58 Larry Petrov, CFA, manages a mutual fund with a mandate to invest in the Canadian large-cap financial services sector. The fund's mandate also requires the fund to be fully invested in long positions only. His analysis indicates Canadian bank stocks are generally overvalued. Due to the lack of other suitable stocks within his investment universe, he buys the Canadian bank stock that he believes to be the least overvalued. After thorough analysis, he also buys a Japanese bank stock for the fund due to its attractive dividend yield and expected currency appreciation.

Did Petrov's actions violate the Standard relating to suitability?