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Performance Handicap Racing Fleet (PHRF) is a handicapping system used for yacht racing in North America. It allows dissimilar classes of sailboats to be raced against each other. The aim is to cancel out the inherent advantages and disadvantages of each class of boats, so that results reflect crew skill rather than equipment superiority.
PHRF is used mainly for larger sailboats (i.e., 7 meters and above). For dinghy racing, the Portsmouth yardstick handicapping system is more likely to be used.
The handicap number assigned to a class of yachts is based on the yacht's speed relative to a theoretical yacht with a rating of 0. A yacht's handicap, or rating, is the number of seconds per mile traveled that the yacht in question should be behind the theoretical yacht. Most boats have a positive PHRF rating, but some very fast boats have a negative PHRF rating. If Boat A has a PHRF rating of 15 and Boat B has a rating of 30 and they compete on a 1 mile course, Boat A should finish approximately 15 seconds in front of Boat B. Results are adjusted for handicap by the race committee after all competitors have finished.
A variant of PHRF racing is called a pursuit race, commonly referred to as a reverse handicap, where boats start in reverse PHRF order with the starting times staggered based on the PHRF ratings. In theory, all boats will arrive at the finish line at the same time, which can make for an exciting finish. This means that the boats cross the finish line in order of placement in the race.