12mo momentum is the dominant drag in 7 of 10 names, and 6mo momentum shows up in all 10. Sector is noise: Industrials 3, Financials 2, Consumer Cyclical 2. This is a price-trend fade book, conf 70-71

St. James's Place plc ($STJ.L) is univ 0%, sec 1%, -7.9%, conf 71: ↓12mo mom, ↓6mo mom, ↓6mo alpha vs SPY. Axfood AB (publ) ($AXFO.ST) is -7.8%, conf 70: ↓6mo mom, ↓downside risk, ↓illiquidity. Same tape, different drag: STJ is alpha, AXFO is risk/liquidity. LVMH ($MC.PA) is univ 1%, sec 2%, -7.0%, conf 70: ↓12mo mom, ↓6mo mom, ↓illiquidity. Avanza Bank Holding AB (publ) ($AZA.ST) is -6.8%, conf 70, same univ/sec rank: ↓12mo mom, ↓illiquidity, ↓6mo mom. Same rank, different order. This is rank concentration, not a sector signal. Quilter plc ($QLT.L) univ 2%, sec 2%, -6.7%, conf 70: ↓12mo mom, ↓6mo mom, ↓downside risk. Babcock International Group PLC ($BAB.L) -6.6%, conf 71, univ 2%, sec 1%: ↓illiquidity, ↓12mo mom, ↓6mo mom. Industrials is the biggest cluster, yet Babcock is a liquidity print first. Vinci SA ($DG.PA) univ 2%, sec 1%, -6.1%, conf 70: ↓12mo mom, ↓6mo mom, ↓6mo alpha vs SPY. Alcon Inc. ($ALC.SW) univ 3%, sec 2%, -6.0%, conf 70: ↓illiquidity, ↓6mo mom, ↓12mo mom. Healthcar

St. James's Place plc ($STJ.L) is univ 0%, sec 1%, -7.9%, conf 71: ↓12mo mom, ↓6mo mom, ↓6mo alpha vs SPY. Axfood AB (publ) ($AXFO.ST) is -7.8%, conf 70: ↓6mo mom, ↓downside risk, ↓illiquidity. Same t