Industry fund UniSuper said it sold down its stake in APA Group to make alternative investments and reduce volatility in its portfolio, undermining claims from an activist group that the $500 million sale was triggered by concerns over developing the remote Beetaloo Basin gas resource.

The statement from John Pearce, chief investment officer of UniSuper, appears to support a statement by Michael Fraser, chairman of the under-pressure gas pipeline owner, who told the annual shareholder meeting in Sydney that the large sell-down revealed last week was more about a “rebalancing” of UniSuper’s portfolio.