Hi , APV is derived from this years starts. In your example it looks like 0 wins in 14 starts. The formula I know substitutes 1 win for the 0 win to penanlize the horse.
Back in the late eighties I attended one of Bob Cochrans workshops. In his version of the class and apv rating you had the option to subtract 20% from the rating for state bred races, giving the horse a more realistic rating when competing in open company.
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