Penzance

The key to understanding Penzance is knowing what surfaces suit him. He absolutely thrives on normal ground, winning 4 of his 21 races on it — a win rate of roughly 1 in 5. He also has a clear preference for distance, excelling at around a mile and three to four furlongs, where he has won 4 of his 22 races. Put him on firm or soft ground at the wrong trip, and he becomes a very different proposition. When ridden by Alistair Rawlinson, his regular partner, things get noticeably better: the pair have combined for 4 wins from 19 races together, nearly double his overall win rate.

The difficult truth is that recent form has been unkind. He hasn't won in his last six outings, though he did finish second twice in that sequence, most recently within the last day. At Class 2 level — where he typically competes — he has managed just 1 win from 14 races, which reveals the challenge: he is a horse who can win but struggles consistently against top-class opposition. He remains actively racing and in work, but Penzance is perhaps best viewed as a specialist who needs his races made for him — the right surface, the right distance, the right level — rather than a horse who will find his way to victory in any circumstances.