SteelMill Master Fund Discloses 5.7% Passive Stake In Knight-Swift, 9.35 Million Shares
A PointState-linked fund group filed a Schedule 13G saying it holds 9,352,256 Knight-Swift shares, all with shared voting power.
SteelMill Master Fund LP and four affiliated reporting persons hold 5.7% of Knight-Swift Transportation's common stock, or 9,352,256 shares, according to a Schedule 13G filed Tuesday. The filing, a passive ownership disclosure, lists October 8 as the date of the event that triggered it.
What the filing says
The five reporting persons are SteelMill, a Cayman Islands exempted limited partnership, and four affiliates: PointState Holdings LLC, PointState Capital LP, PointState Capital GP LLC and Zachary J. Schreiber. Per the filing, PointState Holdings is SteelMill's general partner, PointState Capital is its investment manager, and PointState GP is PointState Capital's general partner. Schreiber is managing member of PointState Holdings and PointState GP.
Each of the five lists the same position on its cover page: zero shares with sole voting power and 9,352,256 with shared voting power. The 5.7% is a percent-of-class figure that counts any shares the holders could acquire within 60 days.
They file jointly under Rule 13d-1(k)(1) but state they are not members of a group. Their business address is in New York.
The filer certifies that the shares were not acquired and are not held to change or influence control of Knight-Swift, or in connection with any transaction with that purpose or effect.
What it changes
For Knight-Swift holders, the filing names a new 5%-plus holder that has chosen the passive form, which is the filing type for investors who say they are not seeking control. It does not describe any plan for the company.
Knight-Swift shares closed at $63.01 in Tuesday's session, down 2.34% from $64.52 the prior session, and the company's market capitalization stood at $10.5 billion. The filing does not tie the stake to that move.
The position is 9,352,256 shares held across five reporting persons, with voting power shared among all of them rather than split between them.
Sources
- SCHEDULE 13G — SteelMill Master Fund LP re: Knight-Swift Transportation Holdings Inc. (KNX) — SEC EDGAR
