(Bloomberg) -- SoftBank Group Corp. logged a record annual loss at its Vision Fund unit as a global selloff in tech shares pummeled the value of public holdings like Coupang Inc. and Didi Global Inc.

The Vision Fund unit swung to a loss of 2.64 trillion yen ($20.5 billion) for the year ended Mar. 31, down from a record 4.03 trillion yen profit in the previous year. It was the biggest annual loss since founder Masayoshi Son repositioned his firm into an investment holding company with the Vision Fund’s launch in 2017. 

The world’s largest tech fund has been grappling with pandemic-driven writedowns and a global stock market rout that sent once-hot technology darlings tumbling. The Vision Fund’s portfolio dragged the Japanese company’s annual net loss to 1.71 trillion yen, from a 5 trillion yen profit a year ago. 

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“All the investments in the portfolio continue to go down,” Kirk Boodry, an analyst at Redex Research, said ahead of the earnings release. “There’s a lot more concern and worry about where stocks can eventually end up.”

SoftBank shares are down 17% year-to-date amid a 27% slump in the Nasdaq 100 Index. The tech-heavy benchmark tumbled into a bear market in March over concerns of runaway inflation, rising interest rates and a possible slowdown in U.S. economic growth. 

The downturn in global equities is dealing a blow to SoftBank’s basket of stock picks, which is full of tech names that have traded in high multiples backed by easy money. Blockbuster listings by firms like South Korean e-commerce giant Coupang and Chinese online property platform KE Holdings Inc. have gone from being the main driver of profit growth, to biggest drags. 

Even Alibaba Group Holding Ltd., the Chinese e-commerce giant that became one of the most successful venture deals of all time, has lost luster. Scandals and missteps from WeWork Inc., Wirecard AG and Greensill Capital have led to international scrutiny.

“People thought Son could make good investment decisions,” said Mio Kato, an analyst at LightStream Research who publishes on SmartKarma. “Now there is less evidence that SoftBank management’s investment decisions are good. Wirecard and WeWork are among the examples. When the environment changes, they are no longer effective.” 

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