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Larry Smith, CFA, is the new equity portfolio manager for a socially responsible mutual fund. The investment policy statement stipulates which stocks do not meet the fund’s definition of socially responsible. Because Smith was new to the fund, he did not personally agree to the stocks that were forbidden. Subsequently, he included a stock into the portfolio that was on the restricted list. Which of the following statements is least accurate? A. Smith was responsible for reading and understanding the investment policy statement prior to stock selection. B. Smith is to be held responsible for the investment policy statement even though it was written before he was employed at the fund. C. Smith did not violate the investment policy statement. |