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A given client has specified that her primary concern is preservation of principal. Last year the value of this client’s account has declined by 8%. Which of the following statements is CORRECT? A. This does not constitute a violation of the manager's fiduciary responsibility, regardless of the nature of the investment policy statement for the account. B. This constitutes a violation of the manager's fiduciary responsibility only if the manager deviated from a properly constructed investment policy for this account. C. This constitutes a violation of the manager's fiduciary responsibility regardless of whether the manager deviated from a properly constructed investment policy for this account. |