An example method of managing guest time for a virtual machine (VM) supported by a hypervisor of a virtualized host computer includes: configuring, by the hypervisor, a central processing unit (CPU) of the host computer to trap, to the hypervisor, access by guest code in the VM to a physical counter and timer of the CPU; configuring, by the hypervisor, the guest code in the VM to use the physical counter and timer of the CPU rather than a virtual counter and timer of the CPU; trapping, at the hypervisor, an access to the physical counter and timer by the guest code; and executing, by the hypervisor, the access to the physical counter and timer on behalf of the guest code while compensating for an adjustment of a system count of the physical counter and timer to maintain the guest time as scaled with respect to frequency of the physical counter and timer.