The trust specialises in junior mining companies with more than 40% of its fund invested in gold explorers. The gold price has fallen 30% from its highs while mining stocks have declined by more.
Having listed in March with a portfolio of forty one investments worth around £40mln, the portfolio is now worth 51.1p per share with the market price at a discount of 48% to NAV.
In the absence of an improvement in commodity prices the environment for resource companies will remain challenging, GRIT said.
“Many of the companies in the portfolio have quality projects that have the potential to be developed into successful operating companies in a better economic climate,” it added.
The group lost 0.47p per share in the year to August and a further loss is expected this year, it said.