HEALTHEQUITY, INC.

# Signal Note: Deerfield initiates HQY position Deerfield's $1.5M entry into HealthEquity suggests conviction in the HSA/healthcare savings platform operator ahead of potential regulatory tailwinds or M&A activity in the tax-advantaged accounts space. The position size indicates opportunistic rather than conviction-level betting, likely tied to valuation reset or near-term operational catalysts rather than product-specific drivers, given HQY's B2B platform business model.