Katelyn Mallyon has been paid a huge compliment after her front-running ride aboard Assign at Caulfield.

Mallyon was allowed to roll along at her own tempo aboard Assign to take out the Group Two Herbert Power Stakes on Saturday.

While the winner gains automatic entry into next week's Caulfield Cup, Assign is not among the 29 third declarations.

Sent out the $3.10 favourite, Assign held off Big Memory ($5.50) by a short half-head with Pemberley ($6) a neck away third.

Nick Williams, who co-owns the gelding with his father Lloyd, said Mallyon understands pace, especially on leaders.

"You couldn't put anyone else on that horse and expect them to ride any better," Williams said.

"She rides these horses well and she understands pace.

"A lot of the local jockeys treat these European horses like local horses but you can't stop and go on them.

"They take time to wind up and she seems to understand that and does a terrific job with them."

Williams said Assign would now head to the Bendigo Cup on October 26 and remains as a Melbourne Cup possibility in which he has 50kg but is eligible for a re-handicap.

Assign had his Melbourne Cup odds reduced from $151 to $71.

"The Bendigo Cup is six days before the Melbourne Cup and if Greg Carpenter was kind enough to give him a run Kate might get a ride in the Melbourne Cup," Williams said.

Last year's Melbourne Cup winner Prince Of Penzance showed he's on target for his title defence with his fourth placing, three lengths from the winner.

Jockey John Allen said the gelding was outsprinted at the 300m with his big weight but hit the line well.