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Fractions are the times for each segment of a thoroughbred horserace. For example, if a horse runs the first quarter mile in 26 seconds and the half mile in 54 seconds, those are considered to be relatively slow fractions.
I saw a a race just today where the 1st quarter was run in under 22 seconds. These were high-level sprinters, but that is still a very fast fraction for the first quarter.
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