Book 6m -5.9%..-4.6%, median conf 71 — signal is thin. Dominant driver: illiquidity in 5 of 10. This is a low-liquidity, weak-momentum short list, not a clean sector call.

Wise Group plc ($WISE.L) -5.9% conf 71 and Imperial Brands PLC ($IMB.L) -5.5% conf 71 top the scan. Both univ 0%; same driver stack: 6mo momentum, 12mo momentum, illiquidity. Different sector, same tape. Babcock International Group PLC ($BAB.L) -5.3% conf 72, Aviva plc ($AV.L) -5.3% conf 72, Beazley plc ($BEZ.L) -5.2% conf 71. BAB/AV: illiquidity + 12mo/6mo momentum. BEZ: illiquidity + downside risk + 6mo momentum. Financials/industrials cluster. Serco Group plc ($SRP.L) -5.2% conf 71, Whitbread plc ($WTB.L) -5.1% conf 71, BAYERISCHE MOTOREN WERKE AG ($BMW.DE) -5.0% conf 70. SRP/WTB share downside risk. BMW is alpha vs SPY, not illiquidity — different short logic. National Grid plc ($NG.L) -4.9% conf 70 and Haleon plc ($HLN.L) -4.6% conf 71 close the list. NG: illiquidity + 12mo/6mo momentum. HLN: illiquidity + 6mo momentum + downside risk. Low-conviction tail. Watch whether illiquidity keeps doing the work. If liquidity improves, this book unwinds fast. If not, weak-momentum names kee

Wise Group plc ($WISE.L) -5.9% conf 71 and Imperial Brands PLC ($IMB.L) -5.5% conf 71 top the scan. Both univ 0%; same driver stack: 6mo momentum, 12mo momentum, illiquidity. Different sector, same ta