SEC 13F Intelligence

Managers / Q1 2024 · view latest →

Flow State Investments, L.P.

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

Reported Value
$350M
Q1 2024
Positions
227
Filings on Record
9
2019–present window
Filed
May 13, 2024
original filing

Summary

Flow State Investments, L.P. reported $350M in U.S.-listed holdings across 227 positions for Q1 2024.

Its largest position, Royal Caribbean, represents 7.3% of the portfolio.

Compared with Q4 2023, the fund opened 72 new positions and exited 63.

Portfolio Metrics

Turnover
+39.2%
vs prior filed quarter
Top-10 Concentration
+41.9%
share of reported value
Largest Position
+7.3%
Royal Caribbean
New / Exited
72 / 63
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
US DOMESTIC: 42.1%Other: 27.5%Common Stock: 19.3%Closed-End Fund: 7.5%ETP: 2.1%Other: 1.7%
  • US DOMESTIC · 42.1% · $147M
  • Other · 27.5% · $96M
  • Common Stock · 19.3% · $67M
  • Closed-End Fund · 7.5% · $26M
  • ETP · 2.1% · $7M
  • Other · 1.7% · $6M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
CYTOKINETICS INCNEW+7.50M7.50M+$12M$12M
SHIFT4 PMTS INCNEW+8.00M8.00M+$9M$9M
BRIGHTSPRING HEALTH SVCS INCNEW+83.0K83.0K+$4M$4M
AGRICULTURE & NAT SOL ACQ CONEW+350.0K350.0K+$4M$4M
COLOMBIER ACQUISITION CORP INEW+341.0K341.0K+$4M$4M
QQQINVESCO QQQ TRNEW+7.5K7.5K+$3M$3M
LIONS GATE ENTMNT CORPNEW+337.9K337.9K+$3M$3M
PROJECT ENERGY REIMAGINED ACNEW+287.7K287.7K+$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 2024

189 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1ROYAL CARIBBEAN GROUPNOTE 6.000% 8/17.32%$26M9.00M
2SCREAMING EAGLE ACQUISITN COCLASS A ORD SHS · *W EXP 99/99/9996.42%$22M2.20M
3BOOKING HOLDINGS INCNOTE 0.750% 5/06.36%$22M11.50M
4BOX INCNOTE 1/14.13%$14M12.03M
5PIONEER NAT RES COCOM3.47%$12M46.3K
6CYTOKINETICS INCNOTE 3.500% 7/03.41%$12M7.50M
7JAZZ INVESTMENTS I LTDNOTE 2.000% 6/13.10%$11M10.91M
8SNAP INCNOTE 0.750% 8/02.75%$10M10.00M
9INTERDIGITAL INCNOTE 3.500% 6/02.47%$9M6.00M
10SHIFT4 PMTS INCNOTE 12/12.46%$9M8.00M
11AMEDAMEDISYS INChistory →COM2.18%$8M83.0K
12ACIALBERTSONS COS INChistory →COMMON STOCK1.70%$6M277.8K
13ON SEMICONDUCTOR CORPNOTE 5/01.68%$6M4.00M
14TORTOISEECOFIN ACQUISITION CSHS CL A · *W EXP 07/22/2021.51%$5M599.1K
15MIDDLEBY CORPNOTE 1.000% 9/01.50%$5M4.00M
16NCL CORP LTDNOTE 5.375% 8/01.50%$5M4.00M
17RIGEL RESOURCE ACQ CORPCL A ORD SHS · *W EXP 99/99/9991.44%$5M793.5K
18SPRING VALLEY ACQUISTN CORPCLASS A ORD · RIGHT 02/25/2026 · *W EXP 02/25/2021.43%$5M840.4K
19CNDACONCORD ACQUISITION CORP IICOM CL A · *W EXP 99/99/9991.31%$5M448.9K
20CPRICAPRI HOLDINGS LIMITEDhistory →SHS1.29%$5M99.5K
21OKLOALTC ACQUISITION CORPhistory →COM CL A1.28%$4M392.9K
22KEEN VISION ACQUISITION CORPSHS · *W EXP 03/15/2021.27%$4M585.4K
23INSULET CORPNOTE 0.375% 9/01.19%$4M4.00M
24AKAMAI TECHNOLOGIES INCNOTE 0.125% 5/01.16%$4M3.42M
25HESHESS CORPhistory →COM1.13%$4M26.0K
26CHURCHILL CAPITAL CORP VIICOM CL A · *W EXP 02/29/2021.10%$4M580.7K
27POST HLDGS INCNOTE 2.500% 8/11.09%$4M3.40M
28BRIGHTSPRING HEALTH SVCS INCUNIT 02/01/20271.07%$4M83.0K
29ETSY INCNOTE 0.125%10/01.03%$4M3.40M
30AGRICULTURE & NAT SOL ACQ COSHS CL A · *W EXP 10/01/2021.02%$4M466.0K
31COLOMBIER ACQUISITION CORP ICOM SHS CL A · *W EXP 11/24/2021.00%$4M376.0K
32LEARN CW INVESTMENT CORCL A ORD SHS · *W EXP 10/08/2020.94%$3M350.6K
33BLACKLINE INCNOTE 3/10.91%$3M3.50M
34LIONS GATE ENTMNT CORPCL B NON VTG0.90%$3M337.9K
35PROJECT ENERGY REIMAGINED ACCLASS A ORD0.86%$3M287.7K
36SRLNSSGA ACTIVE ETF TRBLACKSTONE SENR0.84%$3M69.6K
37XNEAXNUVEEN AMT FREE QLTY MUN INCCOM0.78%$3M246.9K
38CALLON PETE CO DELCOM0.78%$3M76.0K
39INFLECTION PT ACQUISITN CRPCL A ORD SHS · *W EXP 08/31/2020.75%$3M397.5K
40ARES ACQUISITION CORP IISHS CLASS A · *W EXP 99/99/9990.74%$3M525.5K
41AP ACQUISITION CORPCL A ORD SHS0.71%$2M220.1K
42INFINT ACQUISITION CORPCL A ORD SHS0.68%$2M207.5K
43PEGASUS DIGITAL MOBILITY ACQCL A ORD SHS · *W EXP 99/99/9990.66%$2M391.8K
44SLAM CORPCL A SHS · *W EXP 99/99/9990.64%$2M545.3K
45ENPHYS ACQUISITION CORPCL A ORD SHS · *W EXP 99/99/9990.61%$2M611.0K
46XEXGXEATON VANCE TAX-MANAGED GLOBCOM0.58%$2M249.7K
47XEVTXEATON VANCE TAX ADVT DIV INCCOM0.58%$2M86.3K
48XETYXEATON VANCE TAX-MANAGED DIVECOM0.57%$2M149.1K
49IB ACQUISITION CORPUNIT 03/26/20290.57%$2M198.8K
50EVERGREEN CORPORATIONCLASS A ORD SHS0.54%$2M165.7K
51DISCOVER FINL SVCSCOM0.49%$2M13.0K
52HAYMAKER ACQUISITION CORP IVCLASS A · *W EXP 05/31/2020.47%$2M357.0K
53CCICROWN CASTLE INCCOM0.41%$1M13.6K
54DSAQDIRECT SELLING ACQUISITIN COCL A COM0.40%$1M126.5K
55SDCL EDGE ACQUISITION CORPCL A ORD SHS0.39%$1M125.0K
56MASONITE INTL CORPCOM0.38%$1M10.0K
57SPARK I ACQUISITION CORPORD SHS · *W EXP 10/01/2030.37%$1M322.3K
58BSTZBLACKROCK SCIENCE & TECHNOLOSHS BEN INT0.37%$1M66.8K
59ETGEATON VANCE TX ADV GLBL DIVCOM0.37%$1M70.9K
60UNITED STATES STL CORP NEWCOM0.35%$1M30.0K
61LEGATO MERGER CORP IIIUNIT 99/99/99990.33%$1M115.0K
62MOUNTAIN & CO I ACQUISITN COCLASS A ORD · *W EXP 09/30/2020.33%$1M133.8K
63NRKNUVEEN NEW YORK AMT QLT MUNICOM0.33%$1M105.0K
64RCF ACQUISITION CORPCL A COM · *W EXP 99/99/9990.33%$1M506.5K
65INVESTCORP INDIA ACQUISTN COCLASS A ORD SHS · *W EXP 06/01/2020.32%$1M181.0K
66BYNOBYNORDIC ACQUISITION CORPCLASS A COM0.32%$1M100.0K
67ZTRVIRTUS TOTAL RETURN FD INCCOM0.31%$1M196.0K
6810X CAPITAL VENTURE ACQ IIICL A ORD SHS · *W EXP 06/30/2020.31%$1M215.0K
69VVISA INCCOM CL A0.30%$1M3.8K
70MSMORGAN STANLEYCOM NEW0.30%$1M11.2K
71ASGLIBERTY ALL-STAR GROWTH FD ICOM0.28%$971,456176.9K
72BTXBLACKROCK INNOVATION AND GRWSHS BEN INT0.27%$960,422118.0K
73J P MORGAN EXCHANGE TRADED FNASDAQ EQT PREM0.26%$926,52817.1K
74ASA GOLD AND PRECIOUS MTLS LSHS0.26%$900,40358.6K
75SILVERBOX CORP IIICOM CL A · *W EXP 02/28/2020.25%$887,018223.6K
76USALIBERTY ALL STAR EQUITY FDSH BEN INT0.24%$853,932119.4K
77HTDHANCOCK JOHN TAX-ADVANTAGEDCOM0.22%$787,69840.1K
78SNSHARKNINJA INCCOM SHS0.22%$778,62512.5K
79STEWSRH TOTAL RETURN FUND INCCOM0.22%$768,07551.0K
80TYGTORTOISE ENERGY INFRA CORPCOM0.20%$702,67722.7K
81BDJBLACKROCK ENHANCED EQUITY DICOM0.20%$697,28284.5K
82CHWCALAMOS GBL DYN INCOME FUNDCOM0.20%$693,068106.5K
83SABA CAPITAL INCOME & OPPORTCOM0.19%$653,270171.0K
84NATIONAL WESTN LIFE GROUP INCL A0.18%$639,5481.3K
85EVCOEVEREST CONSOLIDATOR ACQ CORCL A COM0.17%$592,01053.0K
86KDPKEURIG DR PEPPER INCCOM0.17%$587,20819.1K
87VALUENCE MERGER CORP ICLASS A ORD SHS0.16%$577,37751.0K
88SOCSABLE OFFSHORE CORPCOM SHS · *W EXP 99/99/9990.16%$561,10694.9K
89ETJEATON VANCE RISK-MANAGED DIVCOM0.16%$552,24466.1K
90CIIBLACKROCK ENHANCD CAP & INMCOM0.15%$541,12027.8K
91BGRBLACKROCK ENERGY & RES TRCOM0.15%$520,48739.3K
92XFFCXFLAHERTY & CRUMRINE PFD SECSCOM0.14%$485,74432.7K
93ETBEATON VANCE TAX MNGED BUY WRCOM0.14%$472,74034.6K
94APX ACQUISITION CORP ICLASS A ORD SHS · *W EXP 99/99/9990.13%$468,150113.0K
95ODDITY TECH LTDSHS CL A0.12%$434,50010.0K
96SK GROWTH OPPORTUNITIES CORPCLASS A COM · *W EXP 06/28/2020.12%$427,509135.3K
97ESHAESH ACQUISITION CORPCOM · RIGHT 99/99/99990.12%$422,600131.1K
98SNXTD SYNNEX CORPORATIONCOM0.11%$395,8503.5K
99INVESTCORP EUROPE ACQUISITIOCLASS A ORD SHS · *W EXP 12/15/2020.11%$391,895122.5K
100XBOEXBLACKROCK ENHANCED GLOBAL DICOM0.11%$371,99935.6K

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 ↗.