Header image courtesy of Spendthrift Farm
Six months after launching in Australia, the rubber is really hitting the road for micro-share syndicator MyRacehorse, with its red and black colours now featuring more regularly across racetracks in Australia.
Last weekend at Rosehill, the Bjorn Baker-trained filly Emilia Romagna (Pierro) debuted with a fifth in the 2-year-old race, while this weekend, exciting Fastnet Rock filly Rock Chant will make her bow for the same stable at Hawkesbury.
Robert Dauth and Ben Willis | Image courtesy of MyRacehorse
Meanwhile, the micro-share operation, which was founded by Michael Behrens in the United States and expanded to Australia in June, is warming up to play a major hand in the upcoming yearling sales season, with the confidence that its model has been well-received in Australia.
Many of the high-profile horses among the 34 MyRacehorse-syndicated stable were sourced through its strong relationship with Spendthrift, and the Australian arm, headed by General Manager Garry Cuddy, is set to play a key role again when the sales season kicks off at the Magic Millions Gold Coast Yearling Sale in January.
MyRacehorse's Australian racing and marketing operations are headed by Robert Dauth and Ben Willis, and Dauth told TDN AusNZ that they can't wait to start assembling the next arsenal of elite racehorses in 2022.
"We’re excited for it. What we have been able to see in this first six months that there is a lot of customer demand for these opportunities to own an elite horse," said Dauth.
"What we have been able to see in this first six months that there is a lot of customer demand for these opportunities to own an elite horse." - Robert Dauth
"It gives us a bit of confidence going to sales season wanting to secure more of that level of bloodstock."
As last year's Magic Millions Gold Coast Yearling Sale, Spendthrift Australia purchased six horses which ended up with MyRacehorse when the business launched in June. Dauth said that the relationship will continue, but with scope for partnerships to be formed outside of that.
Spendthrift Australia's General Manager Garry Cuddy | Image courtesy of Magic Millions
"We will look to continue a similar relationship with Spendthrift and we love their eye for quality, and the beautiful horses they buy into," he said.
"What will evolve is that we will start being active outside of that partnership. Whether that is us buying horses outright, or partnering with other owners and stables, we will see.
"We will be getting creative in terms of what opportunities there are to give our owners a slice of an elite horse.
"We will be getting creative in terms of what opportunities there are to give our owners a slice of an elite horse." - Robert Dauth
"We are working with a couple of bloodstock agents to have a look through what is on offer and we are assessing the partnership opportunities that might be out there as well."
An expanded presence
Dauth was not able to put an exact figure on how many horses MyRacehorse will be targeting on the Gold Coast, just that it would likely be in excess of the six sourced out of the Sale last year.
He also confirmed MyRacehorse will continue shopping in that mid-to-high level range, looking for elite prospects to send to their network of trainers.
"If you look at the horses we bought at the sales last year, they ranged from $300,000 to $1.2 million. I think that is something we are really focussed on, getting access to the elite end," he said.
Syncretism purchased at the 2021 Magic Millions Yearling Sale | Image courtesy of Magic Millions
"It doesn't guarantee they are going to be stars but we want to give our owners the best chance of having that excitement of having a great horse.
"We will be around that range again. It’s not a hard-and-fast rule. If there are horses we like that are at a lower bracket and have a good chance of doing the job for our owners, then there is no reason why we wouldn't consider that."
Dauth knows it won’t be a straight-forward task finding the next generation of stars, especially in what is expected to be a strong market.
"If you are disciplined and smart, you don't always get things going your way, but if you do have the right processes in place, you will get the right horses and that's all you need," he said.
"If you are disciplined and smart, you don't always get things going your way, but if you do have the right processes in place, you will get the right horses and that's all you need." - Robert Dauth
"The sales are only going to go to another level from last year, just based on what we have been seeing. We have to go in with our plan and try and find great horses at great value for our owners."
MyRacehorse will also look to buy privately for the right horses, a model which worked well in the United States, where the American arm purchased into Authentic (USA) (Into Mischief {USA}) three months before he won the G1 Kentucky Derby last year.
Authentic (USA) | Standing at Spendthrift Farm, America
There were over 5000 MyRacehorse owners of Authentic when he won America's most famous race, a moment which proved defining for the micro-share ownership model.
Tracking success
The dream, of course, is to see that happen in Australia's great races and the path to that big day is already being paved with the early pioneer runners for MyRacehorse.
"The next few months are going to be exciting. We've got Rock Chant, a 3-year-old Fastnet Rock filly, and she is a three-quarter to Group 1 winner Amicus," Dauth said.
"She only trialled for the first time about a month ago and if you look at her, she has certainly got a bit of physical development ahead of her.
"She (Rock Chant) only trialled for the first time about a month ago and if you look at her, she has certainly got a bit of physical development ahead of her." - Robert Dauth
"This prep we weren't sure what to expect, but she came out at her first trial, jumped and led and got collared late and ran second. The horse that beat her there, Per Ivy, ended up coming out and winning nicely on debut. Then her second trial, she won by 8l. She is really doing a lot more than we thought this time in."
Rock Chant (Fastnet Rock), who cost Spendthrift $300,000 through the Newgate Farm draft at the 2020 Gold Coast Magic Millions Yearling Sale, holds a nomination for the R. Listed Magic Millions 3YO Guineas, but firstly, she needs to make her debut, likely to be at Hawkesbury on Sunday.
Rock Chant as a yearling | Image courtesy of Magic Millions
Emilia Romagna (Pierro), who cost $550,000 at the 2021 Magic Million Gold Coast Yearling Sale, was creditable on debut at Rosehill and will now head towards the R. Listed Magic Millions Wyong 2YO Classic.
They are just two of several MyRacehorse runners expected to make their mark over summer.
"We've got a lot of 2-year-olds on the books, so they are starting to come out. You don't want to push them too early if you don't need to, but a few are coming back into work now," he said.
"Pyrois, the $1.2 million Written Tycoon colt from Magic Millions. He has had two preps for Team Hawkes, one in Sydney, one in Melbourne and is back into work now.
Pyrois as a yearling | Image courtesy of Magic Millions
"He's a big boy and he is looking great. He is one that we are excited to see."
Momentum building
Overall, while the past six months has presented challenges, like all start-ups, Dauth feels like the micro-share concept has been received very well by the market.
"Based on all the feedback and research we have done and what we are hearing from owners, it has landed really nicely," he said.
"We work with some great trainers, who give us amazing updates and insights. That has resonated really well. Launching this year, we came to the market with some bold claims, especially around transparency, and we have been able to back up those key points."
"Launching this year, we came to the market with some bold claims, especially around transparency, and we have been able to back up those key points." - Robert Dauth
Indeed, that transparency, which includes detailing all costs and building a model which ensures any returns, be they from prizemoney, sales or breeding income, are given back to micro-share owners, is something that Dauth feels sits at the very heart of what MyRacehorse is about.
"Whether people are investing $100 or $10,000, it is still their hard-earned money. It’s important they get to feel that sense of understanding and confidence in how it is going," he said.
