Fitting is for use with stripped cable.
The sleeve oval is most commonly used in conjunction with the thimble. The sleeve oval keeps the cable looped around the thimble once the sleeve oval has been crimped onto the stripped cable.
Comments about Sleeve Oval For 1/4" Cable:
Works great as long as you don't plan on pushing your plastic coating through. I was told this steel sleeve increases the load by 2/3 compared to the same size aluminum sleeve.