SoftBank Group’s Vision Fund unit reported a record annual loss after a recent global stock market rebound failed to outweigh three straight quarters of hefty writedowns.

The Vision Fund unit lost ¥4.3 trillion ($32 billion) in the year that ended in March, compared with a ¥2.6 trillion loss the previous year. It was the segment’s biggest loss since founder Masayoshi Son launched his first Saudi and Abu Dhabi-backed fund in 2017.

The Nasdaq 100 index, a benchmark for tech stock performance, rallied 20% during the March quarter, lifting share prices for some of SoftBank’s biggest investments. Coupang gained around 9% and Didi Global about 20% during the period. But most of the Vision Fund portfolio firms are still reeling from the brunt of last year’s stock market collapse.