OVERVIEW | As of 5/31/2019

Portfolio Manager

Veronika Hirsch

Portfolio Manager

Jim McGovern

Mr. McGovern founded Arrow Capital Management in 1999, bringing over 30 years of related experience. Previously he was President and Chief Executive Officer at BPI Financial Corporation (Canada).

A senior Portfolio Manager with Arrow Capital, Veronika Hirsch is a highly regarded Canadian equity manager with over 25 years investment experience. She makes frequent appearances on BNN and other business media outlets. Previously, Ms. Hirsch was Chief Investment Officer at BluMont where she was Portfolio Manager of various Exemplar Funds. Ms. Hirsch co-founded Integrated Asset Management Corp., and served as a Vice President and Portfolio Manager at AGF and Fidelity Management. She began her career as a Portfolio Trader at Prudential, later rising to Vice President and Portfolio Manager. Ms. Hirsch holds a Bachelor of Commerce degree from McGill University and is a fellow of the Life Management Institute.

Series

A

LL

F

Currency

CAD

CAD

CAD

Fund Code

AHP 1000

AHP 1030

AHP 1010

Performance StatisticsTime Period: 6/1/2008 to 5/31/2019

Fund A Class S&P/TSX TR

Cumulative ReturnAnnualized ReturnStd DevAlphaBetaCorrelationUp Capture RatioDown Capture RatioMax DrawdownSharpe RatioSortino Ratio

138.228.217.536.020.350.60

60.6922.89

-14.320.971.62

51.333.84

12.990.001.001.00

100.00100.00-43.35

0.290.39

Risk Rating

The Fund seeks to deliver consistent returns by investing in a portfolio of Canadian equity securities chosen from those industries that management believes offers the best opportunity for profitable returns at each stage of the economic and market cycle.

Investment GrowthTime Period: 5/21/2008 to 5/31/2019

2009 2011 2013 2015 2017 2019500.0

750.0

1,000.0

1,250.0

1,500.0

1,750.0

2,000.0

2,250.0

2,500.0

Arrow Canadian Advantage Alt Cl A 2,385.7 S&P/TSX Composite TR 1,481.3 Canada Fund Canadian Equity 1,430.1

Trailing Returns1 mo 3 mo 6 mo YTD 1 yr 3 yr 5 yr 10 yr ITD

Arrow Canadian Advantage Alt Cl A

S&P/TSX Composite TR

1.17 4.38 8.03 12.08 2.22 4.36 4.18 8.04 8.21

-3.06 1.07 7.23 13.36 3.03 7.62 4.98 7.56 3.84

Calendar Year Returns

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009Partial

2008

Arrow Canadian Advantage Alt Cl A

S&P/TSX Composite TR

-6.52 6.07 -0.52 6.04 11.32 24.08 6.59 -6.90 21.95 15.83 4.97

-8.89 9.10 21.08 -8.32 10.55 12.99 7.19 -8.71 17.61 35.05 -37.68

Portfolio DetailsInception Date

Portfolio Assets (millions)

NAV (Mo-End)

A Class Management Fee

Prospectus Benchmark

Minimum Additional Purchase

Minimum Investment (Base Currency)

5/20/2008

$ 83

21.30

1.65

S&P/TSX TR CAD

100

1,000

Risk-RewardTime Period: 6/1/2008 to 5/31/2019

Std Dev

0.0 3.0 6.0 9.0 12.0 15.0

0.02.04.06.08.010.0 Arrow Canadian Advantage Alt Cl A

S&P/TSX Composite TR

Canada Fund Canadian Equity

Ret

urn

Asset AllocationPortfolio Date: 5/31/2019

%

Stock 46.3

Bond 11.6

Cash 34.8

Other 7.2

Total 100.0

Top HoldingsPortfolio Date: 5/31/2019

Portfolio Weighting %

iShares 7-10 Year Treasury Bond ETF

Arrow Global Advantage Alternative F

Boyd Group Income Fund

Brookfield Infrastructure Partners LP

StorageVault Canada Inc

iShares TIPS Bond ETF

Burford Capital Ltd

The Descartes Systems Group Inc

Shopify Inc A

Zoetis Inc Class A

12.55

9.84

6.78

3.95

3.13

3.13

2.55

2.39

2.34

2.30

Equity SectorsPortfolio Date: 5/31/2019

Basic Materials %

Consumer Cyclical %

Financial Services %

Real Estate %

Consumer Defensive %

Healthcare %

Utilities %

Communication Services %

Energy %

Industrials %

Technology %

3.97

15.13

12.30

2.20

6.91

4.55

9.24

1.02

11.03

19.57

14.07

DrawdownTime Period: Since Common Inception (6/1/2008) to 5/31/2019

2009 2011 2013 2015 2017 2019-45.0

-37.5

-30.0

-22.5

-15.0

-7.5

0.0

Arrow Canadian Advantage Alt Cl A S&P/TSX Composite TR

Monthly ReturnsJan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year

201920182017201620152014201320122011201020092008

4.23 3.02 1.99 1.15 1.170.64 -0.77 0.09 0.48 2.05 0.46 0.49 1.00 -0.08 -6.13 -1.06 -3.620.04 0.55 0.95 1.58 0.67 -1.44 -1.79 0.35 0.20 3.56 0.98 0.35

-3.14 -1.39 1.52 -0.26 0.57 0.16 2.14 1.02 -0.42 -0.49 -0.40 0.280.55 4.30 0.04 -1.65 2.59 -0.68 2.57 -2.49 -0.93 0.14 1.43 0.21

-0.39 3.07 2.04 0.90 0.61 2.51 -0.14 1.61 -1.36 1.57 1.42 -0.954.03 1.96 1.10 0.41 1.13 -0.24 1.25 0.99 2.12 3.12 4.29 1.723.10 2.94 -1.88 -1.36 -2.55 -0.01 0.96 1.54 3.02 0.39 -0.79 1.250.27 3.04 -1.79 0.19 -1.40 -3.04 1.99 -3.67 -7.28 6.49 0.27 -1.51

-4.37 5.45 2.54 2.54 -2.79 -1.08 1.69 3.71 3.43 2.57 4.06 2.73-0.02 -0.58 1.86 -0.14 3.56 -2.01 0.09 1.47 4.38 -0.51 4.56 2.36

4.59 -1.47 0.06 0.86 -0.36 0.33 0.96

-6.526.07

-0.526.04

11.3224.08

6.59-6.9021.9515.83

12.08

OVERVIEW | As of 5/31/2019

Effective May 21, 2019, the fund was renamed Arrow Canadian Advantage Alternative Class.

Unless otherwise stipulated Arrow Canadian Advantage Alternative Class returns are net of all fees, in Canadian dollars, reflect series “A” shares and assume reinvestment of all distributions. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Except as otherwise noted the indicated rates of return are the historical annual compounded total returns including changes in share value and the reinvestment of all dividends or distributions and do not take into account the sales, redemption, distribution, or optional charges or income tax payable by the shareholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Portfolio holdings, including the Top Holdings are subject to change without notice.

Source: Morningstar Direct 2019 Morningstar Research Inc. All Rights Reserved. The information herein is proprietary to Morningstar or its content providers. It may not be copied or distributed and is not warranted to be accurate, complete or timely. Morningstar and its providers are not responsible for damages or losses arising from any use of this information. Past performance may not be repeated. These pages are not complete without the Disclaimer(s).