SEC Ownership Graph

Every SEC ownership filing as one graph, keyed on CIK — so you can ask who moved first on a target, who operates as a coalition, and who really controls an issuer. Built on Neo4j. Every answer cites an SEC accession number, and abstains when the data doesn't support one.

Data: Schedule 13D/13G (beneficial ownership), Form 3/4/5 (insiders and directors), Form 13F (institutional holdings). Straight from EDGAR — no paid data vendor. Depth per layer, and what that does and doesn't support, is in Honest limits.

New to SEC filings? docs/data_sources_and_forms.md explains what each form is, what triggers it, and exactly which node or edge it became — including which four edges are derived rather than filed. Start there if the form names above aren't familiar.

The demo in one question

"Who can actually move this company — and can you prove it from two independent filings?"

$ make demo

Stake + board seat — issuers where a holder clears a Fed control-presumption tier
AND currently sits on the board. Two independent filing types agreeing:

  TICKER        SIZE   STAKE  13D    SEAT     HOLDER
  BRK-B      $479.9B   37.0%  2024   2026-05  BUFFETT WARREN E
  TMUS        $92.6B   74.3%  2013   2025-10  DEUTSCHE TELEKOM AG
  CHTR        $22.4B   26.1%  2014   2026-06  Liberty Broadband Corp
  RDDT        $20.5B   61.5%  2024   2026-06  Huffman Steve Ladd

The stake comes from a Schedule 13D; the board seat comes from Form 3/4/5. A screener sells you either list — the pairing is the finding, and it is the join a single-table query cannot do for you. Note the two date columns: Liberty Broadband declared 26.1% of Charter in 2014, and its director was on file in 2026. A 13D has no exit obligation below 5%, so an old stake proves nothing alone; the current seat is what corroborates it.

And when there is nothing to say, it says so — ten of ten mega-caps abstain on control:

$ control_chain("AAPL")
No graph-grounded answer for 'Apple Inc.' (no_verified_control_chain).
Issuer has no >=50% verified 13D control edge on a chain.

→ Full walkthrough: docs/demo_script_governance_desk.md (five questions, ~10 minutes, including what this cannot tell you.)

Related MCP server: edgar-mcp

What is actually graph-native here

Three questions need a relationship followed to a depth the data decides — one declarative Cypher pattern, executed next to the data:

Stated precisely, because overclaiming here loses technical audiences: SQL cannot express a single query whose traversal depth is decided by the data. A warehouse can still reach the same answers with a recursive CTE. The advantage is one indexed declarative pattern next to the data — not that the answer is unobtainable elsewhere.

make prove runs both legs for real — Cypher inside Neo4j, and genuine WITH RECURSIVE CTEs over identical rows — and publishes the agreement, with timings for both. At this scale SQL is faster on the chain (~0.7 ms vs ~13 ms) and slower on the path (~20 ms vs ~1 ms). Anyone evaluating this should read those numbers before the prose.

Quickstart

# 1. Install (project-local venv — required for the MCP launcher)
uv venv && source .venv/bin/activate
uv pip install -e ".[dev,llm]"   # or: make install
cp .env.sample .env              # fill in NEO4J_PASSWORD and SEC_USER_AGENT

# 2. Check preconditions in seconds, before committing to a multi-hour build
make preflight

# 3. Point at a graph. Either build it (hours — downloads from EDGAR):
make build                  # dry-run: prints the full phased plan + preflight, writes nothing
make build-exec             # for real

# 4. Ask it things
make demo                   # the activist convergence screen
make prove                  # graph vs SQL, head to head
make smoke-mcp              # curated tool catalog + demo queries against the live DB
make serve                  # curated MCP tools over stdio (or use Cursor — see below)

What a build needs

make preflight checks every one of these. Each used to surface only after minutes-to-hours of crawling, as a generic non-zero exit from a child script.

Curated MCP (Cursor / Claude Desktop)

Seven read-only tools — activist_convergence, campaign_timeline, activist_coalition, ownership_snapshot, control_chain, board_interlock_path, get_secgraph_schema. Curated, not raw text2cypher: no Cypher passthrough and no write path, so the scrubs and thresholds that make the answers correct cannot be bypassed.

Cursor: open this repo; .cursor/mcp.json uses ${workspaceFolder} and scripts/run_ownership_mcp.sh so a clone needs no path edits after .venv exists. Enable secgraph-ownership, reload MCP, then ask the demo questions in natural language. If a user-level ~/.cursor/mcp.json also defines secgraph-ownership, point it at the same launcher (bare python scripts/serve_ownership_mcp.py fails outside the venv).

Claude Desktop: root .mcp.json is the same shape; Claude does not expand ${workspaceFolder} — set command once to the absolute path of scripts/run_ownership_mcp.sh (the launcher still finds .venv relative to the repo).

make smoke-mcp proves the tool catalog and the demo queries against a live secgraph DB without an MCP client.

How it is built

Layer 3  MCP server        curated read-only tools ─► Claude Desktop / any agent
Layer 2  Query core        traversals + evidence + abstain (transport-agnostic)
Layer 1  Reproducible DB   phased build, density gate, freshness manifest

make build runs the phases in order, aborting on the first failure: create the database → load the filer universe → stage and load Form 3/4/5 insiders → density GO/NO-GO gate (fail-closed: the build stops if the insider layer is too sparse to support the wins) → materialize the derived edges (SHARES_DIRECTOR, CONTROLS, SAME_ENTITY_AS, CO_TARGETS) → load 13D/13G and 13F. A successful run writes results/secgraph_freshness.json, which every served answer reports as its "as of" date.

schema/graph_schema.yaml is the single source of truth — 4 node labels, 10 relationship types. tests/unit/test_schema_consistency.py scans every .py file and fails the build if any Cypher references something undeclared.

Architecture detail: docs/reference_architecture_secgraph.md What the forms mean and where each element came from: docs/data_sources_and_forms.md Bloom demo runbook (six acts, ~18 min): docs/demo_runbook_bloom.md Bloom visualization build brief: docs/bloom_perspective_spec.md Field-level schema (generated): docs/graph_schema.md

Honest limits

Read these before demoing — they are part of what makes the rest credible.

• No prediction. The alpha question was tested and came back null. Efficient markets; 13Ds are public. This is a structural and temporal map, not a signal.

• Size is a threshold, not a market cap — and there are two measures. size_usd is what filters and ranks: it prefers total_assets_usd, a filed balance-sheet total from the SEC Financial Statement Data Sets (63% of the universe), and falls back to institutional_value_usd, one quarter of 13F holdings (75%). Combined coverage is 83%; size_source records which applied, and 17% have neither and are excluded from size-filtered results rather than ranked. Each has a distinct limit: 13F measures free float, so it understates concentrated-ownership issuers and counts ETFs; total assets are not comparable across sectors — a bank's assets are its balance sheet, so JPMorgan's $4.4T is not "bigger than" a $200B industrial in any meaningful sense. Still no revenue and no true market cap, so this does not support leverage or coverage ratios.

• Activist screens trade recall for precision. Gated to a curated franchise list; ungated detection is dominated by micro-cap founders crossing 5% and by filing-group artifacts (one manager filing through seven affiliated vehicles). First-time activists are missed by design.

• Only 13D/13G dates are a time series. Board and officer edges are a keep-latest snapshot; 13F has a 2024 coverage step-up. Don't read trends into them.

• 13D/13G history is capped, so "1994→present" holds only for light filers. The crawl reads each issuer's filings.recent (~1,000 most recent filings) and takes at most 40 Schedule 13D/G per subject. For a company that files hundreds of Form 4s a year, recent may reach back only a year or two, and its older 13D/Gs are invisible. Small caps — where the control chains are — get the full history; mega caps do not.

• At this scale, a warehouse is a real alternative. The three wins run on ~1,100 derived edges, measured depth is overwhelmingly 1-2 hops with a maximum of 3, and a recursive CTE answers all three in single-digit milliseconds. The honest case for a graph here is authoring cost per new question, GDS algorithms with no SQL equivalent (Louvain, betweenness), and the curated serving layer — not tractability. Tractability would only become the argument at a far larger universe than 8,000 tickered issuers.

• Rebuilds drift, by construction. The staging window resolves against the run date, and EDGAR keeps accruing filings, so a rebuild today will not reproduce the figures below exactly. New 13Ds can also remove a convergence hit, because the screen measures a total span rather than a rolling window. Compare against results/secgraph_freshness.json (as_of) before concluding something broke.

• Chain depth is a small-cap signal; single-hop control is not. 39 of 825 controlled issuers are ≥$10B by size_usd and 150 are ≥$1B — Deutsche Telekom holds 74.3% of T-Mobile US ($219.2B in assets), Ergen holds 51.8% of EchoStar ($43.0B). Those counts were 20 and 97 when size was 13F float alone: a controlled issuer has little float by definition, so the float proxy was hiding exactly this population — EchoStar has no 13F coverage at all. But the multi-hop pyramids top out near $1.5B, so read a deep chain as a small-cap governance screen and a single-hop one as general-purpose. Most large caps have no ≥50% holder and correctly abstain.

• Board-interlock path existence is uninformative. Measured: every well-connected pair links within 4 hops. The named bridging director is the signal, not the connection.

• CIK-keyed only. Deliberately conservative — understates family/affiliate structure rather than inventing links through fuzzy name matching.

• Custodians and index funds are labelled, not deleted. They're excluded at query time so the underlying co-filing facts stay in the graph and the precision choice stays auditable.

Development

make test        # unit suite: fully mocked, no database needed
make check       # lint + tests (note: `make lint` rewrites source via ruff --fix)
make preflight   # verify build preconditions against your Neo4j

There is no CI. make check is the stand-in; pre-commit install gets ruff + gitleaks on commit.

License

MIT. SEC filing data is public domain.