Thin book: 6m range -5.9% to -4.8%, median conf 78. 12mo momentum is the common top driver in 4 of 10, but this is really a momentum/illiquidity screen. Imperial Brands PLC ($IMB.L) -5.9%/78 and Wise

Hexagon AB (publ) ($HEXA-B.ST) -5.5%/76, Babcock International Group PLC ($BAB.L) -5.5%/79, Serco Group plc ($SRP.L) -5.4%/79. Hexagon tech: downside risk + 12mo momentum. Babcock/Serco industrials: illiquidity + momentum. Both Industrials at sec 1 — crowded short zone. BAYERISCHE MOTOREN WERKE AG S ($BMW.DE) -5.2%/79, Aviva plc ($AV.L) -5.1%/79, Tryg A/S ($TRYG.CO) -5.0%/79. BMW consumer cyclical: 6mo/12mo momentum + alpha vs SPY. Aviva/Tryg financials: illiquidity, momentum, downside risk. Not one story. Whitbread plc ($WTB.L) -5.0%/78, Beazley plc ($BEZ.L) -4.8%/78. Whitbread consumer cyclical: 12mo momentum + downside + illiquidity. Beazley financials: illiquidity + downside + 6mo momentum. Univ 2%, sector rank 2-3 — bottom of sector, not just bottom of index. Watch the 12mo/6mo momentum tail and low liquidity. If that keeps bleeding, these de-risk together. But -5.9% to -4.8% is thin; don’t over-size. Financials + tech + defensives in one short screen says factor trade, not single

Hexagon AB (publ) ($HEXA-B.ST) -5.5%/76, Babcock International Group PLC ($BAB.L) -5.5%/79, Serco Group plc ($SRP.L) -5.4%/79. Hexagon tech: downside risk + 12mo momentum. Babcock/Serco industrials: i