Chris Waller’s emerging stayer Pinhole has thrust himself into the spring spotlight after digging deep to claim Saturday’s Group 2 $400,000 Herbert Power Stakes (2400m) at Caulfield, with the imported son of Frankel now a genuine chance of contesting either next weekend’s Caulfield Cup or continuing on a path towards the Melbourne Cup 2026.

Sent out as the $3.70 favourite, Pinhole delivered a fighting performance under star jockey James McDonald, edging out the fast-finishing Suntora in a thrilling finish, with former Melbourne Cup winner Knight’s Choice a short head away in third in a return to form.

Herbert Power Stakes | Pinhole

Pinhole books his place in the Caulfield Cup ? The Waller trained gelding lunges & wins on the wire ?

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The narrow victory, achieved in 2:27.09, marked the five-year-old’s fifth career win and further enhanced his growing reputation as one of the more progressive stayers in training.

Having already impressed in Sydney this preparation with victories over 1900m and 2400m, Pinhole arrived in Melbourne facing his biggest test to date under the set weights and penalties conditions of the Herbert Power Stakes. He answered every challenge, refusing to yield in the closing stages despite appearing vulnerable inside the final 100 metres.

McDonald was confident his mount was doing his best work right on the line.

“I was surging, so it was going to be a matter of heads down, heads up. We were lucky enough to get the bob,” the jockey told Racing Victoria.

“He’s very progressive. Chris has taken his time with him. He’s always liked him and purchased him out of Europe with good credentials and, dare I say it, he’s going to reap the rewards.”

The victory proved another astute acquisition for Waller’s operation, with the champion trainer quick to credit bloodstock agent Guy Mulcaster for sourcing the talented European import.

“Guy Malcaster does a job. He found this horse and he’s a nice progressive horse and they often take a bit of time to find their straps, but he’s found them now,” Waller said.

While the Herbert Power Stakes has historically served as a key lead-up to the Group 1 $6.55 million Caulfield Cup (2400m) held back at the track next Saturday, Waller indicated a conservative approach may ultimately be taken with Pinhole.

The trainer acknowledged the temptation of backing up in the mile and a half feature but suggested the horse’s long-term future could lie over even further ground, with aspirations to try and make the Group 1 $10.2 million Melbourne Cup field at Flemington on Tuesday November 3 very much on the agenda.

“Let the dust settle, but I would be leaning more towards being more conservative from a timing perspective. Everyone wants to win Caulfield Cups, but whether you can is another story,” Waller said.

“If we can get to a Melbourne Cup, that might be a real fairytale story.

“Owners want to be part of the big race if they are going to be competitive. We’ll factor out what he beat today and how competitive he will be.

“One thing he was, he was good at the weights. The set-weights and penalties were against him. He’s ruined his benchmark, but he’s proven himself as a set-weights and penalties style horse.”

The popular trainer was particularly pleased with an improvement that had troubled the gelding in recent Sydney runs.

“He went straight. In Sydney he wanted to lay in, and it almost cost him last start. Going straight, here in Melbourne, was the most impressive thing to me,” Waller said.

Waller also revealed the 2026 Herbert Power Stakes result would play a major role in determining the horse’s spring path.

“It was an important day today for this horse’s future and where he heads,” he added.

“The market got it right. I was surprised to see him one of the favourites in a set weights and penalties race. He was sort of out of his grade.

“He dug deep and looked beaten with 50 metres to go. He was strong the last 50 when he probably got headed.

“I’ll have a talk to the owners. (Caulfield Cup) Unlikely. The Caulfield Cup will be stronger than today and the Melbourne Cup might see him improve going to two miles.

“We might try and find a path heading that way. Will have to talk to the owners and the handicapper.”

Regardless of which race comes next, bookmakers have taken notice of Saturday’s performance with Ladbrokes trimming Pinhole’s odds from $34 into $21 in all-in Caulfield Cup 2026 betting, while his Melbourne Cup 2026 betting price shortened from $51 to $34, reflecting growing confidence that the lightly raced stayer has the talent to compete in Australia’s biggest staying features.

With just 15 starts under his belt and significant upside still to come, Pinhole’s Herbert Power Stakes triumph could prove the breakthrough performance that launches him into the elite ranks of the Australian staying division.

Whether connections elect to roll the dice in next week’s Caulfield Cup or aim directly at the Melbourne Cup, the Frankel gelding has firmly established himself as one of the spring’s most exciting staying prospects.

2026 Herbert Power Stakes Results