Scan: earnings yield vs bonds is the drag in 7 of 10. Book 6m -24.9% to -15.6%, median conf 71. Top 10 all sit in univ 0-3%. Financials 3, Consumer Defensive 2, Consumer Cyclical 2. Crowded short tail

Bio-Techne Corporation ($TECH) Healthcare u0/s2 -24.9% c71: ↓E/Y vs bonds, ↓short interest, ↓illiquidity. All three drags line up, top short. Realty Income Corporation ($O) Real Estate u0/s3 -21.2% c70: ↓short interest, ↓illiquidity, ↓E/Y vs bonds. Same rate-sensitive profile. Trimble Inc. ($TRMB) Technology u1/s1 -20.1% c72: ↓E/Y vs bonds, ↑illiquidity, ↓short interest. Illiquidity up is the odd print. FirstEnergy Corp. ($FE) Utilities u1/s3 -17.2% c70: ↓E/Y vs bonds, ↓short interest, ↓60d vol. Low vol does not save it. Coinbase Global, Inc. ($COIN) Financial Services u1/s1 -17.2% c71: ↓E/Y vs bonds, ↓short interest, ↑60d vol. Not a low-vol short. Molson Coors Beverage Company ($TAP) Consumer Defensive u2/s3 -16.9% c70: ↓short interest, ↓E/Y vs bonds, ↑illiquidity. Same drag, illiquidity differs. Pfizer Inc. ($PFE) Healthcare u2/s3 -16.2% c70: ↓E/Y vs bonds, ↓60d vol, ↓illiquidity. Defensive but still a yield-gap short. International Paper Company ($IP) Consumer Cyclical u2/s2 -15.8%

Bio-Techne Corporation ($TECH) Healthcare u0/s2 -24.9% c71: ↓E/Y vs bonds, ↓short interest, ↓illiquidity. All three drags line up, top short. Realty Income Corporation ($O) Real Estate u0/s3 -21.2% c7