SEC Ownership Evidence Funnel Across 20,834 Form 3/4/5 Candidates
Only 1,503 of 20,834 extracted position candidates were simple direct non-zero positions
The reviewed Forms 3, 4 and 5 extraction parsed 7,359 of 7,375 targeted filings and produced 20,834 position candidates. Parsing was nearly complete, but only 7.2% of candidate rows landed in the simplest non-zero direct-position state. Footnote review alone accounted for more than half of all candidate assessments.
The selected-profile evidence funnel narrowed at several different boundaries
This is not a single conversion funnel from every billionaire to a current holding. Each step answers a different question: exact SEC identity, relevant filing metadata, Forms 3/4/5 eligibility, successful extraction, candidate production and then the narrowest direct-position assessment.
The evidence chain changes units before it reaches position candidates
Of 2,881 profiles selected for SEC identity review, 212 reached an exact identity match and 198 entered Forms 3, 4 and 5 extraction scope. The extraction parsed 7,359 filing rows, produced 20,834 position candidates, and classified 1,503 as simple direct non-zero candidates that still required further review.
- Selected for exact SEC identity review2,881 profilesSelected from a 3,409-profile current roster.
- Exact SEC identities resolved212 profiles2,669 selected profiles remained unresolved rather than being fuzzily matched.
- Ownership filing metadata found211 profilesRelevant ownership filing metadata exists; this still does not establish a share count or current holding.
- Forms 3/4/5 extraction scope198 profiles · 7,375 filing rows13 review-ready profiles stayed outside this source-family extraction.
- Forms filings parsed7,359 filing rows99.8% parse success; 16 failures remain explicit.
- Position candidates extracted20,834 candidatesProduced across 187 profiles; semantic review still follows extraction.
- Simple direct non-zero candidates1,503 candidates121 profiles had at least one; these are candidates, not canonical current holdings.
| Stage | Profiles or rows | What the stage establishes |
|---|---|---|
| Current billionaire roster | 3,409 profiles | The population used to identify profiles needing additional SEC evidence work. |
| Profiles selected for SEC identity review | 2,881 profiles | Profiles selected for exact SEC identity re-evaluation or new discovery work. |
| Exact SEC identities resolved | 212 profiles | 7.4% of the selected group reached an exact identity match. The remaining 2,669 stayed unresolved rather than being fuzzily matched. |
| Ownership filing metadata found | 211 profiles | Exact identity plus relevant ownership-filing metadata, not a share count or holding. |
| Forms 3/4/5 extraction scope | 198 profiles · 7,375 filing rows | Filings eligible for this Forms 3/4/5 extraction. Other ownership source families were analyzed separately. |
| Position-candidate profiles | 187 profiles | 94.4% of Forms-eligible profiles produced at least one conservative position candidate. |
| Simple direct candidate profiles | 121 profiles | At least one extracted row reached the simplest direct non-zero candidate state. Further review was still required. |
More than half of extracted candidates required footnote review
The assessment states partition the 20,834-position-candidate population. Unlike the overlapping review reasons in the separate sale-footnote study, each candidate appears once in this table.
Candidate assessment states
Assessment states across extracted SEC ownership position candidates
Schedule 13 evidence stayed in its own source-family review
The SEC evidence review found 211 profiles with relevant ownership filings across source families. The Forms extraction covered 198 of them. The remaining 13 profiles and 591 filing-metadata rows belonged outside Forms 3/4/5, principally Schedule 13D/G evidence. They were excluded by design rather than counted as extraction failures.
Methodology
- Start with the September 9 billionaire roster and select profiles needing additional exact SEC identity or ownership-filing review.
- Resolve reporting-owner identity only when an exact SEC identity match can be supported. Ambiguous or unmatched profiles remain unresolved.
- Keep ownership evidence separate by source family. Send only Forms 3, 3/A, 4, 4/A, 5 and 5/A through this filing extraction.
- Review the complete eligible Forms set. Preserve fetch or parse failures explicitly instead of dropping them from the denominator.
- Classify each extracted position candidate conservatively. A parsed balance can remain in footnote review, conflicting balances, indirect-holder review or numeric review.
- Publish aggregate funnel and assessment counts only. Do not redistribute filing bodies or person-level review records in the public research dataset.
SEC identity review measured September 9, 2026. Forms extraction measured September 10, 2026.
Primary SEC source semantics
Forms 3, 4 and 5 report beneficial-ownership information for covered insiders under Section 16. Grizzly Bulls reviews that filing evidence conservatively, but filing presence by itself does not prove a complete or current billionaire public-equity position.
Download the aggregate study data
JSON includes the funnel summary, aggregate assessment states, source notes and limitations. CSV contains the six aggregate candidate-assessment rows only. Neither download contains filing bodies or person- or issuer-level identifiers.
Research data
- Download CSVCSVCSV downloadTabular public study data for spreadsheet analysis, independent checks, and new charts.Data snapshot September 10, 2026 · Reuse with attribution to the canonical study.
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Citation and reuse
When citing the 1,503-of-20,834 result, preserve that this is a selected-profile billionaire SEC review and a conservative Forms 3/4/5 extraction, not a representative sample of all SEC ownership filings. Simple-direct candidates are evidence requiring further review, not verified current holdings.