Fanatic was sent to the Lindsay Park team of David and Ben Hayes and Tom Dabernig with the support of her former trainers Graeme Sanders and his daughter Debbie Sweeney.
"She needs good tracks and Graeme said there wasn't much point getting her ready here with mud up to her stomach," Kiernan said.
"With the English raiders coming out for the spring it doesn't make it easy." Fanatic missed last year's Cups in Melbourne when she was bitten by a spider days before the Caulfield Cup.
This year's New Zealand Oaks and Australian Oaks winner Bonneval, trained by Murray Baker and Andrew Forsman, is on the second line of Caulfield Cup betting at $18 with Fanatic at $51. The Baker/Forsman-trained Australian Derby winner Jon Snow is also at $18 with Gingernuts, Hartnell and Humidor heading the TAB's early market at $15.