Baker Steel Capital Managers

London-based specialist in precious metals equities.

goldsilverplatinum

PORTFOLIO VALUE

$405.6M

Q1 2025 · 4 positions

HoldingsQ1 2025 · as filed

Ticker	Company	Sector	Shares	Value (USD)	% Portfolio	Activity
AG	First Majestic Silver Canada	Mid-Tier	8.80M	$114.4M	18.8%	ADD +12%
GDXJ	VanEck Junior Gold Miners ETF USA	Junior ETF	5.40M	$135.0M	22.2%	TRIM -10%
GOLD	Barrick Gold Corporation Canada	Senior Producer	4.20M	$75.6M	12.4%	—
PAAS	Pan American Silver Corp Canada	Senior Producer	3.10M	$80.6M	13.2%	TRIM -23%