The scan is saying expensive vs bonds, not panic: earnings yield vs bonds is the top drag in 7 of 10. Book sits -12.3% to -8.9%, median conf 92. Sector concentration says Financials/Utilities/Defensiv

Trimble Inc. ($TRMB) -12.3%, conf 94: short interest drags but illiquidity lifts. Realty Income Corporation ($O) -11.3%, conf 92: short interest and illiquidity both drag — not just a rate trade. Both sit at univ 0%, so this is as crowded as it gets. Dow Inc. ($DOW) -11.2%, conf 91: short interest and fwd/trail P/E add to the pressure. Pfizer Inc. ($PFE) -11.1%, conf 93: illiquidity and 60d vol drag. Defensive Healthcare still gets hit by the same bond-yield math. Molson Coors Beverage Company ($TAP) -10.9%, conf 93: worst short interest print here (-0.0775); illiquidity helps. Jacobs Solutions Inc. ($J) -10.4%, conf 94: short interest down, illiquidity up. Different sectors, same factor. Bio-Techne Corporation ($TECH) -10.3%, conf 92: short interest and illiquidity both drag. LyondellBasell Industries N.V. ($LYB) -9.5%, conf 88: short interest drags, illiquidity lifts; only sec 10% name here. Live Nation Entertainment, Inc. ($LYV) -9.5%, conf 91: short interest and 60d vol drag. Wynn

Trimble Inc. ($TRMB) -12.3%, conf 94: short interest drags but illiquidity lifts. Realty Income Corporation ($O) -11.3%, conf 92: short interest and illiquidity both drag — not just a rate trade. Both