Future Fund sells more Telstra shares

Government investment fund the Future Fund is no longer a substantial shareholder in Telstra (ASX:TLS) after its latest run to reduce its holding in the company

Australian government investment fund, Future Fund, has again sold more shares in Telstra, in a transaction that means the fund is no longer a substantial shareholder.

Future Fund, which invests to cover future commitments for superannuation payments for retired civil servants, now owns just 4.99 per cent Telstra, or 620.4 million shares.

The latest sell-down, which commenced on 25 February, averaged less than 15 per cent of the volume of Telstra shares sold over the period, the Fund said. It was done at a price greater than the weighted average price during Telstra's active trading days.

These transactions are listed in a disclosure from Telstra which spans 151 pages, detailing sales ranging from a single share to hundreds of thousands.

Future Fund has had a long-stated goal of reducing its holding in Telstra stock through sales which do not unduly disrupt Telstra's market value.

In September-October, it sold 113.6 million Telstra shares at an average price of $2.66 per share, bringing its holding to 10 per cent.

TLS shares fell 0.37 per cent in Thursday's trading to $2.660.

Future Fund is also responsible for investing the assets of the Education Investment Fund and the Building Australia Fund.

Separately, fund management services company Treasury Group (ASX:TRG) on Thursday announced its managing director will leave the company to become general manager of the Future Fund Management Agency. TRG shares fell 0.43 per cent during the day's trading to $4.680.

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