12mo momentum is doing 9 of 10 here; model is chasing what already works, with illiquidity as the kicker. Michelin ($ML.PA) leads at +7.9%, conf 80, 100/100 — ↑12mo + ↑illiquidity + ↑6mo all add. Raif

Lotus Bakeries NV ($LOTB.BR) +7.0%, conf 80, defensive 100/100 — same 12mo/illiquidity/6mo mix, but this is the defensive version. AT&S Austria Tech.&Systemtech. ($ATS.VI) +6.9%, tech, sec 100; ↑12mo and ↑6mo lead, with ↑downside risk as the differentiator. Glanbia plc ($GL9.IR) +6.8%, conf 78, 99/98; ↑12mo + ↑illiquidity + ↑6mo, but less punch than the top names. Valeo SE ($FR.PA) +6.7%, consumer cyclical, sec 100; ↑12mo + ↑illiquidity + ↑6mo, so this is a small-cap grind trade, not clean quality. Soitec SA ($SOI.PA) +6.3%, tech, 99/97; ↑12mo + ↑6mo with ↑downside risk as the odd second driver. mBank S.A. ($MBK.WA) +6.2%, financials, 99/99; ↑12mo + ↑6mo + ↑illiquidity. Financials are 3 of 10 — that feels crowded. VAT Group AG ($VACN.SW) +6.2%, industrials, sec 100; ↑12mo + ↑downside risk + ↑6mo carry it, less illiquidity. Edenred SE ($EDEN.PA) +6.2%, financials, 98/98 — the only name where 6mo momentum leads, not 12mo. So-what: watch 12mo momentum. If it cracks, the whole book wobbles

Lotus Bakeries NV ($LOTB.BR) +7.0%, conf 80, defensive 100/100 — same 12mo/illiquidity/6mo mix, but this is the defensive version. AT&S Austria Tech.&Systemtech. ($ATS.VI) +6.9%, tech, sec 100; ↑12mo