SoftBank Group Corp vision fund loses money mgain despite tech rebound

SoftBank Group Corp. lost money in its Vision Fund investment unit again despite a rebound in tech stocks, as the Japanese conglomerate suffered losses on unlisted startups in its portfolio.

The Vision Fund unit lost ¥297.5 billion ($2 billion) in the three months ended March, compared with a ¥2.2 trillion loss a year earlier. The gargantuan investment fund that Masayoshi Son proudly set up in 2017 lost a record ¥4.3 trillion for the full fiscal year, almost doubling the record loss of ¥2.6 trillion the year before.

While SoftBank has lost money off and on for years, the latest results are surprising because technology valuations around the world have largely rebounded this year.