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All-weather investing

Seeking consistent positive returns.

Come rain or shine.

Ruffer provides investment management services for institutions, pension funds, charities, financial planners and individual investors.
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London
Ruffer LLP
80 Victoria Street
London SW1E 5JL
Directions | Map +44 (0)20 7963 8100
Paris
Ruffer S.A.
103 boulevard Haussmann
75008 Paris, France
Directions | Map +33 (0)1 88 45 02 54
New York
Ruffer LLC
300 Park Avenue
New York NY 10022
Directions | Map +1 917 947 3003
Edinburgh
Ruffer LLP
31 Charlotte Square
Edinburgh EH2 4ET
Directions | Map +44 (0)131 202 1602
Duncan_Macinnes

Duncan MacInnes

Fund Manager
Joined Ruffer in 2012. He graduated from the University of Glasgow School of Law in 2007 and spent four years working at Barclays in Glasgow, London and Singapore. He is a CFA charterholder and co-manager of two of Ruffer's flagship funds.
Articles by Duncan
Market views
Many options, little choice
Investors have been wrestling with how best to defend their portfolios against financial repression (higher levels of inflation relative to lower interest rates) ever since the Financial Crisis in 2008. And now with inflation numbers hitting multi-decade highs, this search has become increasingly urgent. Here, we assess the options available to investors and look at what we’ve chosen in our inflation protection toolkit.
11 mins | Duncan MacInnes
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Market views
Worried about inflation?
The return of inflation poses a critical threat to balanced portfolios – severing the relationship between bonds and equites which has held steady for nearly half a century. And yet investors, so far, have stuck to what they know – trusting a portfolio built for the world which we are leaving.
12 mins | Duncan MacInnes
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Green Line
Bitcoin – the future arrived early
July 2021: The best investments are often the least comfortable ones. This is certainly the case with our decision to add bitcoin exposure to our portfolios in November last year.
6 mins | Duncan MacInnes
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Green Line
Inflation – are we there yet?
June 2021: We have been positioned for a vaccine-led rally and recovery since summer last year. That recovery is here, economies are opening up and animal spirits are being unleashed. But the pickup is so fast, messy and distorted that traditional measures are not giving the full picture.
6 mins | Duncan MacInnes
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Green Line
Schrodinger’s bonds
March 2021: Corporate bonds had a near death experience in 2020. After a decade where credit markets grew to $10 trillion, borrowing costs spiked as we stared into the abyss of a global economic shutdown. We had been warning of this for several years and were positioned accordingly. But since the US Federal Reserve drenched the market with its money hosepipe, credit is alive again.
8 mins | Duncan MacInnes
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Ruffer Radio
A view from the bridge
January 2021: 2020 will loom large on financial markets for many years to come. As we cautiously make our way out of the crisis, Duncan MacInnes and Fiona Ker review the more startling developments of the last year.
34 mins | Duncan MacInnes, Fiona Ker, Rory McIvor
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Green Line
The K is not OK
December 2020: The consensus is we are in a K shaped recovery - that means winners and losers. What impact will this have on the economy and will the vaccine change its course?
5 mins | Duncan MacInnes
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Green Line
A vaccine: to v or not to v? That is the question
September 2020: The superforecasters of the Good Judgement Project believe there is a 93% probability we will have an FDA-approved vaccine in a year, and enough of it to inoculate 25m people in the US. This is up from just 20% in the dark days of April.
8 mins | Duncan MacInnes
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Ruffer Review
Buy and hold
Buy good companies. And own them forever. As investment approaches go, it is seductively simple. In a financial world that often looks confused, and in places absurd, buying and holding a portfolio of high-quality companies has evident appeal.
18 mins | Duncan MacInnes
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Green Line
When just in time becomes just in case
May 2020: Balance sheets show the trade-off between resilience and optimisation
8 mins | Duncan MacInnes
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Ruffer Radio
Markets now and next
April 2020: Duncan MacInnes discusses covid-19: how it has changed the investment landscape, the impact on the Ruffer portfolio and what could happen next.
28 mins | Duncan MacInnes, Rory McIvor
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