The Small Cap fund experienced a challenging period during Q3; however, the active return remains positive over the AIM Class of 2016 holding period, YTD and over the past year. The International Equity fund has been challenged over the past year; however, the AIM Class of 2016 is hopeful they can make up the negative active return. The overweight on emerging market and the Canadian energy sector accounted for much of the weaker than benchmark returns.
