Scan is ugly: all 10 sit in bottom 2% of S&P 500. 6m expected returns -12.0% to -9.6%, median conf 92. Dominant drag: earnings yield vs bonds in 8 of 10. Not a sector story. Rates vs valuations.

$TRMB Trimble Inc.: univ 0%, sec 1%, -12.0%, conf 94. Earnings yield + short interest drag. Illiquidity is the only offset. $O Realty Income Corporation: univ 0%, sec 3%, -11.9%, conf 92. Short interest + illiquidity. $DOW Dow Inc.: univ 1%, sec 5%, -11.6%, conf 91. Earnings yield + short interest + fwd/trail P/E. $TAP Molson Coors Beverage Company: univ 1%, sec 3%, -11.1%, conf 93. Biggest short-interest drag. Earnings yield also hurts. $PFE Pfizer Inc.: univ 1%, sec 2%, -11.0%, conf 93. Valuation + illiquidity + 60d vol. $J Jacobs Solutions Inc.: univ 1%, sec 1%, -10.9%, conf 94. Earnings yield + short interest; illiquidity helps. $LYB LyondellBasell Industries N.V.: univ 1%, sec 10%, -10.2%, conf 88. Earnings yield + short interest + fwd/trail P/E. $TECH Bio-Techne Corporation: univ 2%, sec 3%, -10.1%, conf 92. Earnings yield + short interest + illiquidity. $LYV Live Nation Entertainment, Inc.: univ 2%, sec 5%, -9.7%, conf 91. Earnings yield + short interest + 60d vol. $FE FirstEner

$TRMB Trimble Inc.: univ 0%, sec 1%, -12.0%, conf 94. Earnings yield + short interest drag. Illiquidity is the only offset. $O Realty Income Corporation: univ 0%, sec 3%, -11.9%, conf 92. Short intere