LON:BSRT | BSRT - Baker Steel Resources Trust - Does Anyone Else Hold

15th Jul '21 by drobs

4 comments 477 reads

Hi,

Bought into the fund at the start of the year. I wanted a resources / precious metals element to the funds portion of my SIPP and BSRT have been the top performing fund for the last 5 years according to Trustnet - https://www.trustnet.com/fund/...

They have fallen from a high of near £1 to 84p today. Recent NAV was 98p PS so the discount has widened to 14%. I guess the next NAV figures will be good to see, which seem a tad late actually as they are usually in the first 10 days of the month.

I've added recently but just wanted to seek other views on this stock as despite being more than comfortable with resources stocks, this is my first foray into owning an umbrella trust of this kind.

Thanks!

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About the Author

Drobs

Premium Member

Have been investing since 1999. Have made plenty of mistakes but also learnt a lot. Invest primarily in my SIPP, which has a funds / investment trusts segment and an equities segment, where I try and find companies to invest in. more »

4 comments

ken mitchell

16th Jul '21

Hi drobs

As nobody else has answered I’ll try.

I used to hold Baker Steel Resources but sold as so many of their holdings were unquoted and so difficult to value and keep tabs on. I’ve had a quick look at their top 10 holdings and it seems that they have most of their portfolio in a very few unquoted shares. I love conviction portfolios but this might be going a bit too far.

I’ve hold the less risky Black Rock World Mining, Black Rock Energy and Resources and City Natural Resources Trusts and all 3 have doubled since the 2020 lows but still look worth considerable as a possible alternative to or addition to Baker Steel Resources,

I much prefer Investment Trusts to open ended funds.

Presumably you’ve used the aic Investment Trust website?

A big plus for aic over Trustnet is that it only covers Investment Trusts.

Start (obviously) on the home page and then use this link too:-

https://www.theaic.co.uk/aic/find-compare-investment-companies?sortid=Name&desc=false

drobs

16th Jul '21

Thanks a lot Ken, appreciate it

janusuresh04

12th Aug '21

Hi, I am a holder. I partly bought it on the basis that it is the largest holding in the Miton Global Opportunities investment trust. The fund manager, Nick Greenwood, is a very experienced investment trust investor. He points out in the annual report that Baker Steel "uses its intellectual capital to develop promising mineral deposits to the stage where feasibility studies are complete and required permissions are in place. At this point the build out of the mine can commence. Given its small size, Baker Steel usually sells to a multinational and the project is monetised. Since Covid-19 struck, conducting due diligence has been challenging. Many of the geologists who carry out this work are Australian, who would have had to enter quarantine for extended periods if they had persisted with their normal schedule. In the circumstances, Baker Steel may benefit from a bulge in projects reaching maturity this year". I intend to remain invested as I see value here.

drobs

15th Sep '23

Thought I'd revisit this. I sold out a while ago but now trading at a 47% discount to NAV with royalty income expected from Fortuna next year. I am going to be starting a new position. Would welcome any thoughts.

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BSRT - Baker Steel Resources Trust - Does anyone else hold

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Drobs

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