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Company Details and Investment Strategy

Company Details

BSRT is a Guernsey registered investment company whose shares are traded on the Main Market of the London Stock Exchange.
BSRT concentrates on capital appreciation through identifying and investing in attractively valued early stage (pre-IPO) and specialist listed opportunities in the natural resources sector.

Investment Strategy

Baker Steel Resources Trust Ltd (“BSRT”) seeks capital growth over the long term through a focused global portfolio consisting principally of the equities, or related instruments, of natural resources companies. BSRT invests predominantly in unlisted companies (i.e. in those companies that have not yet made an initial public offering) but also in listed securities with a view to exploiting value inherent in market inefficiencies and pricing anomalies.

Unlisted/Pre-IPO (40-100% Portfolio)

  • Invest in companies during pre-IPO phase
  • From initial round to late-stage financing
  • Value uplift via re-rating/listing
  • Market driven: based on expectations of supply/demand imbalances (eg steel industry resources, energy)
  • Development curve: ‘ride’ the development curve (price appreciation via reduction in market’s specific risks)

Exit Strategy (cash up to 10% Portfolio)

  • Initial Public Offering
  • Trade Sale
  • Event-driven target price
  • Net proceeds reinvested

Listed/Special Situations (0-50% Portfolio)

  • Proactively work with investee companies to unlock value (eg M&A)
  • Valuation based: exploit pricing errors (reserves, product price forecasts etc.)