Fidelity, the mutual fund giant, is marking down a number of later stage, venture funded companies’ valuations again.

Fidelity got into the later state investing game a while ago, and from what I’ve heard, there is a private company investment group that negotiates investments in these late stage (i.e. unicorn type) companies, and the individual mutual fund managers can decide if they wish to invest in any of the particular companies.

Fortune is reporting that about half of the major unicorns that Fidelity invested in have come down in valuation since the end of 2015. I’m not entirely sure of the exact dates, but the trend is clear – late stage company valuations are continuing to decrease.

This isn’t surprising, given that last year was not only a horrible year for tech IPOs (the traditional ‘exit’ of unicorns) but also that about half of 2015 IPOs are trading below their IPO price. Techcrunch has a depressing piece on 2015 tech IPO performance.