NEW IRELAND FUND $6.98 (New York symbol IRL; Shares outstanding: 7.2 million; Market cap: $50.3 million; CWA Rating: Aggressive) invests in Irish companies. Bank of Ireland manages the fund.
Lower housing prices and a struggling banking sector have hurt the Irish economy. However, the country is open to foreign investment, and has invested heavily in education and training. It is also part of the euro currency zone. These factors should benefit the Irish economy over the long term.
The New Ireland Fund’s top holdings are: CRH plc (building materials), 19.8%; Ryanair Holdings (airline), 10.7%; DCC plc (business services), 7.3%; Elan Corp. (health-care services), 5.7%, Aryzta AG (agriculture and food), 4.6%; Kerry Group (food products), 4.3%; Grafton Group plc (building materials), 4.2%; Allied Irish Banks, 4.0%; Dragon Oil plc, 3.7%; and Irish Life & Permanent plc, 3.5%.
The New Ireland Fund holds stocks in the following major industries: construction/building materials, 27.3%; transportation, 12.5%; food and beverages, 10.8%; health-care services, 9.9%; financial, 7.5%; business services, 6.9%; diversified financial services, 5.0%; food and agriculture, 4.6%; and energy, 3.7%.
The New Ireland Fund is up 116.8% since its March 2009 low of $3.22. The fund trades for 15.9% less than the value of its assets. Its MER is 1.56%.
New Ireland Fund is still a buy.
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