Continued Momentum Lifted Adaptive Biotechnologies Corporation (ADPT) in Q3

Market Overview - The US equity market experienced a rally in the third quarter of 2025, with the S&P 500 Index increasing by 8.12% [1] - Bonds also performed well, with the Bloomberg U.S. Aggregate Bond Index rising by 2.03% during the same period [1] Performance Analysis - The composite return for the quarter was 7.22% gross of fees and 7.10% net of fees, which underperformed the S&P 500 Index's gain of 8.12% [1] - The underperformance of the strategy was attributed to security selection [1] Company Spotlight: Adaptive Biotechnologies Corporation - Adaptive Biotechnologies Corporation (NASDAQ:ADPT) is highlighted as a key stock, with a one-month return of -20.92% and a 52-week gain of 201.28% [2] - As of November 14, 2025, the stock closed at $14.10 per share, with a market capitalization of $2.159 billion [2] Performance Contribution - Adaptive Biotechnologies contributed positively to performance in the third quarter, driven by momentum in its minimal residual disease (MRD) testing business, particularly the clonoSEQ test [3] - The company reported better-than-expected earnings and raised its full-year guidance, with average selling price increases complementing accelerating volume growth [3] Hedge Fund Interest - Adaptive Biotechnologies was held by 26 hedge fund portfolios at the end of the second quarter, a slight decrease from 27 in the previous quarter [4] - While the company shows potential, there is a belief that certain AI stocks may offer greater upside potential with less downside risk [4]