The Irish Equity Fund is an actively managed fund which aims to achieve growth through capital gains and income from a diversified portfolio of Irish equities and equity-based financial instruments. For tactical reasons, the fund may also invest in cash or cash equivalents. The fund may invest in shares listed in Ireland which also trade on other exchanges. This may give rise to currency risk for the euro investor. As the fund is managed from the point of view of a euro investor any currency hedging that may be conducted will be into euros. Due to the concentrated nature of the Irish equity market, investors should be aware that the top 4 to 5 stocks tend to make up over 50% of the market on an ongoing basis. This concentration leads to increased levels of stock specific risk and therefore, the fund is more appropriate as part of a diversified investment portfolio. This fund is managed by Zurich Life.