A transparent record of high-conviction entries and tactical exits that have defined the I/O Fund's technology portfolio performance since inception.
These outcomes are the result of a repeatable process: real-time execution, strict interpretation of position activity, and clear invalidation rules that protect capital when conditions change.
The team raised cash allocation to 50% in January 2025 to manage risk, then issued 22 buy alerts between February and April. Nine of those alerts were sent on the April 4th market low, showing disciplined timing during a high-volatility setup.
TIMINGIn 2025, the I/O Fund returned 37%, outperforming both the S&P 500 and Nasdaq-100. The performance reflected active positioning, tactical execution and strong stock selection across the year.
RETURNThe team's equity-only portfolio delivered a 56% return in 2025, making it one of the strongest U.S. equity-only portfolio performances of the year. This reflects focused exposure to high-conviction names while maintaining active risk controls.
EQUITYIn 2025, 11 portfolio positions outperformed the Nasdaq-100, showing that returns were not driven by a single name alone. The result reflects broad-based stock selection strength across technology, AI infrastructure and related growth themes.
SELECTIONThe team identified the AI Energy theme early by recognizing power infrastructure as a key bottleneck for AI growth. After building a large Bloom Energy position between April and July 2025, the core position finished the year up 305%, with the lowest entry returning 422%.
AI ENERGYThe team built a large Astera Labs position near the 2025 lows, capturing a major AI infrastructure opportunity before broader momentum returned. The position delivered a 140% return for the year, significantly outperforming a passive buy-and-hold approach.
AI INFRAThe I/O Fund first identified Nvidia's AI GPU and CUDA moat thesis in 2018, entering the stock at $3.15 before the broader market recognized the AI opportunity. The team continued publishing deep analysis, issuing multiple trade alerts and managing the position through 2025.
SEMISThe team published early Bitcoin research in 2019 and entered the position in January 2020 at $7,717. It later identified key cycle turning points, issued multiple buy alerts during the next bull setup, and sold nearly the entire position between $85,000 and $113,000 to preserve gains.
CRYPTOThe team identified AMD's server-share comeback opportunity at $38 in 2020, when Intel still dominated the x86 server market. AMD later gained meaningful share, and the stock returned 411% compared with Intel's negative return during the same period.
SEMISThe team identified Super Micro as a leveraged AI infrastructure play tied to Nvidia's growth cycle. The position generated combined realized returns of 243%, while risk was actively managed before later volatility appeared in the stock.
AI SERVERSThe I/O Fund opened CrowdStrike in early 2023 and began taking gains in early 2024 as the position moved higher. The team later closed the full position for an 87% realized gain before a major drop, showing disciplined exit timing.
CYBERSECURITYThe team bought Netflix during 2022 weakness, focusing on the company's move into connected TV advertising while the market was selling the stock. Over the following two years, the position produced a 164% realized gain.
STREAMINGSince the AI bull market began in 2023, 27 total portfolio positions have outperformed the Nasdaq-100 on an annual basis. This shows the team's ability to identify multiple winners across the AI cycle, not just participate through one major stock.
AI MARKETGoing into 2023, the team allocated 45% of the portfolio to AI before the broader market fully priced in the opportunity. This early conviction helped position the portfolio ahead of the major AI-led market acceleration.
CONVICTIONThe team rotated into AI in 2022, ahead of the broader 2023 market acceleration and before institutional consensus fully formed around the theme. This positioning helped capture the first major wave of AI-led market leadership.
ROTATIONThe team built a crypto position at an average cost basis of $4.60 and sold nearly the entire position in early 2021 at an average price of $40.05. This resulted in a 771% realized gain during a major digital asset cycle.
CRYPTOIn 2021, the team identified semiconductors and blockchain as leading sectors, while also selecting top-performing cloud stocks such as DDOG and ASAN. The team also identified Ethereum as the best-performing large-cap asset that year.
SECTORRotated early into cloud infrastructure in 2019 and selected Roku as a top-performing technology stock. The team also identified Zoom Video before its major pandemic-era rise, showing early recognition of cloud adoption trends.
EQUITY
The leading team in AI stocks identified one of the few darlings of the AI trend in 2023. The little-known company called Super Micro produces AI servers for Nvidia’s A100 and H100 GPUs. Beth Kindig first introduced our readers to this stock in May of 2023. Her thesis was that it was downstream from NVDA […]
Bitcoin was one of the first reports that we issued to our readers when we started our service in 2019. Beth Kindig has been writing about crypto since 2013, which led to our firm being early to Bitcoin and maintaining our conviction despite the naysayers.
Lead Tech Analyst Beth Kindig first identified Nvidia’s AI GPU and CUDA moat thesis in November 2018. She later stated in 2019 and again in 2021 that Nvidia would soon surpass Apple’s valuation. At the time, this was inconceivable, as it would require Nvidia to skyrocket while Apple plateaued. The I/O Fund initially bought Nvidia […]
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