Artificial IntelligenceCryptocurrencyMetaverseCybersecurityTech Forward

Fidelity Just Revalued Dropbox, Snapchat, and More Tech Startups

December 30, 2015, 8:52 PM UTC
Illustration by Jeremy Enecio for Fortune

Fidelity Investments has again taken out its red pen for several well-known startups, according to a Fortune analysis of new monthly reports for three of the firm’s mutual fund portfolios. There also were a few mark-ups and a lot of values that remained unchanged in November, a month in which both the NASDAQ Composite and Dow Jones Industrial Average finished less than 1% higher from where they began.

Here are some highlights:

Dropbox: Fidelity marked down the value of the company’s common shares by 2.29%. This is still around 50% higher than what Fidelity paid for the stock in May 2012, but around a 17% fall since the end of June 2015. Fidelity also has marked down the value of Dropbox’s Series A and Series C shares since the end of June by around a similar amount, with the Series C stock actually valued around 29% below what Fidelity paid for it back in early 2014.

Blue Bottle: The Oakland-based craft coffee chain continued to suffer the wrath of Fidelity’s valuation committee, watching its the carrying value of its Series C stock get cut by another 4.58% in November. That’s now off a whopping 61.45% since Fidelity invested just six months earlier.

SUBSCRIBE: To Term Sheet, our newsletter on deals and dealmakers

Snapchat: A tiny November markdown of just one-tenth of 1% for the social network’s Series F stock, which means it’s up 14.59% over the end of September but still 14.52% below what Fidelity paid back in March.

Zenefits: The human resources software company’s Series C shares continues to claw their way back, marked up by Fidelity for the second straight month. In November it was a 5.85% bump, which means the shares are being marked down only 44.2% from what Fidelity paid in May.

Uber: Despite the ride-hailing company raising a big new round at an inflated valuation, Fidelity did not change the valuations for any of its Uber securities in November.

Airbnb: Fidelity has kept the company’s Series D and Series E share values stable since the end of June. The Series E shares (acquired on June 29) are being held at cost, while Fidelity has marked up the company’s Series D stock by 128.6% since first investing in January 2015.

WATCH: Are tech unicorns at risk of losing their horns?

Speaking of stability: Other noble companies that Fidelity didn’t revalue in November included 23andMe, Blue Apron, Bracket Computing, CloudFlare, The Honest Co., Intarcia Therapeutics, Moderna Therapeutics, SpaceX, and WeWork. Of those, only CloudFlare, Honest, and SpaceX aren’t being held at cost (Fidelity values each at a premium to what it paid).

Pinterest: We don’t have access to the end of October valuation figures for Pinterest, but do see that Fidelity has marked up its Series E, Series F, and Series G shares by 5.2%, 5.3% and 5.3%, respectively, since the end of June. Each of those securities is also being held above cost—including a 160% appreciation for the Series E shares, which were acquired in October 2013.

Fidelity does not comment on the specifics its monthly valuations, except to say that it uses an internal Fair Value Committee that determines the appropriate price for each security. The monthly reports also do not reveal share counts, so it is possible that the valuations have been affected by share sales or transfers between Fidelity funds, although such moves are rarely, if ever, executed.