Baker Steel Resources Trust - Interim revaluations bring H124 NAV TR to c 5%
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.Baker Steel Resources Trust is an investment company. Co. invests in the equities, loans or related instruments, of natural resources companies. Co. invests predominantly in unlisted companies but also in listed securities. Co.'s portfolio is concentrated on the liquid markets of silver, gold, oil shale, chrome, iron ore, coal, copper, and platinum. Co.'s projects are located in Canada, China, Democratic Republic of Congo, Indonesia, Madagascar, Mongolia, Morocco, Norway, the Philippines, Republic of Congo, Russia, South Africa, Vietnam and Zimbabwe. Co.'s portfolio is managed by Baker Steel Capital Managers (Cayman) Limited. As of Dec 31 2016, Co.'s investment portfolio was £55.7 million.
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