NEW IRELAND FUND $9.20 (New York symbol IRL; Shares outstanding: 5.1 million; Market cap: $47.2 million; CWA Rating: Aggressive) invests in Irish companies. The fund’s manager is the Bank of Ireland, which dates back to 1783.
The Irish economy has slowed along with lower housing prices in the country, plus a slowdown in exports. Longer term, the country’s openness to foreign investment will continue to pay off. Ireland is part of the Euro currency system. It has also invested heavily in education and worker training.
The New Ireland Fund’s top holdings at last report were: CRH plc (building materials), 25.6%; Ryanair Holdings (airline), 11.4%; Allied Irish Banks at 8.9%; DCC (distribution), 6.1%; Aryzta plc (agriculture & food), 5.8%; Elan Corp. (Healthcare services), 5.6%,– Kerry Group (food products), 5.4%; United Drug plc (Healthcare services), 3.4%; Origin Enterprises (agriculture), 2.7%; and Norkom Group (financial crime detection), 2.6%.
The industry exposure of the stocks in the New Ireland Fund is as follows: Construction/building materials, 23.2%; Financial, 16.3%; Healthcare services, 13.1%; Food & beverages, 9.9%; Transport, 8.9%; Business services, 5.9%; Diversified financial services, 5.4%; and Food & agriculture, 4.6%.
The New Ireland Fund trades for 8% less than the value of its assets. The fund is still a buy.
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