A Los Angeles investment firm significantly pared back its stake in iRobot Corp. in the weeks after the hedge fund lost a proxy battle with management at the Bedford-based robot company.

Red Mountain Capital Partners disclosed that it has sold more than 400,000 shares in iRobot since May 25, all at around $38 a share, paring back its stake to 4.9 percent. Even after the sale, Red Mountain remains one of iRobot’s biggest shareholders, with 1.3 million shares.

The California firm, led by founder Will Mesdag, said in a filing with the Securities and Exchange Commission that it has “driven positive changes that have significantly enhanced shareholder value’’ since it started engaging with iRobot management in April 2015. iRobot’s stock price, Red Mountain notes, has risen 17 percent since that date, easily outperforming the Nasdaq composite.

Red Mountain claims iRobot sold its military business, for example, and accelerated a stock buyback program as a response to Red Mountain’s campaign. The hedge fund firm made a number of suggestions for changes last spring, and later pitted its own slate of two candidates for the board of directors — Mesdag and former Clorox chief operating officer Larry Peiros — against management-backed candidates.

Red Mountain had argued that iRobot should position itself more as a consumer products company, while iRobot fought back, arguing it needed the more substantial research and development operations of a high-tech firm.

The fund firm lost its campaign in a shareholder vote that concluded May 25, and then proceeded to start selling the shares it owned in iRobot.

But Red Mountain doesn’t appear to be going away anytime soon. In its filing with the SEC, it said: “Going forward, Red Mountain expects the Board to hold management accountable to drive shareholder value through a focused business strategy and disciplined capital allocation.’’

Jon Chesto can be reached at jon.chesto@globe.com. Follow him on Twitter @jonchesto.