Top 10 STOXX 600 longs: the scan is leaning hard on 12mo momentum and illiquidity, not a broad risk-on trade. Tech gets 3 names, Financials and Consumer Defensive 2 each. Raiffeisen Bank International

Valeo SE ($FR.PA) is the same illiquidity, 12mo, 6mo stack, univ 100%, sec 100%, +9.4%, conf 79. The auto supplier is getting paid for being hard to trade and already moving. AT&S Austria Tech.&Systemtech. ($ATS.VI) swaps illiquidity for downside risk, univ 100%, sec 100%, +8.9%, conf 79, on 12mo momentum, 6mo momentum, downside risk. Tech cycle beta with a momentum tailwind. thyssenkrupp AG ($TKA.DE) adds illiquidity to 12mo and 6mo momentum, univ 99%, sec 100%, +8.8%, conf 79. Industrial cyclicals are in the book. SIG Group AG ($SIGN.SW) pairs 12mo momentum with illiquidity and downside risk, univ 99%, sec 98%, +8.7%, conf 78. Packaging is not defensive here, it is momentum. Lotus Bakeries NV ($LOTB.BR) is the cleanest consumer defensive: 12mo, illiquidity, 6mo, univ 99%, sec 98%, +8.6%, conf 77. Soitec SA ($SOI.PA) swaps 6mo for downside risk, univ 99%, sec 97%, +8.2%, conf 77, on 12mo momentum, downside risk, illiquidity. Semiconductor materials with a momentum bid. Edenred SE ($ED

Valeo SE ($FR.PA) is the same illiquidity, 12mo, 6mo stack, univ 100%, sec 100%, +9.4%, conf 79. The auto supplier is getting paid for being hard to trade and already moving. AT&S Austria Tech.&System