AMP Capital Investors has sold 3.7 million shares in the outdoor clothing and equipment retailer Kathmandu.
The investment manager has disclosed to the NZX it has sold the shares since 6 December.
At today's price that stake is worth more than $6 million.
Kathmandu's shares slumped on Thursday after the company warned it expected first-half earnings to be less than the $23.2 million it achieved for the same period in 2010.
On Friday, the share price ended the day 8 cents up at $1.72.