Managers / Q2 2023 · view latest →
Flow State Investments, L.P.
CIK 0001850755 · 155 N WACKER DRIVE, STE 1760, CHICAGO, IL, 60606 · 773-938-9600
Reported Value
$261M
Q2 2023
Positions
219
Filings on Record
9
2019–present window
Filed
Aug 14, 2023
original filing
Summary
Flow State Investments, L.P. reported $261M in U.S.-listed holdings across 219 positions for Q2 2023.
Its largest position, Insulet, represents 4.6% of the portfolio.
Compared with Q1 2023, the fund opened 76 new positions and exited 60.
Portfolio Metrics
Turnover
+40.8%
vs prior filed quarter
Top-10 Concentration
+31.3%
share of reported value
Largest Position
+4.6%
Insulet
New / Exited
76 / 60
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
Portfolio Composition
By security type
- US DOMESTIC · 42.5% · $111M
- Other · 28.6% · $75M
- Common Stock · 26.1% · $68M
- ETP · 2.8% · $7M
- Equity WRT · 0.1% · $214,497
- Right · 0.0% · $7,265
Quarter-over-Quarter Changes full breakdown →
vs Q1 2023 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| INSULET CORP | NEW | +8.65M | 8.65M | +$12M | $12M |
| ON SEMICONDUCTOR CORP | NEW | +6.40M | 6.40M | +$12M | $12M |
| BOX INC | NEW | +6.58M | 6.58M | +$8M | $8M |
| FORD MTR CO DEL | NEW | +7.00M | 7.00M | +$8M | $8M |
| ZSCALER INC | NEW | +6.50M | 6.50M | +$8M | $8M |
| INTERDIGITAL INC | NEW | +5.10M | 5.10M | +$7M | $7M |
| BOOKING HOLDINGS INC | NEW | +4.50M | 4.50M | +$7M | $7M |
| SPYSPDR S&P 500 ETF TR | NEW | +15.0K | 15.0K | +$7M | $7M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q2 2023
178 positions
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | INSULET CORP | NOTE 0.375% 9/0 | 4.57% | $12M | 8.65M |
| 2 | ON SEMICONDUCTOR CORP | NOTE 5/0 | 4.52% | $12M | 6.40M |
| 3 | BOX INC | NOTE 1/1 | 3.14% | $8M | 6.58M |
| 4 | FORD MTR CO DEL | NOTE 3/1 | 2.95% | $8M | 7.00M |
| 5 | ACTIVISION BLIZZARD INC | COM | 2.93% | $8M | 90.8K |
| 6 | ZSCALER INC | NOTE 0.125% 7/0 | 2.92% | $8M | 6.50M |
| 7 | INTERDIGITAL INC | NOTE 3.500% 6/0 | 2.64% | $7M | 5.10M |
| 8 | BOOKING HOLDINGS INC | NOTE 0.750% 5/0 | 2.59% | $7M | 4.50M |
| 9 | SEAGEN INC | COM | 2.51% | $7M | 34.0K |
| 10 | HORIZON THERAPEUTICS PUB L | SHS | 2.50% | $7M | 63.4K |
| 11 | MIDDLEBY CORP | NOTE 1.000% 9/0 | 2.48% | $6M | 5.20M |
| 12 | AKAMAI TECHNOLOGIES INC | NOTE 0.125% 5/0 | 2.35% | $6M | 5.72M |
| 13 | FLDFTAC EMERALD ACQUISITION COR | CLASS A COM · *W EXP 10/19/202 | 2.28% | $6M | 674.2K |
| 14 | AMERICAN AIRLINES GROUP INC | NOTE 6.500% 7/0 | 1.97% | $5M | 4.00M |
| 15 | CYBERARK SOFTWARE LTD | NOTE 11/1 | 1.92% | $5M | 4.40M |
| 16 | NCL CORP LTD | NOTE 5.375% 8/0 | 1.84% | $5M | 3.50M |
| 17 | ACIALBERTSONS COS INChistory → | COMMON STOCK | 1.79% | $5M | 213.8K |
| 18 | NATIONAL INSTRS CORP | COM | 1.78% | $5M | 81.0K |
| 19 | VMWARE INC | CL A COM | 1.76% | $5M | 32.0K |
| 20 | ARES ACQUISITION CORPORATION | COM CL A · *W EXP 02/02/202 | 1.65% | $4M | 481.1K |
| 21 | BLACKLINE INC | NOTE 3/1 | 1.56% | $4M | 4.78M |
| 22 | FTAC ZEUS ACQUISITION COR | CLASS A COM · *W EXP 04/15/202 | 1.50% | $4M | 515.0K |
| 23 | CORSAIR PARTNERING CORP | SHS CL A · *W EXP 07/06/202 | 1.49% | $4M | 440.0K |
| 24 | BLACK SPADE ACQUISITION CO | SHS CL A · *W EXP 07/16/202 | 1.47% | $4M | 470.0K |
| 25 | NUVASIVE INC | COM | 1.40% | $4M | 88.0K |
| 26 | TRISTAR ACQUISITION I CORP | CL A ORD SHS · *W EXP 99/99/999 | 1.37% | $4M | 375.6K |
| 27 | SPLUNK INC | NOTE 1.125% 6/1 | 1.28% | $3M | 3.86M |
| 28 | BURLINGTON STORES INC | NOTE 2.250% 4/1 | 1.20% | $3M | 3.00M |
| 29 | INFLECTION PT ACQUISITN CRP | UNIT 08/29/2031 | 1.16% | $3M | 300.0K |
| 30 | TSEMTOWER SEMICONDUCTOR LTDhistory → | SHS NEW | 1.15% | $3M | 80.2K |
| 31 | DROPBOX INC | NOTE 3/0 | 1.09% | $3M | 3.00M |
| 32 | AIRBNB INC | NOTE 3/1 | 1.01% | $3M | 3.00M |
| 33 | SNAP INC | NOTE 0.750% 8/0 | 0.98% | $3M | 2.75M |
| 34 | SPIRIT AIRLS INC | NOTE 1.000% 5/1 | 0.94% | $2M | 3.03M |
| 35 | KENSINGTON CAPITAL ACQUISITI | SHS CL A · *W EXP 99/99/999 | 0.92% | $2M | 575.5K |
| 36 | PORTAGE FINTECH ACQUISITN CO | CLASS A ORD SHS | 0.89% | $2M | 224.6K |
| 37 | ANDRETTI ACQUISITION CORP | CL A ORD SHS · *W EXP 99/99/999 | 0.82% | $2M | 344.8K |
| 38 | BLUE WHALE ACQUISITION CORP | CLASS A ORD SHS | 0.81% | $2M | 207.4K |
| 39 | ALPHA HEALTHCARE ACQU CORP I | CLASS A COM | 0.79% | $2M | 200.0K |
| 40 | ARES ACQUISITION CORP II | SHS CLASS A · *W EXP 99/99/999 | 0.79% | $2M | 300.0K |
| 41 | CHURCHILL CAPITAL CORP V | COM CL A · *W EXP 10/29/202 | 0.79% | $2M | 325.9K |
| 42 | LIVE OAK CRESTVIEW CLIMATE A | CL A COM | 0.79% | $2M | 200.0K |
| 43 | LIFE STORAGE INC | COM | 0.76% | $2M | 15.0K |
| 44 | SYNEOS HEALTH INC | CL A | 0.74% | $2M | 46.0K |
| 45 | PDC ENERGY INC | COM | 0.74% | $2M | 27.0K |
| 46 | UTA ACQUISITION CORPORATION | CLASS A ORD SHS · *W EXP 10/30/202 | 0.69% | $2M | 274.8K |
| 47 | M3 BRIGADE ACQUISITION III | CL A COM · *W EXP 07/31/202 | 0.69% | $2M | 290.8K |
| 48 | LEARN CW INVESTMENT COR | CL A ORD SHS · *W EXP 10/08/202 | 0.64% | $2M | 195.1K |
| 49 | SCREAMING EAGLE ACQUISITN CO | CLASS A ORD SHS · *W EXP 01/05/202 | 0.62% | $2M | 260.9K |
| 50 | AFTERNEXT HEALTHTECH ACQUISI | SHS CL A | 0.59% | $2M | 148.0K |
| 51 | CONYERS PARK III ACQSITN COR | CLASS A COM · *W EXP 08/12/202 | 0.59% | $2M | 169.0K |
| 52 | COLOMBIER ACQUISITION CORP | CL A | 0.51% | $1M | 130.1K |
| 53 | THE GROWTH FOR GOOD ACQU COR | CLASS A ORD SHS · *W EXP 11/12/202 · RIGHT 11/12/2026 | 0.51% | $1M | 265.0K |
| 54 | RAPID7 INC | NOTE 0.250% 3/1 | 0.50% | $1M | 1.50M |
| 55 | ZALATORIS ACQUISITION CORP | COM CL A | 0.49% | $1M | 124.9K |
| 56 | HEALTHWELL ACQUISITION CORP | CLASS A COM | 0.49% | $1M | 124.2K |
| 57 | SPRING VALLEY ACQUISTN CORP | CLASS A ORD · RIGHT 02/25/2026 · *W EXP 02/25/202 | 0.45% | $1M | 294.0K |
| 58 | BLACK KNIGHT INC | COM | 0.45% | $1M | 19.7K |
| 59 | PONO CAP THREE INC | ORD SHS CL A · *W EXP 01/11/202 | 0.44% | $1M | 210.0K |
| 60 | SLAM CORP | CL A SHS · *W EXP 02/23/202 | 0.44% | $1M | 164.5K |
| 61 | CIRCOR INTL INC | COM | 0.39% | $1M | 18.0K |
| 62 | GENERATION ASIA I ACQUISITIO | CL A ORD SHS | 0.38% | $996,244 | 94.7K |
| 63 | XPAC ACQUISITION CORP | CLASS A ORD · *W EXP 99/99/999 | 0.38% | $991,050 | 170.4K |
| 64 | INVESTCORP EUROPE ACQUISITIO | CLASS A ORD SHS · *W EXP 12/15/202 | 0.38% | $980,893 | 198.1K |
| 65 | IRRXINTEGRATED RAIL AND RES ACQ | CL A COM · *W EXP 99/99/999 | 0.36% | $952,105 | 128.0K |
| 66 | SILVERBOX CORP III | COM CL A · *W EXP 02/28/202 | 0.31% | $811,705 | 106.7K |
| 67 | GORES HOLDINGS IX INC | CLASS A COM · *W EXP 01/14/202 | 0.30% | $772,901 | 99.4K |
| 68 | ESH ACQUISITION CORP | UNIT 06/13/2028 | 0.29% | $760,500 | 75.0K |
| 69 | ISRAEL ACQUISITIONS CORP | CLASS A ORD · *W EXP 99/99/999 | 0.25% | $640,897 | 175.0K |
| 70 | SRLNSSGA ACTIVE ETF TR | BLACKSTONE SENR | 0.24% | $628,050 | 15.0K |
| 71 | BLUE OCEAN ACQUISITION CORP | CLASS A ORD SHS · *W EXP 12/02/202 | 0.22% | $584,731 | 133.5K |
| 72 | VALUENCE MERGER CORP I | CLASS A ORD SHS | 0.21% | $535,500 | 50.0K |
| 73 | LVWRLIVEWIRE GROUP INC | COM · *W EXP 09/26/202 | 0.16% | $420,498 | 225.2K |
| 74 | ARYA SCIENCES ACQUISITN CORP | CLASS A ORD SHS | 0.16% | $419,684 | 40.5K |
| 75 | NTRSNORTHERN TR CORP | COM | 0.15% | $385,528 | 5.2K |
| 76 | LF CAPITAL ACQUISITION CORP | CLASS A COM · *W EXP 02/19/202 | 0.15% | $382,511 | 90.7K |
| 77 | ARTEMIS STRATEGIC INVT CORP | COM CL A | 0.12% | $324,141 | 30.9K |
| 78 | CNDACONCORD ACQUISITION CORP II | COM CL A | 0.12% | $307,800 | 30.0K |
| 79 | IVERIC BIO INC | COM | 0.11% | $275,380 | 7.0K |
| 80 | BEARD ENERGY TRANSITION ACQ | CL A COM · *W EXP 99/99/999 | 0.10% | $268,212 | 103.0K |
| 81 | AP ACQUISITION CORP | CL A ORD SHS | 0.09% | $224,454 | 20.9K |
| 82 | METALS ACQUISITION LIMITED | ORD SHS | 0.06% | $150,153 | 14.6K |
| 83 | NPWRNET POWER INC | COM CL A | 0.05% | $138,268 | 10.6K |
| 84 | YS BIOPHARMA CO LTD | ORDINARY SHARES | 0.02% | $40,935 | 29.7K |
| 85 | CHURCHILL CAPITAL CORP VII | *W EXP 02/29/202 | 0.01% | $36,400 | 260.0K |
| 86 | INTUITIVE MACHINES INC | *W EXP 02/13/202 | 0.01% | $35,022 | 72.1K |
| 87 | CNXXWCONX CORP | *W EXP 10/30/202 | 0.01% | $29,981 | 149.9K |
| 88 | ARROWROOT ACQUISITION CORP | *W EXP 03/02/202 | 0.01% | $24,975 | 99.9K |
| 89 | CC NEUBERGER PRINCIPAL HOLDN | *W EXP 02/05/202 | 0.01% | $23,783 | 118.9K |
| 90 | BATTERY FUTURE ACQUISITION C | *W EXP 99/99/999 | 0.01% | $23,166 | 260.0K |
| 91 | L CATTERTON ASIA ACQUISITION | *W EXP 03/08/202 | 0.01% | $22,981 | 46.9K |
| 92 | BYTE ACQUISITION CORP | *W EXP 03/18/202 | 0.01% | $18,384 | 109.3K |
| 93 | BRIDGETOWN HOLDINGS LTD | *W EXP 09/30/202 | 0.01% | $17,360 | 70.0K |
| 94 | GOGREEN INVESTMENTS CORP | *W EXP 05/31/202 | 0.01% | $17,137 | 17.5K |
| 95 | RMG ACQUISITION CORP III | *W EXP 02/08/202 | 0.01% | $16,722 | 151.9K |
| 96 | BLEUACACIA LTD | RIGHT 10/30/2026 | 0.01% | $15,365 | 207.5K |
| 97 | NABORS ENERGY TRANSITION COR | *W EXP 11/17/202 | 0.01% | $15,184 | 94.9K |
| 98 | TLGY ACQUISITION CORPORATION | *W EXP 11/09/202 | 0.01% | $15,000 | 100.0K |
| 99 | CHURCHILL CAPITAL CORP VI | *W EXP 02/17/202 | 0.01% | $14,040 | 78.0K |
| 100 | KERNEL GROUP HOLDINGS INC | *W EXP 02/02/202 | 0.01% | $13,176 | 113.0K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q4 2024 | $0 | 1 | Feb 13, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $245M | 48 | Nov 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $317M | 207 | Aug 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $350M | 227 | May 13, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $318M | 221 | Feb 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q3 2023 | $323M | 225 | Nov 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $261M | 219 | Aug 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $123M | 196 | May 15, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $115M | 171 | Feb 14, 2023 | 13F-HR | changes · 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 ↗.