Select the most appropriate objective for an Investment Policy Statement:

Group of answer choices

Earn a $4\%$ return by minimizing investment risk.

Achieve long$-$term capital appreciation commensurate with market risk.

Outperform the S&P$500$ Index, while maintaining a below$-$average level of risk.

Earn a total return of $15\%$ or more, while maintaining a portfolio beta of $1\mathrm{.}0$ or less.