产品亏近40%却搞“老鼠仓”，90后基金经理领50万罚单

Core Viewpoint - The article discusses a recent case of insider trading involving a fund manager in Shanghai, highlighting the absurdity of a situation where a manager with a nearly 40% loss in managed products still engaged in illegal trading activities using insider information [4][11]. Group 1: Incident Overview - The Shanghai Securities Regulatory Commission issued a fine to a fund manager, identified as Yang Moujia, for using undisclosed information to guide others in trading activities, resulting in a fine of 500,000 yuan [4][6]. - Yang Moujia's actions were classified as "rat trading," a serious violation where securities personnel trade in a manner that aligns with their institution's operations to gain improper benefits [6][12]. Group 2: Performance and Background - Yang Moujia, who has a career trajectory that matches a former fund manager named Yang Ningjia, managed three equity funds with a total scale exceeding 600 million yuan, but his performance was poor, with a nearly 40% loss during his tenure [8][9]. - The article notes that Yang Ningjia's funds underperformed significantly, with returns lagging behind benchmarks by over 23 percentage points [9][10]. Group 3: Industry Implications - The article emphasizes that the phenomenon of poor performance coupled with illegal activities is not isolated, as similar cases have emerged in the industry, indicating a troubling trend [11][12]. - The increasing sophistication of regulatory technology has made it more challenging for fund managers to engage in "rat trading," as regulators can now track and analyze trading patterns more effectively [11][12]. Group 4: Trust and Compliance Issues - The essence of fund management is based on trust, and "rat trading" undermines this foundation, leading to a loss of investor confidence [12]. - There is a noted lack of legal awareness and compliance understanding among some fund managers, which contributes to ongoing violations despite increased regulatory scrutiny [12].