SEC 13F Intelligence

Managers / Q1 2023 · view latest →

Flow State Investments, L.P.

CIK 0001850755 · 155 N WACKER DRIVE, STE 1760, CHICAGO, IL, 60606 · 773-938-9600

Reported Value
$123M
Q1 2023
Positions
196
Filings on Record
9
2019–present window
Filed
May 15, 2023
original filing

Summary

Flow State Investments, L.P. reported $123M in U.S.-listed holdings across 196 positions for Q1 2023.

Its largest position, Khosla Ventures Acqut Co III, represents 7.5% of the portfolio.

Compared with Q4 2022, the fund opened 75 new positions and exited 50.

Portfolio Metrics

Turnover
+73.1%
vs prior filed quarter
Top-10 Concentration
+45.8%
share of reported value
Largest Position
+7.5%
Khosla Ventures Acqut Co III
New / Exited
75 / 50
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’22: $115MQ4 ’22Q1 ’23: $123MQ2 ’23: $261MQ2 ’23Q3 ’23: $323MQ4 ’23: $318MQ4 ’23Q1 ’24: $350MQ2 ’24: $317MQ2 ’24Q3 ’24: $245MQ4 ’24: $0Q4 ’24filingsflow.com

Portfolio Composition

By security type
Other: 65.6%Common Stock: 34.1%REIT: 0.2%Equity WRT: 0.1%Right: 0.0%
  • Other · 65.6% · $81M
  • Common Stock · 34.1% · $42M
  • REIT · 0.2% · $258,326
  • Equity WRT · 0.1% · $91,287
  • Right · 0.0% · $2,627

Quarter-over-Quarter Changes full breakdown →

vs Q4 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
IX ACQUISITION CORPNEW+806.9K806.9K+$8M$8M
APOLLO ENDOSURGERY INCNEW+550.5K550.5K+$5M$5M
CIIG CAPITAL PARTNERS II INCNEW+507.6K507.6K+$5M$5M
CHURCHILL CAPITAL CORP VIINEW+500.0K500.0K+$5M$5M
NEWHOLD INVESTMENT CORP IINEW+330.0K330.0K+$3M$3M
OAK STR HEALTH INCNEW+80.0K80.0K+$3M$3M
TRISTAR ACQUISITION I CORPNEW+273.3K273.3K+$3M$3M
GSR II METEORA ACQUISITN CORNEW+268.3K268.3K+$3M$3M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2023

165 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1KHOSLA VENTURES ACQUT CO IIICOM CL A7.54%$9M915.2K
2IX ACQUISITION CORPCLASS A ORD SHS · *W EXP 07/31/2026.74%$8M834.4K
3APOLLO ENDOSURGERY INCCOM4.43%$5M550.5K
4HORIZON THERAPEUTICS PUB LSHS4.34%$5M49.0K
5CIIG CAPITAL PARTNERS II INCCOM CL A4.29%$5M507.6K
6CHURCHILL CAPITAL CORP VIICOM CL A · *W EXP 02/29/2024.12%$5M550.0K
7ACTIVISION BLIZZARD INCCOM3.82%$5M55.0K
8TSEMTOWER SEMICONDUCTOR LTDhistory →SHS NEW3.79%$5M110.0K
9ACIALBERTSONS COS INChistory →COMMON STOCK3.59%$4M212.7K
10BLACK KNIGHT INCCOM3.13%$4M67.0K
11FTAC ZEUS ACQUISITION CORCLASS A COM · *W EXP 04/15/2022.92%$4M480.0K
12NEWHOLD INVESTMENT CORP IICOM CL A2.72%$3M330.0K
13OAK STR HEALTH INCCOM2.51%$3M80.0K
14TRISTAR ACQUISITION I CORPCL A ORD SHS · *W EXP 99/99/9992.29%$3M283.3K
15GSR II METEORA ACQUISITN CORCLASS A COM · *W EXP 02/24/2022.26%$3M293.3K
16TAUSDTRAVELCENTERS OF AMERICA INChistory →COM NEW2.11%$3M30.0K
17JAWS HURRICANE ACQUISITN CORCLASS A COM2.07%$3M250.8K
18VMWARE INCCL A COM2.03%$2M20.0K
19PANACEA ACQUISITION CORP IICL A SHS1.80%$2M216.5K
20CHURCHILL CAPITAL CORP VICOM CL A · *W EXP 02/17/2021.57%$2M248.5K
21ATEKATHENA TECHNOLOGY ACQ CORP ICL A COM · *W EXP 10/17/2021.56%$2M420.9K
22CHURCHILL CAPITAL CORP VCOM CL A · *W EXP 10/29/2021.47%$2M206.7K
23SCREAMING EAGLE ACQUISITN COCLASS A ORD SHS · *W EXP 01/05/2021.25%$2M245.0K
24APOLLO STRATEGIC GRWT CPTL ISHS CL A · *W EXP 02/12/2021.25%$2M208.5K
25ARES ACQUISITION CORPORATIONCOM CL A · *W EXP 02/02/2021.05%$1M198.9K
26CORSAIR PARTNERING CORPSHS CL A · *W EXP 07/06/2021.05%$1M185.3K
27BIOPLUS ACQUISITION CORPCLASS A ORD SHS0.99%$1M117.4K
28INTERPRIVATE III FINANCIAL PCOM CL A0.95%$1M114.8K
29NXTNEXTRACKER INCCLASS A COM0.93%$1M31.5K
30SPRING VALLEY ACQUISTN CORPCLASS A ORD · RIGHT 02/25/2026 · *W EXP 02/25/2020.90%$1M282.0K
31PROVENTION BIO INCCOM0.87%$1M44.3K
32SLAM CORPCL A SHS · *W EXP 02/23/2020.86%$1M154.0K
33INVESTCORP EUROPE ACQUISITIOCLASS A ORD SHS · *W EXP 12/15/2020.86%$1M210.7K
34IRRXINTEGRATED RAIL AND RES ACQCL A COM · *W EXP 99/99/9990.85%$1M135.4K
35EVOQUA WATER TECHNOLOGIES COCOM0.85%$1M21.0K
36PNSTQBANYAN ACQUISITION CORPORATICL A COM · *W EXP 09/30/2020.85%$1M150.1K
37HH&L ACQUISITION COSHS CL A0.84%$1M100.0K
38GENERATION ASIA I ACQUISITIOCL A ORD SHS0.84%$1M100.0K
39PONO CAP THREE INCUNIT 01/11/20280.83%$1M100.0K
40XPAC ACQUISITION CORPCLASS A ORD · *W EXP 99/99/9990.83%$1M165.3K
41LAMF GLOBAL VENTURES CORP ICLASS A ORD0.74%$913,33087.4K
42LF CAPITAL ACQUISITION CORPCLASS A COM · *W EXP 02/19/2020.64%$791,322104.4K
43GORES HOLDINGS IX INCCLASS A COM0.61%$755,25075.0K
44SILVERBOX CORP IIIUNIT 02/28/20280.61%$754,87575.0K
45UTA ACQUISITION CORPORATIONCLASS A ORD SHS · *W EXP 10/30/2020.58%$716,209157.2K
46BERENSON ACQUISITION CORP ICL A COM0.53%$647,31263.5K
47ARTEMIS STRATEGIC INVT CORPCOM CL A0.50%$620,39460.0K
48KHOSLA VENTURES ACQUISITIONCL A0.50%$617,43560.9K
49ARGO GROUP INTL HLDGS LTDCOM0.48%$585,80020.0K
50ISRAEL ACQUISITIONS CORPCLASS A ORD · *W EXP 99/99/9990.43%$528,317155.4K
51VALUENCE MERGER CORP ICLASS A ORD SHS0.43%$527,75050.0K
52RICE ACQUISITION CORP IISHS CL A0.42%$511,75050.0K
53METALS ACQUISITION CORPSHS CL A0.37%$457,10044.7K
54MELI KASZEK PIONEER CORPCLASS A ORD0.37%$455,94444.7K
55BLACK MOUNTAIN ACQ CORPCL A COM · *W EXP 10/15/2020.33%$411,47999.6K
56TPG PACE BENEFICIAL II CORPCOMMON STOCK0.26%$324,02832.5K
57INTERPRIVATE IV INFRATECH PRCLASS A COM · *W EXP 03/05/2020.25%$313,66281.8K
58CNDACONCORD ACQUISITION CORP IICOM CL A0.21%$263,64026.0K
59CPTCAMDEN PPTY TRSH BEN INT0.21%$258,3262.5K
60LVWRLIVEWIRE GROUP INCCOM · *W EXP 09/26/2020.18%$222,72653.8K
61BENFRANKLIN RESOURCES INCCOM0.18%$218,3498.1K
62MMM3M COCOM0.18%$215,5812.1K
63RYANRYAN SPECIALTY HOLDINGS INCCL A0.17%$210,4955.2K
64POST HOLDINGS PARTNERING CORCOM SER A · *W EXP 04/12/2020.17%$205,01037.4K
65LEARN CW INVESTMENT CORCL A ORD SHS · *W EXP 10/08/2020.08%$104,68541.9K
66KENSINGTON CAPITAL ACQUISITI*W EXP 99/99/9990.07%$82,118328.5K
67INTUITIVE MACHINES INC*W EXP 02/13/2020.03%$42,00075.0K
68M3 BRIGADE ACQUISITION III*W EXP 07/31/2020.03%$36,252100.7K
69YS BIOPHARMA CO LTDORDINARY SHARES0.03%$32,00020.0K
70CNXXWCONX CORP*W EXP 10/30/2020.02%$28,866159.7K
71L CATTERTON ASIA ACQUISITION*W EXP 03/08/2020.02%$28,02651.9K
72HUB CYBER SECURITY LTDORD SHS0.02%$26,00020.0K
73ENPHYS ACQUISITION CORP*W EXP 99/99/9990.02%$20,676172.3K
74NABORS ENERGY TRANSITION COR*W EXP 11/17/2020.02%$19,64494.9K
75GOGREEN INVESTMENTS CORP*W EXP 05/31/2020.02%$19,35733.1K
76GOLDEN FALCON ACQUISITION CO*W EXP 11/04/2020.02%$19,07979.5K
77CC NEUBERGER PRINCIPAL HOLDN*W EXP 02/05/2020.01%$18,30690.0K
78INNOVIZ TECHNOLOGIES LTD*W EXP 04/05/2020.01%$17,47312.1K
79PONTEM CORPORATION*W EXP 01/05/2020.01%$17,170100.0K
80CONCORD ACQUISITION CORP III*W EXP 99/99/9990.01%$15,921145.0K
81BLUESCAPE OPPORTUNITIES ACQU*W EXP 10/28/2020.01%$14,27395.2K
82COMPUTE HEALTH ACQUISITIN CO*W EXP 01/25/2020.01%$14,00035.0K
83THE GROWTH FOR GOOD ACQU COR*W EXP 11/12/202 · RIGHT 11/12/20260.01%$13,616131.4K
84ST ENERGY TRANSITION I LTD*W EXP 12/02/2020.01%$13,56679.8K
85ACROPOLIS INFRASTRUCTURE ACQ*W EXP 03/30/2020.01%$13,21477.3K
86KERNEL GROUP HOLDINGS INC*W EXP 02/02/2020.01%$12,995113.0K
87ARROWROOT ACQUISITION CORP*W EXP 03/02/2020.01%$12,094100.7K
88BRIDGETOWN HOLDINGS LTD*W EXP 09/30/2020.01%$11,20665.9K
89KNIGHTSWAN ACQUISITION CORP*W EXP 99/99/9990.01%$10,50075.0K
90BLACK SPADE ACQUISITION CO*W EXP 07/16/2020.01%$10,010100.0K
917GC & CO HOLDINGS INC*W EXP 12/28/2020.01%$10,000100.0K
92ICONIC SPORTS ACQUISITION CO*W EXP 10/12/2020.01%$9,92766.4K
93VALOR LATITUDE ACQUISITN COR*W EXP 04/02/2020.01%$9,292232.3K
94CORNER GROWTH ACQUISITION CO*W EXP 99/99/9990.01%$8,99275.0K
95ATLANTIC COASTAL AQSTN CORP*W EXP 01/13/2020.01%$8,739125.2K
9610X CAPITAL VENTURE ACQ III*W EXP 06/30/2020.01%$8,480100.0K
97GCMGWGCM GROSVENOR INC*W EXP 11/17/2020.01%$8,24614.6K
98BURTECH ACQUISITION CORP*W EXP 12/18/2020.01%$6,945150.0K
99JAWS MUSTANG ACQUISITION COR*W EXP 01/30/2020.01%$6,37058.6K
100ONYX ACQUISITION CO I*W EXP 11/30/2020.01%$6,27662.7K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q4 2024$01Feb 13, 202513F-HRchanges · EDGAR ↗
Q3 2024$245M48Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$317M207Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$350M227May 13, 202413F-HRchanges · EDGAR ↗
Q4 2023$318M221Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$323M225Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$261M219Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$123M196May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$115M171Feb 14, 202313F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.