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PRESS
RELEASE
05/16/2003
The
New Ireland Fund Quarterly Portfolio Update
Boston,
May 16, 2003 - The New Ireland Fund, Inc.
today released its Quarterly portfolio update as of April 30, 2003.
Investment
Objective; The New Ireland Fund, Inc., (N.Y.S.E. - IRL) a closed-end
diversified investment company, seeks long-term capital appreciation
through investment of at least 80% of its assets in a portfolio
of Irish securities.
| Sector
Breakdown as of April 30, 2003 |
% of
Fund |
| Financial |
18.41% |
| Construction
and Building Materials |
17.98% |
| Food &
Beverages |
17.26% |
| Health
Care Services |
7.91% |
| Leisure
and Hotels |
7.16% |
| Transportation |
7.14% |
| Business
Services |
4.97%
|
| Diversified
Financial Services |
4.78% |
| Top
10 Holdings as of April 30, 2003 |
Sector |
% of
Fund |
| Allied
Irish Banks PLC |
Financial |
15.49% |
| Kerry
Group PLC, Series A |
Food
and Beverages |
14.36% |
| CRH
PLC |
Construction
and Building Materials |
12.34% |
| Ryanair
Holdings PLC |
Transportation |
7.14% |
| DCC
PLC |
Business
Services |
4.97% |
| Irish
Life & Permanent PLC |
Diversified
Financial Services |
4.78% |
| Jury's
Doyle Hotel Group PLC |
Leisure
and Hotels |
4.59% |
| United
Drug PLC |
Health
Care Services |
4.37% |
| ICON
PLC-ADR |
Health
Care Services |
3.54% |
| Galen
Holdings PLC |
Pharmaceuticals |
3.53% |
| Total Net
Assets: |
US$62,270,966 |
| Net Asset
Value: |
$12.78 |
| Market
Price: |
$10.12 |
| Prem/Disc: |
(20.81%) |
The
New Ireland Fund is managed by Bank of Ireland Asset Management
(U.S.) Limited, an indirect wholly owned subsidiary of Bank of Ireland
Group.
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