Baker Steel Resources Trust Limited (LON:BRST) saw its net asset value (NAV) rise by 4.5% to 77.2p in the half-year to June 30, 2020.
Over the period, Baker Steel sold most of its holdings in Polymetal and Ivanhoe, its two largest listed holdings, and reinvested the money in a portfolio of mining shares and some unlisted businesses.
That decision helped the first-half performance, said the trust.
Significant events are also possible for its largest holding, Bilboes Gold over the second half, the specialist mining investor added.
Bilboes (21.5% of NAV) has appointed Hannam & Partners to oversee either a fundraise or a sale of its Isabella/McCays/Bubi gold project in Zimbabwe following a definitive feasibility study in January.
Baker Steel noted that with the strength of gold and silver prices recently it might be an opportune time for some of its largely unlisted investee companies to consider a listing.
Separately, the trust said it has appointed Fiona Perrott-Humphrey as a new non-executive director as part of a succession planning programme.
Perrott-Humphrey was formerly Head of Mining Research for Europe and South Africa at Citigroup and is now a director of AIM Mining Research and advisor on the mining sector to Rothschild and Co.