Sandown Cup winner Ibicenco booked a place in the Naturalism Stakes, with a chance to progress to the Caulfield and Melbourne Cups, with an upset win in the Slickpix Stakes at Caulfield on Saturday.

The Peter Moody-trained stayer ran down tiring pacesetter Spacecraft at the 100m mark and then fought off a stirring challenge from Mr O'Ceirin ($12) to win by a short-head with German import and favourite Pakal ($2.30) another 1-3/4 lengths away third.

Ibicenco started one of the outsiders at $51 and Paka's minor placing gave OTI Racing a one-three finish.

Moody had sent Ibicenco north for the winter carnival where he was favourite for the Queensland Cup before finishing fifth.

Since then he's been enjoying some rest and recreation at the Victorian property of OTI Racing partner Simon O'Donnell.

"I rushed him over winter but he has come back terrific and he's in for a fruitful spring campaign," Moody said.

"We have learned a lot about him and we may lift the bar.

"We'll come back here for the Naturalism in three weeks and maybe the Cups."