12mo momentum is the dominant driver: 6 of 10. Model is also leaning illiquidity and 6mo momentum. Financials 4, Tech 2, Defensive 2. Book +6.1% to +8.1%, median conf 79. Not a sector bet — a momentum

Michelin ($ML.PA) +8.1%, conf 80, top ranks. ↑12mo momentum, ↑illiquidity, ↑6mo momentum. Raiffeisen Bank International ($RBI.VI) +7.6%, conf 80. Same 12mo/6mo trend, but financials and illiquidity. High-rank, high-conviction, not cheap to trade. AT&S Austria Tech.&Systemtech. ($ATS.VI) +7.2%, conf 80. ↑12mo, ↑6mo momentum, ↑downside risk. Lotus Bakeries NV ($LOTB.BR) +7.1%, conf 80. ↑12mo, ↑illiquidity, ↑6mo. Valeo SE ($FR.PA) +6.6%, conf 80. ↑illiquidity, ↑12mo, ↑6mo. Same trend, different tails. Soitec SA ($SOI.PA) +6.5%, conf 78. ↑12mo, ↑6mo momentum, ↑downside risk. mBank S.A. ($MBK.WA) +6.3%, conf 79. ↑12mo, ↑6mo, ↑illiquidity. Glanbia plc ($GL9.IR) +6.3%, conf 78. ↑illiquidity, ↑12mo, ↑downside risk. Different sectors, same momentum backbone. Edenred SE ($EDEN.PA) +6.2%, conf 79. No 12mo top driver — ↑6mo momentum, ↑illiquidity, ↑downside risk. Bank Millennium S.A. ($MIL.WA) +6.1%, conf 78. ↑illiquidity, ↑6mo, ↑12mo. Financials keep showing up. Lower-return, lower-conviction ver

Michelin ($ML.PA) +8.1%, conf 80, top ranks. ↑12mo momentum, ↑illiquidity, ↑6mo momentum. Raiffeisen Bank International ($RBI.VI) +7.6%, conf 80. Same 12mo/6mo trend, but financials and illiquidity. H