Addus HomeCare Corp

**Signal Note: Deerfield Management Initiates ADUS Position** Deerfield's $1.7M entry into Addus HomeCare—a home- and community-based services provider—signals conviction in the secular tailwinds of aging demographics and post-acute care utilization, particularly given CMS's ongoing shift away from institutional settings. The timing aligns with potential margin expansion catalysts from operational efficiency and favorable reimbursement cycles in 2024-2025, though this represents a relatively modest position size relative to Deerfield's typical healthcare allocations.