TOKYO (Reuters) – Japan’s SoftBank (TYO:9984) Group swung to a 1.18 trillion yen ($7.7 billion) net profit in the three months to September, as the tech giant benefitted from higher share prices of listed companies in its Vision Fund investment vehicles.

The results handsomely beat expectations of a 287 billion yen ($1.87 billion) profit based on the average of four analyst estimates compiled by LSEG, and compares with a loss of 931 billion yen in the same period last year.

The results show SoftBank’s more cautious approach to investment is bearing some fruit. Masayoshi Son’s investing juggernaut was forced into a prolonged period of retrenchment when interest rate hikes caused the value of its holdings in high-growth tech start-ups to crater.

Now some of these valuations are beginning to recover, pushing the Vision Fund unit to an investment gain of 608 billion yen. In four of the last five quarters the unit has been in the black.

But while Vision Fund 1 has had a gross gain of $22.6 billion since inception this has been largely offset by Vision Fund 2’s $21 billion loss.

A recovery of the yen against the dollar over the quarter generated a gain of 289 billion yen as dollar-denominated liabilities could be funded more readily in yen.

($1 = 153.6400 yen)