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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
What if we are wrong?
In the July edition of his Citywire column, Duncan MacInnes asks what would have to happen for us to look back in a year to find the post-pandemic bull market had suffered only a blip and inflation was just transitory?
11 mins | Duncan MacInnes
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Ruffer Radio
Ruffer round up Q2 22
July 2022: Investment Director Duncan MacInnes joins Rory McIvor for a review of the quarter, discussing the scale of wealth destruction across markets and how they see this rippling out into real world behaviour, and looking forward to what could be on the horizon.
19 mins | Duncan MacInnes, Rory McIvor
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Green Line
Nowhere to hide?
May 2022: So far this year, the prices of almost all conventional assets are down. Supposedly diversified portfolios have turned out to be anything but. To preserve their capital, investors will require a new approach to constructing portfolios - flexible, adaptable, robust, and responsive.
6 mins | Duncan MacInnes
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Market views
The illusion of diversification
In the April edition of his Citywire column, Duncan MacInnes addresses common diversification mistakes investors make and outlines the Ruffer approach in increasingly complex markets.
10 mins | Duncan MacInnes
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Market views
Turbulence warning
The return of inflation has jolted markets. But investing for higher inflation is not the same as investing for inflation volatility – this presents and unique and complex problem for investors.
8 mins | Duncan MacInnes
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Green Line
What tightening? You’ve never had it so easy
January 2022: Money has never been so easy. As central banks step up their efforts to tame inflation, conditions could be about to get significantly trickier for investors and their portfolios.
7 mins | Duncan MacInnes
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Market views
Equities: a false sense of security
For the current generation of investors, equity markets have been remarkably happy hunting grounds. There have been crashes, bangs and wallops in recent years but, so far, central banks have ensured any pain was short-lived. As interest rates have fallen, investors have chased stocks up the page and global equity markets are now more highly valued than ever.
15 mins | Duncan MacInnes
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Ruffer Radio
Ruffer round up Q3 21
October 2021: A brief round up where we look at how recent events impacted markets and Ruffer portfolios, and what investors have learned as we move into the fourth quarter.
11 mins | Duncan MacInnes, Rory McIvor
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Green Line
Investing in big oil
October 2021: The energy sector has fallen from 16% of the S&P 500 just 13 years ago, to below 3% as of today. And yet the integrated oil majors make up more than 6% of Ruffer portfolios. We often receive questions from clients about the rationale and justification for these investments.
7 mins | Duncan MacInnes
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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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