Morgan Stanley holds 2.7% of Evolent Health

Morgan Stanley and an affiliate disclose their Evolent Health stake has dropped below the 5% beneficial ownership threshold.

Rhea-AI Filing Summary

Evolent Health, Inc. (EVH) is the issuer of Class A common stock reported in this Schedule 13G/A Amendment No. 2. Morgan Stanley and its affiliate Morgan Stanley Capital Services LLC report that their beneficial ownership of EVH has fallen below five percent of this class.

Morgan Stanley reports beneficial ownership of 3,034,589 EVH Class A shares, representing 2.7% of the class, all with shared voting and dispositive power. Morgan Stanley Capital Services LLC reports beneficial ownership of 2,882,159 shares, representing 2.5%, also with shared voting and dispositive power. Both expressly state they have ceased to be beneficial owners of more than five percent.

Key Figures

Morgan Stanley beneficial ownership: 3,034,589 shares Morgan Stanley ownership percentage: 2.7% Morgan Stanley shared voting power: 3,021,796 shares +2 more

5 metrics

Morgan Stanley beneficial ownership 3,034,589 shares Class A common stock of Evolent Health, Inc., representing 2.7% of the class

Morgan Stanley ownership percentage 2.7% Reported percentage of Evolent Health Class A common stock

Morgan Stanley shared voting power 3,021,796 shares Shares of EVH Class A common stock with shared voting power

Morgan Stanley Capital Services LLC beneficial ownership 2,882,159 shares Class A common stock of Evolent Health, Inc., representing 2.5% of the class

Morgan Stanley Capital Services LLC ownership percentage 2.5% Reported percentage of Evolent Health Class A common stock

Key Terms

beneficial owner, shared voting power, shared dispositive power, Schedule 13G/A, +1 more

5 terms

beneficial owner financial

"has ceased to be the beneficial owner of more than five percent"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

shared voting power financial

"Shared Voting Power 3,021,796.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

shared dispositive power financial

"Shared Dispositive Power 3,034,589.00"

Schedule 13G/A regulatory

"This is a Schedule 13G/A Amendment No. 2 relating to"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

parent holding company financial

"If a parent holding company has filed this schedule"

FAQ

What does this Schedule 13G/A filing reveal about Morgan Stanley’s ownership in EVH?

It shows Morgan Stanley and Morgan Stanley Capital Services LLC each now hold under 5% of Evolent Health’s Class A common stock and state they have ceased to be beneficial owners of more than five percent of that class.

How many Evolent Health (EVH) shares does Morgan Stanley report owning?

Morgan Stanley reports beneficial ownership of 3,034,589 shares of Evolent Health Class A common stock, representing 2.7% of the class, all held with shared voting and dispositive power as reported in the Schedule 13G/A.

What is Morgan Stanley Capital Services LLC’s stake in Evolent Health (EVH)?

Morgan Stanley Capital Services LLC reports beneficial ownership of 2,882,159 shares of Evolent Health Class A common stock, representing 2.5% of the class, with shared voting power and shared dispositive power over all those shares.

Has Morgan Stanley crossed any regulatory ownership threshold in EVH with this amendment?

Yes. Both Morgan Stanley and Morgan Stanley Capital Services LLC state that, as of the reporting date, each has ceased to be the beneficial owner of more than five percent of Evolent Health’s Class A common stock, a key disclosure threshold.

What kind of filing is this for Evolent Health (EVH)?

This is a Schedule 13G/A Amendment No. 2 relating to Evolent Health, Inc.’s Class A common stock, filed by Morgan Stanley and Morgan Stanley Capital Services LLC to update their reported beneficial ownership percentages below the 5% level.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Available on EDGAR 09/08/2026 - 05:55 PM Accepted by SEC EDGAR 09/08/2026 - 05:54 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Evolent Health, Inc.

(Name of Issuer)

Class A Common Stock

(Title of Class of Securities)

30050B101

(CUSIP Number)

08/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 30050B101

1

Names of Reporting Persons

Morgan Stanley

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,021,796.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,034,589.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,034,589.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.7 %

12

Type of Reporting Person (See Instructions)

HC, CO

Comment for Type of Reporting Person: As of the date hereof, Morgan Stanley has ceased to be the beneficial owner of more than five percent of the class of securities.

SCHEDULE 13G

CUSIP Number(s): 30050B101

1

Names of Reporting Persons

Morgan Stanley Capital Services LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,882,159.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,882,159.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,882,159.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.5 %

12

Type of Reporting Person (See Instructions)

BD, CO

Comment for Type of Reporting Person: As of the date hereof, Morgan Stanley Capital Services LLC has ceased to be the beneficial owner of more than five percent of the class of securities.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Evolent Health, Inc.
(b)	Address of issuer's principal executive offices: 1812 NORTH MOORE ST, SUITE 1705, ARLINGTON, VA, 22209
Item 2.
(a)	Name of person filing: 1: Morgan Stanley 2: Morgan Stanley Capital Services LLC
(b)	Address or principal business office or, if none, residence: 1: 1585 Broadway, New York, NY 10036 ;2: 1585 Broadway, New York, NY 10036
(c)	Citizenship: 1: Delaware 2: Delaware
(d)	Title of class of securities: Class A Common Stock
(e)	CUSIP No.: 30050B101
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See the response(s) to Item 9 on the attached cover page(s).
(b)	Percent of class: 2.7 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the response(s) to Item 5 on the attached cover page(s).
	(ii) Shared power to vote or to direct the vote: See the response(s) to Item 6 on the attached cover page(s).
	(iii) Sole power to dispose or to direct the disposition of: See the response(s) to Item 7 on the attached cover page(s).
	(iv) Shared power to dispose or to direct the disposition of: See the response(s) to Item 8 on the attached cover page(s).
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit 99.2
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11. * In Accordance with the Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the "Release"), this filing reflects the securities beneficially owned, or that may be deemed to be beneficially owned, by certain operating units (collectively, the "MS Reporting Units") of Morgan Stanley and its subsidiaries and affiliates (collectively, "MS"). This filing does not reflect securities, if any, beneficially owned by any operating units of MS whose ownership of securities is disaggregated from that of the MS Reporting Units in accordance with the Release.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Morgan Stanley

Signature:	Claire Gordon
Name/Title:	Authorized Signatory, Morgan Stanley
Date:	09/08/2026

Morgan Stanley Capital Services LLC

Signature:	Claire Gordon
Name/Title:	Authorized Signatory, Morgan Stanley Capital Services LLC
Date:	09/08/2026

Exhibit Information

EXHIBIT NO. EXHIBITS ------------------ ------------------------------------ 99.1 Joint Filing Agreement 99.2 Item 7 Information * Attention. Intentional misstatements or omissions of fact constitute federal criminal violations (see 18 U.S.C. 1001).