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Baker Steel Resources Trust (LSE: BSRT)

Last close As at 26/07/2024

GBP0.53

▲ −1.00 (−1.85%)

Market capitalisation

GBP57m

Baker Steel Resources Trust (BSRT) is a closed-ended investment company aiming to achieve long-term capital growth through investing in equity, loans and related instruments issued by private natural resources companies. It targets a global, concentrated portfolio of 10–20 investments. BSRT’s objective is to create value through driving the development of investee companies, as well as exploiting market inefficiencies and pricing anomalies.

Latest Insights

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Investment Companies | Update

Baker Steel Resources Trust — Interim revaluations bring H124 NAV TR to c 5%

Investment Companies | audiovisual

Baker Steel Resources Trust in 60 seconds

Investment Companies | Update

Baker Steel Resources Trust — Potential to generate a 20%+ yield

Investment Companies | Flash note

Baker Steel Resources Trust — Strong revaluation boost from Futura
Businessman talking about investment stock market and graph from computer laptop with broker trader, giving money plan management and analysis
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Equity Analyst

Milosz Papst

Milosz Papst

Director, Financials

Key Management

  • Cosmo Sturge

    IR Associate

  • Francis Johnstone

    Investment Adviser to BSRT

  • Trevor Steel

    Chief Investment Officer and Managing Partner

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (3.2) 5.0 29.3
Relative (3.0) 2.8 21.0
52 week high/low 56.0p/33.5p

Overview

Baker Steel Resources Trust (BSRT) has released its end-June 2024 NAV (following the usual half-year valuation review of its unlisted holdings), posting a 1.8% NAV increase versus end-May 2024, which resulted in an H124 NAV total return (TR) of 4.9%. Major positive drivers included Cemos, a Morocco-based cement producer, and BSRT’s royalty over the Bilboes gold project in Zimbabwe (owned by Caledonia Mining Corporation, CMCL). This was partly offset by the fair value reduction of Kanga Investments and share price declines of some listed holdings. Importantly, BSRT’s half year revaluations did not capture some recent positive developments at Futura Resources, its largest holding. BSRT’s shares currently trade at a c 34% discount to NAV.

Research

Review

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Baker Steel Resources Trust — Adjusting to the new reality

Update

Investment Companies

Baker Steel Resources Trust — NAV broadly flat in FY21 after strong FY20
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Investment Companies

Update

Baker Steel Resources Trust — Upside potential from successful project funding

Businessman talking about investment stock market and graph from computer laptop with broker trader, giving money plan management and analysis

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