Among all types of active managers, those who invest in small-cap value stocks have done the best job navigating the market turmoil. Small-cap value managers generated average excess returns of 2 percent in the second quarter, 2.1 percent for the year to date, and 5.4 percent over the trailing 12 months, according to data from Investment Metrics. They were the strongest performer among all active style peer groups in each time frame, based on their performance against the Russell style indexes.