Notes
Dacharan Capital LLP (Company No. OC335510) was a London-based hedge fund manager founded in March 2008 by four former employees of Shooter Fund Management:
- David Beddington (age 32 in 2008) — former director of marketing at Shooter Fund Management
- Ari Andricopoulos — former trader/quantitative analyst at Shooter Fund Management
- Charles Phan — former quantitative analyst and software developer at Shooter Fund Management
- Antti Aitio — former trader at Shooter Fund Management
The firm sought to raise approximately $200 million to trade currencies, leveraging the FX trading expertise developed at Shooter Fund. While the equity-index strategy at Shooter Fund suffered a 40% loss in 2007, the FX portfolio had returned 34% in 2007 and 10% through April 2008, which formed the basis for Dacharan’s strategy.
Strategy and Performance
Dacharan used a systematic approach to trading G10 foreign exchange spot and forward markets. The Dacharan High Exposure Fund was launched in May 2008 and produced net cumulative performance of 130% since inception with annualised volatility of 32%. The fund won a Risk.net award. By 2015, the flagship currency fund was up 24% year-to-date and was closed to new capital.
The company is now dissolved. Sources: HedgeCo - Former Shooter Employees Seek $200 Million for Currency Fund, May 2008; Risk.net - Dacharan High Exposure Fund award; CompanyCheck - Dacharan Capital LLP
Edges
Shooter Fund Management
Founded by four former employees of Shooter Fund Management who left after the fund’s equity-index losses in 2007. The new fund repurposed the successful FX trading strategies from Shooter.
Mark Shooter
Indirect connection — Dacharan’s founders were Shooter’s former employees. The formation of Dacharan effectively salvaged the successful FX component of Shooter’s collapsed fund.