Shaws Phoenix

Kieran O'Neill has stuck with the horse loyally, riding it in 10 of those 16 races, but the partnership is yet to produce a win either. That kind of consistency from a jockey usually means the team believes in what they're doing — it's rare for a jockey to ride a horse ten times if nobody thinks there's something there. Whether that faith is rewarded remains to be seen.

Shaws Phoenix is trained at Newmarket by P Charalambous and J Clutterbuck, a yard that has managed one winner so far this season. Newmarket is the heartland of British flat racing, home to some of the sport's most powerful operations, so a small yard making its way there has to be selective and patient. Almost all of Shaws Phoenix's races have come at Class 6, the lowest tier of British racing — these are races designed specifically to give horses like this one a realistic chance of winning. The fact that it hasn't won in 11 attempts at that level is the most honest summary of where things stand.

The third-place finish buried in that recent form is the most encouraging data point — it means the horse can run competitively on its day. But racing is ultimately about winning, and until Shaws Phoenix finds a way to turn those near-misses into something more, it remains a horse that keeps its supporters guessing.