12mo momentum is the top driver in 7 of 10, all conf 70+, univ 98-100. Book +5.4% to +7.4%. Illiquidity and 6mo momentum are the side dishes.

MICHELIN ($ML.PA): Consumer Discretionary, 100/100, +7.4%, conf 72. ↑12mo ↑illiquidity ↑6mo. Raiffeisen Bank International AG ($RBI.VI) and AT&S Austria Tech.&Systemtech. ($ATS.VI) share ↑12mo ↑6mo ↑downside risk, Financials vs Tech. Lotus Bakeries NV ($LOTB.BR): Consumer Defensive, 100/100, +6.5%, conf 72, ↑12mo ↑illiquidity ↑6mo. Valeo SE ($FR.PA): Consumer Cyclical, 99/100, +6.2%, conf 72, more illiquidity weight. Soitec SA ($SOI.PA): 99/97, +5.8%, conf 71, ↑12mo ↑6mo ↑downside risk. Umicore SA ($UMI.BR): Industrials, 99/100, +5.8%, conf 72. ↑illiquidity ↑12mo ↑6mo. Glanbia plc ($GL9.IR): Consumer Defensive, 99/98, +5.8%, conf 71, same illiquidity-led stack. Edenred SE ($EDEN.PA): Financial Services, 99/99, +5.6%, conf 72, ↑illiquidity ↑6mo ↑downside risk, no 12mo. thyssenkrupp AG ($TKA.DE): Industrials, 98/99, +5.4%, conf 72, only ↑6mo alpha vs SPY. So watch momentum. If 12mo cracks, illiquidity and downside-risk names get hit first. Book is concentrated in Financials, Tech, Consum

MICHELIN ($ML.PA): Consumer Discretionary, 100/100, +7.4%, conf 72. ↑12mo ↑illiquidity ↑6mo. Raiffeisen Bank International AG ($RBI.VI) and AT&S Austria Tech.&Systemtech. ($ATS.VI) share ↑12mo ↑6mo ↑d