Qantas Airways's largest shareholder, Balanced Equity Management, has boosted its stake by 0.5 per cent to 9.9 per cent since mid-March.
The Melbourne-based fund is part of the Franklin Resources group of funds, which now owns a combined 18.66 per cent of the airline - up from 17.48 per cent since mid-March -
but consists of fund managers that vote separately.
Qantas's share price traded in the range of $1.03 and $1.08 during the time that Balanced Equity Management purchased shares. The fund, headed by Andrew Sisson, sold a small portion of its holding on April 1 for $1.11 a share.
Qantas shares closed at $1.14 on Friday.
The airline has not announced any update on its structural review - which could include the sale of a minority stake of its frequent flyer program - since it released its half-year results on February 27.
Qantas has been continuing work to turn around its ailing international business, which last week celebrated the first anniversary of its alliance with Emirates and opened a new lounge in Hong Kong.