Baker Steel Resources Trust


£96m market cap

90.5p 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) reported an impressive NAV total return (TR) of 29.2% for 2020, visibly ahead of the EMIX Global Mining Index (22.2% TR in sterling). This largely resulted from a yearend valuation review of unlisted portfolio holdings and was driven by a combination of projects moving up the development curve, the rebound in commodity prices (CRB Commodity Index up by 21% in H220) and higher market multiples of listed peers (vs end-June). Key contributors include Cemos reaching full production capacity and Tungsten West being revalued after recent first closing of its £5.0m funding round. Their carrying value almost doubled, adding 8.9pp and 8.0pp to portfolio NAV TR, respectively.

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Share price graph
Price performance
Actual 5.2 10.4 88.2
Relative* 2.3 6.6 48.6
52-week high/low 90.5p/48.5p
*% 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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