Jugakalpa Das
Founder and Chief Investment Officer
Jugakalpa Das is the Founder and Chief Investment Officer of FRGM Capital, where he leads the investment process from research through trading and portfolio risk management. His approach reflects a career spent moving from quantitative market analysis into derivatives trading, portfolio management, and ultimately the management of investment risk across a broader mandate.
Das brings more than 18 years of experience across global fixed income, interest-rate options, energy, and cross-asset markets. He spent nearly a decade at Bank of America Merrill Lynch, where his career progressed from quantitative strategy into options trading and market making. As an options trader covering US Interest Rates Trading business, Das developed systematic hedging strategies in interest-rate options and market-making through an innovative and unique technical / Elliott Wave–based trading style that was radically transformative in a traditional fixed-income sell-side space.
He subsequently moved from institutional trading to managing a discretionary macro book in the buy-side space. At DRW, Das managed a fixed-income book on proprietary capital for more than two years with statistical consistency under their flagship global macro pod before going independent with outside capital. He specializes in a multi-strategy approach, combining systematic mean-reversion versus trend strategies with betting algorithmic factors, making widely orthogonal returns to absolute carry and momentum styles of investing.
Das created FRGM Capital to put a career in markets to work inside a firm of his own making. The institution he is building is shaped as much by that experience as by a lifetime of studying the investors and traders who came before him. He draws on their lessons, principles, and frameworks, and he wants those ideas embedded in how the firm thinks and operates — including as a place where younger traders and researchers can develop.
