Book is -7.5% to -6.1%, only 1.4 points. Thin short signal. Median conf 77 does not change that. Dominant driver is illiquidity, 4 of 10. Drag is momentum plus illiquidity, not one sector. Financial S

Telenor ASA ($TEL.OL) -7.5% conf 77, St. James's Place plc ($STJ.L) -7.1% conf 78, Wise Group plc ($WISE.L) -6.9% conf 77. Telenor: downside risk, 6mo momentum, 12mo momentum. St. James's: 12mo momentum, 6mo momentum, illiquidity. Wise: 6mo momentum, 12mo momentum, illiquidity. Common thread is broken momentum. Difference is Telenor gets extra hit from downside risk, St. James's and Wise from liquidity. Sector ranks 3%, 1%, 3%. Axfood AB (publ) ($AXFO.ST) -6.8% conf 77, Telefonaktiebolaget LM Ericsson (publ) ($ERIC-B.ST) -6.7% conf 75, Babcock International Group PLC ($BAB.L) -6.5% conf 78. Axfood: downside risk, 6mo momentum, illiquidity. Ericsson: illiquidity, 6mo momentum, downside risk. Babcock: illiquidity, 12mo momentum, 6mo momentum. Three sectors, same look: stale momentum plus poor liquidity. Consumer Defensive, Tech, Industrials. Aviva plc ($AV.L) -6.5% conf 78, Amadeus IT Group, S.A. ($AMS.MC) -6.4% conf 73. Aviva: illiquidity, 12mo momentum, downside risk. Amadeus: 12mo mom

Telenor ASA ($TEL.OL) -7.5% conf 77, St. James's Place plc ($STJ.L) -7.1% conf 78, Wise Group plc ($WISE.L) -6.9% conf 77. Telenor: downside risk, 6mo momentum, 12mo momentum. St. James's: 12mo moment