KNX gains new 5% owner as Victory Capital files Schedule 13G

Rhea-AI Filing Summary

Victory Capital Management, Inc. filed a passive Schedule 13G disclosing ownership of 8,247,495 Knight-Swift Transportation Holdings Inc. (KNX) common shares as of 30 Jun 2025. The position equals 5.08 % of KNX’s outstanding stock, surpassing the 5 % threshold that requires public reporting.

The New York-organized investment adviser holds sole voting power over 8,087,003 shares and sole dispositive power over the full 8,247,495-share stake; no voting or dispositive power is shared. Filed under Rule 13d-1(b), the certification affirms the shares were acquired in the ordinary course, with no intent to influence control. While the disclosure adds a sizeable institutional holder to KNX’s register—potentially improving liquidity and signaling professional confidence—it does not suggest activist involvement.

Positive

• Victory Capital now controls 5.08 % of KNX, adding a credible institutional investor to the share register.
• Sole voting and dispositive power over the stake reduces coordination risk and suggests clear governance alignment.

Negative

• None.

Insights

Equity Research Analyst

TL;DR: Passive 5.08 % stake; neutral to mildly supportive for KNX valuation.

Victory Capital’s 8.25 M-share holding places it just over the 5 % mark, prompting this 13G. Because the firm filed as an investment adviser (IA) under Rule 13d-1(b), the stake is deemed passive. That reduces governance risk but still adds a respected institutional owner to the register. Liquidity should improve given the size of the position, yet the disclosure alone does not alter earnings outlook or fundamentals; therefore, market impact should be limited and mostly sentiment-driven.

Portfolio Manager

TL;DR: New 5 % holder offers incremental demand support, low governance friction.

From a portfolio-flow perspective, 8 M+ shares represent roughly $ of float (value not disclosed here). The absence of shared voting power means decisions are centralized, simplifying proxy dynamics. Victory’s ordinary-course certification limits the probability of near-term activism or strategic shifts. Overall, the filing is modestly positive for sentiment but not materially transformative to KNX’s investment thesis.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Knight-Swift Transportation Holdings Inc

(Name of Issuer)

Common Stock

(Title of Class of Securities)

499049104

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 499049104

1

Names of Reporting Persons

Victory Capital Management, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 8,247,495.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 8,087,003.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,247,495.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.08 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Knight-Swift Transportation Holdings Inc
(b)	Address of issuer's principal executive offices: 2200 South 75th Avenue Phoenix, Az 85043
Item 2.
(a)	Name of person filing: Victory Capital Management, Inc.
(b)	Address or principal business office or, if none, residence: 15935 La Cantera Pkwy San Antonio, TX 78256
(c)	Citizenship: New York
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 499049104
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 8,247,495
(b)	Percent of class: 5.08 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 8,087,003
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 8,247,495
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to Victory Capital Management, Inc. is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D. By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Victory Capital Management, Inc.

Signature:	Barry Garrett
Name/Title:	Chief Compliance Officer
Date:	08/08/2025

FAQ

How many Knight-Swift (KNX) shares does Victory Capital own?

Victory Capital reports beneficial ownership of 8,247,495 shares.

What percentage of KNX’s outstanding stock does this represent?

The stake equals 5.08 % of the common shares outstanding.

Why was a Schedule 13G filed?

Crossing the 5 % ownership threshold triggers a mandatory Schedule 13G disclosure under SEC rules.

Does Victory Capital have voting control over the shares?

Yes. It holds sole voting power over 8,087,003 shares and no shared voting power.

Is the holding passive or activist in nature?

Filed under Rule 13d-1(b) as an investment adviser, the stake is declared passive with no intent to influence control.