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Hedge-Fund Lansdowne Buys Twitter Shares, Sells Ryanair

Lansdowne Partners LLP, the biggest European hedge-fund firm that focuses on stock picking, bought Twitter Inc. shares in the fourth quarter while selling its holdings in UBS AG and Ryanair Holdings Plc.

The firm sees an “immense” opportunity for the microblogging service “and discussions with potential advertisers give us decent comfort that more of it will materialize than the market expects,” according to a letter to investors obtained by Bloomberg News. A spokesman for the London-based firm, which manages $17.5 billion, declined to comment.