From what I’ve seen, a lot of LACs punch above their weight when it comes to PhD production. The top LACs match the top research U’s when it comes to professional school placement.
However, some research U’s do much better when it comes to number of alums who are leaders in “the real-world” (business, government, arts, science, etc.) compared to their per capita PhD production. Georgetown, ND, UVa, and UMich come to mind. Pretty much no LAC has that profile.