Scan is not subtle: 12mo momentum is the spine, in 7 of 10. 6mo momentum echoes it; illiquidity/downside risk tiebreak. Top-decile ranks, conf 75-79, 6m +7.6%..+9.7%. Financials 3, Tech 3, Consumer De

Raiffeisen Bank International AG ($RBI.VI), AT&S Austria Tech.&Systemtech. ($ATS.VI), VAT Group AG ($VACN.SW). All univ/sec 100, same +0.0241 12mo print. RBI: 12mo/6mo mom + illiq. ATS: same + downside risk. VACN: same + downside risk, industrials sec 100. Conf 79, +9.7/+9.1/+9.0. Glanbia plc ($GL9.IR), Soitec SA ($SOI.PA), Edenred SE ($EDEN.PA). GL9 is illiquidity-led: +0.0237 illiq, then 12mo/6mo mom. SOI: 12mo/6mo + downside risk, tech sec 97. EDEN: 6mo mom + illiquidity + downside risk, financials sec 99. Driver mix differs from pure momentum top. Lotus Bakeries NV ($LOTB.BR), Technoprobe S.p.A. ($TPRO.MI). LOTB max 12mo momentum (+0.0241), illiquidity second. TPRO lowest conf, 75, tech sec 94, downside risk only +0.0106. High rank, thinner conviction. SIG Group AG ($SIGN.SW), Bank Millennium S.A. ($MIL.WA). SIGN: consumer cyclical, sec 100, 12mo momentum + illiquidity + downside risk. MIL: financials 98/98, illiquidity leads, then 12mo/6mo momentum. MIL is lowest return +7.6%, sti

Raiffeisen Bank International AG ($RBI.VI), AT&S Austria Tech.&Systemtech. ($ATS.VI), VAT Group AG ($VACN.SW). All univ/sec 100, same +0.0241 12mo print. RBI: 12mo/6mo mom + illiq. ATS: same + downsid