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SoftBank's Vision Fund posts record $26 billion loss as tech stocks take a beating

By Sam Nussey TOKYO (Reuters) -Japan's SoftBank Group Corp reported a record $26.2 billion loss at its Vision Fund investment arm on Thursday, as rising interest rates and...
SoftBank's Vision Fund posts record $26 billion loss as tech stocks take a beating © Reuters. FILE PHOTO: SoftBank Corp's logo is pictured at a news conference in Tokyo, Japan, February 4, 2021. REUTERS/Kim Kyung-Hoon

By Sam Nussey

TOKYO (Reuters) -Japan's SoftBank Group Corp reported a record $26.2 billion loss at its Vision Fund investment arm on Thursday, as rising interest rates and political instability have whiplashed high-growth tech stocks.

The loss was in stark contrast to a year earlier when SoftBank delivered a record annual profit, and it put founder and CEO Masayoshi Son's strategy of concentrating heavily on riskier, high-growth stocks under more scrutiny.

Investors are now increasingly questioning whether many of the once high-flyers it has invested in have a clear path to profitability. South Korean e-commerce firm Coupang is trading 70% below its listing price. Ridehailers Didi Global Inc and Grab Holdings, also tumbled during the January-March quarter.

Son, at a briefing following the earnings announcement, said SoftBank needed to take a defensive position by improving its cash position through asset monetisation and stricter investment criteria.

Vision Fund has around 450 companies in its portfolio and made 43 investments during the fourth quarter. It is slowing the pace of investment in the current quarter as private prices lag the fall in public markets.

While 20 portfolio companies raised funds at higher valuations during the quarter, SoftBank also marked down some of its unlisted assets, contributing to the record loss, in sectors such as consumer, fintech and transportation.

Son, 64, has described SoftBank as a goose laying golden eggs but the pace of listings has slowed with one notable recent exception, Indonesia's GoTo, sliding since going public last month.

The group's annual net loss was 1.7 trillion yen ($13.15 billion). The Vision Fund unit's assets, including the Latin American funds, were worth $175.6 billion at March-end. That compared to an acquisition cost of $141.6 billion.

SoftBank also recorded, in its non-consolidated earnings, a 669.5 billion yen loss due to its SB Northstar trading arm, which had placed bets on listed stocks and derivatives.

To raise cash SoftBank is targeting a U.S. listing of chip designer Arm following the collapse of the sale to chipmaker Nvidia (NASDAQ:NVDA).

($1 = 129.2600 yen)

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18-05-2022 12:43:55 (UTC+7)

EUR/USD

1.0534

-0.0013 (-0.12%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (10)

EUR/USD

1.0534

-0.0013 (-0.12%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (10)

GBP/USD

1.2484

-0.0006 (-0.05%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (6)

USD/JPY

129.18

-0.21 (-0.17%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (0)

Sell (9)

AUD/USD

0.7027

-0.0003 (-0.04%)

Summary

Neutral

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (2)

Sell (6)

USD/CAD

1.2823

+0.0014 (+0.11%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (7)

Sell (1)

EUR/JPY

136.08

-0.39 (-0.29%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (0)

Sell (9)

EUR/CHF

1.0472

-0.0005 (-0.05%)

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↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (7)

Gold Futures

1,807.96

-10.94 (-0.60%)

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Sell (11)

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Buy (2)

Sell (5)

Silver Futures

21.574

-0.176 (-0.81%)

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Sell

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Sell (9)

Indicators:

Buy (3)

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Copper Futures

4.2225

-0.0098 (-0.23%)

Summary

Neutral

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Buy (7)

Sell (5)

Indicators:

Buy (1)

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Crude Oil WTI Futures

110.97

+1.34 (+1.22%)

Summary

↑ Buy

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Buy (9)

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Indicators:

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Brent Oil Futures

112.79

+0.86 (+0.77%)

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Neutral

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Indicators:

Buy (4)

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Natural Gas Futures

8.290

-0.024 (-0.29%)

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↑ Buy

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Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (2)

US Coffee C Futures

228.63

+3.83 (+1.70%)

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Neutral

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Buy (8)

Sell (4)

Indicators:

Buy (2)

Sell (6)

Euro Stoxx 50

3,741.51

+56.17 (+1.52%)

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↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

S&P 500

4,088.85

+80.84 (+2.02%)

Summary

↑ Buy

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Indicators:

Buy (9)

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DAX

14,185.94

+221.56 (+1.59%)

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Indicators:

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FTSE 100

7,518.35

+53.55 (+0.72%)

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Indicators:

Buy (6)

Sell (1)

Hang Seng

20,567.50

-35.02 (-0.17%)

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Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (5)

Sell (1)

US Small Cap 2000

1,840.30

+56.87 (+3.19%)

Summary

Neutral

Moving Avg:

Buy (4)

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Indicators:

Buy (5)

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IBEX 35

8,475.70

+122.00 (+1.46%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (11)

Sell (0)

BASF SE NA O.N.

50.690

+1.395 (+2.83%)

Summary

↑ Buy

Moving Avg:

Buy (12)

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Indicators:

Buy (8)

Sell (0)

Bayer AG NA

64.12

+0.91 (+1.44%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

Allianz SE VNA O.N.

202.25

+3.43 (+1.73%)

Summary

↑ Buy

Moving Avg:

Buy (12)

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Indicators:

Buy (10)

Sell (0)

Adidas AG

183.30

+3.24 (+1.80%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (9)

Sell (0)

Deutsche Lufthansa AG

6.827

+0.131 (+1.96%)

Summary

Buy

Moving Avg:

Buy (8)

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Indicators:

Buy (4)

Sell (2)

Siemens AG Class N

116.50

+2.90 (+2.55%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (9)

Sell (1)

Deutsche Bank AG

9.538

+0.319 (+3.46%)

Summary

↑ Buy

Moving Avg:

Buy (12)

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Indicators:

Buy (8)

Sell (0)

 EUR/USD1.0534↑ Sell
 GBP/USD1.2484Sell
 USD/JPY129.18Sell
 AUD/USD0.7027Neutral
 USD/CAD1.2823Neutral
 EUR/JPY136.08↑ Sell
 EUR/CHF1.0472↑ Sell
 Gold1,807.96↑ Sell
 Silver21.574Sell
 Copper4.2225Neutral
 Crude Oil WTI110.97↑ Buy
 Brent Oil112.79Neutral
 Natural Gas8.290↑ Buy
 US Coffee C228.63Neutral
 Euro Stoxx 503,741.51↑ Buy
 S&P 5004,088.85↑ Buy
 DAX14,185.94↑ Buy
 FTSE 1007,518.35↑ Buy
 Hang Seng20,567.50Buy
 Small Cap 20001,840.30Neutral
 IBEX 358,475.70↑ Buy
 BASF50.690↑ Buy
 Bayer64.12↑ Buy
 Allianz202.25↑ Buy
 Adidas183.30↑ Buy
 Lufthansa6.827Buy
 Siemens AG116.50↑ Buy
 Deutsche Bank AG9.538↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,825/ 6,925
(0/ 0) # 1,853
SJC HCM6,825/ 6,925
(0/ 0) # 1,854
SJC Hanoi6,825/ 6,927
(0/ 0) # 1,856
SJC Danang6,825/ 6,927
(0/ 0) # 1,856
SJC Nhatrang6,825/ 6,927
(0/ 0) # 1,856
SJC Cantho6,825/ 6,927
(0/ 0) # 1,856
Cập nhật 18-05-2022 12:43:57
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KRW15,7819,22
Cập nhật lúc 12:36:25 18/05/2022
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