Connections of No Nay Never felt a lack of match sharpness contributed to his first defeat on a racecourse on Saturday.
Wesley Ward's Royal Ascot winner was a hot favourite for the Grade Two Swale Stakes - his first start since winning the Prix Morny at Deauville last August - but could only finish second to Spot.
No Nay Never was still in front a furlong and a half from home, but Javier Castellano's partner tired quickly and was two and a half lengths in arrears at the line.
Castellano said: "He was fresh and hadn't run in a while.
"He came out quick, broke on top, but when my horse got on the lead he seemed to completely lose his momentum."