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Duncan MacInnes

Investment Director

Ruffer LLP

Edinburgh, UK

Duncan MacInnes
Simon Luhr
FinEx Group of Companies
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Duncan’s Biography

Duncan MacInnes is an Investment Director & Partner at Ruffer, an investment management company.

With 12 years of experience in financial markets, Duncan specialises in investment matters, market volatility and asset allocation. His primary role at Ruffer is as Co-Manager of both the Ruffer Investment Company and the Ruffer Diversified Return Fund. He also manages portfolios for institutions and charities.

Since 1994, Ruffer has managed investments for institutions, pension funds, charities, financial advisors and private clients in the UK and internationally. Rather than pushing headfirst towards growth, Ruffer is keyed towards not losing money. Through the ups and downs of the economy, they have successfully navigated the dot.com bust, the Global Financial Crisis and Covid-19. By prioritising safety, they have made good returns for their clients and strive to be responsible investors in everything they do, completely integrating environmental, social and corporate governance (ESG) issues into their investment decision-making process.

Duncan is a spokesperson at Ruffer and...
Duncan MacInnes is an Investment Director & Partner at Ruffer, an investment management company.

With 12 years of experience in financial markets, Duncan specialises in investment matters, market volatility and asset allocation. His primary role at Ruffer is as Co-Manager of both the Ruffer Investment Company and the Ruffer Diversified Return Fund. He also manages portfolios for institutions and charities.

Since 1994, Ruffer has managed investments for institutions, pension funds, charities, financial advisors and private clients in the UK and internationally. Rather than pushing headfirst towards growth, Ruffer is keyed towards not losing money. Through the ups and downs of the economy, they have successfully navigated the dot.com bust, the Global Financial Crisis and Covid-19. By prioritising safety, they have made good returns for their clients and strive to be responsible investors in everything they do, completely integrating environmental, social and corporate governance (ESG) issues into their investment decision-making process.

Duncan is a spokesperson at Ruffer and regularly contributes to well-known industry publications and media outlets. He also shares his insights on the Ruffer platform, through the Ruffer Radio podcast, and the Ruffer Review – an annual publication that seeks to inform and amuse while covering a broad range of macro issues affecting markets and investment sentiment.

While working towards his CFA accreditation, Duncan created an investment blog where he discussed issues relating to financial markets. The platform showcased his financial know-how and led to his start at Barclays as a Graduate, where he later worked in London, Edinburgh, Glasgow and Singapore.

Duncan is a CFA Charterholder and has completed Executive Education courses at the Edinburgh Business School and Columbia Business School. He holds an LLB Law (Hons.) from the University of Glasgow.
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Duncan’s Newsfeed

Investment Week
Event Voice: Your Questions Answered by Ruffer at the Investment Week: Funds to Watch

In an interview with Investment Week, Duncan MacInnes, an Investment Director at Ruffer, discusses Ruffer's investment strategy, how the company is positioning its portfolio for 2022, and he also identifies several key investment opportunities for the fund.

Portfolio Adviser
January offered brief taste of challenges conventional portfolios face

Portfolio Adviser takes an in-depth look at Ruffer's most recent investment update as shared by Duncan MacInnes and Hamish Baillie.

View News Archive

Duncan’s Background

Ruffer LLP
Investment Director
Oct 2017 - Present
Edinburgh, UK
Ruffer LLP is an investment firm operating internationally and across the UK. It aims to ensure safe and secure investments to clients, no matter the volatility of financial markets. In addition to his role as Investment Director, Duncan is also the Co-Manager of both the Ruffer Investment Company and the Ruffer Diversified Return Fund.
Ruffer LLP
Various Roles
Sep 2012 - Oct 2017
Edinburgh, UK
Before stepping into the role of Investment Director, Duncan held various positions at the company, including Investment Associate, Senior Investment Associate and Investment Manager.
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Duncan’s Gallery

Media

Ruffer Radio: Ruffer round up - Q3 2021
Presenter
Oct 2021
Edinburgh, UK
Duncan provides a quick recap of how recent events have influenced markets and Ruffer portfolios, as well as what investors have learned.
Ruffer Radio: A view from the bridge
Presenter
Jan 2021
Edinburgh, UK
Duncan and his colleagues discuss the financial implications of 2020, the ways in which it will be felt for a number of years, and share their views on financial recovery in 2021.
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Interviews

Bitcoin and Gold in 2022 | Webinar w/ Duncan MacInnes, Ruffer
Interviewee
Jan 2022
Edinburgh, UK
In this webinar, Duncan MacInnes joins ByteTree Asset Management's Charlie Morris and Charlie Erith. The topics of inflation, asset allocation, and macroeconomic impact are all discussed.
Ruffer: The ‘existential’ reasons behind our £1bn bitcoin trade
Interviewee
Jul 2021
Edinburgh, UK
Duncan is quoted on the excitement of cryptocurrencies and decentralised finance in 2021.
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Features

Investors warned that crypto ‘yield’ products are not bonds
Quoted
Nov 2021
London, UK
Duncan comments on the topic of Bitcoin in this article by the Financial Times.
Ruffer launches daily liquidity version of total return fund
Quoted
Sep 2021
London, UK
Duncan is quoted in an article by the FTAdvisor regarding the launch of the Ruffer Diversified Return Fund, Ruffer's first fund launch in ten years.
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Accreditation

CFA Society
Chartered Financial Analyst
Edinburgh, UK
CFA UK was founded in 1955 and is part of the CFA Institute's global network of member societies. In the United Kingdom, the CFA represents the interests of qualified financial professionals. In order to serve society's best interests, CFA UK supports the highest standards of ethics, education, and professional performance.
CFA Society
Investment Management Certificate
Edinburgh, UK
Duncan received the Investment Management Certificate, a benchmark entry qualification to UK investment.

Publications

The Ruffer Guide: Caught between a rock and a hard place
Author
Jan 2022
Edinburgh, UK
In a piece for Wealth Manager, Duncan MacInnes discusses the outlook for 2022 looking notably mixed and examines three potential scenarios for the coming months.
How to position portfolios for tighter financial conditions
Author
Jan 2022
Edinburgh, UK
In this article for Campden FB, Duncan MacInnes explains why financial conditions have never been more accommodating.
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Memberships

SumZero
Member & Contributor
2010 - 2013
New York, NY, USA
SumZero is an online platform for investment professionals to interact and communicate openly and safely, sharing investment reports.

Specialist Courses

Columbia Business School
Executive Education Value Investing
2017
New York, NY, USA
Columbia Business School in New York City educates and develops future leaders and builders of enterprise & industry contributing to society as a whole.
Edinburgh Business School
Practical History of Financial Markets
2012
Edinburgh, UK
The Edinburgh Business School is the Graduate Business School arm of the Herriot-Watt University in Edinburgh, offering a wide array of courses in business administration that are internationally recognised.

Duncan’s Education

University of Glasgow
LLB Law (Hons)
2003 - 2007