Operations & Business Logic

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Operations & Business Logic

Relevant source files

• examples/ipo_list.rs
• examples/ipo_show.rs
• src/network/filings/filing_index.rs
• src/network/filings/mod.rs
• src/ops/filing.rs
• src/ops/holdings.rs
• src/ops/ipo.rs
• src/ops/mod.rs

The ops module provides high-level, orchestrated operations built on top of the lower-level network fetch functions. Each operation encapsulates multi-step workflows—such as filing index parsing, portfolio position normalization, and automated feed polling—allowing callers to work at a higher level of abstraction than raw HTTP requests.

Filing Operations

Filing operations handle the retrieval and transformation of SEC documents into human-readable or machine-learning-ready text. The primary entry point is render_filing, which coordinates fetching the primary document and its associated exhibits.

Rendering Pipeline

The rendering logic distinguishes between “substantive” exhibits (press releases, material contracts) and boilerplate (SOX certifications, auditor consents).

Sources: src/ops/filing.rs:61-84 src/ops/filing.rs:130-141

graph TD
    subgraph "ops::filing"
        RF["render_filing()"]
RE["render_exhibit_docs()"]
RED["render_exhibit_doc()"]
end

    subgraph "network::filings"
        FI["fetch_filing_index()"]
FAR["fetch_and_render()"]
end

 
   RF -->|if render_body| FAR
 
   RF -->|if render_exhibits| FI
 
   FI -->|FilingIndex| RE
 
   RE --> RED
 
   RED --> FAR
 
   FAR -->|FilingView| Output["Rendered Text"]

Key Functions and Structures

The FilingIndex parser uses regex to extract data from the SEC’s HTML table, identifying documents by their Seq, Description, and Type src/network/filings/filing_index.rs:23-76

Holdings Operations

Holdings operations normalize investment data from disparate SEC forms (13F for institutional managers and N-PORT for registered investment companies) into a common Position format for comparison.

Position Normalization and Diffing

The system matches positions by CUSIP and calculates weight changes. A “significant” change is defined by the WEIGHT_CHANGE_THRESHOLD (default 0.10 percentage points).

Sources: src/ops/holdings.rs:45-71 src/ops/holdings.rs:79-120

graph LR
 
   NPORT["NportInvestment"] -->|positions_from_nport| P1["Position"]
T13F["ThirteenfHolding"] -->|positions_from_13f| P2["Position"]
P1 --> DH["diff_holdings()"]
P2 --> DH
    
 
   DH -->|Result| Diff["Diff Structure"]
subgraph "Diff Results"
 
       Diff --> Added["added: Vec<Position>"]
Diff --> Removed["removed: Vec<Position>"]
Diff --> Changed["changed: Vec<(Old, New)>"]
end

Implementation Details

• Position : Stores cusip, name, val_usd, and weight (as a Pct type) src/ops/holdings.rs:18-28
• diff_holdings : Uses HashMap lookups to identify new buys (added), full sells (removed), and significant weight adjustments (changed) src/ops/holdings.rs:79-120
• Sorting : The changed list is automatically sorted by absolute weight change descending src/ops/holdings.rs:109-113

IPO Operations & Lifecycle

The IPO module manages the discovery and retrieval of registration statements (S-1/F-1) and their subsequent amendments (S-1/A, F-1/A).

Registration Filing Lifecycle

The system tracks companies through the registration process, starting from the initial filing through amendments to the final pricing prospectus.

Sources: src/ops/ipo.rs:40-43 examples/ipo_show.rs:26-32

Feed Polling and Deduplication

The get_ipo_feed_entries function provides a “delta-poll” capability. It filters the EDGAR Atom feed, which uses prefix matching (e.g., searching “S-1” returns “S-11”), to ensure exact form type matches.

Sources: src/ops/ipo.rs:83-110

graph TB
    Start["get_ipo_feed_entries()"]
Fetch["fetch_edgar_feeds_since()"]
ExactMatch{"Exact Form Match?"}
Dedup{"Seen Accession?"}
Start --> Fetch
 
   Fetch --> ExactMatch
 
   ExactMatch -->|No| Drop["Discard (e.g. S-11)"]
ExactMatch -->|Yes| Dedup
 
   Dedup -->|New| Collect["Add to Results"]
Dedup -->|Duplicate| Drop
    
 
   Collect --> HW["Update High Water Mark"]

Identity Resolution

Because pre-IPO companies lack ticker symbols, the logic supports resolution via CIK. The ipo_show example demonstrates this by prioritizing CIK lookup and falling back to ticker-based CIK discovery for companies that have already listed examples/ipo_show.rs:115-121

Sources: src/ops/ipo.rs:8-49 examples/ipo_list.rs:87-108

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