Earnings yield vs bonds is the dominant driver in 10 of 10. That is where the model is putting its weight. Top 10 is Japan value, high univ rank, normal vol, normal credit, steep curve. Consumer Cycli

KANSAI ELECTRIC POWER CO INC ($9503.T) +29.2% conf 87 and Konica Minolta, Inc. ($4902.T) +26.2% conf 87. Kansai: 6mo momentum +, 6mo alpha vs SPY +. Utilities, univ 100, sec 100. Konica: downside risk +, illiquidity +. Industrials, univ 100, sec 100. Kansai has trend and alpha. Konica is more defensive and less liquid. Both at the very top of the universe. Idemitsu Kosan Co.,Ltd. ($5019.T) +25.6% conf 87 and Daiwa House Industry Co., Ltd. ($1925.T) +22.0% conf 87. Idemitsu: 12mo momentum -, 6mo momentum +. Energy, univ 99. Daiwa: downside risk +, 12mo momentum +. Real Estate, univ 99. One is a 12mo laggard with a 6mo snapback. The other is steady trend plus downside protection. Sumitomo Chemical Company, Limited ($4005.T) +20.6% conf 87 and Sumitomo Pharma Co., Ltd. ($4506.T) +20.5% conf 87. Chemical: 6mo momentum +, 6mo alpha vs SPY +. Basic Materials, univ 98. Pharma: illiquidity +, 60d volatility +. Healthcare, univ 98. Same top driver, different secondaries. Chemical is momentum/al

KANSAI ELECTRIC POWER CO INC ($9503.T) +29.2% conf 87 and Konica Minolta, Inc. ($4902.T) +26.2% conf 87. Kansai: 6mo momentum +, 6mo alpha vs SPY +. Utilities, univ 100, sec 100. Konica: downside risk