Raised pace shown by favourites (4)
I believe the answer is:
pets
'favourites' is the definition.
('pet' can be a synonym of 'favourite')
'raised pace' is the wordplay.
'raised' says the letters should be written in reverse.
'pace' becomes 'step' ('step' can be a synonym of 'pace').
'step' reversed gives 'PETS'.
'shown by' is the link.
(Other definitions for pets that I've seen before include "Domestic animals" , "Little darlings - step on them" , "Domesticated animals" , "Animals at home" .)