The New Zealand Superannuation Fund sold 100 million shares in Auckland International Airport overnight in a block sale to institutional investors.

“AIA is a well-managed, quality company and has contributed positively to Fund performance,” General Manager Investments Matt Whineray said.

“In conjunction with our investment manager Morrison & Co, we have taken the opportunity presented by the current strong New Zealand sharemarket and good demand for the shares to reduce our large overweight position in AIA.”

“We are always looking to get the best return we can on our investment portfolio and to ensure that we have the right mix of investments for our Fund.”

The Fund remains a shareholder in AIA, with a 2% holding.

“We have a significant amount of money invested locally - over $3 billion - and it’s important that it is diversified and working as hard as it possibly can for us,” Mr Whineray said.

The Fund recently purchased a 35% stake in privately-held technology services company, Datacom. It also recently agreed to increase its shareholding in Kaingaroa Forest.

Five percent of the Fund (more than a billion dollars) is invested in New Zealand listed equities.