Quant short book is all red: 6m expected returns -13.3% to -9.7%, median conf 93. The issue is rate competition—earnings yield vs bonds is the dominant driver in 5 of 10. Short interest keeps showing

$TRMB Trimble Inc. univ 0%, sec 1%, -13.3%, conf 94: yield vs bonds hits hardest, short interest adds down, illiquidity is the only offset. $O Realty Income Corporation univ 0%, sec 3%, -12.4%, conf 92: short interest and yield drag, illiquidity also down—no REIT safety. $COIN Coinbase Global, Inc. univ 1%, sec 1%, -11.8%, conf 93: same yield + short interest combo, only 60d vol pushing up. $J Jacobs Solutions Inc. univ 1%, sec 1%, -10.9%, conf 94: yield vs bonds and short interest drag, illiquidity offset. $TAP Molson Coors Beverage Company univ 1%, sec 3%, -10.8%, conf 93: short interest is the biggest hit, same yield drag, illiquidity up. $DOW Dow Inc. univ 1%, sec 5%, -10.5%, conf 91: yield vs bonds, short interest, fwd/trail P/E all down—no offset. $TYL Tyler Technologies, Inc. univ 1%, sec 2%, -10.3%, conf 93: short interest and yield drag, illiquidity offset. $LYV Live Nation Entertainment, Inc. univ 2%, sec 5%, -9.9%, conf 91: yield vs bonds, short interest, 60d vol all down. $

$TRMB Trimble Inc. univ 0%, sec 1%, -13.3%, conf 94: yield vs bonds hits hardest, short interest adds down, illiquidity is the only offset. $O Realty Income Corporation univ 0%, sec 3%, -12.4%, conf 9