SCHEDULE 13G: Cadian Capital Management Discloses 9.3% Passive Stake in Evolent Health

Cadian Capital Management, LP, along with its affiliates and managing member Eric Bannasch, has disclosed a passive beneficial ownership of 9.3% in Evolent Health, Inc.'s Class A Common Stock as of March 31, 2025.

Summary

• Cadian Capital Management, LP, Cadian Capital Management GP, LLC, and Eric Bannasch (collectively, the "Reporting Persons") have filed a Schedule 13G with the SEC.
• As of March 31, 2025, the Reporting Persons beneficially owned 10,794,606 shares of Evolent Health, Inc.'s Class A Common Stock.
• This ownership represents approximately 9.3% of the outstanding Class A Common Stock of Evolent Health, Inc.
• The percentage is calculated based on 116,591,148 shares of Class A Common Stock outstanding as of February 14, 2025, as disclosed in Evolent Health's Form 10-K filed on February 21, 2025.
• The shares are directly held by Cadian Master Fund L.P. and Cadian Opportunities Master Fund LP (the "Advisory Clients"), which are advisory clients of Cadian Capital Management, LP.
• Cadian Capital Management, LP exercises shared voting and dispositive power over these 10,794,606 shares.
• The filing certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose of or with the effect of changing or influencing the control of Evolent Health, Inc.

Sentiment

Score: 5

Explanation: The document is a factual disclosure of beneficial ownership by a passive investor and does not contain information that would indicate a positive or negative sentiment regarding the issuer's performance or outlook.

Positives

• The disclosure of a significant 9.3% stake by an institutional investor like Cadian Capital Management may signal confidence in Evolent Health, Inc.'s long-term prospects.
• The passive nature of the investment, as indicated by the Schedule 13G filing, suggests that Cadian Capital Management is not seeking to influence or control the company's management or strategic direction, which can be viewed positively by existing management.

Future Outlook

This Schedule 13G filing does not provide any forward-looking statements or guidance regarding Evolent Health, Inc.'s future performance or strategic outlook.

Management Comments

• Eric Bannasch, Managing Member of Cadian Capital Management GP, LLC, certified that the securities were acquired and are held in the ordinary course of business and not for the purpose of or with the effect of changing or influencing the control of Evolent Health, Inc.

Industry Context

This filing is a standard disclosure of a significant passive investment by an institutional fund in a publicly traded company within the healthcare technology sector. It does not provide broader industry trends or competitive analysis.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional holder, which can influence market perception and liquidity.
• Management: Awareness of a large passive investor, though no direct impact on operations or strategy is implied by a 13G filing.

Next Steps

• The Reporting Persons are responsible for the timely filing of any amendments to this Schedule 13G if their beneficial ownership changes significantly (e.g., crosses a 1% threshold up or down, or if their intent changes from passive to active).

Key Dates

Keywords

Evolent Health, Cadian Capital Management, Schedule 13G, beneficial ownership, Class A Common Stock, institutional investment, passive stake, healthcare technology, investment management