The scan is saying this is a bond-proxy short book, not a sector call. Earnings yield vs bonds is the dominant drag in 7 of 10. High confidence, ugly 6m returns: -22.2% to -14.2%. Every name is univ 0

Bio-Techne Corporation ($TECH): Healthcare, univ 0%, sec 2%, -22.2%, conf 92. ↓ earnings yield vs bonds, ↓ short interest, ↓ illiquidity. Realty Income Corporation ($O): Real Estate, univ 0%, sec 3%, -18.7%, conf 91. ↓ short interest, ↓ illiquidity, ↓ earnings yield vs bonds. Trimble Inc. ($TRMB): Technology, univ 1%, sec 1%, -17.3%, conf 93. ↓ earnings yield vs bonds, ↑ illiquidity, ↓ short interest. Molson Coors Beverage Company ($TAP): Consumer Defensive, univ 1%, sec 3%, -16.3%, conf 91. ↓ short interest, ↓ earnings yield vs bonds, ↑ illiquidity. Same ↑ illiquidity kicker on both. The Mosaic Company ($MOS): Basic Materials, univ 1%, sec 5%, -15.0%, conf 90. ↓ short interest, ↓ earnings yield vs bonds, ↑ illiquidity. Dow Inc. ($DOW): Basic Materials, univ 1%, sec 10%, -14.7%, conf 87. ↓ earnings yield vs bonds, ↓ short interest, ↓ fwd/trail P/E ratio. Materials in the middle, not the tail. Pfizer Inc. ($PFE): Healthcare, univ 1%, sec 3%, -14.5%, conf 91. ↓ earnings yield vs bonds, ↓

Bio-Techne Corporation ($TECH): Healthcare, univ 0%, sec 2%, -22.2%, conf 92. ↓ earnings yield vs bonds, ↓ short interest, ↓ illiquidity. Realty Income Corporation ($O): Real Estate, univ 0%, sec 3%,