SEC 13F Intelligence

Managers / Q2 2024 · view latest →

Flow State Investments, L.P.

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

Reported Value
$317M
Q2 2024
Positions
207
Filings on Record
9
2023–present window
Filed
Aug 14, 2024
original filing

Summary

Flow State Investments, L.P. reported $317M in U.S.-listed holdings across 207 positions for Q2 2024.

Its largest position, HES, represents 12.1% of the portfolio.

Compared with Q1 2024, the fund opened 50 new positions and exited 73.

Portfolio Metrics

Turnover
+35.8%
vs prior filed quarter
Top-10 Concentration
+50.3%
share of reported value
Largest Position
+12.1%
Hess
New / Exited
50 / 73
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: 40.6%Common Stock: 24.9%Other: 23.0%Closed-End Fund: 8.0%ETP: 1.3%Other: 2.1%
  • US DOMESTIC · 40.6% · $129M
  • Common Stock · 24.9% · $79M
  • Other · 23.0% · $73M
  • Closed-End Fund · 8.0% · $25M
  • ETP · 1.3% · $4M
  • Other · 2.1% · $7M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2024 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
BENTLEY SYS INCNEW+11.00M11.00M+$10M$10M
CHURCHILL CAPITAL CORP IXNEW+700.0K700.0K+$7M$7M
RIVIAN AUTOMOTIVE INCNEW+4.00M4.00M+$4M$4M
DLRDIGITAL RLTY TR INCNEW+20.6K20.6K+$3M$3M
CMS ENERGY CORPNEW+2.48M2.48M+$2M$2M
MONTEREY CAP ACQUISITION CORNEW+208.0K208.0K+$2M$2M
TRISTAR ACQUISITION I CORPNEW+200.0K200.0K+$2M$2M
EVERBRIDGE INCNEW+61.6K61.6K+$2M$2M

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

Holdings — Q2 2024

170 positions (from 202 filing rows — )
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1HESHESS CORPhistory →COM12.05%$38M259.1K
2ROYAL CARIBBEAN GROUPNOTE 6.000% 8/111.08%$35M10.88M
3JAZZ INVESTMENTS I LTDNOTE 2.000% 6/14.56%$14M15.00M
4BOX INCNOTE 1/14.37%$14M12.03M
5SNAP INCNOTE 0.750% 8/03.73%$12M11.00M
6BOOKING HOLDINGS INCNOTE 0.750% 5/03.32%$11M5.00M
7BENTLEY SYS INCNOTE 0.375% 7/03.11%$10M11.00M
8ACIALBERTSONS COS INChistory →COMMON STOCK2.71%$9M434.7K
9CPRICAPRI HOLDINGS LIMITEDhistory →SHS2.70%$9M258.7K
10AMEDAMEDISYS INChistory →COM2.70%$9M93.1K
11INTERDIGITAL INCNOTE 3.500% 6/02.44%$8M5.00M
12CHURCHILL CAPITAL CORP IXCL A SHS · *W EXP 03/31/2032.23%$7M875.0K
13AKAMAI TECHNOLOGIES INCNOTE 0.125% 5/02.21%$7M6.65M
14RIGEL RESOURCE ACQ CORPCL A ORD SHS · *W EXP 99/99/9991.82%$6M848.5K
15TORTOISEECOFIN ACQUISITION CSHS CL A · *W EXP 07/22/2021.69%$5M670.7K
16MIDDLEBY CORPNOTE 1.000% 9/01.68%$5M5.00M
17SPRING VALLEY ACQUISTN CORPCLASS A ORD · RIGHT 02/25/2026 · *W EXP 02/25/2021.24%$4M740.4K
18RIVIAN AUTOMOTIVE INCNOTE 4.625% 3/11.24%$4M4.00M
19CHURCHILL CAPITAL CORP VIICOM CL A · *W EXP 02/29/2021.23%$4M580.7K
20COLOMBIER ACQUISITION CORP ICOM SHS CL A · *W EXP 11/24/2021.11%$4M376.0K
21ETSY INCNOTE 0.125%10/01.10%$3M3.51M
22KEEN VISION ACQUISITION CORPSHS · *W EXP 03/15/2021.09%$3M485.4K
23SRLNSSGA ACTIVE ETF TRhistory →BLACKSTONE SENR1.05%$3M79.3K
24BRIGHTSPRING HEALTH SVCS INCUNIT 02/01/20271.04%$3M70.2K
25CYTOKINETICS INCNOTE 3.500% 7/01.03%$3M2.50M
26XNEAXNUVEEN AMT FREE QLTY MUN INChistory →COM1.03%$3M284.7K
27INVESTCORP EUROPE ACQUISITIOCLASS A ORD SHS · *W EXP 12/15/2021.02%$3M434.7K
28DLRDIGITAL RLTY TR INCCOM0.99%$3M20.6K
29BSTZBLACKROCK SCIENCE & TECHNOLOSHS BEN INT0.88%$3M111.2K
30ARES ACQUISITION CORP IISHS CLASS A · *W EXP 99/99/9990.82%$3M525.5K
31AGRICULTURE & NAT SOL ACQ COSHS CL A · *W EXP 10/01/2020.81%$3M366.0K
32CMS ENERGY CORPNOTE 3.375% 5/00.77%$2M2.48M
33INFINT ACQUISITION CORPCL A ORD SHS0.76%$2M207.5K
34MONTEREY CAP ACQUISITION CORCLASS A COM0.74%$2M208.0K
35SK GROWTH OPPORTUNITIES CORPCLASS A COM · *W EXP 06/28/2020.72%$2M380.2K
36SLAM CORPCL A SHS · *W EXP 99/99/9990.71%$2M538.9K
37TRISTAR ACQUISITION I CORPCL A ORD SHS · *W EXP 99/99/9990.71%$2M255.0K
38EVERBRIDGE INCCOM0.68%$2M61.6K
39ENCORE WIRE CORPCOM0.59%$2M6.5K
40XEVTXEATON VANCE TAX ADVT DIV INCCOM0.59%$2M79.7K
41INVESTCORP INDIA ACQUISTN COCLASS A ORD SHS · *W EXP 06/01/2020.58%$2M242.7K
42SDCL EDGE ACQUISITION CORPCL A ORD SHS0.54%$2M156.6K
43HAYMAKER ACQUISITION CORP IVCLASS A · *W EXP 05/31/2020.53%$2M357.0K
44XETYXEATON VANCE TAX-MANAGED DIVECOM0.52%$2M118.4K
45INFLECTION PT ACQUISITN CRPCL A ORD SHS · *W EXP 08/31/2020.51%$2M300.0K
46BTXBLACKROCK INNOVATION AND GRWSHS BEN INT0.46%$1M200.0K
47SPARK I ACQUISITION CORPORD SHS · *W EXP 10/01/2030.41%$1M322.3K
48LIONS GATE ENTMNT CORPCL B NON VTG0.39%$1M145.8K
49ETGEATON VANCE TX ADV GLBL DIVCOM0.37%$1M63.0K
50MOUNTAIN & CO I ACQUISITN COCLASS A ORD · *W EXP 09/30/2020.37%$1M133.8K
51UNITED STATES STL CORP NEWCOM0.36%$1M30.6K
52PERCEPTION CAPITAL CORP IVCL A COM · *W EXP 99/99/9990.36%$1M400.0K
53COFCAPITAL ONE FINL CORPCOM0.36%$1M8.2K
5410X CAPITAL VENTURE ACQ IIICL A ORD SHS0.35%$1M100.0K
55XEXGXEATON VANCE TAX-MANAGED GLOBCOM0.34%$1M128.6K
56ASA GOLD AND PRECIOUS MTLS LSHS0.34%$1M61.7K
57ZTRVIRTUS TOTAL RETURN FD INCCOM0.32%$1M186.9K
58GP-ACT III ACQUISITION CORPUNIT 99/99/99990.32%$1M100.0K
59CENTURION ACQUISITION CORPUNIT 05/31/20320.31%$999,000100.0K
60LIONHEART HOLDINGSUNIT 99/99/99990.31%$998,710100.0K
61J P MORGAN EXCHANGE TRADED FNASDAQ EQT PREM0.30%$943,50017.0K
62ASGLIBERTY ALL-STAR GROWTH FD ICOM0.28%$901,355168.8K
63BDJBLACKROCK ENHANCED EQUITY DICOM0.28%$900,693110.2K
64SILVERBOX CORP IIICOM CL A · *W EXP 02/28/2020.28%$896,873230.6K
65NRKNUVEEN NEW YORK AMT QLT MUNICOM0.28%$893,46680.6K
66ULSUL SOLUTIONS INCCLASS A COM SHS0.28%$885,99021.0K
67CIIBLACKROCK ENHANCD CAP & INMCOM0.27%$854,29342.7K
68HTDHANCOCK JOHN TAX-ADVANTAGEDCOM0.24%$772,38638.2K
69STEWSRH TOTAL RETURN FUND INCCOM0.24%$752,46851.7K
70NATIONAL WESTN LIFE GROUP INCL A0.22%$695,7161.4K
71WMTWALMART INCCOM0.21%$677,10010.0K
72SABASABA CAPITAL INCOME & OPPORTCOM NEW0.20%$637,01881.7K
73LIONSGATE STUDIOS CORPCOM0.19%$603,26774.8K
74EVCOEVEREST CONSOLIDATOR ACQ CORCL A COM · *W EXP 99/99/9990.19%$599,48367.6K
75EVE MOBILITY ACQUISITION CORCL A ORD SHS · *W EXP 12/31/2020.18%$557,749125.0K
76COMPASS DIGITAL ACQUISITN COCLASS A ORD · *W EXP 99/99/9990.18%$555,135235.9K
77XFFCXFLAHERTY & CRUMRINE PFD SECSCOM0.17%$547,21537.0K
78CHWCALAMOS GBL DYN INCOME FUNDCOM0.17%$535,60178.1K
79NEENEXTERA ENERGY INCCOM0.17%$532,0667.5K
80ETJEATON VANCE RISK-MANAGED DIVCOM0.17%$528,87260.2K
81BCATBLACKROCK CAP ALLOCATION TERCOM0.16%$506,19930.8K
82VVISA INCCOM CL A0.16%$494,2311.9K
83APX ACQUISITION CORP ICLASS A ORD SHS · *W EXP 99/99/9990.15%$476,452113.0K
84RQICOHEN & STEERS QUALITY INCOMCOM0.15%$472,64340.5K
85BGRBLACKROCK ENERGY & RES TRCOM0.14%$441,87933.4K
86ESHAESH ACQUISITION CORPCOM · RIGHT 99/99/99990.13%$428,029131.1K
87ARMADA ACQUISITION CORP ICOM · *W EXP 99/99/9990.13%$423,168108.7K
88KHCKRAFT HEINZ COCOM0.13%$402,75012.5K
89MARATHON OIL CORPCOM0.13%$401,38014.0K
90PIMPUTNAM MASTER INTER INCOME TSH BEN INT0.12%$387,026120.0K
91OKLOOKLO INCCOM CL A0.11%$335,04839.6K
92BBNBLACKROCK TAX MUNICPAL BD TRSHS0.10%$332,33020.3K
93TYGTORTOISE ENERGY INFRA CORPCOM0.09%$285,6208.2K
94GLOCLOUGH GLOBAL OPPORTUNITIESSH BEN INT0.08%$240,94344.8K
95EQUITRANS MIDSTREAM CORPCOM0.08%$239,24718.4K
96BLOCKCHAIN COINVSTRS ACQ CRPCLASS A ORD · *W EXP 11/01/2020.07%$228,30680.1K
97EXECHESAPEAKE ENERGY CORPCOM0.07%$214,8452.6K
98WMBWILLIAMS COS INCCOM0.07%$212,5005.0K
99DFPFLAHERTY & CRUMRINE DYNAMICSHS0.07%$207,41810.8K
100PDTHANCOCK JOHN PREM DIVID FDCOM SH BEN INT0.06%$176,83015.0K

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 ↗.