Evolent Health, Inc.

**Signal Note: Rock Springs Capital initiates EVH position** Rock Springs' $10.7M entry into Evolent Health suggests conviction in the company's value-based care platform and physician network expansion, likely driven by improving unit economics and/or M&A optionality. The position size (~2.7M shares, ~1.2% of float) indicates meaningful but not conviction-level conviction, suggesting the healthcare specialist sees either near-term operational inflection or potential takeout interest at current valuations.