Model's top 10 is one trade: earnings yield vs bonds. 10 of 10. Median conf 91. That's not stock picking, that's a Japan duration/value screen with a vol kicker. Book +17.1% to +26.9%.

Konica Minolta, Inc. ($4902.T) and KANSAI ELECTRIC POWER CO INC ($9503.T) sit at univ 100%, sec 100%, conf 91. Same earnings-yield core. Difference: Konica gets ↑ illiquidity + ↑ downside risk; Kansai gets ↑ vol instability + ↑ max drawdown. Value plus messy tape. SoftBank Group Corp. ($9984.T) and Daiwa House Industry Co., Ltd. ($1925.T) both univ 99%, sec 100%, conf 91. Same ↑ downside risk +0.0229. SoftBank has ↓ 12mo momentum -0.0123; Daiwa has ↑ 12mo momentum +0.0150. One is cheap and broken, one is cheap and working. Tokuyama Corporation ($4043.T), Tokio Marine Holdings, Inc. ($8766.T), Isetan Mitsukoshi Holdings Ltd. ($3099.T): all conf 91, all earnings yield vs bonds. Tokuyama = ↑ illiquidity. Tokio Marine = ↑ 12mo momentum. Isetan = ↑ 12mo momentum. Cheap financials/retail with tape support. Yamaha Motor Co., Ltd. ($7272.T), Sumitomo Pharma Co., Ltd. ($4506.T), The Yokohama Rubber Company, Limited ($5101.T): conf 89/91/87. Yamaha is the odd one: ↑ earnings yield, but ↓ 12mo mo

Konica Minolta, Inc. ($4902.T) and KANSAI ELECTRIC POWER CO INC ($9503.T) sit at univ 100%, sec 100%, conf 91. Same earnings-yield core. Difference: Konica gets ↑ illiquidity + ↑ downside risk; Kansai