Starboard Value exited its stake in Macy's in the first quarter, according to an SEC filing Friday.
The hedge fund also added a position in cybersecurity firm Fortinet. Shares are up nearly 30 percent so far this year.
Reuters first reported Starboard's sale of Macy's shares in March. The hedge fund 's CEO, Jeffrey Smith, had pressured the retailer to separate its real estate operations.
On Thursday, Macy's reported earnings that missed on both the top and bottom line. Shares are now down more than 30 percent for the year.
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