Balance Of Trade

The recent form tells a similar story. Over the last six races the best results have been a third and two fourths, with a ninth and a seventh thrown in to keep expectations in check. There is no obvious upward trend to point to, and no signs of a big performance just around the corner — though racing has a habit of surprising people, and horses can improve sharply at this age as they fill out physically and mentally.

Wesley Joyce has been the regular partner, riding Balance Of Trade in nine of those eleven races without managing a winner. That kind of loyalty from a jockey usually means the team believes something better is coming — you do not keep putting the same rider up on a horse if you have given up on it entirely. Whether that faith is rewarded remains to be seen.

The trainer is Michael Mulvany, operating out of Kells in County Meath, and the yard is clearly in decent working order this season with twenty winners already on the board. That context matters — this is not a struggling small operation sending out horses with no hope. Mulvany knows how to win races. The fact that Balance Of Trade has not yet found a way to do so is the puzzle worth watching.

Raced as recently as yesterday, this is very much a horse in active campaign. At three years old there is still time to turn things around — plenty of horses this age are still working things out. But right now, Balance Of Trade is a project rather than a performer, and anyone following along will need patience as their most important attribute.