Book range only -7.6% to -6.4%, so this is a thin signal despite confidence 73-78. 12mo momentum is the named dominant driver, but only 3 of 10. The real drag is 6mo momentum, downside risk and illiqu

Telenor ASA ($TEL.OL) and Axfood AB (publ) ($AXFO.ST). Both top of book at -7.6% and -7.5%, conf 77. Telenor: ↓ downside risk, ↓ 6mo momentum, ↓ 12mo momentum. Axfood: ↓ downside risk, ↓ 6mo momentum, ↓ illiquidity. Defensive telecom and staples. Sec ranks 3% and 2%. Model is not sparing safe sectors. St. James's Place plc ($STJ.L) and Wise Group plc ($WISE.L). STJ: ↓ 12mo momentum, ↓ 6mo momentum, ↓ 6mo alpha vs SPY. WISE: ↓ 6mo momentum, ↓ illiquidity, ↓ 12mo momentum. Financials and tech. STJ sec 1%, WISE sec 3%. Momentum is the differentiator, but both sit at univ 0-1%. Telefonaktiebolaget LM Ericsson (publ) ($ERIC-B.ST) and Avanza Bank Holding AB (publ) ($AZA.ST). ERIC-B: ↓ illiquidity, ↓ downside risk, ↓ 6mo momentum. AZA: ↓ 6mo momentum, ↓ 12mo momentum, ↓ illiquidity. Tech and financial. Both univ 1%. ERIC sec 6%, AZA sec 2%. Same illiquidity and momentum pressure, different sector labels. Amadeus IT Group, S.A. ($AMS.MC) and Aviva plc ($AV.L). AMS: ↓ 12mo momentum, ↓ downside

Telenor ASA ($TEL.OL) and Axfood AB (publ) ($AXFO.ST). Both top of book at -7.6% and -7.5%, conf 77. Telenor: ↓ downside risk, ↓ 6mo momentum, ↓ 12mo momentum. Axfood: ↓ downside risk, ↓ 6mo momentum,