Ben Kirby, CFA

Co-Head of Investments and Managing Director

Ben Kirby is co-head of investments for Thornburg Investment Management. He is responsible for driving the investment process at the firm level. Ben is also a portfolio manager on multiple strategies. He joined Thornburg in 2008 as equity research analyst, was promoted to associate portfolio manager in 2011, and was named portfolio manager and managing director in 2013.

Ben holds a BA in computer science from Fort Lewis College and an MBA from Duke University’s Fuqua School of Business. Prior to graduate school, Ben was a software engineer at Pinnacle Business Systems in Oklahoma City, Oklahoma. He is a CFA charterholder.

MUTUAL FUNDS
Investment Income Builder Fund • Developing World Fund

INSTITUTIONAL STRATEGIES/SEPARATELY MANAGED ACCOUNTS*
Investment Income Builder Strategy • Multi-Asset Strategy • Equity Income Builder Strategy • Emerging Markets Equity Strategy • Emerging Markets ADR Strategy

UCITS
Investment Income Builder Fund • Developing World Fund

* All strategies may not be available as separately managed accounts.

Related Posts for Ben Kirby

With High Inflation, What Investments Should You Consider?

Please see our glossary for a definition of terms.

The views expressed are subject to change and do not necessarily reflect the views of Thornburg Investment Management, Inc. This information should not be relied upon as a recommendation or investment advice and is not intended to predict the performance of any investment or market.

This is not a solicitation or offer for any product or service. Nor is it a complete analysis of every material fact concerning any market, industry, or investment. Data has been obtained from sources considered reliable, but Thornburg makes no representations as to the completeness or accuracy of such information and has no obligation to provide updates or changes. Thornburg does not accept any responsibility and cannot be held liable for any person's use of or reliance on the information and opinions contained herein.

Investments carry risks, including possible loss of principal.

Outside the United States

This is directed to INVESTMENT PROFESSIONALS AND INSTITUTIONAL INVESTORS ONLY and is not intended for use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to the laws or regulations applicable to their place of citizenship, domicile or residence.

Thornburg is regulated by the U.S. Securities and Exchange Commission under U.S. laws which may differ materially from laws in other jurisdictions. Any entity or person forwarding this to other parties takes full responsibility for ensuring compliance with applicable securities laws in connection with its distribution.

For United Kingdom: This communication is issued by Thornburg Investment Management Ltd. ("TIM Ltd.") and approved by Robert Quinn Advisory LLP which is authorised and regulated by the UK Financial Conduct Authority ("FCA"). TIM Ltd. is an appointed representative of Robert Quinn Advisory LLP.

This communication is exclusively intended for persons who are Professional Clients or Eligible Counterparties for the purposes of the FCA Rules and other persons should not act or rely on it. This communication is not intended for use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation.

For Hong Kong: This article is issued by Thornburg Investment Management (Asia) Limited ("Company"), a wholly-owned subsidiary of Thornburg Investment Management, Inc. The Company is currently licensed with the Hong Kong SFC for Type 1 regulated activity, with the CE No.: BPQ208.

The material is only intended for Individual, Corporate and Institutional Professional Investor Use Only and may not be reproduced or redistributed to any person without the written consent of Thornburg Investment Management (Asia) Limited or its affiliated companies.

The material has not been reviewed by the Securities and Futures Commission of Hong Kong.

This document is for informational purpose only and should not intended to constitute any tax, accounting, regulatory, legal, insurance or investment advice and does not constitute any offer or solicitation to offer or recommendation of any investment product/service from the Company. The information provided is not intended to predict the performance of any investment or market. Data has been obtained from sources considered reliable. Notwithstanding, the Company makes no representations as to the completeness or accuracy of such information or opinion and has no obligation to provide updates or changes. The Company does not accept any responsibility and cannot be held liable for any person’s use of or reliance on the information and opinions contained herein.

Investment involves risks. Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product. You should not make investment decision solely based on this general information. If you have any queries, please contact your financial advisor and seek professional advice. All financial investments involve an element of risk.

For Australia: This communication is exclusively intended for wholesale clients only. The information contained herein is provided for informational purposes only and should not be considered a solicitation or offering of investment services, nor a solicitation to sell or buy any shares of any securities (nor shall any such securities be offered or sold to any person) in any jurisdiction where such solicitation or offering would be unlawful under the applicable laws of such jurisdiction. This material should not be relied upon as investment advice and is not a recommendation to adopt any investment strategy.

Thornburg is regulated by the U.S. Securities and Exchange Commission under U.S. laws, which differ from Australian laws, and is exempt from the requirement to hold an AFSL in accordance with class order 03/1100 in respect of the provision of financial services to wholesale clients in Australia (ARBN 605 031 909). In accordance with the relevant Australian Securities and Investments Commission Class Order, maintains such exemption from the requirements under Relevant Law to hold an Australian Financial Services Licence, and all other licences required to be held under all applicable laws governing the activities of Thornburg.

For Mainland China: The content of this material is for reference only, and does not constitute a purchase offer, sale invitation, investment advice or promise, and should not be construed as a recommendation to adopt any investment strategy. The content was taken from sources reasonably believed to be accurate and reliable at the time of publication. The company will not be responsible for errors or omissions in the content. All content can be changed at any time and without prior notice.

This material may contain forward-looking statements and forecasts based on certain assumptions as of the date of this writing. The company cannot guarantee that these forward-looking statements and forecasts will be realized, and does not undertake the obligation to update or correct any content. Recipient should not substitute such information for their independent judgment or make decisions based solely on such information.

Investments contain risk, including possible loss of principal. No representation or warranty, expressed or implied, is given by the company or affiliated companies or its respective directors, officers, representatives and/or employees as to the accuracy or completeness of the material, nor is it responsible for any direct or indirect losses caused by the content.

January 3, 2022

Ben Kirby, CFA

Quality companies with strong brands are a good place to start. TIPS, Commodities, and other hard assets may also be a consideration.

Structural Investment Trends Related to ESG are Accelerating

Please see our glossary for a definition of terms.

Investments carry risks, including possible loss of principal.

Outside the United States

The material has not been reviewed by the Securities and Futures Commission of Hong Kong.

December 20, 2021

Ben Kirby, CFA

With a focus on climate change, the United States will spend up to $1 trillion over the next decade.

Significant Macroeconomic Factors Still Impacting Markets

Please see our glossary for a definition of terms.

Investments carry risks, including possible loss of principal.

Outside the United States

The material has not been reviewed by the Securities and Futures Commission of Hong Kong.

December 20, 2021

Ben Kirby, CFA

As we emerge from the global pandemic, many distortions still exist in the economy as we close out 2021.

2022 Outlook Webcast

Investments carry risks, including possible loss of principal.

Outside the United States

The material has not been reviewed by the Securities and Futures Commission of Hong Kong.

For Denmark: The Fund is only available to professional investors.

For Germany: The local information agent is GerFIS - German Fund Information Service UG (Haftungsbeschränkt), which may be contacted at Zum Eichhagen 4, 21382 Brietlingen, Germany.

For Italy: The Fund is only available to professional investors.

For Norway: The Fund is only available to professional investors.

For Switzerland: The Fund is authorised by the Swiss Financial Supervisory Authority (FINMA) for distribution to qualified and non-qualified investors in Switzerland. The Swiss representative is Carnegie Fund Services S.A., 11, rue du Général-Dufour, 1204 Geneva, Switzerland, web: www.carnegie-fund-services.ch. The Swiss paying agent is Banque Cantonale de Genéve, 17, quai de l'Ile, 1204 Geneva, Switzerland. Investors in Switzerland can obtain the documents of the Company (each in their latest form as approved by FINMA, in German), such as the Prospectus, the KIIDs, the Memorandum and Articles of Association, the semi-annual and annual reports, and further information free of charge from the Swiss representative.

December 16, 2021

Your clients always have concerns about unexpected market events, and the past two years have kept investors on their toes. Watch our outlook on the year ahead.

Thornburg Income Builder Opportunities Trust Quarterly Update

Before investing, carefully consider the Fund’s investment goals, risks, charges, and expenses. For a prospectus or summary prospectus containing this and other information, contact your financial advisor or visit thornburg.com. Read them carefully before investing.

The Trust’s common shares are listed on the NASDAQ Stock Market LLC under the trading or ticker symbol “TBLD”. The Trust is newly organized and the Trust’s common shares have no history of public trading.

The Trust has a level distribution policy and the Trust intends to distribute to Common Shareholders regular monthly cash distributions of all or a portion of its net investment income. There is no assurance the Trust will make its initial monthly distribution or continue to pay regular monthly distributions or that it will do so at a particular rate. At times, to maintain a stable level of distributions, the Trust may pay out less than all of its net investment income or pay out accumulated undistributed income, or return capital, in addition to current net investment income. A return of capital reduces a Common Shareholder’s tax basis, which could result in higher taxes when the Common Shareholder sells such Common Shares. This may cause the Common Shareholder to owe taxes even if it sells Common Shares for less than the original purchase price of such Common Shares. The Trust reserves the right to change its distribution policy and the basis for establishing the amount and rate of its distributions at any time upon notice to shareholders.

The Trust expects to sell out-of-the-money covered call options on a portion of the individual common stocks in its portfolio and sell call and put options on indices of securities and sectors of securities. The notional amount of the options strategy will be approximately 10% to 40% of the Trust’s Managed Assets.

The Trust does not intend to employ leverage. Although it has no present intention to do so, the Trust reserves the right to in the future employ leverage through (i) borrowings of up to 33 1/3% of Managed Assets; or (ii) issue Preferred Shares in an amount up to 50% of the Trust’s Managed Assets. If the Trust uses a combination of borrowing money and issuing Preferred Shares, the maximum allowable leverage will be between 33 1/3% and 50% (but in no event more than 50%) of Managed Assets, which is the maximum extent permitted by the 1940 Act. The Trust is permitted to use the following forms of leverage in combination: (a) reverse repurchase agreements, dollar rolls, derivatives or transactions that have the economic effect of leverage, (b) borrowings from a financial institution, and (c) the issuance of preferred shares.

The Trust will terminate on or before August 2, 2033 (the “Termination Date”); provided, that if the Board of Trustees of the Trust (the “Board” or the “Trustees”) believes that, under then-current market conditions, it is in the best interests of the Trust to do so, the Trust may extend the Termination Date: (i) once for up to one year (i.e., up to August 2, 2034), and (ii) once for up to an additional six months (i.e., up to February 2, 2035), in each case upon the affirmative vote of a majority of the Board and without the approval of the holders of the Common Shares of the Trust (the “Common Shareholders”). In addition, as of a date within 12 months preceding the Termination Date, the Board may cause the Trust to conduct a tender offer to all Common Shareholders to purchase Common Shares of the Trust at a price equal to NAV per Common Share on the expiration date of the tender offer (an “Eligible Tender Offer”). In an Eligible Tender Offer, the Trust will offer to purchase all Common Shares held by each Common Shareholder; provided, that if the number of properly tendered Common Shares would result in the Trust’s net assets totaling less than $100 million of net assets (the “Termination Threshold”), the Eligible Tender Offer will be terminated and no Common Shares will be repurchased pursuant to the Eligible Tender Offer. Instead, the Trust will begin (or continue) liquidating its portfolio and proceed to terminate on or before the Termination Date. Following the completion of an Eligible Tender Offer, the Board may eliminate the limited term structure of the Trust upon the affirmative vote of a majority of the Board and without the approval of Common Shareholders.

The Trust is not a so called “target date” or “life cycle” fund whose asset allocation becomes more conservative over time as its target date, often associated with retirement, approaches. In addition, the Trust is not a “target term” fund whose investment objective is to return its original NAV on the termination date. The Trust’s investment objective and policies are not designed to seek to return to investors that purchase Common Shares in this offering their initial investment of $20.00 per Common Share on the Termination Date or in an Eligible Tender Offer, and such investors and investors that purchase Common Shares after the completion of this offering may receive more or less than their original investment upon termination or in an Eligible Tender Offer.

Thornburg Securities Corporation, Distributor

December 13, 2021

Ben Kirby discusses the latest quarter for Thornburg Income Builder Opportunities Trust.