Trainer Gai Waterhouse has won the Group Two Bill Stutt Stakes at Moonee Valley for the third-straight year with Almalad taking another step towards the Cox Plate.

A Group One winner of the JJ Atkins Stakes as a two-year-old, Almalad's Stutt victory followed those of Pierro and Divine Calling as he built momentum on the outside coming to the home turn in a slowly-run race to win by 1-3/4 lengths.

Moonovermanhattan was second with Kumaon a long neck away third.

The Caulfield Guineas is expected to be Almalad's next mission with the Cox Plate in Waterhouse's sights.

Jockey Tommy Berry said wet tracks in Sydney had Almalad, who started $3 favourite, behind the eight-ball this campaign but he felt his class came through at the 1600m third-up.

"He ran out of condition a bit the last 100 metres but he's in for a great campaign," Berry said.

"I even put the idea into Gai's head that he's a Derby hope if something happened that we didn't go to the Cox Plate.

"I think he's that good. He'll stay all day. He's tough. He's very light on his feet. He's got all the right attributes to be a good horse."

Almalad would have 49.5kg in the Cox Plate and Berry said that would probably rule him out of the ride.

"I wouldn't do 49-1/2 probably," he said.

"I'd have to think about it. You have to be healthy and strong. They are Group One races and I don't like riding unless I feel good."

Pierro ran third in the 2012 Cox Plate while Divine Calling did not run last year.