Duncan MacInnes will join Aberforth Partners on 1 September in a yet to be confirmed role. 

MacInnes will join the value-focused, UK small-cap specialist after taking time out since leaving Ruffer in February. He explained in a post on LinkedIn that his move reflects his belief that ‘UK small companies are the most attractively mispriced asset class in the world’.

Aberforth runs strategies including £1.4bn Aberforth Smaller Companies (ASL ) investment trust which, according to Citywire data, has returned 38.8% over three years, surpassing the average net asset value (NAV) total return in the sector of 19%.

Owing to his belief that price and value eventually converge, MacInnes added that the UK small companies asset class provides an opportunity he labelled ‘a coiled spring’.

MacInnes knows Aberforth well, having worked closely with the company while at Ruffer. Under the management of MacInnes, the ASL trust was part of Ruffer’s basket of investment companies.

He has formed a relationship with the firm that he describes as a ‘boutique of rare discipline, stewardship, and intellectual honesty’ over five years.

MacInnes spent nearly 13 years at Ruffer and, before his departure, had been co-managing the Ruffer Diversified Return multi-asset fund as well as the Ruffer Investment Company (RICA ).

While still highly-regarded, Ruffer’s highly defensive investment process has misfired over the past couple of years. 

At the time of his departure, the Diversified Return strategy had three year returns of just 2% and, in 2024, RICA’s net asset value was flat compared to the 9.5% rise by the FTSE All Share index.

MacInnes began his career at Barclays Wealth in 2008, where he spent four years in a variety of roles – including as a portfolio manager – before joining Ruffer.

Aberforth did not provide any further comment.