Baker Steel Resources Trust

LN: BSRT

Market Cap£68m

Last Close 64p

BSRT is a closed-ended investment company aiming to achieve long-term capital growth through investing in equity, loans and related instruments issued by natural resources companies, targeting a global concentrated portfolio of 15–20 investments. BSRT’s objective is to create value through driving the development of investee companies, as well as exploiting market inefficiencies and pricing anomalies. It focuses primarily on investing in unlisted companies that the manager deems to have strong fundamentals and attractive growth prospects, offering clear valuation upside.

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Investment summary

In FY21, Baker Steel Resources Trust (BSRT) reported a modest unaudited NAV total return (TR) of 1.2% (after the strong 31.5% posted in FY20), below the c 11.0% TR recorded by the EMIX Global Mining Index. The positive revaluation of several industrial commodity projects (see chart below), supported by higher price projections and/or development progress, was mostly offset by writing down its precious metals mining investments, which now make up c 25% of BSRT’s portfolio vs c 35% at end 2020. We consider BSRT’s portfolio to be reasonably mature, providing scope for value uplifts in the medium term as the projects initiate mine construction and then approach first production.

Content on Baker Steel Resources Trust
Baker Steel Resources Trust – NAV broadly flat in FY21 after strong FY20
Investment companies | research Update | 4 February 2022
New ideas and imagination Creativity and inspiration Technological innovation.
Baker Steel Resources Trust – Several IPOs of portfolio projects on the horizon
Investment companies | research Update | 1 October 2021
New ideas and imagination Creativity and inspiration Technological innovation.
Baker Steel Resources Trust – Annual review results in a strong NAV uplift
Investment companies | research Update | 21 January 2021
New ideas and imagination Creativity and inspiration Technological innovation.
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Share price graph
Price performance
%
1m
3m
12m
Actual (10.5) (12.0) (31.6)
Relative* (4.8) (5.6) (30.6)
52-week high/low 100.0p/61.5p
*% relative to local index
Key management
Cosmo Sturge IR Associate
Francis Johnstone Investment Adviser to BSRT
Trevor Steel Chief Investment Officer and Managing Partner

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