Excello

The numbers are honest rather than flattering: one win from 15 races overall, which works out at roughly 1 in every 15 — a 7% win rate. But that single win being at Ascot, in a Class 2 race, tells you this is not a horse lacking ability. It is a horse carrying more weight than he used to, competing at a level where margins are tight. Henderson, who operates one of the most powerful yards in the country — 85 winners already this season — has kept faith with him, and the recent form shows signs of life: a third-place finish in his last five races is encouraging, even if the eleventh and ninth-place finishes around it are harder to dress up.

What is genuinely interesting about Excello is where he seems to come alive. Henderson has spoken about how much the horse relished the famous Topham Chase at Aintree — a race run over the Grand National fences, the most celebrated obstacles in jumping — and is now pointing him towards the Becher Chase, which is run over the same course. Those big, unique fences appear to suit something in Excello's make-up. Regular jockey Nico de Boinville, who has ridden him in 10 of his 15 races and won once aboard him, will know that if the horse is going to turn his form around, the National fences at Aintree might be exactly the right place to look.

Excello raced just yesterday, which means the yard are keeping him busy and in form. For a horse whose best day came nearly two and a half years ago, the question now is whether that Ascot win was a one-off peak or a sign of what he is still capable of when conditions suit. Henderson clearly believes there is another big day in him. Whether Aintree delivers it is the story worth following.