Scan says momentum plus illiquidity, not value: 12mo momentum drives 7 of 10. Model is parked at univ 98-100, sec 97-100. Financials 3, Consumer Defensive 2, Tech 2. Conf 71-72. Return spread only +6.

Raiffeisen Bank International AG ($RBI.VI) is the cleanest: univ 100, sec 100, +7.9%, conf 72. ↑12mo momentum, ↑6mo momentum, ↑illiquidity. Lotus Bakeries NV ($LOTB.BR) prints the same core: ↑12mo momentum, ↑illiquidity, ↑6mo momentum. Defensive names moving like this is interesting. Glanbia plc ($GL9.IR) is the second Consumer Defensive: sec 98, +7.3%, conf 71. Same 12mo/illiquidity/6mo stack. AT&S Austria Tech.&Systemtech. ($ATS.VI) is different: ↑12mo, ↑6mo momentum, but ↑downside risk is a top driver. Tech sec 100. Valeo SE ($FR.PA) leads with ↑illiquidity, then ↑12mo and ↑6mo momentum: +6.8%, conf 72, sec 100. VAT Group AG ($VACN.SW) flips back to ↑12mo, ↑6mo momentum, with ↑downside risk. Industrials sec 100. Crowded top. Soitec SA ($SOI.PA) is another Tech name: ↑12mo, ↑6mo momentum, ↑downside risk. sec 97. Edenred SE ($EDEN.PA) is the Financials exception: ↑6mo momentum first, then ↑illiquidity, then ↑downside risk. Not the 12mo anchor. Bank Millennium S.A. ($MIL.WA) leads with

Raiffeisen Bank International AG ($RBI.VI) is the cleanest: univ 100, sec 100, +7.9%, conf 72. ↑12mo momentum, ↑6mo momentum, ↑illiquidity. Lotus Bakeries NV ($LOTB.BR) prints the same core: ↑12mo mom