Cover image courtesy of Newgate Farm
At the close of the 2025/26 breeding season, Newgate Farm’s Capitalist added his name to the honour roll of leading Australian sires by number of winners, a list that has only been headed since 2017 by Champion Sires I Am Invincible, Snitzel, and Zoustar. Capitalist fended off the latter sire by two winners to top the chart at 171 individual winners, a personal best for the 13-year-old.
The son of Written Tycoon finished the season in 11th place by earnings, fractionally outside of the top 10 after back to back seasons in ninth spot surrounded by some of the country’s greatest sires. It’s a spot that, with the fervid backing of Newgate and his shareholders, he has rightfully earned.
And yet, he is the perfect candidate for TTR’s Under The Radar series as he prepares to enter his 10th season at stud at a price point of $44,000 inc GST, the cheapest in his proven division. While breeders may be drawn to the new hot thing, there is comfort to be found in placing your bets with a horse whose already proven himself more than capable of generating a return.
A season of personal bests
Amongst Capitalist’s 171 winners in 2025/26 are seven stakes winners, which is one less than his peak production, who put together 12 stakes wins between them. Now 6-year-old Hedged led the way, winning the G2 Australia Stakes and the Listed Christmas Stakes as well as running second in the G1 Oakleigh Plate and being beaten less than half a length when sixth in the G1 Galaxy Handicap won by Marhoona (Snitzel).
His other Group winners were G2 Roman Consul Stakes winner Hidden Motive, who returns to work as a stallion prospect this spring, and Group 3 winners King Of Roseau, Alpha Sofie, and Asva. Rounding out his stakes winners for the season were Akaysha and Rich On Bubbles, who also won the $200,000 Magic Millions SA 2YO Classic at Murray Bridge.
King Of Roseau | Image courtesy of Sportpix
King Of Roseau led his progeny for earnings, scooping up nearly $1.6 million for the season, in large part courtesy of winning the R. Listed Magic Millions Cup in January.
A further six stakes performers across Australia and New Zealand are highlighted by multiple Group performer To Cap It All, who was valued at $600,000 in May after a 10% share in her sold for $60,000 on Inglis Digital, and G3 Magic Night Stakes winner Memo, who furnished her record further with two stakes placings before retiring.
Memo was offered for sale by connections at the Magic Millions Gold Coast National Broodmare Sale, where she was knocked down to David Redvers Bloodstock and Widden Stud for $1.1 million.
Memo | Image courtesy of Georgia Young Photography
“To be up there as a leading sire by winners, that is a big thing for him,” said Newgate’s Director of Bloodstock Bruce Slade. “When you look at who has won that over the years, it’s the champion sires of Australia. It is not an easy thing to achieve, and owners, trainers, and breeders, we all know how hard it is to win a race anywhere. To win that is very special for him.
“To come out on top, I think that really shows how good of a job he (Capitalist) is doing.” - Bruce Slade
“He has had almost the same number of runners as who he was fighting out the title with, so to come out on top, I think that really shows how good of a job he is doing.”
Capitalist | Standing at Newgate Farm
The winners have kept coming from other jurisdictions as well. Capitalist secured a personal best of seven winners in New Zealand from a handful of runners, and finished the Hong Kong season in third place by winners, with 15, and fifth by prizemoney. HK$4.3 million (AU$780,000) earner Love Forever contributed to seasonal earnings of over HK$40.85 million (AU$7.43 million).
“He’s the leading active sire of winners in Hong Kong,” Slade said. “He’s top 10 by prizemoney amongst active sires in Australia. He really has had an enormous season. He has the respect in Hong Kong for his colts and he can get you a sharp filly too, so he really is a safe bet at $44,000 this year.”
Subject to the market’s whims
What every stallion has to contend with at some point in their career, however, is what metrics the market is measuring them - or others - on. A fickle market values recency and novelty, and a stallion with his seventh crop of yearlings can only promise one of those.
Capitalist’s yearling sale average and median were at their lowest in 2026, with the average sitting a touch under $100,000 for the first time, despite King Of Roseau’s performance during the Magic Millions carnival. Over his entire career, he has struck at 68% winners to runners, and his 2-year-olds currently perform at 5% stakes winners to runners.
When looking at his sales results up close, there is still a consistency of what he can provide for breeders and vendors. From 79 yearlings sold through the ring in 2026, 38 were knocked down for $100,000 or more, topped by a $400,000 colt at the Inglis Australian Easter Yearling Sale, who was purchased by Hong Kong trainer Ricky Yiu from Silverdale Farm. In 2025, the number was consistent, with 39 $100,000-plus yearlings from 82 sold.
Capitalist x Merited colt who realised $400,000 at the Inglis Australian Easter Yearling Sale | Image courtesy of Inglis
“I feel as if everyone is being a bit hard on him about his sales results, but he can still get you a horse that makes $100,000 or more,” Slade said. “He’s still got the ability to get a yearling that can sell for $350,000 or $400,000 as well, as he has proven again this year.”
“I feel as if everyone is being a bit hard on him (Capitalist) about his sales results, but he can still get you a horse that makes $100,000 or more.” - Bruce Slade
The two and a half-year lag time between conception and sales ring result, and a further year or more until that crop showcases their strengths on the track, is a long time for the market to be patient.
“I think he is just going through that stage where he has gone up in fee and then come down again, and he’s found his level for now. I wouldn’t be surprised to see his fee rise again in a couple of seasons, but for now he’s found his place in the market and people can come back to him with the confidence that he can get them a 2-year-old, a trade horse, and a horse that trains on.”
Bruce Slade | Image courtesy of The Image Is Everything
A horse everyone is happy to buy
“He’s still very commercial,” said Slade. “If anything, he is a real throwback to Rory’s Jester and that style of stallion who produces good, fast, precocious horses that trainers and syndicators are both happy to buy, and owners are happy to race.”
“(Capitalist) is that style of stallion who produces good, fast, precocious horses that trainers and syndicators are both happy to buy, and owners are happy to race.” - Bruce Slade
A trainer who is happy to buy a Capitalist yearling every year is Peter Snowden, who trained the G1 Golden Slipper Stakes winner in partnership with son Paul. The duo later trained Capitalist’s G1 Champagne Stakes-winning son Captivant, whose first 2-year-olds last season were highlighted by G2 Spirit Of Boom Classic winner Vantorix.
Captivant | Standing at Vinery Stud
“Peter has always been a huge supporter of him,” said Aaron Lau, Snowden Racing’s assistant trainer. “He obviously is very familiar with what they are like. They’re typically very easy to train, they get up and get running pretty early, and it’s always easier to train these kinds of horses that you have really built an association with over the years.”
“They (Capitalist's offspring) are typically very easy to train, they get up and get running pretty early.” - Aaron Lau
Snowden also trained Asva and Memo.
“She was just electric at two,” Lau said. “She was quite unlucky to not have more wins to her credit at two, but she has done a fantastic job on the track. Fair play to the owners, Peter paid $350,000 for her at the sales, so it’s a great return for everyone involved.”
Understandably, the Snowden team were on the buying bench for Capitalist’s 2026 yearlings, and came home with two fillies from the Magic Millions Gold Coast National Yearling Sale.
Peter Snowden | Image courtesy of The Image Is Everything
They paid $170,000 for a daughter of six-time winner and multiple stakes performer Blazing Miss (Sizzling), offered by Alma Vale Thoroughbreds, and combined with Pulse Racing and Pinhook Bloodstock International (FBAA) to purchase Willow Park Stud’s filly out of winning Not A Single Doubt mare Correlate for $90,000.
“They are both really nice horses,” Lau said. “Blazing Miss was a big, strong, sharp mare trained by Mark Newnham. The other one, we bought with Pulse Racing, who have been great supporters of the stable. They bought King Of Roseau, so they were understandably quite keen to get another Capitalist.”
The winner of $2.2 million for connections after being purchased as a yearling for $95,000, King Of Roseau is on the path to the Magic Millions carnival again this year.
“He is just back to doing some pace work,” Lau said. “He will have a couple of spring runs and then head back to Magic Millions in January. He was so great winning it this year that there is no reason not to go back.”
Aaron Lau | Image courtesy of Snowden Racing
Keeping up the numbers
At least for Capitalist, the level of support he has received at stud has ensured that he has ‘ridden the wave’ across his third and fourth seasons while breeders wait for racetrack results. He has also ridden through the second dip that can come later, when stock bred from his lowest quality books hit the track.
After serving over 200 mares in each of his first five seasons, Capitalist’s smallest book to date was 146 in 2025, which is a number plenty of sires in the same fee category would only serve at their peak, and his crop of newly turned yearlings numbers 98. The numbers are there to keep the wheels turning while people circle back to using a proven sire.
Capitalist | Standing at Newgate Farm
“He’s always held good numbers,” Slade said. “He’s really easy to use this year, and I think as people sit on matings and we get closer to the covering season, he’s a horse that people will come back to more and more.
“I think as people sit on matings and we get closer to the covering season, he’s (Capitalist) a horse that people will come back to more and more.” - Bruce Slade
“He has always been pretty versatile as well, in terms of the mare he suits. He does well with Danehill, and in particular the Redoute’s Choice sireline and Fastnet Rock.”
A product of a mare by the latter is G1 Goodwood Handicap winner Reserve Bank, who retires to stand at Evergreen Stud Farm this season.
While there are those drawn to what’s novel each year, Capitalist has established himself the kind of foundation that means even when he’s not front page news, he never truly goes out of style.
