Reference Point was a dark-coated bay horse bred by his owner, Louis Freedman, at his Cliveden Stud in Berkshire, England.

He was the beaten 11/10 favourite when finishing third behind Port Helene and Brother Patrick on his debut in the EBF Heart of Variety Stakes over a mile at Sandown Park on 30 August 1986.

Cauthen sent the colt into the lead from the start, and in the straight he turned back a series of challenges[7] to win by one and a half lengths from Most Welcome and Bellotto.

[8] On his first start after his Derby win, Reference Point raced against older horses for the first time in the Eclipse Stakes at Sandown over ten furlongs.

Reference Point led from the start, setting such a "furious gallop"[9] that the designated pacemaker, Media Starguest was unable to reach the front.

[10] Three weeks later, Reference Point returned to twelve furlongs in the King George VI and Queen Elizabeth Diamond Stakes at Ascot.

Starting the 11/10 favourite, he led the field into the straight and then pulled clear in the final quarter mile to win by three lengths from Celestial Storm and Triptych.

[5] The BBC sport correspondent Lee McKenzie rated him as one of his "six of the best" recent Derby winners'[17] and explained that his "workmanlike" racing style sometimes led to his being overlooked.