The scan is screaming one factor: earnings yield vs bonds in 6 of 10. Book is -12.4% to -9.8%, median conf 92. Rank concentration is extreme: 7 of 10 are univ 0-1%. Not a sector bet — a cross-sectiona

Trimble Inc. ($TRMB) is top short: univ 0%, sec 1%, -12.4%, conf 94. The twist is illiquidity is a positive push. Dow Inc. ($DOW) is next: -12.1%, conf 91, also hit by fwd/trail P/E. Realty Income Corporation ($O) is the REIT read: -12.0%, conf 92, short interest and illiquidity both drag, earnings yield adds. Molson Coors Beverage Company ($TAP) has the biggest short-interest drag in the book (-0.0775), -11.8%, conf 93, plus weak earnings yield. Bio-Techne Corporation ($TECH) is the cleaner healthcare short: -11.6%, conf 93, earnings yield, short interest, illiquidity all down. Pfizer Inc. ($PFE) is less short-interest-driven: -11.4%, conf 92, more 60d vol and earnings yield. The Mosaic Company ($MOS) and Wynn Resorts, Limited ($WYNN) both get positive illiquidity pushes. MOS is a Basic Materials short at sec 10, -10.7%, conf 88, earnings yield and short interest down. WYNN is Consumer Cyclical sec 2, -9.8%, conf 93, with vol instability as second driver, not earnings yield. Jacobs So

Trimble Inc. ($TRMB) is top short: univ 0%, sec 1%, -12.4%, conf 94. The twist is illiquidity is a positive push. Dow Inc. ($DOW) is next: -12.1%, conf 91, also hit by fwd/trail P/E. Realty Income Cor