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The New Ireland Fund, Inc. Monthly Portfolio Update

BOSTON, Nov. 02, 2018 (GLOBE NEWSWIRE) -- The New Ireland Fund, Inc. (IRL) today released an updated Monthly portfolio statement as of October 31, 2018.

Over recent weeks there has been turbulence in global equity markets, which has dominated the news headlines.  Given this backdrop the Board of Directors of the Fund would like to provide the Fund’s shareholders with an update on how Ireland is faring in this environment.  While the Irish stock market has had a setback over recent weeks, the overall decline has been in line with other global equity markets and, in fact, has been less severe than many other markets. 

KBI Global Investors (North America) Ltd (“KBI”), the Fund’s investment adviser, noted that nothing specific or material to Ireland itself occurred during the most recent period.  Over the short term, KBI highlights the slow and unpredictable progress on Brexit, which is causing short term volatility on some Irish stocks.  The Fund’s share price has suffered a very macro driven setback predominantly based on negative global sentiment due to concerns of escalation of trade wars between the US and China. The underlying positive fundamentals of the Irish economic outlook remain intact as does the underlying health of the stocks held in the Fund’s portfolio. 

In sum, Ireland remains the fastest growing economy in Europe and during October, the Irish government, the Irish central bank and various private sector economists have revised upward their forecasts for Irish GDP growth by 2% or more for 2018.

Issuer Name Shareholding US $ Market Value % of Net
AIB GROUP PLC 333,051 1,611,519 2.92
AMRYT PHARMA PLC 1,804,917 306,649 0.56
APPLEGREEN PLC 223,909 1,506,438 2.73
BANK OF IRELAND GROUP 273,377 1,939,890 3.52
CIE DE SAINT-GOBAIN 29,692 1,117,877 2.03
COVANTA HOLDING CORP 105,698 1,552,704 2.82
CRH PLC 464,188 13,895,829 25.19
DALATA HOTEL GROUP PLC 322,959 2,000,913 3.63
DCC PLC 18,889 1,621,265 2.94
GLANBIA PLC 45,783 809,988 1.47
GLENVEIGH PROPERTIES PLC 1,000,000 946,890 1.72
GRAFTON GROUP PLC 155,697 1,440,847 2.61
GREEN REIT PLC 900,477 1,487,043 2.70
GREENCOAT RENEWABLES PLC 1,226,599 1,444,872 2.62
GREENCORE GROUP PLC 271,057 655,512 1.19
HOSTELWORLD GROUP PLC 230,095 544,687 0.99
IPL PLASTICS PLC COMMON B 223,828 2,271,520 4.12
IRISH CONTINENTAL GROUP PLC 177,922 1,047,916 1.90
KERRY GROUP PLC 8,435 864,624 1.57
KINGSPAN GROUP PLC 51,141 2,224,302 4.03
MALIN CORPORATION PLC 81,980 399,273 0.72
MINCON GROUP PLC 562,704 764,812 1.39
ORIGIN ENTERPRISES PLC 21,273 136,617 0.25
PADDY POWER BETFAIR PLC 13,908 1,200,364 2.18
RYANAIR HOLDINGS PLC ADR 20,097 1,664,032 3.02
RYANAIR HOLDINGS PLC 295,398 3,994,894 7.24
SMURFIT KAPPA GROUP PLC 92,245 3,006,956 5.45
TOTAL PRODUCE PLC 748,397 1,602,091 2.90
UDG HEALTHCARE PLC 102,268 907,085 1.50
VEOLIA ENVIRONNEME 46,257 923,217 1.67
The holdings are subject to change at any point in time hereafter.

Investment Objective: The New Ireland Fund, Inc. (IRL), a closed-end non-diversified investment company, seeks long-term capital appreciation through investment of at least 80% of its assets in a portfolio of Irish securities.

The New Ireland Fund, Inc. is managed by KBI Global Investors (North America) Ltd, a wholly owned subsidiary of KBI Global Investors Ltd, and is listed on the New York Stock Exchange under the ticker symbol IRL.  For further information, please contact the Fund at (800) 468-6475 or investor.query@newirelandfund.com Website:   newirelandfund.com