The scan is a broad short: earnings yield vs bonds is the top drag in all 10. All 10 sit in univ 0-4%, so this is rank concentration, not one sector story. Confidence is high, returns are ugly, 6m -22

What changed

HOYA Corporation ($7741.T) Healthcare univ 0%, sec 8%, -22.2%, conf 75. Extra drags: downside risk and illiquidity. Fast Retailing Co., Ltd. ($9983.T) Consumer Cyclical univ 1%, sec 3%, -21.8%, conf 78. Extra drags: 12mo momentum and downside risk. Shin-Etsu Chemical Co., Ltd. ($4063.T) Basic Materials univ 1%, sec 5%, -20.8%, conf 77. Differentiators: downside risk and illiquidity. Takashimaya Company, Limited ($8233.T) Consumer Cyclical univ 2%, sec 6%, -19.0%, conf 76. Bigger earnings yield drag, plus downside risk and 12mo momentum. Takeda Pharmaceutical Company Limited ($4502.T) Healthcare univ 2%, sec 15%, -18.9%, conf 71. Same earnings yield issue, plus downside risk and 12mo momentum. Aeon Co., Ltd. ($8267.T) Consumer Cyclical univ 3%, sec 9%, -18.5%, conf 75. Odd one: 12mo momentum pushes up, but 6mo momentum and earnings yield drag. Sompo Holdings, Inc. ($8630.T) Financial Services univ 3%, sec 5%, -17.0%, conf 77. Low vol is part of the short case: 60d volatility and downsid

Why it matters