Donegal

Let’s take the time to look at Donegal’s portfolio for 2020. To date none have started.

1. Abarta – Into Mischief by Distorted Humor $200,000 mare a turf router, Keeneland #1132, part-owner
2. Cashlings – Ghostzapper by Smart Strike – $250,000 mare was a turf/dirt miler. Keeneland #643, part owner
3. Code Duello – Honor Code by Rubiano – $95,000. mare never even ran 40 at Finger Lakes, but has 9 winners from 11 foals, Keeneland #296
4. Donegal Bay – Uncle Mo by Empire Maker, $90,000 2nd dam won the Kentucky Oaks, on paper great value, Keeneland #2658
5. Fahan – Honor Code by Horse Chestnut – $235,000 mare graded stakes placed at 1 1/2 miles on the turf, Keeneland #2132
6. Hendrick – Street Sense by Seeking the Gold – $75,000 mare was Godolpin horse that ran in GB, Keeneland #1846
7. Lode of Blarney – Exxagerator by Silver Deputy – $85,000 mare unraced, but 7 of 11 foals were winners, Keeneland #1272
8. Millean – Blame by Tale of the Cat, $65,000 -mare never ran better than 68, two foals neither a winner, Keeneland #1716
9. Potato Candy – Candy Ride by Dynaformer – $210,000, mare was a decent allowance turf sprinter Keeneland, #1793
10. Tommy Knocker – Mineshaft by Touch Gold – $65,000, mare unraced, but 6 of 7 foals were winners, Keeneland #2409
11. The Big Irishman – Hat Trick by Mizzen Mast – homebred, mare won claiming Crown Tiara at 1 1/16 on the turf
12. Turlough – English Channel by AP Indy – homebred, mare won only a maiden race in NY

This is an interesting group to look at. Many come from solid distance oriented mare, but a few are from unraced mares with solid offspring. The Uncle Mo and Into Mischief are not my kind of horse, but the price was right. In general I think Donegal practices what they preach, the 10 purchases are all at fairly low multiples. I really like the 2 Honor Codes, the Street Sense, Exaggerator, Mineshaft, Blame, and Candy Ride/Dynaformer

About half of these horse have 3-5 works, but many have not started working yet. This shows Donegal is being patient.

At first glance I would prefer this group to Ten Strike and Starlight, but is it good enough to invest in?

The Donegal approach is to to not “mark-up” horses, but instead they take a 20% equity interest in exchange for setting up the partnership.

I must admit I am a little concerned that only two 3 year olds are left on the roster for the previous partnership. Maybe Donegal is just aggressive in dropping poor horses, but I would have expected more to still be on hand. Maybe last year was just a bad year. I wonder if their is any chance Donegal would talk about prior partnership returns. I would guess the year with Arklow would have decent results.