If a Professionally Managed Portfolio Consistently Outperforms the Market Proxy

If a professionally managed portfolio consistently outperforms the market proxy on a risk-adjusted basis and the market is efficient, it should be concluded that

A) the CAPM is invalid.
B) the proxy is inadequate.
C) either the CAPM is invalid or the proxy is inadequate.
D) the CAPM is valid and the proxy is adequate.
E) None of the options