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The investment objective of the Fund aims to deliver long term capital growth from a broadly motivated approach to investing whilst ensuring that the overall volatility of the portfolio remains within its set volatility band. The Fund will seek to achieve its objective through investment predominantly in a single derivative contract (“Swap”). The Fund will therefore receive a return linked to the performance of the basket of assets which underlie the Swap. The basket will contain assets that enable the return to be linked to the performance of equities, bonds and cash. The Fund may also invest in directly held transferable securities, derivatives, cash deposits, warrants and money market instruments. Investment may be made globally but foreign currency exposure through non UK investments may be hedged back into Sterling. It is intended that derivatives will also be used for efficient portfolio management. In particularly volatile markets, the Fund may temporarily hold more than 10% in cash provided it is in accordance with the investment objective of the Fund. As the Fund has the discretion to borrow up to 10% of the value of the property of the Fund, this facility may be used to help manage liquidity.

Ireland