Baker Steel Regulatory News (BSRT)

London, UK, 10 August 2020

Edison issues review on Baker Steel Resources Trust (BSRT)

Baker Steel Resources Trust (BSRT) carried out an additional review of its unlisted holdings as at end-March 2020 to better reflect the impact of the COVID-19 crisis on its portfolio valuation. By the regular interim review at end-June 2020, however, the pandemic-related NAV declines had been fully offset. Consequently, the year to date NAV total return (as at 31 July) sits at 2.2%, which already reflects the subsequent equity markets rebound, which started in April. Moreover, we note that with several NAV triggers expected to materialise in the current year (described in detail below), BSRT seems well-placed to improve its NAV TR in the next few months.

In H120, BSRT reported a 4.5% NAV total return (reflecting the last full portfolio revaluation) against a 5.8% increase posted by the EMIX Global Mining Index. While outperforming its peers in recent years, the fund trades at a 13.6% discount to its last reported NAV, which is slightly above the peer group median of 11.6%.

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