The Underwood Stakes is a Group 1 race held at Caulfield racecourse in late September and is run over 1800 metres. The race is run under weight-for-age conditions and offers $400,000 in prize money to the runners finishing in the top eight positions in the race with the winner of the race receiving $240,000. The inaugural race was held in 1924 at Williamstown Racecourse. In 1948 the location for the race move to Caulfield Racecourse where it has been run every year since. Up to 1949 the race was run over 1600 metres, with a small run over 1400 metres between 1943 and 1947. In 1949 the distance increased to 1800 metres, then to 2000 metres in 1954 until it was brought back to 1800 metres in 1994.
Winners of the race include the legendary Phar Lap back in 1931, Ajax who won it three years in a row between 1938 and 1940, Australian Thoroughbred Hall Of Fame horse Tobin Bronze in 1966, duel Melbourne Cup winner Rain Lover in 1969, Cox Plate winner Bonecrusher 1986, Octagonal 1996, Northerly in 2001 and 2002 and So You Think 2010.
In 2013 It's A Dundeel won the Underwood Stakes with James McDonald on board paying $7.50. It's a Dundeel made an early run through the field to settle in second place behind Atlantic Jewel setting a fair tempo through the race. As they turned for home Atlantic Jewel received challenges from It's A Dundeel on the outside and Dear Demi on the inside. As the race went on it seemed that it was only a matter of time until Atlantic Jewel would be headed but it wasn't until the last final strides before the line that It's A Dundeel swooped to victory.