(This story is for CNBC Pro subscribers only.) Hedge fund manager Dan Niles told CNBC on Tuesday he sold his position in Disney following its recent rally and Apple's sky-high valuation kept him on the sidelines of the technology giant. The founding partner of Alpha One Capital Partners said on CNBC's " Closing Bell " that he got out of Disney "very recently" due to a slower-than-expected reopening schedule. "We sold Disney, for example, very recently after having made some pretty good money off the recent bounce because they are opening parks on a slower schedule than we'd thought," Niles said. Shares of Disney soared more than 12% in the past month on reopening optimism, trimming its 2020 losses to about 17%. Last week, Walt Disney World received approval from the state of Florida to reopen its four Orlando-based theme parks starting July 11. Apple has been outpacing the broader market this year, up more than 10%, as investors flocked to the safety of mega-cap tech. But Niles said the rally has overstretched its valuation. "With Apple's valuation also in the mid-20 times, I'd very much rather own a bunch of other names that have valuations more reasonable to me. We are not involved one way or another on that," Niles said. "Apple is going to have a great quarter because SE2 is doing very well at that $400 price point. But remember a person who is buying an iPhone today is not going to be buying one in the fourth quarter," he added. Niles previously said he sold his long position in Apple at the beginning of 2020. The manager also revealed he's increasing his bet against stocks with high exposure to China given the rising tension with the U.S. "There are other names as well with high exposure to China where we are adding more shorts related to that because we fully expect the conflict with China to escalate towards the November election," Niles said.