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: DexCom, Inc. - DexCom, Inc. specializes in continuous glucose monitoring (CGM) systems for diabetes management and has developed innovative technology, including a small implantable device for glucose level measurement [3] - The company's products, such as the Dexcom G7 CGM system and the Stelo Glucose Biosensor, are designed for both adults and children with type 1 or type 2 diabetes, as well as adults with prediabetes and type 2 diabetes who do not use insulin [3] - As of November 13, 2025, DexCom's stock closed at $59.72 per share, with a market capitalization of $23.292 billion [2] - Over the last month, DexCom's stock experienced a return of -10.33%, and its shares lost 21.30% of their value over the past 52 weeks [2]