Momentum is the spine — 12mo momentum drives 7 of 10. But the machine isn't buying clean trend. It's paying up for illiquidity and drawdown control. Industrials 3, Financials 2, Defensives 2. Top two

Raiffeisen Bank International ($RBI.VI), Lotus Bakeries ($LOTB.BR), Glanbia ($GL9.IR). All three print the same top trio: 12mo momentum, illiquidity, 6mo momentum. $RBI.VI and $LOTB.BR are univ 100 sec 100, conf 80. $GL9.IR sec 98, conf 78. A bank and two food names topping a momentum screen — that's a regime tell, not a sector bet. AT&S Austria Tech.&Systemtech. ($ATS.VI), Valeo ($FR.PA), Soitec ($SOI.PA). $ATS.VI and $SOI.PA add downside risk as the third driver — model wants upside with a drawdown cap. $FR.PA flips it: illiquidity first, then momentum. Consumer cyclical sec 100. Good signal if illiquidity holds. VAT Group ($VACN.SW), Edenred ($EDEN.PA), thyssenkrupp ($TKA.DE). $VACN.SW and $TKA.DE are the industrial momentum prints, both sec 99-100. $EDEN.PA is the odd one — no 12mo momentum in its top drivers, 6mo alpha vs SPY is the kicker. Financials sec 99, conf 79. Umicore ($UMI.BR). Illiquidity is the top driver, 12mo and 6mo momentum second and third. Industrials sec 99, univ

Raiffeisen Bank International ($RBI.VI), Lotus Bakeries ($LOTB.BR), Glanbia ($GL9.IR). All three print the same top trio: 12mo momentum, illiquidity, 6mo momentum. $RBI.VI and $LOTB.BR are univ 100 se