During 4Q25 Footnotes Season, we parsed 2,234 10-Q and 10-K filings and created $2,010,600[1] of value for clients. See details in Figure 1.
These filings come in large bunches during what we call Footnotes Season, the time of year when companies with 12/31 fiscal year ends file their 10-Ks. The bulk of the 10-Ks for 2025 came in between February 13th and March 6th.
Footnotes Seasons give our Robo-Analyst AI[2] an opportunity to shine as it drives our proven-superior research with unrivaled speed and scale. We deliver this superior fundamental data and research to our clients through our memberships, stock picks, Model Portfolios, and FinSights, our AI Agent from Google Cloud.
Figure 1: Putting a $ Value on Our Parsing Work for Clients: 4Q25 Footnotes Season
Sources: New Constructs, LLC
* FTEs = Full Time Employees at $100/hour for 8 hours a day.
The cost of replicating the research we deliver would cost our clients multiples more time and money than what we charge.
The savings in Figure 1 are likely very conservative estimates because they do not account for the cost of any management or training of analysts. Nor, do they account for the cost of building the financial models and data taxonomies we use to transform the data into alpha-generating signals.
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Proprietary Footnotes Season Data Drives Alpha
While we’re explaining the diligence required to gather and organize superior fundamental data, we want to show you how our research delivers alpha.
We’ve developed multiple indices with Bloomberg’s Index Licensing Group based on Core Earnings and our Stock Ratings. See Figures 2-4.
- Bloomberg New Constructs Core Earnings Leaders Index (ticker: BCORET:IND)
- Bloomberg New Constructs Ratings VA-1 Index (ticker: BNCVA1T:IND)
- Bloomberg New Constructs 500 Index (ticker: B500NCT:IND)
The Bloomberg New Constructs Core Earnings Leaders Index, which allocates based on Earnings Capture and Core Earnings, beat the S&P 500 by 28% over the past five years. The Index (ticker: BCORET:IND) was up 86% while the S&P 500 was up 58%.
Figure 2: Bloomberg New Constructs Core Earnings Leaders Index Outperforms S&P 500: Last 5 Years
Sources: Bloomberg as of March 27, 2026
Note: Past performance is no guarantee of future results.
The “Very Attractive Stocks” Index, which allocates to stocks that get a Very Attractive rating by our AI Agent for Investing, beat the S&P 500 by 30% over the last five years. Bloomberg’s official name for the index is Bloomberg New Constructs Ratings VA-1Index (ticker: BNCVAT1T:IND). Figure 3 shows it was up 88% while the S&P 500 was up 58%.
Figure 3: Very Attractive-Rated Stocks Strongly Outperform the S&P 500: Last Five Years
Sources: Bloomberg as of March 27, 2026
Note: Past performance is no guarantee of future results.
Our “Core-Earnings Weighted S&P 500” Index, which weights the largest 500 U.S. companies by Core Earnings instead of market cap, beat the S&P 500 by 20% over the past five years. Bloomberg’s official name for the index is Bloomberg New Constructs 500 Total Return Index (ticker: B500NCT:IND). Figure 4 shows it was up 79% while the S&P 500 was up 58%.
Figure 4: Bloomberg New Constructs 500 Index Strongly Outperforms the S&P 500: Last Five Years
Sources: Bloomberg as of March 27, 2026
Note: Past performance is no guarantee of future results.
This article was originally published on April 2, 2026.
Disclosure: David Trainer and Kyle Guske II receive no compensation to write about any specific stock, sector, style, or theme.
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[1] Cumulative savings is calculated assuming it takes nine hours per filing and a full-time employee making $100/hour to parse each.
[2] Harvard Business School features the powerful impact of our research automation technology in New Constructs: Disrupting Fundamental Analysis with Robo-Analysts.