12mo momentum is top driver in 8 of 10. Financials, Tech, Consumer Defensive each put up 2. Nine names sit 98th+ univ percentile. Michelin $ML.PA leads at +7.3%, conf 80, univ/sec 100%, on 12mo + illi

AT&S Austria Tech.&Systemtech. $ATS.VI is +6.4%, conf 80, Tech sec 100%, but swaps illiquidity for downside risk. Valeo SE $FR.PA is the second Consumer Cyclical name: +6.3%, conf 80, univ/sec 100%, 12mo + illiquidity + 6mo. Same momentum/illiquidity template, different sector. Lotus Bakeries NV $LOTB.BR is Consumer Defensive, sec 100%, +6.1%, conf 80, also 12mo + illiquidity + 6mo. Umicore SA $UMI.BR is Industrials sec 100%, +6.0%, conf 80, same driver signature. The model is not picking sectors; it's picking rank and liquidity profile. Glanbia plc $GL9.IR flips the order: illiquidity leads, then 12mo and 6mo, +5.9%, conf 78. thyssenkrupp AG $TKA.DE adds downside risk as third driver, +5.9%, conf 79, Industrials sec 99%. Both still high rank, but the edge is less pure momentum. Soitec SA $SOI.PA also has downside risk top-three, Tech sec 97%, +5.8%, conf 78. Edenred SE $EDEN.PA is the odd one: illiquidity, 6mo momentum, downside risk — no 12mo in the top three. Financials sec 99%, +5.

AT&S Austria Tech.&Systemtech. $ATS.VI is +6.4%, conf 80, Tech sec 100%, but swaps illiquidity for downside risk. Valeo SE $FR.PA is the second Consumer Cyclical name: +6.3%, conf 80, univ/sec 100%, 1