By Svea Herbst-Bayliss

BOSTON, (Reuters) – Third Point has sold its Walt position to the company. Disney (NYSE:) Co in the first quarter. This was two years after the hedge funds first invested. The media company began urging it to invest more on its streaming platform and slash its stake at Amazon.com Inc. (NASDAQ:).

According to Monday’s regulatory filing, the New York-based investment company sold 2,000,000 shares of Disney. This move follows sales in the fourth quarter.

Third Point stated last year that Disney’s investment had paid off, but asked management for a “all you can eat” approach to direct-to consumer offerings.

In May, Daniel Loeb (the billionaire founder of the company) wrote investors that the firm took a defensive stance during the first quarter, and had exited several equity positions. However, he did not specify which equity positions had been liquidated.

The filing Monday also showed that Third Point had exited upscale homeware retailer RH, department store Burlington Stores and electric power distribution company AES Corp.

RH stock prices have fallen by 48%, and Burlington Stores has dropped by 40%. AES is down 18% for this year.

Third Point, which only months prior had increased its Amazon investments, has slashed by 92% its position to have 17,500 shares as of the March filing.

Loeb wrote in February to shareholders, saying he was increasing his wager on Amazon. He argued that new management would bring the company ahead with new initiatives. In his May 6, letter, he did not mention Amazon.

However, he did mention that firm’s more defensive position allowed them to avoid April’s market selling down after it had lost 11.5% during the quarter.

Year-to-date, the H1 is at a record low of 16% while tech heavy is up more than 25%.

Loeb stated in May that Third Point had discovered “interesting opportunities” in energy stocks and other cyclical shares. Monday’s filing shows a new purchase in Canadian integrated energy company Suncor Energy Inc (NYSE:) Inc. Elliott Management, an activist investor is asking for seats on the board and a review of strategic plans. Third Point acquired 3.5 millions shares. According to its filing, Elliott purchased 10 million shares in the first quarter.