Third Point, the hedge fund headed by activist investor Dan Loeb, was no longer among the top ten shareholders of Sony Corporation (NYSE:SNE) (TYO:6758) as of the end of December last year based on the recent regulatory filing of the company with the Securities and Exchange Commission (SEC).

During the third quarter last year, Third Point was the fifth largest shareholder of the Japanese electronics and entertainment company with a 1.6% stake.

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Regulatory filing does not reflect swaps

The Wall Street Journal reported that Third Point was removed from Sony Corporation (NYSE:SNE) (TYO:6758)’s list of top ten shareholders because of the changes in the ownership of the hedge fund between shares and swaps, according to a person familiar with the situation. Sony’s regulatory filing reflects only the direct stockholdings of its shareholders. It does not include swaps.

Third Point still bullish on Sony

In its letter last month, Third Point expressed that it is remained bullish on the shares of Sony Corporation (NYSE:SNE) (TYO:6758), and remained hopeful that the company’s commitment to improve transparency, increase margins, better allocate capital among divisions, and hold division management accountable will lead to its goal of increasing shareholder value.

Back then, the hedge fund emphasized that the shares of Sony Corporation (NYSE:SNE) (TYO:6758) are still trading significantly below its sum of the parts valuation.

“Sony started 2014 strongly at the Consumer Electronics Show in Las Vegas, winning two best-of-show awards for PlayStation 4 and the Xperia phone. The show’s highlight was news that Sony had sold 4.2 million PlayStation 4’s in 2013 versus 3.0 million Xbox One’s. Sony appears set to sustain strong global momentum with the Japanese launch of the PlayStation 4 in February,” wrote Third Point in its letter.

Sony Corporation (NYSE:SNE) (TYO:6758) announced today that it sold more than 5.3 million PlayStation 4 (PS4) game consoles as February. The company exceeded its 5 million PS4 sales target by March.

Earlier this month, the Japanese company announced that it will eliminate 5,000 jobs from its PC and TV business units. Sony Corporation (NYSE:SNE) (TYO:6758) also decided to separate its TV business into a separate subsidiary to accelerate decision making. The company also decided to sell its PC business to Japan Industrial Partners.