Eduardo Calderon

The recent form tells an interesting tale. Finishing third and then second in his opening two races suggested a horse on the rise, one that looked like it might be a winner in the making. The next two runs — seventh and then eighth — are harder to explain without knowing the circumstances, but what is clear is that his most recent race, just yesterday, saw him finish second again. That bounce back to form is encouraging: horses that can go away and come back are often more interesting than those that simply fade.

He is trained by Harry Eustace at Newmarket, one of British racing's most famous training centres, where the wide open heath gallops have been producing champions for centuries. Eustace's yard has sent out 23 winners already this season, which is a solid body of work and suggests a team that knows how to get a horse ready to perform. Having a horse that places regularly without winning can be as much about timing and target as it is about ability — and with an experienced set-up behind him, Eduardo Calderon looks like a horse still being placed in the right spot to find his moment.

At three years old, he has time on his side. This is the age when horses are still growing into themselves, still learning the job, and the jump from placing to winning can come quickly and without much warning. The second place yesterday keeps the momentum alive, and if Eustace can find the right race at the right time, that first win may not be