Book: 6m -5.5% to -4.3% — 1.2pt spread, thin signal even at median conf 71. Scan is shorting one theme: negative momentum + illiquidity. 12mo momentum dominant in 6 of 10. Financials, tech, consumer d

Wise Group plc ($WISE.L) -5.5%, conf 71, univ 0%, tech sec 3%: ↓12mo mom (-0.0197), ↓6mo mom (-0.0187), ↓illiquidity (-0.0172). Imperial Brands PLC ($IMB.L) -5.0%, conf 71, defensive sec 2%: same 12mo/6mo/illiq script. Serco Group plc ($SRP.L) -4.9%, conf 72, industrials sec 1%: ↓6mo mom, ↓illiq, ↓downside risk. Different sectors, same exhausted tape. Tryg A/S ($TRYG.CO) -4.7%, conf 72, financials sec 1%: ↓12mo mom (-0.0214), ↓6mo, ↓downside. Aviva plc ($AV.L) -4.6%, conf 71, financials sec 2%: ↓illiquidity first (-0.0226), then ↓12mo/6mo. Babcock International Group PLC ($BAB.L) -4.5%, conf 71, industrials sec 1%: ↓illiq (-0.0221), ↓6mo, ↓12mo. Insurance/defense names hit by liquidity/trend combo, not one catalyst. BAYERISCHE MOTOREN WERKE AG S ($BMW.DE) -4.4%, conf 71, consumer cyclical sec 2%: ↓12mo mom, ↓6mo mom, ↓6mo alpha vs SPY. Whitbread plc ($WTB.L) -4.4%, conf 70, consumer cyclical sec 3%: ↓12mo mom, ↓downside risk, ↓illiquidity. BMW is pure trend/alpha decay; WTB is trend pl

Wise Group plc ($WISE.L) -5.5%, conf 71, univ 0%, tech sec 3%: ↓12mo mom (-0.0197), ↓6mo mom (-0.0187), ↓illiquidity (-0.0172). Imperial Brands PLC ($IMB.L) -5.0%, conf 71, defensive sec 2%: same 12mo