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Nov 06 2026
The Leuthold Refresh

Active/Passive Update: Third Quarter 2026

  • Nov 6, 2026

Nine style boxes lost 2.9% in Q3. Such a low absolute return usually signifies solid conditions for active managers. But this positive bias was overwritten by sizable, small-cap underperformance—which worked against active managers and led to an average win rate of 42% across all nine boxes.

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About The Author

Scott Opsal / Director of Investment Strategies

Scott Opsal Director of Investment Strategies

Scott oversees asset allocation, investment policies, and team coordination. He also conducts in-depth research using fundamental and quantitative analyses to support the firm’s portfolio and strategy recommendations.

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