Bloomberg hosted a special webinar with its Senior Global Equity Product Manager Mike Pruzinsky and Index & ESG Research Analyst Steve Hou, as well as New Constructs CEO David Trainer. Key topics:
- a better approach to value investing
- how New Constructs uncovers hidden value
- the Bloomberg New Constructs Core Earnings Leaders Index (ticker: BCORET:IND),
- and more.
This special webinar offers an in-depth look at how New Constructs research uncovers hidden value in financial statements, most importantly through the use of footnotes data, how and why the Core Earnings Leaders Index was created, and details on how this index incorporates Core Earnings to generate alpha.
Core Earnings provides a superior earnings measure because it removes unusual items that distort reported and consensus earnings. It is a much cleaner and more accurate earnings metric.
You don’t have to take our word for it either.
- This paper from Harvard Business School and MIT Sloan professors, which was featured in The Journal of Financial Economics, empirically proves the idiosyncratic alpha in our proprietary measure of Core Earnings.
- The outperformance of the Core Earnings Leaders Index further proves the alpha our Core Earnings metric generates. See Figures 1 and 2.
The Bloomberg New Constructs Core Earnings Leaders Index, which allocates based on Earnings Capture and Core Earnings, beats the S&P 500 by 7.9% year-to-date (YTD). The Index (ticker: BCORET:IND) is up 19.9% while the S&P 500 is up 12%.
Figure 1: Bloomberg New Constructs Core Earnings Leaders Index Outperforms S&P 500: YTD
Sources: Bloomberg as of September 11, 2025
Note: Past performance is no guarantee of future results.
The Core Earnings Leaders Index beat the S&P 500 by 42% over the last five years. Figure 2 shows it is up 140% while the S&P 500 is up 98%.
Figure 2: Bloomberg New Constructs Core Earnings Leaders Index Outperforms S&P 500: Last 5 Years
Sources: Bloomberg as of September 12, 2025
Note: Past performance is no guarantee of future results.
Note that this index is not available to the public. The only way to build strategies that achieve this kind of outperformance based on superior fundamental data is to be a New Constructs member.
This article was originally published on September 12, 2025.
Disclosure: David Trainer, Kyle Guske II, and Hakan Salt receive no compensation to write about any specific stock, style, or theme.
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