These hedge-fund SEC disclosures are backward-looking and come out 45 days after the end of each quarter. Still, the filings offer a glimpse into what hedge fund managers saw as investment opportunities.

The filings do not disclose short positions, or bets that a stock will fall. As a result, the public filings do not always present a complete picture of a management firm’s stock holdings.

The following are some of the hot stocks and sectors in which hedge fund managers either took new positions or exited existing stakes in the first quarter.

Allergan (AGN)

Seth Klarman’s Baupost Group bought into the company, putting on a new position with 1.7 million shares. Similarly, Davidson Kempner Capital Management added a new position, buying 833,099 shares while Adage Capital Partners nearly doubled its holdings by buying 547,759 shares to own 1.2 millon.

But Senator Investment Group cut its position by more than half when it sold 875,000 shares and Third Point trimmed its holding by selling 400,000 shares to own 5 million. Also, Jana Partners cut its stake by 718,000 shares to 447,000 shares, while Omega Advisors cut its stake by about 221,000 shares to 561,000 shares.

American International Group (AIG)

Jana Partners sold its entire stake of 4.3 mln shares. Omega Advisors trimmed its stake by 583,000 shares to 3.5 million shares.

Alphabet (GOOGL)

Jana Partners took a new stake of 634,000 Class C shares. Third Point took a new stake of 700,000 Class A Alphabet shares, while Omega Advisors trimmed its stake by 151,000 Class A shares to about 277,000 Class A shares.

Amazon (AMZN)

John Burbank’s Passport Capital sold 36,577 shares, reducing the firm’s holding by 35 percent. Suvretta Capital took a new position, buying 248,311 shares. Omega Advisors sold its entire stake of about 36,000 shares.

Bank of America (BAC)

Jana Partners took a new stake of 750,000 shares.

Baxter Intl. (BAX)

Jana Partners sold entire stake of 5.7 million shares.

Endo International (ENDP)

Sachem Head added a new position, buying 2.46 million shares.

Facebook (FB)

Passport Capital sold 325,434 shares of the social media company, cutting its stake by more than one quarter. Omega Advisors trimmed its stake by 526,000 Class A shares to 459,000 Class A shares.

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J.C. Penney (JCP)

The retailer saw its stock price surge 66 percent during the first quarter. Davidson Kempner sold its holding of 1 million shares.

J.P. Morgan Chase & Co. (JPM)

Omega Advisors sold its entire stake of 1.1 million shares.

Kate Spade (KATE)

Melvin Capital put on a new position, buying 1.35 million shares in the retailer, which gained 43 percent in the first quarter. Davidson Kempner took a new position, adding 200,000 shares.

Liberty Global (LBTYA)

Jana Partners sold its entire stake of 5.9 million Class C shares.

McDonald’s (MCD)

Suvretta Capital exited its position, selling 825,900 shares.

Microsoft (MSFT)

Passport Capital sold 1.2 million shares, cutting the firm’s stake by 27 percent. Omega Advisors increased its stake by 947,000 shares to 1.8 million shares.

Mylan (MYL)

Sachem Head liquidated its entire position, selling 3.35 million shares.

Pfizer (PFE)

Senator Investment Group raised its holding by 130 percent when it added 8.5 million shares in the drug maker. Jana Partners increased its stake by 4.3 million shares to 13.5 million shares. Omega Advisors sold its entire stake of 1.3 million shares.

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Qualcomm (QCOM)

Jana Partners sold its entire stake of 9.2 million shares.

United Rentals (URI)

Blue Mountain Capital added 106,011 shares.

Valeant (VRX)

Jana Partners sold its entire stake of 1.6 million shares.

Wendy’s (WEN)

Davidson Kempner liquidated its position, selling 1.97 million shares.

Zoetis (ZTS)

A number of hedge funds liquidated their positions. Sachem Head sold 4.2 million shares, exiting the position it took in 2014. Hitchwood Capital sold its entire position, liquidating 2.5 million shares. Twin Capital sold its entire stake of 33,180 shares.