UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. _______)
IRSA INVESTMENTS & REPRESENTATIONS INC
(Name of Issuer)
GLOBAL DEPOSITORY RECEIPT
(Title of Class of Securities)
450047204
-----------
(CUSIP Number)
December 31, 2004
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
/_X_/ Rule 13d-1(b)
/___/ Rule 13d-1(c)
/___/ Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
CUSIP No. 450047204
--------------------------------------------------------------------------------
1) Names of Reporting Persons.
I.R.S. Identification Nos. of Above Persons (entities only)
NEWGATE LLP
--------------------------------------------------------------------------------
2) Check the Appropriate Box if a Member of a Group (a) [ ]
(See Instructions) (b) [_X_]
--------------------------------------------------------------------------------
3) SEC Use Only
--------------------------------------------------------------------------------
4) Citizenship or Place of Organization
MASSACHUSETTS
--------------------------------------------------------------------------------
Number of Shares 5) Sole Voting Power 1,668,396
Beneficially ---------------------------------------------------
Owned by Each 6) Shared Voting Power None
Reporting ---------------------------------------------------
Person With 7) Sole Dispositive Power 1,668,396
---------------------------------------------------
8) Shared Dispositive Power None
--------------------------------------------------------------------------------
9) Aggregate Amount Beneficially Owned by Each Reporting Person
1,668,396
--------------------------------------------------------------------------------
10) Check if the Aggregate Amount in Row (9) Excludes
Certain Shares (See Instructions) [ ]
--------------------------------------------------------------------------------
11) Percent of Class Represented by Amount in Item 9
7.00%
--------------------------------------------------------------------------------
12) Type of Reporting Person (See Instructions)
IA
--------------------------------------------------------------------------------
ITEM 1.
(A) NAME OF ISSUER INVERSIONES Y REPRESENTACIONES SA
(B) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICE
Bolivar 108
Buenos Aires, 1066
Argentina
ITEM 2.
(A) NAME OF PERSONS FILING
NEWGATE LLP
(B) ADDRESS OF PRINCIPAL BUSINESS OFFICE OR IF NONE, RESIDENCE
One Sound Shore Drive
Greenwich, CT 06830
(C) CITIZENSHIP
USA
(D) TITLE OF CLASS OF SECURITIES
GLOBAL DEPOSITORY RECEIPT
(E) CUSIP NUMBER
450047204
ITEM 3.
If this statement is filed pursuant to rule 240.13d- 1(b), or 240.13d-2(b)
or (c), check whether the person filing is a:
(a) ___ Broker or dealer registered under section 15 of the Act (15 U.S.C.
78c).
(b) ___ Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
(c) ___ Insurance company as defined in section 3(a)19) of the Act (15
U.S.C. 78c).
(d) ___Investment Company registered under section 8 of the Investment
Company Act of 1940 (15 U.S.C. 80a-8).
(e) _X_ An investment adviser in accordance with 240.13d- 1(b)1)(ii)(E).
(f) ___An employee benefit plan or endowment fund in accordance with
240.13d-1(b)(1)(ii)(F).
(g) ___A parent holding company or control person in accordance with
240.13d-1(b)(1)(ii)(G)
(h) ___A savings association as defined in section 3(b) of the Federal
Deposit Insurance Act (12 U.S.C. 1813).
(i) ___A church plan that is excluded from the definition of an
investment company under section 3(c)(14) of the Investment Company
Act of 1940 (15 U.S.C. 80a-3).
(j) ___Group, in accordance with section 240.13d-1(b)(1)(ii)(J).
ITEM 4. OWNERSHIP.
Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item
(a) Amount beneficially owned: 1,668,396
(b) Percent of class: 7.00%
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote: 1,668,396
(ii) Shared power to vote or to direct the vote: None
(iii) Sole power to dispose or to direct the disposition of: 1,668,396
(iv) Shared power to dispose or to direct the disposition of: None
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
ITEM 10. CERTIFICATION.
(a) The following certification shall be included if the statement is
filed pursuant to ss. 240.13d-1(b):
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired and are held in
the ordinary course of business and were not acquired and are not held
for the purpose of or with the effect of changing or influencing the
control of the issuer of the securities and were not acquired and are
not held in connection with or as a participant in any transaction
having that purpose or effect.
(b) The following certification shall be included if the statement is
filed pursuant to ss. 240.13d-1(c):
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not
held for the purpose of or with the effect of changing or influencing
the control of the issuer of the securities and were not acquired and
are not held in connection with or as a participant in any transaction
having that purpose or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Dated: February 3, 2005
Signature: ______________________________
Name: Sonia Rosenbaum, Ph.D.
Title: Managing Partner