insider-deduplisted

# Insider Holdings Dedup The default join of "all insider filings → sum of shares" overcounts positions, often by 2–10x. The reason: SEC rules require multiple related parties (funds, GPs, advisers, family members, trustees, beneficial owners) to each file a 13D/G or Form 4 covering the SAME underlying shares. Naive summation = fictional ownership numbers. ## Core principle **Beneficial ownership is per-share, not per-filer.** If three filers report the same 1,000,000 shares because of a shared-voting-power arrangement, the position is 1,000,000 — not 3,000,000. The reverse is also true: separate parties may individually file 13D/G for distinct positions. You cannot blindly dedup either; you must read the filings. ## Where double-counting happens ### Schedule 13D / 13G groups A typical activist or institutional 13D group: ``` Filer 1: The fund (Limited Partnership) — reports 1,000,000 sh Filer 2: The fund's GP (LLC) — reports 1,000,000 sh Filer 3: The investment manager / adviser — reports 1,000,000 sh Filer 4: The CEO / managing member (individual) — reports 1,000,000 sh ``` All four are filing the same SC 13D as a "group". The cover page of each filing reports the same 1,000,000 shares. Naive sum = 4,000,000; true position = 1,000,000. ### Form 4 transaction filings When an executive transacts through a trust, an LLC, or a family office, multiple Form 4s may be filed for the same transaction: - One by the executive - One by the trus