The New Ireland Fund, Inc.
New York Stock ExchangeCapital Structure
•
in mil. unless spec.Working Capital
•
in mil. unless spec.Growth Rates
•
in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
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in mil. unless spec.- CEO
- Sean Michael Hawkshaw
- Sector
- Financial Services
- Industry
- Asset Management
- Address
- One Boston Place Boston MA United States of America 02108
- IPO Date
- Jan 1, 2009
- CIK
- 0000858707
- Website
- newirelandfund.com
- Similar Companies
- Business
- The New Ireland Fund, Inc. (NYSE: IRL) is a non-diversified, closed-end management investment company focused on achieving long-term capital appreciation through investments primarily in equity securities of Irish companies. Under normal circumstances, the Fund invests at least 80% of its total assets in Irish equity and fixed income securities, with approximately 65% allocated to equity securities of issuers organized under Irish laws, including those listed on the Irish Stock Exchange and unlisted companies; the remaining assets may include non-Irish companies listed on recognized exchanges or up to 25% in unlisted equities. It targets growth stocks across diversified sectors such as banks, construction materials, airlines, hotels, restaurants and leisure, building products, trading companies and distributors, containers and packaging, household durables, food products, and health care services. The Fund, managed by KBI Global Investors (North America) Ltd., a subsidiary of Amundi Asset Management, benchmarks its performance against the ISEQ Index and operates with a focus on well-managed Irish companies exhibiting strong economic fundamentals and superior growth relative to market valuations. Formed on December 14, 1989, and formerly known as Irish Investment Fund Inc., it is domiciled in the United States with administrative offices c/o The Corporation Trust Incorporated in Timonium, Maryland. In recent major developments, the Fund completed its liquidation and dissolution process as of March 31, 2023, following stockholder approval of a Plan of Liquidation on January 5, 2023; this resulted in a final liquidating distribution of $10.43 per share to stockholders based on net asset value as of February 28, 2023, with trading ceasing around February 27, 2023. Prior to liquidation, the Fund renewed a share repurchase program in 2022 authorizing the buyback of up to 5% of outstanding shares through October 31, 2022, completed a tender offer in May 2021 purchasing 25% of shares at 98% of NAV on a pro-rata basis, and declared capital gain distributions including $0.2003 per share in December 2022 and significant long-term gains of $2.0281 per share in January 2022. These actions addressed persistent discounts to net asset value, low asset levels, and elevated expenses, marking a strategic wind-down rather than ongoing operations.
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