Some 95% of growth-focused small-cap funds outperformed their benchmarks, compared with 32% for active managers benchmarked to the Russell 1000 Index, data compiled by Jefferies show. The Russell 2000 Index’s biggest loss since March 2020 made the job of active small-cap managers a bit easier, but their outperformance goes well beyond one month. Some 82% of small-cap stock pickers focused on growth have beaten their benchmarks this year, twice the pace of their large-cap peers, Jefferies’ data show.