The model’s leaning hard into short interest and earnings yield vs bonds. Six of ten names have short interest as the top driver. Utilities, insurers, housing show up heavy. Book range +16.3% to +23.2

$EIX (Edison International) +23.2% conf 97 leads on earnings yield vs bonds, but short interest is a drag—not the squeeze. $ALL (The Allstate Corporation) +20.9% conf 97 gets short interest and fwd/trail P/E helping the rate trade. $PCG (PG&E Corporation) +20.7% conf 95 adds 12mo momentum to short interest and earnings yield. $SOLV (Solventum Corporation) +19.5% conf 97 is healthcare—illiquidity plus short interest on earnings yield. $GL (Globe Life Inc.) +19.3% conf 96 has lower earnings yield, higher short interest. $LEN (Lennar Corporation) +18.1% conf 97 is the biggest short interest driver in the group. $GOOGL (Alphabet Inc.) +17.7% conf 97 has short interest positive but illiquidity is a drag. $EME (EMCOR Group, Inc.) +17.6% conf 97 mixes vol instability into short interest and earnings yield. $AMZN (Amazon.com, Inc.) +17.1% conf 96 is the same liquid mega-cap pattern: short interest positive, illiquidity a drag. $MKC (McCormick & Company, Incorporated) +16.3% conf 97 has big

$EIX (Edison International) +23.2% conf 97 leads on earnings yield vs bonds, but short interest is a drag—not the squeeze. $ALL (The Allstate Corporation) +20.9% conf 97 gets short interest and fwd/trail P/E helping the rate trade.