Hound introduces a relation-first graph engine that improves system-level reasoning across interrelated components in complex codebases. The agent designs flexible, analyst-defined views with compact annotations (e.g., monetary/value flows, authentication/authorization roles, call graphs, protocol invariants) and uses them to anchor exact retrieval: for any question, it loads precisely the code that matters (often across components) so it can zoom out to system structure and zoom in to the decisive lines. A second contribution is a persistent belief system: long-lived vulnerability hypotheses whose confidence is updated as evidence accrues. The agent employs coverage-versus-intuition planning and a QA finalizer to confirm or reject hypotheses. On a five-project subset of ScaBench[1], Hound improves recall and F1 over a baseline LLM analyzer (micro recall 31.2% vs. 8.3%; F1 14.2% vs. 9.8%) with a modest precision trade-off. We attribute these gains to flexible, relation-first graphs that extend model understanding beyond call/dataflow to abstract aspects, plus the hypothesis-centric loop; code and artifacts are released to support reproduction.