Third Point Management has now exited the hedge fund Third Point Management’s position in Walt Disney (NYSE:) In the first quarter of the year, the stock market soared just two years following the purchase of shares by the media company.

Third Point has sold 2,000,000 shares of Disney stock, according to regulatory filings Monday. The move was made after several quarter-end sales.

Third Point reported last year that its wager on Disney had paid off, but the company urged management to take an “all-you can eat” approach to the direct-to-consumer offerings.

Third Point founder Daniel Loeb explained to investors this month that Third Point has taken a more cautious stance in the first three months and had liquidated many of its equity positions.

Third Point was also shown to have left RH, the home goods retail chain Burlington Stores (NYSE :), and The AES Corp.

Shares of RH are down 48% year-to-date, while Burlington’s shares dropped 40% during the same period. AES Corp shares have fallen 18% in the past year.

Third Point made a dramatic reduction in its Amazon exposure by 92% just months after increasing its stake (NASDAQ:) to only 17,500 shares at March’s end.

Investors were told by Loeb in January that Tiger’s exposure to Amazon had increased. He also stated that Amazon would benefit from the new management. Loeb said also that the more defensive approach of the fund would help it weather the severe market decline after suffering a 11.5% loss during the first quarter.

By Senad Karaahmetovic