An upgrade in People Pillar rating is the primary driver of Horizon Kinetics SPAC Active ETF's upgrade to a Morningstar Medalist Rating of Neutral from Negative. The strategy charges fees in line with its similarly distributed peers, priced within the middle quintile.  

 The strategy benefits from the longest-tenured manager on the team's lengthy experience. This is a positive driver of the strategy's Average People Pillar rating. The strategy merits an Average Process Pillar rating.  Low liquidity risk exposure is attributed to stocks with a low trading volume, limiting managers' flexibility. And a high quality exposure is rooted in holding stocks with low financial leverage and strong returns on equity. The strategy's parent organization earns the firm a Low Parent Pillar rating, and this rating is inherited from vehicles belonging to the same branding entity and is indirectly assigned by an analyst.

Analyst Rating

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Morningstar's evaluation of this security's process aims to determine the likelihood that it will outperform its Morningstar Category index on a risk-adjusted basis over the long term. Horizon Kinetics SPAC Active ETF earns an Average Process Pillar rating. 

The leading factor in the rating is the firm's five-year retention rate of 100% over the period. The stability of the management team also contributes to the process. Specifically, the fund has not seen a manager change in the last 16 years. Lastly, the process is limited by its parent firm's inferior risk-adjusted performance, as shown by the firm's average 10-year Morningstar Rating of 1.2 stars. A lower star rating suggests that the firm has struggled to outperform on a risk-adjusted basis.

 This strategy skews toward larger, deeper value companies compared with its average peer in the Health Morningstar Category. Examining additional factor exposure, this strategy continually held some stocks with low trading volume over the last few years. Less-liquid stocks might offer strong returns to compensate for their risks, but they can be harder and more expensive to trade in bear markets. In the latest month, the strategy was also less exposed to the Liquidity factor compared with Morningstar Category peers. This strategy also has had a position favoring high-quality stocks in recent years, which could contribute to higher downside risk protection. Though it may trail peers during an economic boom, this orientation contributes to helping it weather periods of economic stress better. Compared with category peers, the strategy also had more exposure to the Quality factor in the most recent month. Additionally, this strategy has exhibited a tilt toward low-volatility stocks in these years, meaning companies with a lower historical standard deviation of returns over its peers. These companies have historically been a valuable ballast to steady portfolio returns during market downturns. In recent months, the strategy also had less Volatility factor exposure than its peers. More information on a fund and its respective category's factor exposure can be found in the Factor Profile module within the Portfolio section. 

 The portfolio is overweight in financial services by 100.0 percentage points in terms of assets compared with the category average, and its energy allocation is similar to the category. The sectors with low exposure compared to category peers are healthcare and technology, with healthcare underweighting the average portfolio by 99.5 percentage points of assets and technology similar to the average.

Above Average

Process

Horizon Kinetics SPAC Active ETF earns an Average People Pillar rating. The main contributor to the rating is the firm's five-year retention rate of 100%. The rating is limited by its parent firm's disappointing risk-adjusted performance, as shown by the firm's average 10-year Morningstar Rating of 1.2 stars. A lower star rating suggests that the firm has struggled to outperform on a risk-adjusted basis.


Andrew Dakos, the longest-tenured manager on the strategy, provides strong guidance, offering 16 years of portfolio management experience.  Although the team is small, it is a solid supporting cast. Together, the three listed managers boast more than an average of 16 years of portfolio management experience. None of the managers here invest any money in the strategy, which is disappointing, as such investments help align managers' interests with fundholders.

People

Horizon Kinetics Asset Management is an independent investment boutique with insufficient risk controls, an issue that is exacerbated by the firm’s lineup of thematic, highly concentrated portfolios. It warrants a Low Parent rating.

Co-founders Murray Stahl, Peter Doyle, and Steven Bregman jointly run the firm, but a massive firmwide position in a single stock overwhelms positives that come from the research team. Nearly a third, or $2.2 billion, of the firm’s $6.8 billion of assets under management as of June 2022 rested in a single stock: Texas Pacific Land TPL, a $13-billion-dollar real estate trust that owns vast tracts in Texas and earns royalties off grazing and oil leases. The stock accounts for more than 50% of assets in some strategies, which raises obvious risk-management and liquidity concerns should the stock sell off or the firm experience significant outflows. Additionally, there are conflicts of interest with firm CEO/CIO Stahl, as he is compensated by Texas Pacific Land for his seat on the board and is personally invested in the company. 

High fees across the fund lineup, a smattering of questionably timed fund launches, and the overhaul and renaming of strategies raise additional concerns. The firm saw multiple strategy closures during the dot-com bubble, and it has a history of launching products that seemingly chase fads and short-term asset flows.

Parent

Horizon Kinetics Spac Active ETF

SPAQ is actively managed to provide exposure to globally listed, pre-combination special purpose acquisition companies (SPACs) of any capitalization.

Horizon Kinetics Medical ETF

NEW YORK, NY / ACCESSWIRE / January 30, 2023 / Horizon Kinetics LLC today launched the Horizon Kinetics SPAC Active ETF (NASDAQ:SPAQ) and the Horizon Kinetics Medical ETF (NASDAQ:MEDX). SPAQ was converted from the Kinetics Alternative Income Mutual Fund, and MEDX from the Kinetics Medical Mutual Fund, as part of tax-free reorganizations effective after the close of business on January 27, 2023.

Horizon Kinetics Launches the Horizon Kinetics SPAC Active ETF (SPAQ) and the Horizon Kinetics Medical ETF (MEDX)

PARIS & ARNHEM, the Netherlands & NEW YORK--(BUSINESS WIRE)--Spartan Acquisition Corp. III (“Spartan”) (NYSE: SPAQ), a publicly traded special purpose acquisition company, today announced the completion of its business combination with Allego Holding B.V., a leading pan-European electric vehicle charging network. In connection with the completion of the business combination, Allego Holding B.V. has been renamed Allego N.V. (“Allego” or the “Company”) and its ordinary shares and warrants are exp

Spartan Acquisition Corp. III and Allego Holding B.V. Complete Business Combination to Establish NYSE-Listed pan-European Electric Vehicle Charging Network

PARIS & ARNHEM, Netherlands & NEW YORK--(BUSINESS WIRE)--Spartan Acquisition Corp. III (“Spartan”) (NYSE: SPAQ), a publicly-traded special purpose acquisition company, today announced that it plans to complete its business combination with Allego Holding B.V. (“Allego”), a leading pan-European electric vehicle charging network, on Wednesday, March 16, 2022. “We look forward to closing our business combination with Allego tomorrow and are very pleased to bring them public on the New York Stock E

Spartan Acquisition Corp. III and Allego Holding B.V. Expect to Complete Business Combination on Wednesday, March 16, 2022

PARIS & ARNHEM, Netherlands & NEW YORK--(BUSINESS WIRE)--HAllego Holding B.V. (“Allego” or “the “Company”), a leading pan-European electric vehicle charging network that announced a business combination with Spartan Acquisition Corp. III (“Spartan”) (NYSE: SPAQ), is providing an operational update for the two months ended February 28, 2022. The Company previously offered a business update for the year ended December 31, 2021, on February 7, 2022, providing an update on recent strategic mileston

Allego, a Leading Pan-European EV Fast Charging Network, Sees Strong Momentum in Early First Quarter of 2022

PARIS & ARNHEM, Netherlands & NEW YORK--(BUSINESS WIRE)--Spartan Acquisition Corp. III (“Spartan”) (NYSE: SPAQ), a publicly traded special purpose acquisition company, today announced that stockholders of record as of January 18, 2022, approved the previously proposed business combination (the “Business Combination”) with Allego Holding B.V. (“Allego” or “the Company”), a leading pan-European electric vehicle charging network, supported by 94% of the shares of Spartan voted at the special meeti

Spartan Acquisition Corp. III Stockholders Approve Previously Announced Business Combination with Allego Holding B.V.

PARIS & ARNHEM, Netherlands & NEW YORK--(BUSINESS WIRE)--Allego Holding B.V. (“Allego” or “the “Company”), a leading pan-European electric vehicle charging network that announced a business combination with Spartan Acquisition Corp. III (“Spartan”) (NYSE: SPAQ), today announced that it has entered into a strategic agreement with Tamoil Italia, a leading fuel energy provider within the European downstream oil and gas sector, to develop 11 ultra-fast and fast charging locations throughout Italy a

Allego Enters Italy through Strategic Agreement with Tamoil Italia to Bring EV Charging to 11 Tamoil Sites

PARIS & ARNHEM, Netherlands & NEW YORK--(BUSINESS WIRE)--Spartan Acquisition Corp. III (“Spartan”) (NYSE: SPAQ), a publicly traded special purpose acquisition company, and Allego Holding B.V. (“Allego” or “the Company”), a leading pan-European electric vehicle charging network, today announced that on February 10, 2022 the U.S. Securities and Exchange Commission (“SEC”) has declared effective Allego affiliate Athena Pubco B.V.'s (“Athena Pubco”) registration statement on Form F-4 (File No. 333-

Spartan Acquisition Corp. III and Allego Announce Effectiveness of Registration Statement and March 8, 2022 Special Meeting of Stockholders to Approve Business Combination

PARIS & ARNHEM, Netherlands & NEW YORK--(BUSINESS WIRE)--Allego Holding B.V. (“Allego” or “the “Company”), a leading pan-European electric vehicle charging network that announced a business combination with Spartan Acquisition Corp. III (“Spartan”) (NYSE: SPAQ), is providing a financial and strategic update on several performance highlights before the release of the audited financial statements for the fiscal year ending December 31, 2021. Selected Financial Highlights for Full Year 20212 Reven

Allego, the Largest Pan-European EV Fast Charging Network, Provides Business Update and Outlines Recent Strategic Milestones

PARIS & ARNHEM, Netherlands & NEW YORK--(BUSINESS WIRE)--Allego Holding B.V. ("Allego" or the "Company"), a leading pan-European electric vehicle ("EV”) charging network, which announced its proposed business combination with Spartan Acquisition Corp. III (NYSE: SPAQ), today announced it had hired Manish A. Somaiya as Group Head of Investor Relations and Capital Markets, effective January 10, 2022. "I am pleased to welcome Manish to the Allego team," said Mathieu Bonnet, CEO of Allego. "He brin

Allego Names Manish Somaiya as Group Head of Investor Relations and Capital Markets

PARIS & ARNHEM, Netherlands & NEW YORK--(BUSINESS WIRE)--Allego Holding B.V. (“Allego” or “the “Company”), a leading pan-European electric vehicle charging network that recently announced a business combination with Spartan Acquisition Corp. III (“Spartan”) (NYSE: SPAQ), today announced that it has entered into a strategic partnership with ARCOS, a subsidiary of VINCI Autoroutes, to build a charging site along the A355 motorway in France. The A355 Motorway is highly trafficked, with, on average

Allego Enters into Strategic Partnership with ARCOS A355 Motorway, Subsidiary of VINCI Autoroutes

PARIS & ARNHEM, Netherlands & NEW YORK--(BUSINESS WIRE)--Allego Holding B.V. (“Allego” or “the “Company”), a leading pan-European electric vehicle charging network that recently announced a business combination with Spartan Acquisition Corp. III (“Spartan”) (NYSE: SPAQ), has secured 14 new ultra fast charging locations along major highways in Flanders, Belgium in a project co-financed by the European Union and the Flemish Agency for Roads and Traffic (Agentschap Wegen en Verkeer van de Vlaamse

Allego Secures 14 Ultra Fast Charging Locations Along Major Highways in Flanders, Belgium

PARIS & ARNHEM, Netherlands & NEW YORK--(BUSINESS WIRE)--Allego Holding B.V. (“Allego” or “the “Company”), a leading pan-European electric vehicle charging network, announced today that it will present at the 24th Annual Needham Growth Conference. Members of management will present on Thursday, January 13, at 12:30 pm ET. A webcast to the event will be available at the link HERE.    Allego has previously announced that it entered into a business combination with Spartan Acquisition Corp. III (“

Allego, a Leading pan-European EV Charging Company to Present at the 24th Annual Needham Growth Conference

PARIS & ARNHEM, the Netherlands & NEW YORK--(BUSINESS WIRE)--Allego Holding B.V. (“Allego” or “the “Company”), a leading pan-European electric vehicle charging network that recently announced a business combination with Spartan Acquisition Corp. III (“Spartan”) (NYSE: SPAQ), today announced a strategic partnership with Nissan, a leading global vehicle manufacturer responsible for developing, manufacturing, distributing, and selling motor vehicles, including electric vehicles ("EVs"), as well as

Allego Enters into Strategic Partnership with Nissan

PARIS & ARNHEM, the Netherlands & NEW YORK--(BUSINESS WIRE)--Allego Holding B.V. (“Allego” or the “Company”), a leading pan-European electric vehicle (“EV”) charging network, which recently announced its proposed business combination with Spartan Acquisition Corp. III (NYSE: SPAQ), today confirmed that The Honorable Jane F. Garvey will assume the role of Chairwoman of the Board of Directors of Allego N.V., the combined company, upon the closing of the business combination. Current Chairman of A

The Honorable Jane F. Garvey, an Industry Leader and Former U.S. Official, to be Appointed Chairwoman of Allego Board of Directors

PARIS & ARNHEM, the Netherlands--(BUSINESS WIRE)--Allego Holding B.V. (“Allego” or the “Company”), a leading pan-European electric vehicle (“EV”) charging network, which recently announced its proposed business combination with Spartan Acquisition Corp. III (NYSE: SPAQ), today announced in conjunction with Meridiam the closing of the first-of-its-kind special purpose project finance vehicle for EV charging infrastructure (“AssetCo”). AssetCo was formed to finance the development of more than 2,

Meridiam and Allego Close the First-of-its-Kind Special Purpose Project Finance Vehicle to Establish a Network of More than 2000 Electric Vehicle Charge Points across France

PARIS & ARNHEM, the Netherlands--(BUSINESS WIRE)--Allego Holding B.V. (“Allego” or the “Company”), a leading pan-European electric vehicle (“EV”) charging network, which recently announced its proposed business combination with Spartan Acquisition Corp. III (NYSE: SPAQ), today announced that it is expanding its partnership with REWE Nord to build hundreds of new charging locations across Germany. Allego and REWE Nord first partnered in 2018 to build 14 fast charging locations across the REWE No

Allego and REWE Nord Expand Partnership to Build Hundreds of Fast Charging Locations

PARIS & ARNHEIM, the Netherlands & NEW YORK--(BUSINESS WIRE)--Allego Holding B.V. (“Allego” or the “Company”), a leading pan-European electric vehicle (“EV”) charging network, which recently announced its proposed business combination with Spartan Acquisition Corp. III (NYSE: SPAQ), today announced that it is expanding its existing partnership with Van der Valk VDC, a prominent European hotel group, to offer fast charging facilities at over 50 hotels across the Netherlands and Belgium. The proj

Allego and Van der Valk VDC to Open 120 New Fast Charging EV Stations

PARIS & ARNHEM, the Netherlands & NEW YORK--(BUSINESS WIRE)--Allego Holding B.V. (“Allego” or the “Company”), a leading pan-European electric vehicle charging network, which recently announced its proposed business combination with Apollo-affiliated Spartan Acquisition Corp. III, a publicly traded special purpose acquisition company (NYSE: SPAQ) (“Spartan”), today announced that its affiliate, Athena Pubco B.V. (“Athena Pubco”) filed a registration statement on Form F-4 (the “Registration State

Allego Announces Filing of Registration Statement on Form F-4 in Connection with its Proposed Business Combination with Apollo-Affiliated Spartan Acquisition Corp. III

PARIS & ARNHEM, Netherlands & NEW YORK--(BUSINESS WIRE)--Allego Holding B.V. (“Allego” or the “Company”), a leading pan-European electric vehicle charging network, and GreenYellow, an expert in decentralized solar photovoltaic production, energy efficiency projects and energy services, today announced the commissioning of the first terminals in a major network of fast (DC) and ultra-fast charging stations (HPC) for electric vehicles across France. Allego is a subsidiary of Meridiam, a global in

Allego to Begin Installation of Over 250 Charging Stations Across France

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Apollo Global Management

PARIS & ARNHEM, the Netherlands & NEW YORK--(BUSINESS WIRE)--Allego Holding B.V. (“Allego” or “the “Company”), a leading pan-European electric vehicle charging network, announced today that it will present at Cowen's 14th Annual Global Transportation & Sustainable Mobility Conference. Members of management will present on Friday, September 10, at 8:00 am ET. A webcast of the event will be available at the link HERE. Allego has previously announced that it entered into a business combination

Allego, a Leading pan-European EV Charging company, to Present at Cowen's 14th Annual Global Transportation & Sustainability Mobility Conference

Fisker

Fisker is investing $10 million in private-investment-in-public equity (PIPE) funding for the merger of Allego and special purpose acquisition company Spartan Acquisition Corp III.

Fisker invests in EV charging network Allego's SPAC merger

A leading Pan-European charging company for electric vehicles announced a SPAC deal Wednesday with plans to continue expansion in the fast-growing market. The SPAC Deal: Allego announced a SPAC deal with Spartan Acquisition III Corp (NYSE: SPAQ).

European EV Charging Company Allego Announces SPAC Deal: What Investors Should Know

Allego Holding V.V, a pan-European electric vehicle charging network, said Wednesday it is going public via a merger with special purpose acquisition corporation Spartan Acquisition Corp. III in a deal with a pro forma implied equity value of $3.14 billion. The deal is expected to close in the fourth quarter.

European EV charging network Allego to to public via SPAC merger with $3.14 billion deal

PARIS & ARNHEM, the Netherlands & NEW YORK--(BUSINESS WIRE)--Allego Holding B.V. (“Allego” or “the “Company”), a leading pan-European electric vehicle charging network, today announced a business combination with Spartan Acquisition Corp. III (“Spartan”) (NYSE: SPAQ), a publicly-listed special purpose acquisition company. The transaction will create a leading publicly traded pan-European electric vehicle (EV) charging company. Upon completion of the proposed transaction, the combined company wi

Allego, a Leading Pan-European EV Charging company, to Become a Publicly Traded Company through a Business Combination with Apollo-Affiliated Spartan Acquisition Corp. III

News for Horizon Kinetics Spac Active ETF ETF (SPAQ)