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Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>We estimate Vision Fund portfolio companies lost $2.1bn in value in Q3 as upside from new listings was not enough to offset valuation losses from the current portfolio.</li>
<li>A strong debut for SenseTime boosted Q3 gains by $2.3bn and +$1.7bn this week. That takes the sting out of weak Didi Q3 results but China remains a challenge. </li>
<li>Shares trade at a 49% discount to NAV because investment losses both lower NAV and boost balance sheet concerns. </li>
</ul>


We estimate Vision Fund portfolio companies lost $2.1bn in value in Q3 as upside from new listings was not enough to offset valuation losses from the current portfolio.
A strong debut for SenseTime boosted Q3 gains by $2.3bn and +$1.7bn this week. That takes the sting out of weak Didi Q3 results but China remains a challenge. 
Shares trade at a 49% discount to NAV because investment losses both lower NAV and boost balance sheet concerns. 


Softbank Group - SenseTime Rally Offsets Some of China Weakness but Q3 Vision Fund in the Red