Book is -6.9% to -5.6% — only 1.3 points, inside ±1.5. Median conf 77 is not conviction, it’s a thin short list. Illiquidity is the dominant driver in 6 of 10. Sector concentration: Tech 3, Financials

Aviva plc ($AV.L) -6.9% conf 78 and Wise Group plc ($WISE.L) -6.9% conf 77 sit at univ 0%, different sectors. AV: illiquidity + 12mo momentum + downside risk. WISE: 6mo momentum + illiquidity + 12mo momentum. Same short, different clock. Babcock International Group PLC ($BAB.L) -6.3% conf 78 is pure illiquidity + momentum fade; Whitbread plc ($WTB.L) -6.4% conf 78 adds downside risk. Both univ 0-1%, both sector-toppers. Not idiosyncratic blowups — just rank drag. Hexagon AB (publ) ($HEXA-B.ST) -6.1% conf 75 is downside-risk-led; Imperial Brands PLC ($IMB.L) -6.0% conf 77 is the purest momentum fade. Tech and Consumer Defensive both in the short book. Defensive isn't safe if 12mo momentum rolls. BAE Systems plc ($BA.L) -5.8% conf 78 and National Grid plc ($NG.L) -5.6% conf 77 are illiquidity + momentum shorts. Beazley plc ($BEZ.L) -5.8% conf 78 is the odd one: illiquidity + downside risk but ↑12mo momentum. That positive print is the tell — not every name is a clean short. Haleon plc ($

Aviva plc ($AV.L) -6.9% conf 78 and Wise Group plc ($WISE.L) -6.9% conf 77 sit at univ 0%, different sectors. AV: illiquidity + 12mo momentum + downside risk. WISE: 6mo momentum + illiquidity + 12mo m