Top 10 shorts: univ ranks 0-2%, 6m expected -20.4% to -16.1%, median conf 91. Dominant drag is earnings yield vs bonds in 6 of 10. Sector mix is scattered; the real concentration is factor, not indust

$TRMB Trimble Inc. (Tech): -20.4%, conf 93, sec 1%. ↓ earnings yield vs bonds, ↓ short interest, ↑ illiquidity. $O Realty Income Corporation (RE): -20.0%, conf 91, sec 3%. ↓ short interest, ↓ illiquidity, ↓ earnings yield. $TECH Bio-Techne Corporation (Healthcare): -18.7%, conf 92. ↓ earnings yield, ↓ short interest, ↓ 60d vol. $TAP Molson Coors Beverage Company (Staples): -18.0%, conf 91, sec 3%. ↓ short interest, ↓ earnings yield, ↑ illiquidity. $PFE Pfizer Inc. (Healthcare): -17.7%, conf 91, sec 3%. ↓ earnings yield, ↓ 60d vol, ↓ illiquidity. Defensive, but model still short. $DOW Dow Inc. (Materials): -17.3%, conf 90. ↓ earnings yield, ↓ short interest, ↓ fwd/trail P/E. $LYV Live Nation Entertainment, Inc. (Comm Svcs): -17.0%, conf 90. ↓ earnings yield, ↓ short interest, ↓ 60d vol. Same EY/SI prints; vol is the difference. $MOS The Mosaic Company (Materials): -16.7%, conf 87, sec 10%. ↓ short interest, ↓ earnings yield, ↑ illiquidity. $FE FirstEnergy Corp. (Utilities): -16.6%, conf

$TRMB Trimble Inc. (Tech): -20.4%, conf 93, sec 1%. ↓ earnings yield vs bonds, ↓ short interest, ↑ illiquidity. $O Realty Income Corporation (RE): -20.0%, conf 91, sec 3%. ↓ short interest, ↓ illiquid