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Duncan MacInnes

Investment Director

Ruffer LLP

Edinburgh, UK

Duncan MacInnes
Mike Lynch
Invoke Capital
Noel Mack
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Duncan MacInnes’ 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 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.

Duncan’s Newsfeed

FT Adviser
Fresh questions raised over future of 60/40 portfolios

Duncan MacInnes, Investment Director at Ruffer, is quoted in this FT Adviser article regarding his views on 60/40 portfolios. He explains why he thinks investors should be thinking about what to do with the 40 percent of their portfolios that are invested in bonds and equivalent instruments.

The Telegraph
Big Oil is not finished – now is the time to invest

Duncan MacInnes of Ruffer is quoted in an article by The Telegraph regarding the growing global demand in oil.

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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

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.
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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

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.
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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