Third Point LLC exited its stake in brewer Constellation Brands Inc., reduced its investment in food company Campbell Soup Co. and acquired new stakes in retailers Burlington Stores Inc. and Grocery Outlet Holding Corp. during the second quarter of 2019.

The hedge fund sold its 1,050,000 shares of Constellation, which were worth $184.1 million as of March 31, according to an SEC filing that is current as of June 30. During the first quarter, Third Point reduced the number of shares it owned in the alcoholic beverage maker by 40%.

The fund also reduced its investment in Campbell by 11.9% during the second quarter, leaving it with 18,500,000 shares worth $741.3 million as of June 30. Even at that reduced level, Third Point owned 6.14% of outstanding Campbell shares.

New stakes during the quarter included apparel retailer Burlington, in which Third Point took a stake of 700,000 shares worth $119.1 million, as well as Grocery Outlet, in which the fund acquired 180,000 shares worth $5.9 million. Grocery Outlet went public in June, and its stock had risen nearly 11% since its IPO as of Aug. 15.

Third Point's investments in consumer companies constituted its third-largest by dollar value at the end of the second quarter, totaling $1.50 billion. Only the hedge fund's holdings in financials, which amounted to $1.60 billion, and healthcare, which equaled $2.93 billion, were worth more.