[SCHEDULE 13G] Evolent Health, Inc SEC Filing

Rhea-AI Filing Summary

Schedule 13G filed for Evolent Health, Inc. (CUSIP 30050B101). The filing, dated for the event 06/30/2025 and signed 08/06/2025, reports beneficial ownership by Morgan Stanley entities.

• Morgan Stanley (parent) reports 8,210,410 shares beneficially owned, representing 7.0% of Class A common stock with 0 sole voting power, 8,202,877 shared voting power and 8,210,410 shared dispositive power.
• Morgan Stanley Capital Services LLC reports 6,776,898 shares ( 5.8% ) with 0 sole voting/dispositive power and 6,776,898 shared voting and dispositive power.
• Issuer principal executive offices listed at 1812 North Moore St, Suite 1705, Arlington, VA 22209.

The filing is made under Rule 13d-1(b)/(c)/(d) format as a Schedule 13G and includes exhibits (Joint Filing Agreement and Item 7 information).

Positive

• Disclosure of substantial ownership: Morgan Stanley reports 8,210,410 shares (7.0%) beneficially owned in EVH.
• Separate reporting clarity: Morgan Stanley Capital Services LLC specifically reports 6,776,898 shares (5.8%), improving transparency about constituent holdings.

Negative

• No sole voting power: Both reporting persons report 0 shares with sole voting power.
• Shared control only: The filing shows only shared voting and dispositive power, indicating no direct unilateral control over EVH.

Insights

Securities Analyst

TL;DR Morgan Stanley reports a passive stake of 7.0% in EVH and MS Capital Services reports 5.8%; positions are shared, not sole.

This Schedule 13G discloses material passive holdings above the 5% threshold for Evolent Health (EVH). The filing shows no sole voting or dispositive power for either reporting person and indicates shared control across Morgan Stanley reporting units. For investors, this signals a significant institutional stake without an announced intent to influence corporate control. Impact classification: informative/monitor — material for ownership monitoring but not an active control bid.

Corporate Governance Expert

TL;DR A >5% passive disclosure that warrants monitoring of future filings but does not indicate an activist or control intent.

The filing’s certification states the securities were acquired and are held in the ordinary course of business and not to influence control, consistent with a Schedule 13G submission. The presence of shared voting and dispositive power across Morgan Stanley reporting units suggests internal aggregation of positions; investors should watch for any conversion to a Schedule 13D or changes in voting power. Impact classification: monitor — potentially impactful if intentions change.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Evolent Health, Inc.

(Name of Issuer)

Class A Common Stock

(Title of Class of Securities)

30050B101

(CUSIP Number)

06/30/2025

(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)

SCHEDULE 13G

CUSIP No. 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 8,202,877.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 8,210,410.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,210,410.00

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)

7.0 %

12

Type of Reporting Person (See Instructions)

HC, CO

SCHEDULE 13G

CUSIP No. 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 6,776,898.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,776,898.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,776,898.00

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)

5.8 %

12

Type of Reporting Person (See Instructions)

BD, CO

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: 7.0 %
(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.
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:	Chris O'Hara
Name/Title:	Authorized Signatory, Morgan Stanley
Date:	08/06/2025

Morgan Stanley Capital Services LLC

Signature:	Chris O'Hara
Name/Title:	Authorized Signatory, Morgan Stanley Capital Services LLC
Date:	08/06/2025

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).

FAQ

What percentage of EVH does Morgan Stanley report owning?

The filing reports Morgan Stanley beneficially owns 8,210,410 shares, representing 7.0% of Class A common stock.

How many shares does Morgan Stanley Capital Services LLC report for EVH?

Morgan Stanley Capital Services LLC reports 6,776,898 shares, equal to 5.8% of the class.

What is the relevant CUSIP and event date in the filing?

CUSIP: 30050B101; Date of event requiring filing: 06/30/2025.

Was the Schedule 13G filed as a passive disclosure or an activist filing?

This document is a Schedule 13G and includes a certification that the securities were held in the ordinary course of business and not to influence control, indicating a passive disclosure.

Where are Evolent Health's principal executive offices listed in the filing?

The filing lists the issuer's principal executive offices at 1812 North Moore St, Suite 1705, Arlington, VA 22209.