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 15–20 investments. BSRT’s objective is to create value through driving the development of investee companies, as well as exploiting market inefficiencies and pricing anomalies.
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Cosmo Sturge
IR Associate
Francis Johnstone
Investment Adviser to BSRT
Trevor Steel
Chief Investment Officer and Managing Partner
% | 1M | 3M | 12M |
---|---|---|---|
Actual | 0.5 | 15.4 | (3.2) |
Relative | (2.7) | 12.4 | (9.6) |
52 week high/low | 48.9p/33.5p |
Baker Steel Resources Trust (BSRT) has reported a strong 16.3% NAV increase in its end-December 2023 monthly update (reducing the FY23 NAV decline to 6.3%), following its year-end portfolio valuations update. The key driver was a c 47% revaluation of Futura Resources, BSRT’s largest holding, which owns two coking coal mines in Australia. This follows the successful financing in September 2023, which allowed Futura to advance its Wilton mine to production. At the last closing price, BSRT shares are trading at a 44% discount to its unaudited end-2023 NAV.
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