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Spencer O’Connor, CFA, manages large‐cap portfolios for high-net-worth individuals. O’Connor forecasts that large‐cap stocks will underperform over the next year, so he shifts half of his clients’ assets into small‐cap stocks that he believes are undervalued and will continue to perform well going forward. He informs all his clients about the change in their portfolios’ asset allocations after making the trades. O’Connor has most likely:

A Violated Standard III (C): Suitability.

In cases where members are responsible for managing a fund or portfolio to an index or an expected mandate, it is their responsibility to invest in assets that are consistent with the given mandate.