Baker Steel Resources Trust

LN: BSRT

Market Cap£60m

Last Close 56.5p

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

Baker Steel Resources Trust (BSRT) recently faced headwinds from weaker equity and industrial/precious metals markets and the impact of cost inflation on the budgets of junior mining projects. BSRT’s NAV declined by c 18.5% ytd mostly due to a fall in the share price of recently floated holdings (Tungsten West, First Tin), lower share prices of listed peers (Cemos, Nussir), agreed sale price (Bilboes) and a 50% write-down of holdings with exposure to Russia (Polar Acquisition and Azarga Metals) in February 2022. BSRT’s five-year NAV total return (TR) stands at 8.6% pa (versus the EMIX Global Mining Index’s c 12.4% in sterling terms). Despite the tougher environment, BSRT was able to agree the sale of Bilboes Gold.

Content on Baker Steel Resources Trust
Baker Steel Resources Trust – Adjusting to the new reality
Investment companies | research Review | 5 August 2022
New ideas and imagination Creativity and inspiration Technological innovation.
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.
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Share price graph
Price performance
%
1m
3m
12m
Actual (11.7) (7.4) (32.7)
Relative* (5.8) (2.2) (29.0)
52-week high/low 85.0p/55.4p
*% 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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