Some 66% of active equity portfolio managers outperformed the S&P 500 during the third quarter, according to the INDATA equity universe. William T. Kennedy, an Atlanta pension consultant, said typically 50% to 55% of the managers outperform the market. Indeed, for the year ended Sept. 30, only about 36% of equity managers outperformed the S&P, according to Mr. Kennedy. The S&P was up 7.9% in the third quarter. The median INDATA manager was up 8.8%.