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Duncan MacInnes

Investment Director

Ruffer LLP

Edinburgh, UK

Duncan MacInnes

FinEx Group of Companies

Duncan’s Biography

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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. moreless

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.

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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.

Why Ruffer bought bitcoin and the post-Covid risk

Interviewee

Feb 2021

Edinburgh, UK

Duncan talks about Ruffer's reasoning behind purchasing bitcoin, "digital gold" as well as his worries regarding inflation and how the firm is preparing for it.

The reasons why we are bullish on UK banks

Interviewee

Feb 2021

Edinburgh, UK

Duncan discusses Ruffer's proactive approach to UK banks, as well as the benefits the firm has realised.

Ruffer Investment Trust backs the UK stock market

Interviewee

Dec 2019

London, UK

Duncan explains why Ruffer, an all-weather portfolio trust, chose to invest in the unattractive UK stock market.

How Ruffer profited in the 2008 crash and invests

Interviewee

Nov 2018

London, UK

In this interview with This is Money, Duncan discusses Ruffer and the company's predominant aim to protect their investors' wealth.

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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.

What tightening? You’ve never had it so easy!

Author

Jan 2022

Edinburgh, UK

Duncan takes a look at current financial conditions and explores the Goldman Sachs Financial Conditions Index, as well as sharing his predictions for what to expect in 2022.

Investing in big oil

Author

Oct 2021

Edinburgh, UK

Duncan offers his insight into investing in the energy sector, its attractiveness, tight supply and rising demand.

Many options, little choice

Author

Sep 2021

Edinburgh, UK

Duncan discusses inflation, credit-rich fund protection measures, and how increases in inflation rates can destabilise even the most resilient funds.

Worried about inflation?

Author

Sep 2021

Edinburgh, UK

Duncan covers the rising rate of inflation and its implications on traditional "balanced portfolios", as well as why hedging against inflation is currently the most prudent approach for responsible investment.

Bitcoin – the future arrived early

Author

Jul 2021

Edinburgh, UK

Duncan writes about bitcoin in the investment sector, why Ruffer chose to invest, how they bought and sold at the right time and for the right price, and why having a diverse portfolio is a good move.

Inflation – are we there yet?

Author

Jun 2021

Edinburgh, UK

Duncan believes that global inflation will rise at a consistent rate following vaccination, and that businesses will need to acquire the correct customers to keep up with rising inflation.

Ruffer on why inflation is the 'starting gun' for global volatility

Author

Jun 2021

Edinburgh, UK

Duncan discusses the growing global inflation rate, what consumers are doing to get ahead of it and how businesses are benefitting in a post-covid world.

Schrodinger’s bonds

Author

Mar 2021

Edinburgh, UK

According to Duncan, the rates on "high yield bonds" may no longer be worth the risk, and investors should avoid including this sort of investment in any of their portfolios.

The Ruffer Review 2021

Author

Mar 2021

Edinburgh, UK

Duncan contributes to Ruffer's in-house review on financial investment, The Ruffer Review.

The Ruffer Review: Buy and hold

Author

Sep 2020

Edinburgh, UK

In his capacity as Investment Director, Duncan offers his insight on the best way to make successful strategic investment, "Equities are arguably the only financial asset capable of creating transformational wealth."

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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