Bedrijfsleningenfonds

Erik Hylarides is an Analyst in the Credit team, responsible for covering Bank Loans and Private Placements. Prior to joining Robeco in 2009, Erik was Portfolio Manager High Yield and Leveraged Loans at Aegon asset Management. Before that, he worked as Portfolio Manager Global Acquisition Finance at Fortis and as Credit Analyst at ABN AMRO Risk management. He has been active in the industry since 2000. Erik holds a Master's in Financial Economics from Erasmus University Rotterdam and he is a CFA® charterholder.

The fund is established in the Netherlands. The fund is closed for corporate-income tax purposes (fiscally transparent). This means that all results are attributed directly to the participants. As a consequence, the fund is not liable to corporate-income tax and withholds no dividend tax.

Investors who are not subject to (exempt from) Dutch corporate-income tax (e.g. pension funds) are not taxed on the achieved result. Dutch tax-exempt bodies may seek a full refund on the 15% dividend tax withheld on dividends (25% prior to 1 January 2007). Interest income is exempt from tax withheld at source. Investors who are subject to Dutch corporate-income tax can be taxed for the result achieved on their investment in the fund. Dutch bodies that are subject to corporate-income tax are obligated to declare interest and dividend income in their tax return. In principle, Dutch bodies that are subject to corporate-income tax may offset the 15% dividend tax withheld on dividends (25% prior to 1 January 2007) against the corporate-income tax and seek a refund of the excess amount. Investors residing outside the Netherlands are subject to their respective national tax regime applying to foreign investment funds. Shareholders who do not pay tax in the Netherlands and who are resident in countries that have a tax treaty with the Netherlands to prevent double taxation may seek a refund for part of the Dutch dividend tax from the Dutch tax authorities, depending on the treaty. As of 1 January 2007, a pension fund having its registered office in another EU member state is also entitled to a Dutch dividend-tax refund. The above is based on the current fiscal legislation and regulations in the Netherlands. We advise individual investors to consult their financial or tax adviser about the tax consequences of an investment in this fund in their specific circumstances before deciding to invest in the fund.

BLF lends to - in general - relatively small companies (e.g. companies that generate revenues between EUR 50-150 250mln per annum). As such, most companies in the portfolio are not covered by any external ESG data provider. However, our relevant sector analyst does have deep industry knowledge on potential ESG-factors that we integrate in every loan analysis and discuss during all credit committees. We also use input from conversations with the borrower and the participating bank. We focus on ESG-risks which could materially and financially alter the investment case. The factors discussed are diverse from Corporate Governance issues, supplier risks, exposure to bribery to reputational issues. The loan documentation also often contains specific clauses regarding environmental issues. Please note that all our partner banks also check ESG-factors in their credit process. Nevertheless, Robeco’s ESG policy is leading in all cases. Please find below a general description of the credit analysis and the place of ESG-factors within our general framework that is also applicable for the BLF credit memos One of the cornerstones of the investment philosophy of Robeco’s Credit team is that avoiding losers is more important than picking every winner. The team believes that integrating ESG factors into its analysis strengthens the ability to assess the downside risk of its credit investments. The following sections display the ESG-metrics that are relevant for this fund along with short descriptions. For more information please visit the sustainability-related disclosures. The index used for all sustainability visuals is based on [Index name].