money-2724241

Baker Steel Resources Trust

LN: BSRT

£48m market cap

45.1p last close

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.

Investment summary

Baker Steel Resources Trust (BSRT) offers a unique approach to investment in the natural resources sector, with early-stage (pre-IPO) engagement and specialist listed opportunities. In FY19, BSRT posted a solid NAV return of c 30%, driven by the revaluations of unlisted holdings and Polymetal’s share price increase. It reduced its Polymetal position to finance a share tender offer and a £5m investment in Tungsten West. Management aims to maintain this momentum in FY20 with handful of potential NAV triggers as holdings move along the development curve and hence increase in value.

Share price graph
Price performance
%
1m
3m
12m
Actual (11.7) (17.3) (4.5)
Relative* 9.4 16.1 27.8
52-week high/low 59.5p/43.8p
*% 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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