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.
Baker Steel Resources Trust (BSRT) carried out an additional review of its unlisted holdings as at end-March 2020 to better reflect the impact of the COVID-19 crisis on its portfolio valuation. By the regular interim review at end-June 2020, however, the pandemic-related NAV declines had been fully offset. Consequently, the year to date NAV total return (as at 31 July) sits at 2.2%, which already reflects the subsequent equity markets rebound, which started in April. Moreover, we note that with several NAV triggers expected to materialise in the current year (described in detail below), BSRT seems well-placed to improve its NAV TR in the next few months.