15. (Equity & StockTrak) Which of the following is least likely to be listed as an implementation guideline of an equity fund's investment policy statement? A majority vote is required to purchase a stock b) An individual stock cannot exceed 5.0% of the total equity value of the long only portfolio c) A long/short fund's absolute sector weight can be negative provided the relative sector weight is +/- 10% of the benchmark's sector weight d) As part of the fund's sell discipline, winning stock positions will always be trimmed when the stock trades above 95% of the target price, even if fundamentals have not deteriorated e) As part of the fund's sell discipline, losing stock positions should never be trimmed if the sector analyst has conviction that fundamentals will eventually improve