Over the last three years, a portfolio manager investing in large cap stocks had an average total return of 14% when the small cap index he selected as a benchmark had an average total return of 11.5%. Is the performance consistent with efficient market hypothesis?

a. No, it is not. It is a violation of weak form EMH.

b. No, it is not. It is a violation of semi-strong form EMH.

c. No, it is not. It is a violation of strong form EMH.

d. No, it is not. It is a violation of all forms of EMH.

e. Yes, it could be. The manager selected an inappropriate benchmark.