In an ominous sign of Godolphin's juvenile depth this season, John O'Shea doesn't believe his best two-year-olds are up and running despite training the Gimcrack Stakes quinella.

Calaverite ($21) upset her more fancied rivals when she powered home down the outside to blouse stablemate Igraine ($16) and claim Sydney's first two-year-old race of the season at Randwick.

Gai Waterhouse was expected to dominate with the two favourites but had to settle for third and fourth respectively with Speak Fondly and Prevail.

O'Shea said Saturday's result wasn't a complete surprise as his two fillies worked well on Tuesday but he didn't feel they were the best of the Godolphin batch.

"I said to (Godolphin's) Henry (Plumptre) after the trials that we had a nice bunch of jump-and-run horses but they weren't our top ones, so if they could run well I'd be happy," O'Shea said.

"Our two fillies came here fit and well, and their work on Tuesday morning was top class.

"With two-year-olds, the biggest thing is getting them to the races fit and healthy."

Calaverite is by Lonhro and was placed at the official trials, as was Igraine, a daughter of Denman.

Hugh Bowman rode $3.60 favourite Prevail and said she struggled to adapt when she couldn't lead but warned punters not to drop off her.

"She led in her trial and she got a bit lost," Bowman said.

"You'll hear more of her."