I think I understand what it does now.
A cycle of 1/4 = a cycle of 4/16*. The first 16th note of each cycle (1/16, 5/16, 9/16, 13/16) won't move when you apply swing.
When you choose cycle 6/16, then 1/16 won't move, 2/16 and 6/16 move a little, 3/16 and 5/16 move a little more, and 4/16 moves most. The next cycle starts at 7/16, so 7/16 won't move, 8/16 and 12/16 move a little, 9/16 and 11/16 move a little more, and 10/16 moves most. The next cycle starts at 13/16...
Maybe Maschine uses a slightly different wave form, but I think the swing is like this triangular wave:

I just took this pic of the Internet to use as example. Horizontal is time. Vertical is movement by applying swing.
0V = no move at 1/16, 7/16, 13/16.
2.0V = moves most at 4/16, 10/16.
(* Or 8/32 if you program 32nd notes. Or 16/64 if you program 64th notes. Etc.)