A portfolio manager of a well-known mutual fund out-performed the S&P 500 for each of the last 4 years. Does this violate the semi-strong form of EMH?

A) Yes, it violates the semi-strong form of EMH.
B) No, it does not violate the semi-strong form of EMH.
C) The information provided is not sufficient to determine.
D) It violates the weak form of EMH, not the semi-strong form.