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Baker Steel Resources Trust

LN: BSRT

Market Cap£84.9m

Last Close 79.75p

Baker Steel Resources Trust’s (BSRT) investment objective is to seek capital growth over the long term through a focused global portfolio consisting principally of the equities, loans or related instruments of natural resources companies. BSRT invests predominantly in unlisted companies, but also in listed securities, with a view to making attractive investment returns through uplift in value resulting from development progression of investee companies’ projects, and through exploiting value inherent in market inefficiencies and pricing anomalies.

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Investment summary

Baker Steel Resources Trust (BSRT) posted a solid 29.2% NAV total return over the 12 months to end-June 2021, primarily supported by revaluations at end-2020 and new funding rounds at project level (eg Tungsten West and First Tin). BSRT’s portfolio is maturing with several projects nearing construction or production stage (eg Bilboes, Futura Resources and Tungsten West, representing c 51% of the NAV), making them ripe for an exit or monetisation. Meanwhile, BSRT has not invested in any new project so far this year as new investments are dependent on portfolio realisations, notably of Bilboes, which has been delayed.

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Share price graph
Price performance
%
1m
3m
12m
Actual (5.1) (5.6) 16.4
Relative* (6.2) (6.7) 0.8
52-week high/low 100.0p/68.0p
*% 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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