Knight-Swift: A Fund’s Exit & Some Thoughts on Freight

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Right. So, Triton Wealth Management, bless their hearts, decided to offload a chunk – 481,779 shares, to be precise – of Knight-Swift Transportation Holdings. That’s roughly $22.58 million, give or take. Honestly, it’s always amusing watching these big players shuffle things around. Like rearranging deckchairs on the Titanic, except the Titanic is the global supply chain and we’re all just trying not to get splashed.

What Actually Happened

February 4th. Mark it in your calendars, folks. That’s when Triton decided Knight-Swift had run its course, at least for a portion of their holdings. A $20.88 million reduction, factoring in both the sale and the usual market shenanigans. It’s never just the numbers, is it? There’s always a story. Probably involving someone’s bonus, or a particularly bad lunch.

The Fine Print (and What It Means)

So, now Knight-Swift represents a mere 1.1% of Triton’s $265.88 million in U.S. equity. A sliver. A crumb. I mean, they’re not exactly abandoning ship, but it’s a clear signal. They’re trimming the fat, hedging their bets. It’s the financial equivalent of politely distancing yourself from that one friend who always has a terrible idea.

Here’s where their money is going, if you’re curious. (I always am.)

  • NYSEMKT: SCHG: $46.85 million (17.6% of AUM)
  • NYSEMKT: SPMO: $28.69 million (10.8% of AUM)
  • NASDAQ: QQQ: $25.74 million (9.7% of AUM)
  • NYSEMKT: BUFR: $11.05 million (4.2% of AUM)
  • NASDAQ: AAPL: $10.54 million (4.0% of AUM)

As of that same fateful February 4th, Knight-Swift was trading at $60.16, up 8.2% year-on-year. Which sounds…okay? But underperforming the S&P 500 by 5.75 percentage points. Let’s be honest, in this market, “okay” is basically a polite way of saying “disappointing.”

A Little Background, Because Context is Everything

Knight-Swift, for those unfamiliar, is a behemoth in the freight world. Truckload, less-than-truckload, logistics, intermodal…they do it all. They haul everything from retail goods to building materials across the U.S., Mexico, and Canada. They’re basically the circulatory system of the North American economy. And, like any circulatory system, it gets clogged from time to time.

They’ve built a diversified business model, owning fleets, working with independent contractors, dabbling in logistics brokerage…the whole shebang. It’s impressive, really. But diversification doesn’t always equal immunity.

Here’s a quick snapshot of their financials, for the numbers people:

Metric Value
Revenue (TTM) $7.47 billion
Net income (TTM) $65.95 million
Dividend yield 1.20%
Price (as of February 4) $60.16

So, What Does This All Mean?

The freight industry, let’s be real, has been in a funk. A long, drawn-out funk. Knight-Swift’s latest quarter showed a slight dip in revenue – 0.4% year-over-year. And a small net loss, thanks to some brand consolidation impairment charges. Which, let’s face it, is corporate speak for “we made a mistake.” But strip those charges out, and they’re still profitable. Barely. Like a patient recovering from a particularly nasty flu.

The good news? Free cash flow reached $763 million in 2025. That’s a lot of money. And they have a solid balance sheet, with roughly $1.1 billion in liquidity and $7.1 billion in equity. Which gives them some breathing room. Some wiggle room. Some ability to navigate the choppy waters ahead.

Honestly, this move by Triton feels less like a complete loss of faith and more like…risk management. They still hold close to $3 million in Knight-Swift stock. They’re acknowledging the near-term volatility, but they’re not running for the hills. It’s the financial equivalent of wearing sensible shoes to a party. Not exactly glamorous, but practical. And sometimes, practical is all you need.

And frankly, after years of watching these markets, I’ve learned one thing: never trust a fund manager in a perfectly tailored suit. They’re usually hiding something.

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2026-02-06 15:02