Book range is -6.3% to -4.8% — thin. Median conf 78 doesn't change that. Scan is shorting fading momentum and illiquidity. Common thread: UK-listed names dominate 8 of 10; no single sector. Illiquidit

Wise Group plc ($WISE.L), Hexagon AB (publ) ($HEXA-B.ST), Serco Group plc ($SRP.L) sit at the top. Wise is pure momentum bleed: ↓6m, ↓12m, ↓illiquidity. Hexagon adds ↓downside risk. Serco is first ↓6m + ↓downside + ↓illiquidity combo. Tech and Industrials both at univ 0-1%. Babcock International Group PLC ($BAB.L), Imperial Brands PLC ($IMB.L), Aviva plc ($AV.L) — same destination, different route. Babcock and Aviva lead with ↓illiquidity; Imperial leads with ↓12m/↓6m momentum. All three are UK large/mid defensives or financials. Illiquidity theme gets loud. Beazley plc ($BEZ.L), National Grid plc ($NG.L), Whitbread plc ($WTB.L): Beazley and National Grid lean ↓illiquidity. Whitbread is ↓12m momentum with ↓illiquidity second. Financials, Utilities, Consumer Cyclical — the short isn't sector-pure. Bayerische Motoren Werke AG ($BMW.DE) is the outlier. No illiquidity in top drivers. It's ↓6m momentum, ↓12m momentum, ↓6m alpha vs SPY. Consumer Cyclical sec 3%, univ 2%. If BMW is here, this

Wise Group plc ($WISE.L), Hexagon AB (publ) ($HEXA-B.ST), Serco Group plc ($SRP.L) sit at the top. Wise is pure momentum bleed: ↓6m, ↓12m, ↓illiquidity. Hexagon adds ↓downside risk. Serco is first ↓6m