After upgrading to version 4.0.3, I have found that related posts appear on static pages, not just on posts, when those static pages include posts using shortcodes. This didn't happen before the new release.
To see this happen, see my site's home page at http://www.TrustworthyCare.com
Everything in the left column on that page after the CTA "Call 1-800-777-4750 Today for Your FREE In-Home Assessment!" is a post that is used as an include file with a shortcode plugin called get posts.
Before taking the upgrade, the list of related posts at the end of the page did not appear.