What is defined as the guidelines for managing an investment portfolio?

The correct choice, which defines the guidelines for managing an investment portfolio, is the Investment Policy Statement (IPS). An IPS serves as a comprehensive document that outlines the strategic framework for the portfolio, including investment objectives, risk tolerance, asset allocation strategy, and specific guidelines regarding investment choices.

The IPS establishes a clear set of rules and procedures that guide the portfolio manager in investment decisions and helps ensure that the portfolio aligns with the investor's goals and risk profile. It acts as a reference point for performance evaluation and can help mitigate conflicts or uncertainties that may arise during the investment process.

In contrast, while an Investment Mandate might outline specific intentions or directives for an investment manager, it is typically less comprehensive than an IPS. An Asset Allocation Strategy refers specifically to the distribution of investment across various asset categories, but it does not encompass the wider guidelines found in an IPS. The Risk Management Framework may address how to identify, assess, and manage risks associated with investments, but it is not a complete guide for portfolio management like the IPS.