AMP Capital says plans could destroy shareholder value in the way Labour did to Telecom in 2006.

A string of investment opportunities will reverse the trend of the last decade.

Both hold a half share each in the manager of Duet, whose investments include the Dampier Bunbury Pipeline, United Energy Distribution and Multinet Gas.

The fund manager has sold down its stake in Telecom to below 5%, taking advantage of a stock price trading around its highest levels in four years.