Investment Returns, Valuation Fluctuations and Consolidated Impact of the SoftBank Vision Fund
First written in FY2017. 7 of 25 entries say "Mitigated", first in FY2021-Q1. Latest entry: 2026-05-13.
SoftBank Group Corp. moved to the "Worse" side of this theme in 2022.
2 other companies' latest entry also says "Mitigated".
- 2026-05-13MitigatedOccurring Fact
「SVF２の投資利益は、主にOpenAIの出資に係る投資利益を6,465,523百万円計上したことによるものです。」
OpenAIの公正価値上昇を主因としてSVF２の投資利益が計上され、投資評価変動リスクの影響は当期において低減した。ただし、評価変動への依存は残っている。 - FY2026-H1MitigatedAnnual report
「Investment gains of ¥3,926.7 billion (investment gains in the same period of the previous year: ¥2,651.0 billion)」
Regarding investment valuation risk, total investment gains increased from ¥2,651.0 billion in the same period of the previous year to ¥3,926.7 billion. The SVF business also recorded investment gains of ¥3,415.5 billion, but reliance on valuation movements continues. - FY2025-H1MitigatedAnnual report
「Investment gains of ¥2,651.0 billion (investment losses in the same period of the previous year: ¥963.6 billion) －Investment gains of ¥599.8 billion from the SVF business」
The Company moved from investment losses in the same period of the previous year to investment gains, and the SVF business also recorded investment gains of ¥599.8 billion. However, cumulative losses continued for SVF2. - FY2024-Q3MitigatedAnnual report
「Investment gains of ¥531.3 billion were recognized in the third quarter, driven by increases in the share prices of listed investments (Note 2) and the fair value of ByteDance, which reported strong performance. However, for the cumulative third-quarter period, the impact of declines in the fair value of mainly underperforming unlisted investments (Note 2) resulted in investment losses of ¥52.0 billion.」
Regarding valuation risk in SVF investments, investment gains of ¥531.3 billion were recognized in the third quarter alone due to increases in the share prices of listed investments and other factors, reducing cumulative investment losses to ¥52.0 billion. However, the risk of declining valuations for unlisted investments remains. - FY2024-Q2WorsenedAnnual report
「Cumulative profit and loss since commencing operations: a positive US$14.8 billion for SVF1 and a negative US$20.7 billion for SVF2」
Cumulative investment losses for SVF2 increased, and investment losses of ¥583.3 billion from the SVF business were recognized in the first half. The impact of investment valuation movements on consolidated performance continues. - FY2024-Q1Quarterly losses narrowed, but SVF2's cumulative losses increasedAnnual report
「Investment losses of ¥699.0 billion (investment losses in the same period of the previous year: ¥2,834.4 billion) －Investment losses of ¥13.0 billion from the SVF business」
Investment losses from the SVF business totaled ¥13.0 billion in the first quarter, a substantial reduction from the same period of the previous year, while SVF2 reported cumulative losses of US$18.6 billion since commencing operations, indicating that investment returns and valuation risk remain. - FY2023-Q3WorsenedAnnual report
「Investment losses of ¥5,006.8 billion from the SVF business」
Against a backdrop of global share price declines and deteriorating performance and valuations of unlisted investments, cumulative investment losses from the SVF business for the first 9 months totaled ¥5,006.8 billion, with the impact of investment valuation movements increasing further. - FY2023-Q2WorsenedAnnual report
「Investment losses of ¥4,353.5 billion from the SVF business」
Against a backdrop of global share price declines and lower valuations of unlisted investments, investment losses from the SVF business totaled ¥4,353.5 billion in the first half, with valuation risk becoming materially reflected in results. - FY2023-Q1WorsenedAnnual report
「Investment losses of ¥2,919.1 billion from the SVF business (including investment losses attributable to external investors of ¥631.4 billion)」
The SVF business incurred investment losses of ¥2,919.1 billion due to the global decline in share prices, rising interest rates and lower valuations of unlisted investments. SVF1, SVF2 and the LatAm Fund all recorded investment losses. - FY2022-Q3Growing valuation losses on listed investments coexisted with valuation gains on unlisted investmentsAnnual report
「Net unrealized valuation losses totaling ¥1,967.6 billion were recognized on listed investments, mainly losses of ¥1,123.4 billion related to Coupang and ¥630.2 billion related to DiDi.」
Regarding valuation risk in SVF investments, substantial valuation losses on listed investments including Coupang and DiDi were reflected in results. Meanwhile, ¥1,154.3 billion in unrealized valuation gains were recognized on unlisted investments, highlighting differences in the impact across investments. - FY2022-Q2WorsenedAnnual report
「Investment losses of ¥879.2 billion from SVF1, SVF2 and others ・SVF1: Net realized gains of ¥757.2 billion were recognized, including gains from partial exits from listed investments. While net unrealized valuation gains totaling ¥784.8 billion were recognized on unlisted investments, net unrealized valuation losses totaling ¥1,421.7 billion were recognized on listed investments, mainly a loss of ¥1,212.2 billion related to Coupang.」
Investment losses from SVF1, SVF2 and others totaled ¥879.2 billion in the first half, with substantial valuation losses arising from declines in the fair value of listed investments including Coupang and DiDi. - FY2021-Q3MitigatedAnnual report
「Net investment gain from SVF1 and SVF2: ¥2.7673 trillion」
Regarding valuation risk in SVF investments, the fund moved from a loss in the same period of the previous year to substantial investment gains as the share prices of listed investments and the fair value of unlisted investments increased. However, exposure to valuation movements remains. - FY2021-Q2MitigatedAnnual report
「Net investment gain from SVF1 and SVF2: ¥1.4116 trillion」
Regarding valuation risk in SVF investments, the fund moved from a loss in the previous fiscal year to substantial investment gains, including unrealized valuation gains of ¥804,781 million for SVF1 and ¥537,220 million for SVF2. However, exposure to valuation movements remains. - FY2021-Q1MitigatedAnnual report
「Investment gains and losses from funds operated by SBIA, including the SoftBank Vision Fund, improved by ¥1.4 trillion from the immediately preceding quarter to income of ¥296,577 million.」
The valuation risk of SVF investments improved substantially from the immediately preceding quarter as public equity markets recovered and the fair value of online business investments increased. However, against investment costs of US$75.2 billion, fair value was US$71.5 billion, leaving exposure to valuation movements. - FY2020-Q2WorsenedAnnual report
「Net unrealized losses of ¥537.9 billion on investments held at the end of the second quarter: fair value decreased for investments including Uber, WeWork and three affiliated companies」
As the fair value of investments including Uber and WeWork declined, net unrealized losses on investments held totaled ¥537.9 billion, and the valuation risk of SVF investments became materially reflected in results. - FY2020-Q1AdvancedAnnual report
「Unrealized valuation gains on investments of ¥408,514 million」
The SVF and Delta Fund businesses recognized ¥408,514 million in unrealized valuation gains as the fair value of investments including OYO, Slack and DoorDash increased. At the same time, unrealized valuation losses totaling ¥195,326 million were recognized on investments including Uber, with investment valuation movements reflected in performance. - FY2019AdvancedAnnual report
「Operating income from the SoftBank Vision Fund and the Delta Fund was ¥1,256,641 million (income of ¥302,981 million in the previous fiscal year).」
Full-year operating income from the SVF and Delta Fund businesses increased to ¥1,256.6 billion, reflecting Flipkart's sale gain, unrealized valuation gains on continuing investments and NVIDIA's losses in consolidated performance. - FY2019-Q3Profit growth and valuation losses occurred concurrentlyAnnual report
「In the SoftBank Vision Fund, realized investment gains of ¥146,682 million were recognized upon completion of the sale of Flipkart Private Limited shares in August 2018, while unrealized valuation gains of ¥693,201 million were recognized as the fair value of investments including Uber, which was transferred from the Company during the third quarter, OYO and WeWork increased.」
SVF recognized realized gains from the sale of Flipkart and unrealized valuation gains on multiple investments, while also recognizing ¥299,539 million in unrealized valuation losses on NVIDIA, resulting in the effects of investment valuation movements appearing in both gains and losses. - FY2019-Q2Realized gains recognized and unrealized valuation gains expandedAnnual report
「In the SoftBank Vision Fund, realized investment gains of ¥146,682 million were recognized upon completion of the sale of Flipkart Private Limited shares, while unrealized valuation gains of ¥503,769 million were recognized as the fair value of investments including NVIDIA Corporation and Oravel Stays Private Limited (OYO) increased.」
SVF's investment income comprised both realized gains from the sale of Flipkart and unrealized valuation gains from increases in the fair value of investments including NVIDIA and OYO, with valuation movements and realized sale results reflected in consolidated performance. - FY2019-Q1Expansion of unrealised valuation gains and reflection of the agreed saleAnnual report
「Of this amount, unrealised gains and losses on investments by the SoftBank Vision Fund represented a gain of ¥244.902 billion.」
SVF’s ¥244.902 billion in unrealised valuation gains was recognised in quarterly operating income, reflecting the agreement to sell Flipkart to Walmart and increases in the fair value of WeWork and other investments. - FY2018Full-year recognition of unrealised valuation gainsAnnual report
「Operating income from the SoftBank Vision Fund and the Delta Fund was ¥302.981 billion, primarily due to unrealised gains and losses on investments of ¥345.975 billion.」
Changes in the investment valuations of SVF and the Delta Fund were reflected in full-year consolidated results as operating income of ¥302.981 billion, including unrealised valuation gains of ¥345.975 billion. - FY2018-Q3Continued expansion of unrealised valuation gainsAnnual report
「Operating income from the SoftBank Vision Fund and the Delta Fund was ¥236.427 billion. This comprised unrealised valuation gains on investments of ¥251.108 billion, interest and dividend income from portfolio companies of ¥3.744 billion, and operating expenses of ¥18.425 billion.」
The ¥251.108 billion in unrealised valuation gains at SVF and the Delta Fund was recognised in consolidated operating income, and changes in investment valuations continued to flow through to results. - FY2018-Q2Expansion and consolidation of unrealised valuation gainsAnnual report
「SVF recorded operating income of ¥186.238 billion. This comprised unrealised gains and losses on investments of ¥194.336 billion and operating expenses of ¥8.098 billion.」
SVF’s ¥194.336 billion in unrealised valuation gains was recognised in consolidated operating income for the first half, bringing changes in investment valuations into the reported results. - FY2018-Q1Unrealised valuation gains and losses recognised in consolidated resultsAnnual report
「Although SVF had not made any investments as of the end of the first quarter, the Company recognised as valuation gains or losses the changes in fair value from the end of the previous fiscal year to the end of the first quarter for shares scheduled to be transferred from the Company to SVF.」
Although SVF had not yet begun making investments, changes in the fair value of shares scheduled for transfer were recognised as valuation gains or losses. SVF recorded operating income of ¥105.229 billion, giving concrete form to its exposure to fluctuations in results including unrealised valuation gains and losses. - FY2017First statedAnnual report
「If SVF fails to generate the expected returns from its investments, SoftBank Group Corp.’s overseas subsidiaries may not receive sufficient performance fees, which are payable when SVF’s investment performance exceeds a certain level. SoftBank Group Corp. may also fail to generate the expected returns from its investment in SVF as a limited partner.」
Against the backdrop of SVF investment commitments of $93.2 billion, including up to $28.0 billion from SoftBank Group Corp., the Company identified insufficient investment returns, declines in fair value and the impact on operating results and financial position of consolidating portfolio companies as new risks.