By Maria Armental And Rob Copeland 

Simon Dawson/Bloomberg News Daniel Loeb's Third Point LLC shifted out of its Alibaba holdings in the first quarter. responsive layout header Daniel Loeb's Third Point LLC sold its entire $1 billion stake in online retailer Alibaba Group Holding Ltd. in the first three months of this year, according to a filing Friday.

Alibaba's shares surged following a September initial public offering, but they have faltered since peaking in November. Alibaba's stock is down 15% this year, though it jumped earlier this month after the e-commerce company introduced a new chief executive.

The disclosures were made in a regulatory filing required of investors who manage more than $100 million.

While only updated through the end of the most recent quarter--in this case, March 31-- what are known as 13F filings are the nearest approximations of how well-known managers change their portfolios.

Since the precise timing of the purchases and sales isn't known, it couldn't be determined whether Third Point's Alibaba bet was a winner.

Hedge-fund manager John Paulson disclosed his increased interest in Valeant Pharmaceuticals Inc., boosting his stake by nearly 300% in the first quarter.

Valeant has been closely watched among hedge-fund managers since it teamed with investor William Ackman last year in a bid for Botox-maker Allergan Inc. Mr. Ackman, of Pershing Square Capital Management, acquired a $3 billion stake in Valeant in March.

Mr. Paulson's Paulson & Co. owned as of March 31 more than $400 million of shares of Valeant, up from under $100 million heading into the year. Paulson also owned multibillion-dollar positions in pharmaceutical companies Shire PLC, Actavis PLC and Mallinckrodt.

Mr. Ackman, meanwhile, slashed his stake in the combination of Actavis and Allergan as that deal closed, his filing showed.

Warren Buffett's Berkshire Hathaway Inc. reduced its stake in several media companies in the first quarter.

The Omaha, Neb.-based conglomerate sold $121.8 million worth of shares in Charter Communications Inc., which has been pushing a merger with fellow cable operator Time Warner Cable Inc., after the latter company's merger with Comcast Corp. fell through last month. Berkshire also sold about $85.2 million in Viacom Inc. and $10.6 million in Liberty Global PLC.

Berkshire added $28.4 million worth of shares in 21st Century Fox, after having purchased $182 million in the prior quarter.

21st Century Fox was formed in 2013 after splitting from News Corp, which owns publishing assets including The Wall Street Journal.

Berkshire also sold $246 million worth of shares in National Oilwell Varco, in a move away from the energy companies that have been hurt by the collapse in oil prices.

Berkshire didn't initiate any new stakes or completely sell any stakes.

David Einhorn's hedge-fund firm, Greenlight Capital Inc., bought a $355 million stake in General Motors Co. in the first quarter, making the auto maker one of the firm's five largest "long," or bullish, positions.

Greenlight was among several firms active in the auto maker's stock for the period. Also increasing their positions in GM were George Soros's Soros Fund Management and David Tepper's Appaloosa Management LP.

Mr. Einhorn, who manages about $12 billion in total, wrote to investors last month that he had "decided to take another drive" into General Motors, after holding an earlier stake for three years that he sold in early 2014. He said he is sanguine on the company's chances in Europe and believes low gas prices could stimulate demand for its sports-utility vehicles and trucks.

Soros shed more than half of its stake in American Airlines Group Inc. in the first quarter, while increasing its position in United Continental Holdings Inc.

The firm exited from its stake in Citigroup Inc. and reduced its holdings in Yahoo Inc. Soros added to its stake in eBay Inc.

The fund, which invests for George Soros and his family, disclosed in 2011 it would return cash to outside investors.

Representative for the firms either declined to comment or didn't respond to requests seeking comment.

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