Evolent Health, Inc.

EVH • NYSE

Evolent Health, Inc. is a medical - healthcare information services company in the healthcare sector on NYSE, led by Seth Blackley, with a market cap of $459.8M. As of Q3 2025, 117% of shares are held by 234 institutional investors, with CADIAN CAPITAL MANAGEMENT, LLC as the largest holder at 10.11%.

CEOSeth Blackley

Market Cap$459.8M

Medical - Healthcare Information Services

Healthcare

Employees4.7K

Websiteevolenthealth.com

Country

United States of America

Overview

Overview of institutional ownership in EVH as of Q3 2025 with a market cap of $981.1M

All Institutions

Institutions: 234
Value Held: $1.1B
Shares Held: 135.6M
Avg Position: $4.9M
Median Position: $369.2K

Hedge Funds

Hedge Funds: 42
Value Held: $316.2M
Shares Held: 37.4M
Avg Position: $7.5M
Median Position: $1.3M

Ownership Breakdown

Institutional (non-HF)

84.73%

$831.3M

Hedge Funds

32.23%

$316.2M

Retail & Other

Based on market cap of $981.1M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in EVH as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
CADIAN CAPITAL MANAGEMENT, LLC Hedge Fund•Long/Short	Conor O'Brien CFO	$99.2M 5.90% of portfolio	10.11% 11.7M shares	Q4 2024 Held for 11 months	$1.7B
VANGUARD GROUP INC Institution	Salim Ramji CEO	$92.8M 0.00% of portfolio	9.46% 11.0M shares	Q2 2015 Held for 10y 5m	$6.69T
B BlackRock, Inc. Institution	-	$78.8M 0.00% of portfolio	8.03% 9.3M shares	Q1 2016 Held for 9y 8m	$5.67T
FMR LLC Institution	-	$74.0M 0.00% of portfolio	7.54% 8.7M shares	Q1 2021 Held for 4y 8m	$1.92T
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$67.5M 0.00% of portfolio	6.88% 8.0M shares	Q2 2015 Held for 10y 5m	$1.65T
E EVENTIDE ASSET MANAGEMENT, LLC Long Only Manager	Robin Cheriakalath John CEO	$53.2M 0.88% of portfolio	5.43% 6.3M shares	Q2 2022 Held for 3y 5m	$6.1B
Rubicon Founders LLC Private Equity	Adam Seth Boehler Managing Partner	$49.2M 25.50% of portfolio	5.02% 5.8M shares	Q1 2025 Held for 8 months	$193.0M
E Engaged Capital LLC Hedge Fund•Activist	Glenn William Welling CIO	$47.9M 11.75% of portfolio	4.88% 5.7M shares	Q3 2020 Held for 5y 2m	$407.6M
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC Long Only Manager	Brent Walker Gledhill CEO	$34.1M 0.09% of portfolio	3.48% 4.0M shares	Q2 2023 Held for 2y 5m	$38.7B
JPMORGAN CHASE & CO Institution	Jamie Dimon CEO	$33.8M 0.00% of portfolio	3.45% 4.0M shares	Q2 2015 Held for 10y 5m	$1.56T

Net Capital Flow

Institutional buying and selling activity for EVH in Q3 2025

Traded: +$19.9M
Buyers: 122
Sellers: 108
Total Bought: +$200.7M
Total Sold: −$180.8M
Avg Position: $4.3M

Biggest Buyers

Institution	Net Bought	Current Position
FMR LLC Institution	+$19.7M +2.3M shares	$74.0M 8.7M shares
E EVENTIDE ASSET MANAGEMENT, LLC Long Only Manager	+$18.7M +2.2M shares	$53.2M 6.3M shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	+$14.5M +1.7M shares	$19.4M 2.3M shares
J JANE STREET GROUP, LLC Institution	+$12.2M +1.4M shares	$12.2M 1.4M shares
CADIAN CAPITAL MANAGEMENT, LLC Hedge Fund•Long/Short	+$11.0M +1.3M shares	$99.2M 11.7M shares
JACOBS LEVY EQUITY MANAGEMENT, INC Hedge Fund•Quant	+$9.3M +1.1M shares	$15.0M 1.8M shares
M MAVERICK CAPITAL LTD Hedge Fund•Long/Short	+$8.5M +1.0M shares	$20.3M 2.4M shares
JPMORGAN CHASE & CO Institution	+$7.7M +906.5K shares	$33.8M 4.0M shares
KENNEDY CAPITAL MANAGEMENT, INC. Long Only Manager	+$6.1M +716.2K shares	$7.8M 922.7K shares
CITIGROUP INC Institution	+$5.7M +675.4K shares	$7.3M 863.7K shares

Biggest Sellers

Institution	Net Sold	Current Position
Durable Capital Partners LP Hedge Fund•Long/Short	−$72.3M −6.4M shares	Sold Off 0 shares
GOLDMAN SACHS GROUP INC Institution	−$18.8M −2.2M shares	$7.5M 881.3K shares
H HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Institution	−$14.4M −1.7M shares	$1.9M 220.9K shares
8 8 KNOTS MANAGEMENT, LLC Hedge Fund•Long/Short	−$9.7M −1.1M shares	$15.0M 1.8M shares
BARCLAYS PLC Institution	−$7.8M −920.5K shares	$1.7M 204.6K shares
R ROYCE & ASSOCIATES LLC Institution	−$7.5M −663.0K shares	Sold Off 0 shares
Holocene Advisors, LP Hedge Fund•Long/Short	−$5.9M −527.9K shares	Sold Off 0 shares
F Freestone Grove Partners LP Hedge Fund•Multi-Strategy	−$5.5M −491.6K shares	Sold Off 0 shares
Connor, Clark & Lunn Investment Management Ltd. Long Only Manager	−$4.5M −403.7K shares	Sold Off 0 shares
WELLS FARGO & COMPANY/MN Institution	−$2.6M −306.5K shares	$786.3K 92.9K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited EVH in Q3 2025

New Positions: 12
New Value: $1.4M
Exited Positions: 30
Exited Value: $104.6M

New Positions

Institution	Position Value
C Concentric Capital Strategies, LP Hedge Fund•Long/Short	$376.3K 44.5K shares
Optimize Financial Inc RIA/Wealth	$374.0K 44.2K shares
Quantinno Capital Management LP Hedge Fund•Market Neutral	$208.2K 24.6K shares
P PharVision Advisers, LLC Hedge Fund•Long/Short	$132.3K 15.6K shares
F Farringdon Capital, Ltd. Institution	$112.1K 13.2K shares
KEYBANK NATIONAL ASSOCIATION/OH RIA/Wealth	$84.9K 10.0K shares
S State of Alaska, Department of Revenue Institution	$56.4K 6.7K shares
Point72 Europe LLP Digital Asset Manager	$35.2K 4.2K shares
Harwood Advisory Group, LLC RIA/Wealth	$4.2K 500.0 shares
SRS Capital Advisors, Inc. RIA/Wealth	$4.1K 479.0 shares

Exited Positions

Institution	Previous Position
Durable Capital Partners LP Hedge Fund•Long/Short	$72.3M 6.4M shares
R ROYCE & ASSOCIATES LLC Institution	$7.5M 663.0K shares
Holocene Advisors, LP Hedge Fund•Long/Short	$5.9M 527.9K shares
F Freestone Grove Partners LP Hedge Fund•Multi-Strategy	$5.5M 491.6K shares
Connor, Clark & Lunn Investment Management Ltd. Long Only Manager	$4.5M 403.7K shares
ALGERT COLDIRON INVESTORS LLC Hedge Fund•Quant	$2.2M 191.6K shares
PRINCIPAL FINANCIAL GROUP INC Institution	$1.4M 123.7K shares
DeepCurrents Investment Group LLC Hedge Fund•Multi-Strategy	$892.9K 79.3K shares
Walleye Trading LLC RIA/Wealth	$740.4K 65.8K shares
WELLINGTON MANAGEMENT CO LLP Long Only Manager	$730.0K 64.8K shares

Options Activity

Institutions with the largest Call and Put options positions in EVH as of Q3 2025

Call Positions: 5
Call Value: $2.7M
Put Positions: 6
Put Value: $1.5M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$1.1M 1.3K contracts
Caption Management, LLC Hedge Fund•Long/Short	$950.9K 1.1K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$304.6K 360.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$191.2K 226.0 contracts
Walleye Trading LLC RIA/Wealth	$181.0K 214.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$496.6K 587.0 contracts
J JANE STREET GROUP, LLC Institution	$382.4K 452.0 contracts
Caption Management, LLC Hedge Fund•Long/Short	$270.7K 320.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$179.4K 212.0 contracts
LEUCADIA NATIONAL CORP Institution	$135.4K 160.0 contracts
WOLVERINE ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$4.2K 5.0 contracts

Most Committed Institutions

Institutions with EVH as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Rubicon Founders LLC Private Equity	Adam Seth Boehler Managing Partner	25.50% $49.2M	5.02% 5.8M shares	Q1 2025 Held for 8 months	$193.0M
E Engaged Capital LLC Hedge Fund•Activist	Glenn William Welling CIO	11.75% $47.9M	4.88% 5.7M shares	Q3 2020 Held for 5y 2m	$407.6M
CADIAN CAPITAL MANAGEMENT, LLC Hedge Fund•Long/Short	Conor O'Brien CFO	5.90% $99.2M	10.11% 11.7M shares	Q4 2024 Held for 11 months	$1.7B
Sea Cliff Partners Management, LP Hedge Fund•Long/Short	Matthew Randall Louis Partner	4.54% $12.4M	1.26% 1.5M shares	Q4 2024 Held for 11 months	$273.5M
Rock Point Advisors, LLC RIA/Wealth	Todd Alan Wulfson President	2.19% $8.3M	0.84% 978.4K shares	Q1 2019 Held for 6y 8m	$377.4M
8 8 KNOTS MANAGEMENT, LLC Hedge Fund•Long/Short	Scott Joshua Green CEO	1.69% $15.0M	1.52% 1.8M shares	Q2 2025 Held for 5 months	$884.1M
Rock Springs Capital Management LP Hedge Fund•Sector	Nnamdi C Etoh CFO	1.46% $25.0M	2.54% 3.0M shares	Q1 2021 Held for 4y 8m	$1.7B
E EVENTIDE ASSET MANAGEMENT, LLC Long Only Manager	Robin Cheriakalath John CEO	0.88% $53.2M	5.43% 6.3M shares	Q2 2022 Held for 3y 5m	$6.1B
F Forest Hill Capital, LLC Hedge Fund•Long/Short	Mark Allen Lee President	0.75% $1.3M	0.13% 150.3K shares	Q2 2024 Held for 1y 5m	$169.9M
P Persistent Asset Partners Ltd Institution	-	0.48% $656.8K	0.07% 77.6K shares	Q2 2025 Held for 5 months	$137.1M

Hedge Fund Spotlight

Discover hedge funds investing in EVH

TWO SIGMA INVESTMENTS LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerScott David Hoffman

Portfolio Value: $62.0B
Positions: 3,252
Last Reported: Q3 2025

Sector Allocation

Position in Evolent Health, Inc.

Market Value: $7.2M
Shares Held: 851.1K
Portfolio Weight: 0.01%
Owned Since: 2025-Q1

Top Holding	Sector	Market Value	Weight
1 SPDR S&P 500 ETF Trust SPY	ETF ETF	$680.4M	1.10%
2 Financial Select Sector SPDR Fund XLF	ETF ETF	$582.6M	0.94%
3 Consumer Staples Select Sector SPDR Fund XLP	ETF ETF	$489.6M	0.79%