Last Instalment just held the late charge of 25/1 shot Farrells Fancy in a driving finish to the novice hurdle at Limerick.
The 7/4 favourite was prominent throughout under Brian O'Connell and was sent for home turning in.
The Gigginstown gelding galloped on strongly as The Real Article and Farrells Fancy came through to give chase.
The last named, making his hurdling debut after winning a point-to-point last month, finished strongly on the run-in and just failed to cause a shock in a hot looking contest.
"The race looked plenty competitive and it all goes to educating him and giving him experience," said Fenton.
"He should develop into a fair chaser. He's designed to jump fences and might just have one more run over hurdles at Fairyhouse or Punchestown.
"Brian gave him a great ride and I have great faith in him. He let him stretch when he needed to and ask him at the last two hurdles.
"I'd imagine he'll come on for this run."
