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Nov 07 2025
The Leuthold Refresh

Active/Passive Update Q3-2025

  • Nov 7, 2025

Q3 was characterized by two traits that typically favor a passive investment process while creating a drag for active portfolios: Convincing leadership of growth stocks and high absolute returns.

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About The Author

Scott Opsal / Director of Research & Equities

Scott Opsal Director of Research & Equities

Scott is Director of Research & Equities for The Leuthold Group, LLC. His responsibilities include conducting in-depth research projects and exploring fundamental and quantitative studies that support the firm’s portfolio and strategy recommendations.

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