I/O Fund Jumps to 326% Cumulative Return, Ranking Among Wall Street’s Best

In 2025, the I/O Fund posted a 37% return, bringing its cumulative returns since inception to 326%, outperforming the broader markets and leading institutional tech portfolios by as much as 294%. On an annualized basis, the I/O Fund has averaged returns of 29.2%, outpacing many of Wall Street’s most renowned firms.  

• The I/O Fund’s 2025 return of 37% outperformed the Nasdaq-100 by 17% and the S&P 500 by 21%.  
• Since its May 2020 inception, the fund has achieved a 326% cumulative return, surpassing the Nasdaq-100 by 152% and the S&P 500 by 192%.  
• Since inception, the I/O Fund has maintained a notable 294% lead over other institutional technology portfolios.

An investment of $10,000 with the I/O Fund's picks at inception versus other all-tech portfolios would see a portfolio value of $42,552 with IOF versus $13,192 with institutional tech-focused portfolios. The difference in value is 223%.

I/O Fund Ranks Among Top Tech ETFs and Mutual Funds

On a cumulative basis, the I/O Fund’s stellar performance ranks among the top performing Tech ETFs and Mutual Funds, with the 326% cumulative return hypothetically placing the I/O Fund at #3.

While the I/O Fund’s portfolio was not exclusively invested in semiconductors, similar to many of the top ETFs on the chart below, we held high allocations in a select group of semiconductor winners, which played a significant role in driving our cumulative performance. This extended well beyond Nvidia to include several lesser-known AI semiconductor names.

I/O Fund Reports 56% Equity-Only Returns in 2025 

The I/O Fund’s 37% portfolio return combines both equities and cryptocurrencies, with the latter weighing on results with Bitcoin down (5%) and altcoins down as much as (40%). When excluding cryptocurrencies, the team’s equity strategy delivered a staggering 56% return, a result that ranks the I/O Fund team among the highest-performing investment teams in the United States on both an annual and cumulative basis. 

• The I/O Fund’s equity-only portfolio return of 56% would rank as the third highest recorded for any U.S. equity-only portfolio in 2025.
• The I/O Fund had 11 positions beat the Nasdaq-100 in 2025, up from 10 positions in 2024 and up from 7 positions in 2023.

The returns shown above reflect the performance of our equity strategy in 2025 and provide a more appropriate comparison to ETF thematic approaches. I/O Fund equities are concentrated entirely in AI stocks. 

I/O Fund’s 29.2% Annualized Return Ranks Among Leading Hedge Funds

The I/O Fund actively manages risk through hedging and raising cash. Therefore, the closest comparison in terms of style would be hedge funds. The I/O Fund’s annualized returns of 29.2% since inception compare favorably with some of Wall Street’s most established investment teams. 

The I/O Fund launched mid-year in 2020 on May 9th. The comparison below illustrates the strength of our annualized return over the past five years, outpacing several well-known hedge funds, including Pershing Square and Coatue.

What Drove the I/O Fund’s Outperformance in 2025

The last few years have demanded a high level of precision as the markets quickly and sharply rotated from cloud towards AI, with valuations resetting, and major indices advancing to consecutive strong years – conditions that have made sustained outperformance exceptionally difficult for active managers.

The I/O Fund strives for breadth and consistency by measuring how many positions outpaced the Nasdaq-100. Our results in 2025 exceeded previous results, notably this was on a high base from 2024.

• The I/O Fund had 11 positions beat the Nasdaq-100 in 2025, up from 10 positions in 2024 and up from 7 positions in 2023.

Additionally, the I/O Fund’s biggest winners were built through strategic entries that occurred below the January 1 opening price as tactical purchases through March and April allowed us to realize gains that exceeded the stock’s annual performance. Although we reserve the complete list for our paid members along with real-time alerts for every trade we make, below are a few highlights we can share with you: 

• Nvidia remained a key anchor in the I/O Fund’s portfolio, though we actively managed the position with purchases in March and April in alignment with our publicly-stated buy target zones.  
• We tactically reduced Bitcoin from a 10% allocation to 1% through April to December 2025, locking in gains from numerous purchases made through 2023 and 2024. 
• Bloom Energy became the I/O Fund’s top performing stock of 2025 with a 305% average return, with one entry as high as 422%. 
• An AI semiconductor stock became a leading allocation in the I/O Fund’s portfolio, with a 140% average return across all entries, driven by five tactical buys through February to April 2025. 
• We entered and exited a Bitcoin miner for a 93% average gain. 
• We captured a 79% return on a lesser-known AI data and software platform, with one entry as high as 94%. 
• We realized a 51% return on a leading AI advertising and social media firm.

Nvidia Stock Positioning  

Leading up to the release of the Hopper GPUs, we were net buyers of Nvidia in 2021 through early 2023. On average, it was held as a 15% position throughout 2022 and 2023. As we moved into 2024, Nvidia was allowed to exceed this allocation to become our first ever 20% position.

However, in mid-2024, we shifted our focus by looking more deeply at suppliers for Nvidia. Although the stock remained a core holding, we used our oversized allocation to raise cash at periods of perceived risk. Most notably, we talked about Nvidia hitting the $90 - $80 region for months, including in two free newsletters in January 2025, Where I Plan to Buy Nvidia Stock Next, and DeepSeek Creates Buying Opportunity for Nvidia Stock.

In February of 2025, we cut half of our position with an average cost basis of $130.88. We were then able to grab shares of Nvidia roughly 30% lower at $94.48 on April 4th and again at $87.99 on April 7th. The low for the year was $86.60.

Bitcoin Allocation Strategy  

While we were exceedingly bullish in Bitcoin in 2023 and early 2024, buying most dips, we lean heavily into technical analysis to manage our position. Using our technical analysis and internal indicators and other liquidity signals, such as those outlined in the free newsletter from August, Is Bitcoin’s Bull Run Nearing a Top? What the Herd Missed at $16,000 and is Missing Now and subsequent free webinar, we began trimming our position.

From April through December 2025, we reduced our Bitcoin position from 10% down to a 1% allocation, locking in gains between $85,000 and $113,000, making the multi-year bull run in Bitcoin one of the top actively managed positions in our firm’s history.

Bloom Energy as Top 2025 Winner

We first covered surging power demand from AI data centers in our June 2024 newsletter, AI Power Consumption: Rapidly Becoming Mission-Critical, with Bloom Energy quickly rising to the top of our list for its ability to solve the critical time-to-power constraint.

We made three initial buys in Bloom that defined our core position, with two on the April 4th low at $17.04 and $16.64 for a 5% position. We then added another 3% on July 24th at $32.93, taking tactical gains in September as Bloom’s strong relative performance had made it one of the I/O Fund’s largest allocations at up to 15%. Bloom ended the year as one of the I/O Fund’s best performing stocks with an average return of 305%, with one entry returning 422%.

AI Networking Stock Allocation

We built a leading 11% allocation to an AI networking stock from February to April after identifying its key positioning within the networking stack and its product positioning enabling larger and faster AI clusters to be architected.  

We trimmed 1/3 of this position in September to lock in an average 295% return from our initial four purchases and free up cash, shortly before the stock sold off 50% in just over two months.

Early to a Bitcoin Miner 

The I/O Fund first pitched this Bitcoin miner to its Discovery members, identifying it as one of the first to lead the transition to lucrative, high-revenue AI data center hosting with multi-billion dollar deals already secured. Shortly after, the I/O Fund brought this idea to its Advanced members as Portfolio Manager Knox Ridley believed he saw a potential positive setup emerging within his technical analysis on the chart.

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The I/O Fund then entered this Bitcoin miner with two purchases, both on April 4th, before exiting the stock in late July; we attempted to re-enter this position in October and November but closed the position for a small loss.

Overall, the I/O Fund realized an average return of 93% on this miner. 

Unlock our portfolio, real-time trade alerts on every position, live weekly webinars and more by signing up for Advanced Market Signals today. Learn more here.

What Sets the I/O Fund Apart 

At the heart of I/O Fund, we believe that transparency is key to our success over the last few years. We keep our members in the loop with real-time trade alerts and audited performance reviews, and we take pride in holding ourselves to the utmost highest standard when it comes to accountability as very few research platforms (if any) offer this. 

Why Real-Time Trade Alerts Matter 

Real-time trade alerts are sent to our premium members at the moment we decide to buy, sell, trim, or add to a position. That may sound straightforward, but in practice, it’s one of the most demanding ways to manage a portfolio, as each and every decision is recorded publicly the moment it’s made.

That level of transparency places meaningful pressure on the portfolio team, which is exactly the point. It’s the same standard registered fund managers are held to when they file trades, yet it’s rarely offered across investment research.  There’s a reason most research platforms avoid real-time alerts, active position management, and detailed transparency: the more granular the reporting, the higher the stakes. When decisions are logged instantly, there’s nowhere to hide. 

Every portfolio team makes mistakes. The difference is that by making mistakes publicly, it has sharpened our decision-making and strengthened our discipline over time. 

Verified Returns, Accountability: $210,000 Invested in Transparency

One of the biggest gaps across research platforms is the lack of verified performance. Institutional investors don’t take claims at face value -- they require proof. Hedge funds are required to report returns precisely because it reduces posturing and selective storytelling.

We apply that same mindset here. To date, the I/O Fund has invested over $210,000 into accountability and transparency for members since inception.  

Early on, we used a forum-based system for trade alerts. By 2021, we transitioned to dedicated SMS and email infrastructure using Twilio and Mailchimp — tools designed to minimize outages and delays. This alone costs $30,000–$40,000 per year, depending on trading activity. 

In addition, we engage an independent accounting firm in San Francisco to mathematically review and verify performance across both our equity and crypto accounts. Each audit takes several months and costs $4,500 to $5,500. To date, we’ve completed seven audits, totaling $32,500.  

Accountability isn’t free, but it’s a standard we hold ourselves to. 

Conclusion: Consistency, Accountability, and Strong Portfolio Returns

Over the past year, we delivered 11 positions that outperformed the Nasdaq-100, continuing a multi-year trend of identifying winners early. Many of our biggest winners were built at prices below the January 1 opening levels, allowing us to realize returns that exceeded the stock’s annual performance. In addition, we drastically cut back our crypto positions to stave off losses starting in August, despite many crypto influencers calling for aggressive price targets. 

This consistency helped extend the portfolio’s cumulative return to 326% since inception in May 2020, with annualized returns averaging 29.2% over that period. Across thousands of portfolio options, these results place us firmly among the top-performing investment strategies in the United States.  

We take the responsibility of providing our Members early, actionable research tools just as seriously as the pursuit of the upside. Thank you for your continued support and confidence.

You can read our full press release here: I/O Fund Proves Leadership in AI Stocks with 326% Cumulative Return and 29.2% Annualized Return.

These results have been independently audited by an accounting firm in San Francisco. Additional performance details and disclosures are available on the I/O Fund website for Premium members. 

Just as important as performance is access to timely, actionable tools. The I/O Fund’s Advanced Tier provides:

• Real-time trade alerts on entries, trims and exits
• Deep-dive research on lesser-known AI Stocks
• Weekly, one-hour webinars held Thursdays at 4:30 pm Eastern

Join today with a limited-time offer for $100 off our flagship tier. Sign up now.

Please note, past results are not a guarantee of future outcomes. Reference our terms and conditions here.

Damien Robbins, Equity Analyst at I/O Fund contributed to this analysis.

Please note: The I/O Fund conducts research and draws conclusions for the Fund’s positions. We then share that information with our readers. This is not a guarantee of a stock’s performance. Please consult your personal financial advisor before buying any stock in the companies mentioned in this analysis.

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