12mo momentum is the dominant driver in 7 of 10, so the model is chasing strength, not dipping into value. Raiffeisen Bank International AG ($RBI.VI) and Glanbia plc ($GL9.IR) top it: both univ/sec 10

VAT Group AG ($VACN.SW) and AT&S Austria Tech.&Systemtech. ($ATS.VI) are the cleaner momentum/downside-risk combo: univ/sec 100%, +8.5%/+8.3%, conf 79. Industrials and tech are getting the same 12mo + 6mo momentum + downside-risk print. Crowding is the issue. Soitec SA ($SOI.PA) and Lotus Bakeries NV ($LOTB.BR) split the signal: Soitec is tech momentum + downside risk, univ 99%/sec 97%, +8.3%, conf 77. Lotus is consumer defensive, univ 99%/sec 98%, +7.8%, conf 77, with illiquidity as the second driver. Technoprobe S.p.A. ($TPRO.MI) and Fortum Oyj ($FORTUM.HE): Technoprobe is tech with sec 94%, +7.8%, conf 75, still 12mo + 6mo + downside risk. Fortum is utilities, sec 100%, +7.6%, conf 79, but illiquidity is the third push. Good signal / bad signal depends on trusting that illiquidity factor. Valeo SE ($FR.PA) and Sartorius Stedim Biotech S.A. ($DIM.PA) round it out. Both illiquidity-led, +7.6%/+7.5%, conf 79. Watch if the momentum bid broadens or just crowds these less liquid leaders—t

VAT Group AG ($VACN.SW) and AT&S Austria Tech.&Systemtech. ($ATS.VI) are the cleaner momentum/downside-risk combo: univ/sec 100%, +8.5%/+8.3%, conf 79. Industrials and tech are getting the same 12mo +