业绩和股价表现显然低于机构投资者预期，三维丝披露的中期净利润不足百万元，净利润下降超过94%。与此同时，这一业绩也继续拖累三维丝的股价，介入三维丝的海富通专户产品可能已面临被套的现实。截至昨日收盘，三维丝第三季度初以来的股价跌幅超过22%。

3 d silk(300056,Shares it)Disclosure of the 2012 half annals data shows，“Fortis haitong fund company-citic-fortis haitong citic emerging growth 2 asset management”In the second quarter this year buy 3 d silk more than 300000 shares。The performance of the 3 d silk and share price performance obviously lower than investors expected，3 d silk disclosure mid-term net income is below one million yuan，Net profit fell more than 94%。At the same time，This performance also continue to drag down 3 d silk's stock price，In 3 d silk fortis haitong only door products may already facing the reality of bedding bag。By yesterday closing quotation，3 d silk since the early in the third quarter of the share price fell more than 22%。

　　与此同时，根据已披露的半年报信息，国泰基金旗下专户在第二季度买入了众业达(002441,股吧)。“国泰基金公司－中行－陕西省国际信托股份有限公司”截至今年第二季度末持有众业达超过110万股。众业达中期净利润勉强维持增长，但市场依然选择继续杀跌众业达，该股第三季度股价下跌逾8%，显然跌破了上述专户产品建仓该股的成本价。

At the same time，According to the information disclosed half annals，Cathay Pacific fund only door, in the second quarter to buy all the industry to reach(002441,Shares it)。“Cathay Pacific fund company-bank of China international trust in shaanxi province-a joint stock limited company”So far this year at the end of the second quarter hold all the industry amount to more than 1.1 million shares。The industry of middle scraped a net profit growth，But the market is still choose to continue the winners of the industry，The stock shares fell more than 8% in the third quarter，Apparently the only door products dipped below the cost price of the shares a warehouse。

　　“国泰基金公司－中行－陕西省国际信托股份有限公司”是一只较为活跃的机构产品，该专户自去年三季度以来先后出现在国栋建设(600321,股吧)、多伦股份(600696,股吧)、*ST园城等一批个股的前十大流通股股东名单中。不过该股除了今年一季度布局买入的*ST园城表现较好外，其重点介入的国栋建设、多伦股份均表现勉强。

“Cathay Pacific fund company-bank of China international trust in shaanxi province-a joint stock limited company”Is a more active agencies product，The only door since last three quarters in the kingdom since successively appeared building construction(600321,Shares it)、Aaron shares more than(600696,Shares it)、* ST garden city, a group of stocks of the top 10 list of tradable shares。But the stock in addition to buy the first quarter of this year layout * ST garden city outside the better，The focus of the countries involved in building construction、Aaron shares are barely more than performance。

　　“华宝兴业基金公司－中行－厦门国际信托有限公司”、“华安基金公司－工行－上海电气(601727,股吧)集团财务有限责任公司”两只基金专户在部分个股上的投资也出现失手，上述专户分别介入了机械产品的宗申动力(001696,股吧)和化学股宝莫股份(002476,股吧)。而7月以来市场愈加强调上市公司的业绩表现，资金更多开始偏好弱周期品种而抛弃强周期品种，上述专户产品所布局的偏周期个股因此继续遭遇市场调整。

“The fund company-bank huabao bird-xiamen international trust Co., LTD”、“HuaAn fund company-Labour travel-Shanghai electric(601727,Shares it)Group finance Co., LTD”Two fund only door in part on individual stocks of investment also appears convicted，The above account respectively the mechanical product claim in power(001696,Shares it)And chemical strands of treasure mo shares(002476,Shares it)。And the market since July more emphasis on the listed company's performance，More money began to preference weak periodic varieties and abandon strong cycle varieties，The above account of the layout of the products is the partial cycle therefore continue to adjust the individual stocks in the market。

　　值得一提的是，华宝兴业基金的上述专户产品显然是一只规模较大的“一对一”专户，其在今年第二季度买入宗申动力1700万股，即便以第二季度最低价介入宗申动力，该部分投资也已出现亏损。以宗申动力报告期内最后一个交易日收盘价计算，华宝兴业的这只专户产品仅在宗申动力上的投资就高达1亿元。

It is，The fund only door of the above huabao bird products is obviously a larger scale“one-on-one”Only door，In the second quarter of this year the buying power claim 17 million shares，Even in the second quarter the lowest price intervention zongshen power，This part of the investment has emerged losses。To claim a final report period power denotive calculation，The only door only produce the products in claim on the power only investment reaches as high as 100 million yuan。

　　上述专户产品在个股选择上普遍出现失手，凸显了专户产品选股能力分化，而其中原因则可能在于专户投资经理投资经验的问题。相对而言，一些由投资主管操作的专户产品普遍有较好的个股把握能力，其中包括了招商基金专户投资副总监杨渺、南方基金投资总监、专户投资经理邱国鹭等。从市场公开信息来看，今年以来专户投资经理在个股选择上较为成功的典型案例可能是融通基金专户投资总监陈晓生的部分操作。根据国海证券(000750,股吧)和江钻股份(000852,股吧)披露的信息，陈晓生管理的融通战略1号“一对多”产品在今年一季度重仓介入上述两只个股，而几乎没有几家公募基金在一季度重点布局上述品种。而截至昨日收盘，国海证券今年初以来的股价涨幅超过150%、江钻股份的同期涨幅超过80%。最新披露的江钻股份2012年半年报信息显示，融通基金专户投资总监陈晓生管理的专户在今年第二季度已减持退出江钻股份的前十大流通股股东。

The above account in stocks choice products appear generally convicted，Highlights the stock selection ability only door product differentiation，And one reason is probably lies in only door investment manager of investment experience。relatively，Some of the investment operation only door products competent generally have a good grasp ability individual stocks，Including the investment promotion fund investment, deputy director of disregarding Yang、The southern fund investment director、Only door investment managers QiuGuoLu, etc。From an open market information and see，Since this year only door investment managers in the stocks on the choice of the more successful typical cases may be financing fund investment director ChenXiaoSheng part of the operation。According to GuoHai securities(000750,Shares it)And jiang drill shares(000852,Shares it)Disclosure of information，ChenXiaoSheng management assistance strategy 1“More than a”Products in the first quarter of this year the two heavy warehouse in individual stocks，And few in the quarter GuGong enlisting fund key layout the varieties。And by the closed yesterday，GuoHai earlier this year the share prices of securities has risen by more than 150%、Jiang drill shares rose more than 80% during the same period。The latest disclosure of jiang drill 2012 half annals shares information display，Financing investment fund only door management director ChenXiaoSheng during the second quarter this year already reduced their exit jiang drill the shares of the top 10 current shareholders。

　　值得关注的是，专户投资的类公募化、类指数化的现象普遍存在，记者获悉部分专户产品所布局的个股甚至超过20只品种。公开信息显示，截至6月30日，海富通创新成长2号共持有25家上市公司股票。融通基金专户投资总监陈晓生接受《上海证券报》采访时曾认为，专户产品持有的股票数量十只为最佳，持有个股太多容易形成类指数化、类公募基金化的现象。

There is concern，The kind of male MuHua investment account、The index of the phenomenon exists generally，The reporter learns only door of the layout of the product of individual stocks even more than 20 only varieties。Public information display，By June 30,，Fortis haitong innovation growth 2 hold 25 of companies listed on the stock。Financing fund investment director ChenXiaoSheng accept《Shanghai stock certificate report》In an interview thought，Only door products share number ten only for the best，Hold stocks too much easy to form kind of the index、Kind of public enlisting fund of the phenomenon。