Flow State Investments, L.P.

CIK

1850755

Location

Chicago, IL

Portfolio Value

Small $113,346,515

Diversification

Moderately concentrated

Filing Date

Global Rank

#6,760 / 7,447 ▼ 1276 · as of Sep 2024

Top Industry

Luxury Goods 42.2%

Period ended 2 years ago

Filed Nov 14, 2024 · 1y

8 quarters · since Dec 2022

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Unknown

Schedule 13D/13G stakes

Stakes of 5% or more disclosed on Schedule 13D or 13G, each on the filer's latest filing for the security. These are event-dated stakes, not the quarter-end 13F portfolio below.

No stake currently held at or above 5%.

A 13D or 13G stays in force until its filer amends it and no amendment is due without a material change, so a stake with no filing in 24 months reads unconfirmed, never sold. An amendment reporting under 5% ends the filer's duty to amend, not necessarily the holding. Shares are restated onto today's split basis. Show 1 exited, below-5% or retired stake

Portfolio style

Measured from the filed 13F common-share book for Sep 30, 2024, never from the firm's own description.

Style

Concentrated

The top 10 positions are 88.8% of the book (60%+)

Turnover

High turnover

158.1% over the last four quarters (100%+)

Horizon

Short horizon

Value-weighted holding period 3.6 quarters (under 4)

Closest benchmark: every 13F filer's combined book, active share 99.4%; sector active share 68.8% against the combined 13F book's sector weights.

Over time 8 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

25 tracked positions · as of Sep 30, 2024 · Δ vs Jun 30, 2024

Top Position

38.2%

+16.9 pts

Top 5

76.5%

+36.7 pts

Top 10

89.1%

+37.0 pts

HHI

1,909

Moderately concentrated+1,291

Portfolio Trend

8 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2024

Sector	% Portfolio	Value	Positions
Unclassified	68.4%	$77,517,232	16
Consumer Cyclical	14.4%	$16,312,605	2
Consumer Defensive	11.6%	$13,161,123	1
Industrials	3.4%	$3,882,860	2
Financial Services	1.4%	$1,553,620	2
Healthcare	0.5%	$527,175	1
Real Estate	0.3%	$391,900	1

Last Quarter's Activity

Export CSV

Sep 30, 2024 vs Jun 30, 2024

Added To

Positions the filer increased

6 positions

Ticker	Company	Δ Shares	Shares	Value
—		+59,898	319,004	$43,320,743
ULS	UL Solutions Inc.	+44,200	65,200	$3,214,360
—		+36,000	50,000	$1,331,500
ACI	Albertsons Companies, Inc.	+19,452	454,182	$8,393,283
JEPQ	JPMorgan Nasdaq Equity Premium Income ETF	+13,000	30,000	$1,647,900
—		+700	285,369	$3,364,501
No positions match the current search.

Trimmed

Positions the filer reduced

3 positions

Ticker	Company	Δ Shares	Shares	Value
—		−76,129	17,000	$1,640,670
CPRI	Capri Holdings Ltd	−12,069	246,606	$10,465,958
COF	Capital One Financial Corp	−6,115	2,038	$305,149
No positions match the current search.

New Positions

Positions the filer opened this quarter

11 positions

Ticker	Company	Shares	Value
—		225,000	$8,052,750
—		990,000	$7,038,900
—		35,000	$2,135,000
—		30,000	$1,817,100
—		19,000	$1,322,400
NDAQ	Nasdaq, Inc.	17,100	$1,248,471
—		36,000	$1,200,600
VIK	Viking Holdings Ltd	33,892	$1,182,491
—		30,000	$1,015,800
LINE	Lineage, Inc.	5,000	$391,900
GTES	Gates Industrial Corp Ltd.	10,000	$175,500
No positions match the current search.

Sold Out

Positions the filer fully exited

25 positions

Ticker	Company	Shares	Value
—		699,996	$7,013,959
—		500,000	$5,665,000
—		489,065	$5,345,480
—		350,403	$3,896,481
—		353,800	$3,810,426
KVACF	Keen Vision Acquisition Corp.	325,000	$3,438,825
BTSGU	BrightSpring Health Services, Inc.	70,200	$3,304,314
NEA	Nuveen AMT-Free Quality Municipal Income Fund	284,746	$3,263,189
DLR	Digital Realty Trust, Inc.	20,593	$3,131,165
AACT	Kodiak AI, Inc.	240,487	$2,565,996
—		250,000	$2,560,000
CURR	Currenc Group Inc.	207,498	$2,419,427
MCAC	ConnectM Technology Solutions, Inc.	208,000	$2,350,400
—		201,576	$2,242,049
—		200,000	$2,230,000
SLAMF	Slam Corp.	195,270	$2,171,402
—		61,588	$2,154,964
—		6,462	$1,872,881
EVT	Eaton Vance Tax-Advantaged Dividend Income Fund	79,706	$1,856,352
—		161,667	$1,834,920
—		156,600	$1,727,298
ETY	Eaton Vance Tax-Managed Diversified Equity Income Fund	118,413	$1,663,702
—		155,295	$1,632,150
IPXX	USA Rare Earth, Inc.	150,000	$1,590,000
BSTZ	BlackRock Science & Technology Term Trust	79,221	$1,577,290
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

25 tracked positions · $113,346,515 total · filing declares 48 positions · $244,511,700 · as of Sep 30, 2024

All sectors Consumer Cyclical Consumer Defensive Financial Services Healthcare Industrials Real Estate

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
		Added	319,004	+59,898	$43,320,743	+13.3%	4	unpriced	38.22%
CPRI	Capri Holdings Ltd PUT CALL + SHARES Consumer Cyclical	Added	356,506	+83,531	$15,130,114	+67.6%	5	$40.78	13.35%
ACI	Albertsons Companies, Inc. CALL + SHARES Consumer Defensive	Added	712,182	+277,452	$13,161,123	+53.3%	8	before history	11.61%
		NEW	225,000	NEW	$8,052,750	NEW	1	unpriced	7.10%
		NEW	990,000	NEW	$7,038,900	NEW	1	unpriced	6.21%
ULS	UL Solutions Inc. CALL + SHARES Industrials	Added	75,200	+54,200	$3,707,360	+318.4%	2	$45.19	3.27%
		Added	285,369	+700	$3,364,501	+4.1%	3	unpriced	2.97%
SRLN	State Street(R) Blackstone Senior Loan ETF	Held	79,300	0	$3,311,568	−0.1%	6	$41.76	2.92%
		NEW	35,000	NEW	$2,135,000	NEW	1	unpriced	1.88%
		NEW	30,000	NEW	$1,817,100	NEW	1	unpriced	1.60%
JEPQ	JPMorgan Nasdaq Equity Premium Income ETF	Added	30,000	+13,000	$1,647,900	+74.7%	3	$52.83	1.45%
		Reduced	17,000	-76,129	$1,640,670	−80.8%	5	unpriced	1.45%
		Added	50,000	+36,000	$1,331,500	+231.7%	2	unpriced	1.17%
		NEW	19,000	NEW	$1,322,400	NEW	1	unpriced	1.17%
NDAQ	Nasdaq, Inc. Financial Services	NEW	17,100	NEW	$1,248,471	NEW	1	$68.26	1.10%
		NEW	36,000	NEW	$1,200,600	NEW	1	unpriced	1.06%
VIK	Viking Holdings Ltd Consumer Cyclical	NEW	33,892	NEW	$1,182,491	NEW	1	$34.22	1.04%
		NEW	30,000	NEW	$1,015,800	NEW	1	unpriced	0.90%
BMRN	Biomarin Pharmaceutical Inc CALL Healthcare	NEW	7,500	NEW	$527,175	NEW	—	—	0.47%
LINE	Lineage, Inc. Real Estate	NEW	5,000	NEW	$391,900	NEW	1	$83.66	0.35%
FXI	iShares China Large-Cap ETF CALL	NEW	10,000	NEW	$317,800	NEW	—	—	0.28%
COF	Capital One Financial Corp Financial Services	Reduced	2,038	-6,115	$305,149	−73.0%	2	$140.29	0.27%
GTES	Gates Industrial Corp Ltd. Industrials	NEW	10,000	NEW	$175,500	NEW	1	$17.02	0.15%
		NEW	10,000	NEW	$0	NEW	—	—	0.00%
		NEW	69,000	NEW	$0	NEW	—	—	0.00%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.