Flow State Investments, L.P.
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Flow State Investments, L.P. reported 22 stock positions worth $102.8 million. Its top holding was Hess (HES) at 42.1% of the portfolio, followed by Capri (CPRI, 10.2%) and Albertsons Cos Class A (ACI, 8.2%). Compared with Q2 2024, it opened 11 new positions, sold out of 90, added to 6 and reduced 4. The biggest buy was Hess (HES, shares +23%) and the biggest sale an exit from Churchill Capital Corp. Ix (CCIX).
- Most Recent 13F
- Q4 2024
- Location
- CHICAGO, IL
- CIK
- 0001850755
- Portfolio Value
- $102.8M (Q3 2024)
- SEC Filing
- 0001850755-24-000004 ↗ filed Nov 14, 2024
Holdings Value
Holdings 22 stocks · $102.8M
| HES Hess Corp. | 42.14% | 319,004 | $43.3M | Add +23.1% |
| CPRI Capri Holdings Ltd. | 10.18% | 246,606 | $10.5M | Reduce -4.7% |
| ACI Albertsons Cos Inc. Class A | 8.17% | 454,182 | $8.4M | Add +4.5% |
| AGR Avangrid Inc. | 7.83% | 225,000 | $8.1M | New |
| SWN Southwestern Energy Co. | 6.85% | 990,000 | $7.0M | New |
| IVCBF Invest Acquisition Corp. | 3.27% | 285,369 | $3.4M | Add +0.3% |
| SRLN SS Blackstone Sr Loan ETF | 3.22% | 79,300 | $3.3M | No change |
| ULS Ul Solutions Inc. Class A | 3.13% | 65,200 | $3.2M | Add +210.5% |
| SRCL Stericycle Inc. | 2.08% | 35,000 | $2.1M | New |
| CTLT Catalent Inc. | 1.77% | 30,000 | $1.8M | New |
| JEPQ JPM Nasdaq Equity Premium filed as J P MORGAN EXCHANGE TRADED F | 1.60% | 30,000 | $1.6M | Add +76.5% |
| AMED Amedisys Inc. | 1.60% | 17,000 | $1.6M | Reduce -81.8% |
| MRO Marathon Oil Corp. | 1.30% | 50,000 | $1.3M | Add +257.1% |
| AXONICS INC | 1.29% | 19,000 | $1.3M | New |
| NDAQ Nasdaq Inc. | 1.21% | 17,100 | $1.2M | New |
| NVEI Nuvei Corp.-Subordinate VTG | 1.17% | 36,000 | $1.2M | New |
| VIK Viking Holdings Ltd. | 1.15% | 33,892 | $1.2M | New |
| HCP Hashicorp Inc. Class A | 0.99% | 30,000 | $1.0M | New |
| LINE Lineage Inc. | 0.38% | 5,000 | $392K | New |
| COF Capital One Financial Corp. | 0.30% | 2,038 | $305K | Reduce -75.0% |
| LION Lionsgate Studios Corp. | 0.21% | 30,456 | $218K | Reduce -59.3% |
| GTES Gates Industrial Corp. UK Ltd. | 0.17% | 10,000 | $176K | New |
Options reported separately and not counted above: K calls ($5.6M), ACI calls ($4.8M), CPRI calls ($3.2M), CPRI puts ($1.4M), XLP puts ($830K), X calls ($707K), BMRN calls ($527K), ULS calls ($493K), FXI calls ($318K), RKLB calls ($195K).
Other holdings (16): bonds, preferreds, convertibles and warrants · $123.6M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | 8,000,000 | $11.5M | New |
| BOOKING HOLDINGS INC (BKNG 0.75 05/01/25) | NOTE 0.750% 5/0 · principal | 5,000,000 | $11.2M | No change |
| AKAMAI TECHNOLOGIES INC (AKAM 0.125 05/01/25) | NOTE 0.125% 5/0 · principal | 9,150,000 | $10.2M | Add +37.6% |
| INTERDIGITAL INC (IDCC 3.5 06/01/27) | NOTE 3.500% 6/0 · principal | 5,000,000 | $9.3M | No change |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | 150,000 | $9.1M | New |
| ROYAL CARIBBEAN CRUISES (RCL 6 08/15/25) | NOTE 6.000% 8/1 · principal | 2,500,000 | $8.9M | Reduce -77.0% |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | 9,000,000 | $8.6M | New |
| INSULET CORPORATION (PODD 0.375 09/01/26) | NOTE 0.375% 9/0 · principal | 7,000,000 | $8.4M | New |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | 9,000,000 | $8.3M | Reduce -18.2% |
| MIDDLEBY CORP (MIDD 1 09/01/25) | NOTE 1.000% 9/0 · principal | 7,000,000 | $8.1M | Add +40.0% |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | 7,500,000 | $7.7M | New |
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | NOTE 1.500%12/1 · principal | 5,000,000 | $5.8M | New |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | 5,000,000 | $5.4M | Add +102.0% |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | 5,000,000 | $4.4M | New |
| NCL CORPORATION LTD (NCLH 1.125 02/15/27) | NOTE 1.125% 2/1 · principal | 4,000,000 | $3.9M | New |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | NOTE 4.625% 3/1 · principal | 3,000,000 | $2.7M | Reduce -25.0% |
Total filed on the 13F, all lines: $226.4M.
Portfolio Sells Q2 2024 → Q3 2024
| CCIX Churchill Capital Corp. Ix | Sold out | 0.00% | −3.85 |
| RRACF Rigel Resource Acquisit Class A | Sold out | 0.00% | −3.11 |
| AMED Amedisys Inc. | Reduce -81.8% | 1.60% | −3.09 |
| TRTLF Tortoiseecofin Acquisition-A | Sold out | 0.00% | −2.93 |
| SVIIF Spring Valley Acquisition-A | Sold out | 0.00% | −2.14 |
| CVII Churchill Capital Corp. Vii-A | Sold out | 0.00% | −2.09 |
| COLOMBIER ACQUISITION CORP | Sold out | 0.00% | −1.92 |
| KVACF Keen Vision Acquisition Corp. | Sold out | 0.00% | −1.89 |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | Sold out | 0.00% | −1.79 |
| DLR Digital Realty Trust Inc. | Sold out | 0.00% | −1.72 |
| ARES ACQUISITION CORP II | Sold out | 0.00% | −1.41 |
| ANSC Agriculture & Natural Soluti | Sold out | 0.00% | −1.40 |
| CURR Currenc Group Inc. | Sold out | 0.00% | −1.33 |
| MONTEREY CAP ACQUISITION COR | Sold out | 0.00% | −1.29 |
| SKGR SK Growth Opportunities Co. Class A | Sold out | 0.00% | −1.23 |
| TRIS Tristar Acquisition I Corp. Class A | Sold out | 0.00% | −1.22 |
| SLAMF Slam Corp. Class A | Sold out | 0.00% | −1.19 |
| EVBG Everbridge Inc. | Sold out | 0.00% | −1.18 |
| WIRE Encore Wire Corp. | Sold out | 0.00% | −1.03 |
| XEVTX Eaton Vance Tax-Adv DVD Inc. | Sold out | 0.00% | −1.02 |
| IVCAF Libity | Sold out | 0.00% | −1.01 |
| SEDA SDCL Edge Acquisition Corp. Class A | Sold out | 0.00% | −0.95 |
| XETYX Eaton Vance Tax-MGD Div Eqty | Sold out | 0.00% | −0.91 |
| HAYMAKER ACQUISITION CORP 4 | Sold out | 0.00% | −0.89 |
| USAR USA Rare Earth Inc. | Sold out | 0.00% | −0.87 |
| BSTZ BlackRock Sci & Tech TRM TR | Sold out | 0.00% | −0.86 |
| BTX BlackRock Tech & Priv Eqty | Sold out | 0.00% | −0.79 |
| SPKLF Spark I Acquisition Corp. | Sold out | 0.00% | −0.70 |
| LGF.B Lions Gate Entertainment-B | Sold out | 0.00% | −0.69 |
| BST BlackRock Science & Tech TR | Sold out | 0.00% | −0.66 |
| ETG Eaton Vance T/A GL DVD Incm | Sold out | 0.00% | −0.64 |
| MCAA Mountain & Co. I Acquisition | Sold out | 0.00% | −0.64 |
| X United States Steel Corp. | Sold out | 0.00% | −0.63 |
| RCFAF Perception Capital Corp. IV | Sold out | 0.00% | −0.62 |
| VCXB 10X Capital Venture Acquis-A | Sold out | 0.00% | −0.60 |
| XEXGX Eaton Vance Tax-Managed Glob | Sold out | 0.00% | −0.60 |
| ASA ASA Gold and Precious Metals | Sold out | 0.00% | −0.59 |
| ZTR Virtus Total Return Fund Inc. | Sold out | 0.00% | −0.56 |
| GPATU GP-Act III Acquisition Corp. | Sold out | 0.00% | −0.55 |
| ALFUU Centurion Acquisition Corp. | Sold out | 0.00% | −0.55 |
| CUBWU Lionheart Holdings | Sold out | 0.00% | −0.55 |
| ASG Liberty All-Star Growth FD | Sold out | 0.00% | −0.49 |
| BDJ BlackRock Enhanced Eqty DVD | Sold out | 0.00% | −0.49 |
| NRK Nuveen NY Amt-FR Muni Inc. | Sold out | 0.00% | −0.49 |
| SBXC Silverbox Corp. III-A | Sold out | 0.00% | −0.48 |
| CII BlackRock Enhan LRG Cap Core | Sold out | 0.00% | −0.47 |
| HTD John Hancock Tax Adv DVD Inc. | Sold out | 0.00% | −0.42 |
| STEW SRH Total Return Fund Inc. | Sold out | 0.00% | −0.41 |
| NWLI National Western Life Grou-A | Sold out | 0.00% | −0.38 |
| WMT Walmart Inc. | Sold out | 0.00% | −0.37 |
Portfolio Buys Q2 2024 → Q3 2024
| HES Hess Corp. | Add +23.1% | 42.14% | +21.19 |
| AGR Avangrid Inc. | New | 7.83% | +7.83 |
| SWN Southwestern Energy Co. | New | 6.85% | +6.85 |
| ACI Albertsons Cos Inc. Class A | Add +4.5% | 8.17% | +3.46 |
| ULS Ul Solutions Inc. Class A | Add +210.5% | 3.13% | +2.64 |
| SRCL Stericycle Inc. | New | 2.08% | +2.08 |
| CTLT Catalent Inc. | New | 1.77% | +1.77 |
| IVCBF Invest Acquisition Corp. | Add +0.3% | 3.27% | +1.50 |
| AXONICS INC | New | 1.29% | +1.29 |
| NDAQ Nasdaq Inc. | New | 1.21% | +1.21 |
| NVEI Nuvei Corp.-Subordinate VTG | New | 1.17% | +1.17 |
| VIK Viking Holdings Ltd. | New | 1.15% | +1.15 |
| JEPQ JPM Nasdaq Equity Premium | Add +76.5% | 1.60% | +1.09 |
| MRO Marathon Oil Corp. | Add +257.1% | 1.30% | +1.08 |
| HCP Hashicorp Inc. Class A | New | 0.99% | +0.99 |
| LINE Lineage Inc. | New | 0.38% | +0.38 |
| GTES Gates Industrial Corp. UK Ltd. | New | 0.17% | +0.17 |
Options Activity Q2 2024 → Q3 2024
| K Kellanova | call | New | 69,000 | $5.6M |
| ACI Albertsons Cos Inc. Class A | call | New | 258,000 | $4.8M |
| CPRI Capri Holdings Ltd. | call | New | 75,800 | $3.2M |
| CPRI Capri Holdings Ltd. | put | Add +138.5% | 34,100 | $1.4M |
| XLP SS Consumer Staples Sel Sect | put | New | 10,000 | $830K |
| X United States Steel Corp. | call | New | 20,000 | $707K |
| BMRN Biomarin Pharmaceutical Inc. | call | New | 7,500 | $527K |
| ULS Ul Solutions Inc. Class A | call | New | 10,000 | $493K |
| OKLO Oklo Inc. | put | Sold out | 49,700 | $421Kbefore exit |
| FXI iShares China Large-Cap ETF | call | New | 10,000 | $318K |
| RKLB Rocket Lab USA Inc. | call | New | 20,000 | $195K |
| KHC The Kraft Heinz Co. | call | Sold out | 5,000 | $161Kbefore exit |
| JNPR Juniper Networks Inc. | call | Sold out | 2,500 | $91Kbefore exit |
| JNPR Juniper Networks Inc. | put | Sold out | 300 | $11Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2024 → Q3 2024
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | Sold out | 15,000,000 | $14.5Mbefore exit |
| BOX INC (BOX 0 01/15/26) | NOTE 1/1 · principal | Sold out | 12,025,000 | $13.8Mbefore exit |
| SNAP INC (SNAP 0.75 08/01/26) | NOTE 0.750% 8/0 · principal | Sold out | 11,000,000 | $11.8Mbefore exit |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | New | 8,000,000 | $11.5M |
| AKAMAI TECHNOLOGIES INC (AKAM 0.125 05/01/25) | NOTE 0.125% 5/0 · principal | Add +37.6% | 9,150,000 | $10.2M |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | New | 150,000 | $9.1M |
| ROYAL CARIBBEAN CRUISES (RCL 6 08/15/25) | NOTE 6.000% 8/1 · principal | Reduce -77.0% | 2,500,000 | $8.9M |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | New | 9,000,000 | $8.6M |
| INSULET CORPORATION (PODD 0.375 09/01/26) | NOTE 0.375% 9/0 · principal | New | 7,000,000 | $8.4M |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | Reduce -18.2% | 9,000,000 | $8.3M |
| MIDDLEBY CORP (MIDD 1 09/01/25) | NOTE 1.000% 9/0 · principal | Add +40.0% | 7,000,000 | $8.1M |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | New | 7,500,000 | $7.7M |
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | NOTE 1.500%12/1 · principal | New | 5,000,000 | $5.8M |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | Add +102.0% | 5,000,000 | $5.4M |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | New | 5,000,000 | $4.4M |
| NCL CORPORATION LTD (NCLH 1.125 02/15/27) | NOTE 1.125% 2/1 · principal | New | 4,000,000 | $3.9M |
| ETSY INC (ETSY 0.125 10/01/26) | NOTE 0.125%10/0 · principal | Sold out | 3,510,000 | $3.5Mbefore exit |
| BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27) | UNIT 02/01/2027 | Sold out | 70,200 | $3.3Mbefore exit |
| CYTOKINETICS INC (CYTK 3.5 07/01/27) | NOTE 3.500% 7/0 · principal | Sold out | 2,500,000 | $3.3Mbefore exit |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | NOTE 4.625% 3/1 · principal | Reduce -25.0% | 3,000,000 | $2.7M |
| RRAWF Rigel Resource Acquisi -CW23 | *W EXP 99/99/999 | Sold out | 348,500 | $96Kbefore exit |
| SLMWF Slam Corp.-A -CW27 | *W EXP 99/99/999 | Sold out | 343,650 | $86Kbefore exit |
| CVIIW Churchill Capital Vii -CW28 | *W EXP 02/29/202 | Sold out | 226,912 | $79Kbefore exit |
| CCIXW Churchill Capital Corp. I-29 | *W EXP 03/31/203 | Sold out | 174,999 | $61Kbefore exit |
| AIRJW Power & Digital Acq -CW24 | *W EXP 03/15/202 | Sold out | 40,485 | $58Kbefore exit |
| SHMDW Schmid Group NV -28 | *W EXP 04/30/202 | Sold out | 114,913 | $52Kbefore exit |
| LOTWW Lotus Technology Inc.-28 | *W EXP 02/22/202 | Sold out | 128,800 | $48Kbefore exit |
| SKGRW SK Growth Opportunities -29 | *W EXP 06/28/202 | Sold out | 178,670 | $42Kbefore exit |
| HCVIW Hennessy Capital Inv A -CW27 | *W EXP 99/99/999 | Sold out | 256,400 | $38Kbefore exit |
| SVIRF Spring Valley Acquisit-Right | RIGHT 02/25/2026 | Sold out | 275,000 | $37Kbefore exit |
| KDKRW Ares Acquisition Corp. II-28 | *W EXP 99/99/999 | Sold out | 285,000 | $37Kbefore exit |
| HYAC.WS Haymaker Acquisition Corp.-28 | *W EXP 05/31/202 | Sold out | 201,700 | $35Kbefore exit |
| SPKWF Spark I Acquisition Corp.-28 | *W EXP 10/01/203 | Sold out | 198,619 | $34Kbefore exit |
| JWSWF Jaws Mustang Acq C -CW26 | *W EXP 01/30/202 | Sold out | 290,000 | $29Kbefore exit |
| TRTWF Tortoiseecofin Acquisit-CW | *W EXP 07/22/202 | Sold out | 181,598 | $29Kbefore exit |
| GCTS.WS Concord Acq Class A -CW28 | *W EXP 03/01/202 | Sold out | 175,000 | $26Kbefore exit |
| NETDW Nabors Energy Transiti-CW | *W EXP 09/01/202 | Sold out | 260,000 | $26Kbefore exit |
| CNDAW Concord Acquisition A -CW28 | *W EXP 99/99/999 | Sold out | 213,813 | $24Kbefore exit |
| QBTS.WS D-Wave Quantum Inc. -27 | *W EXP 08/05/202 | Sold out | 200,000 | $23Kbefore exit |
| CSLWF Consilium Acquisition -27 | *W EXP 99/99/999 | Sold out | 151,100 | $21Kbefore exit |
| SBXC.WS Silverbox Corp. III-28 | *W EXP 02/28/202 | Sold out | 148,000 | $21Kbefore exit |
| RUMBW Rumble Inc.-CW28 | *W EXP 09/16/202 | Sold out | 20,117 | $21Kbefore exit |
| LLAPW Terran Orbital Corp. -CW28 | *W EXP 03/25/202 | Sold out | 173,400 | $21Kbefore exit |
| PERCEPTION CAPITAL CORP IV | *W EXP 99/99/999 | Sold out | 300,000 | $19Kbefore exit |
| ANSCW Agriculture & Natural Solu-W | *W EXP 10/01/202 | Sold out | 116,000 | $19Kbefore exit |
| KRNLW Kernel Group HLDG -A -CW27 | *W EXP 99/99/999 | Sold out | 142,000 | $19Kbefore exit |
| IXQWF Ix Acquisition Corp. -CW26 | *W EXP 07/31/202 | Sold out | 212,900 | $17Kbefore exit |
| GHIXW Gores Holding Ix -CW24 | *W EXP 01/14/202 | Sold out | 194,410 | $16Kbefore exit |
| IBACR Ib Acquisition Corp.-RTS | RIGHT 09/28/2026 | Sold out | 198,850 | $15Kbefore exit |
| VSTWF Vast Solar PTY Ltd. -28 | *W EXP 07/01/202 | Sold out | 109,999 | $15Kbefore exit |
Showing the first 50 of 107.
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.