The 2013 Underwood Stakes result still hurts Michael Rodd.

The star rider won the race aboard Lion Tamer in 2011 and was on raging favourite Atlantic Jewel last year.

But after an enthralling battle that lasted the length of the Caulfield straight, it was another star of the turf in It's A Dundeel who wore down the favourite in the final strides after she was left to take up the running.

It would prove Atlantic Jewel's only racetrack defeat in 11 starts and one Rodd, who enjoyed a wonderful association with the mare, hasn't forgotten.

"I'm still hurting," Rodd said this week.

"It's on me if she gets beaten in a race. That's the only black mark on her record and she doesn't deserve to have it. She's that good.

"It took a good one to get past her. But it still hurts."

There is not the same level of anticipation for Rodd leading into this year's Underwood.

He is keeping a lid on expectations as he prepares to partner last year's Cox Plate runner-up Happy Trails.

Rodd rode Happy Trails to a second-up eighth in the Memsie Stakes three weeks ago and believed he would improve again from Saturday's race.

Trainer Paul Beshara is aiming the gelding for another shot at the Cox Plate with a defence of his Turnbull Stakes crown next on the agenda after the Underwood.

"His work on Tuesday morning was sharp and he felt good underneath me but he had a good blow," Rodd said.

"He'll be hitting the line strongly on Saturday but I suspect he'll be needing it."

Beshara shares Rodd's opinion.

Happy Trails finished fourth in last year's Underwood off similar lead up form to this year.

"The Underwood should top him off and let's hope we can win the Turnbull and the Cox Plate," Beshara said.

"That's a nice time to peak your horse."