Derring-Do was a bay horse with no white markings bred by the Burton Agnes Stud in East Yorkshire.
Derring-Do's dam Sipsey Bridge won two minor races and was a granddaughter of Nearly, a broodmare whose other descendants included Doyoun and Alexandrova.
On his first appearance as a two-year-old, Derring-Do was entered in the valuable National Stakes over five furlongs at Sandown Park Racecourse.
He was then moved up in distance for the Imperial Stakes over six furlongs at Kempton Park Racecourse and won from Whistling Buoy.
He then recorded his only victory of the season when winning the Hungerford Stakes over seven furlongs at Newbury Racecourse where he started at odds of 2/1.
In September he was moved up in distance to contest the Valdoe Stakes over ten furlongs at Goodwood and won at odds of 4/11.
Derring-Do was given a rating of 131 by the independent Timeform organisation in 1963, two pounds behind the top-rated two-year-old colts Santa Claus and Showdown.