In the two years since the launch of SoftBank’s giant Vision Fund, it has begun producing substantial returns. But those gains have been eroded by a sharp drop in the value of its investment in Uber, showing how the fund's performance is dependent on the fortunes of a handful of big companies.

SoftBank bet big on Uber, plowing $7.7 billion into the high-flying startup last year. SoftBank was confident enough in the company that it even marked up the value of its investment by $3.8 billion weeks ahead of the IPO. The move briefly boosted the Vision Fund, on paper, but much of that gain was temporary. Uber’s lackluster IPO has eroded the fund’s overall returns by $2.6 billion, or 16%, from the pre-IPO peak, according to an analysis by The Information. We break down the fund’s investments sector by sector below.