diff --git a/src/Orchard.Tests/DisplayManagement/Descriptors/ShapeTemplateBindingStrategyTests.cs b/src/Orchard.Tests/DisplayManagement/Descriptors/ShapeTemplateBindingStrategyTests.cs
index ec16aa7cb..eb35adff9 100644
--- a/src/Orchard.Tests/DisplayManagement/Descriptors/ShapeTemplateBindingStrategyTests.cs
+++ b/src/Orchard.Tests/DisplayManagement/Descriptors/ShapeTemplateBindingStrategyTests.cs
@@ -5,12 +5,14 @@ using System.Linq;
 using Autofac;
 using Moq;
 using NUnit.Framework;
+using Orchard.Caching;
 using Orchard.DisplayManagement.Descriptors;
 using Orchard.DisplayManagement.Descriptors.ShapeTemplateStrategy;
 using Orchard.Environment.Descriptor.Models;
 using Orchard.Environment.Extensions;
 using Orchard.Environment.Extensions.Models;
 using Orchard.FileSystems.VirtualPath;
+using Orchard.Tests.Stubs;
 
 namespace Orchard.Tests.DisplayManagement.Descriptors {
     [TestFixture]
@@ -21,12 +23,14 @@ namespace Orchard.Tests.DisplayManagement.Descriptors {
         private TestVirtualPathProvider _testVirtualPathProvider;
 
 
-        protected override void Register(Autofac.ContainerBuilder builder) {
-            _descriptor = new ShellDescriptor { };
+        protected override void Register(ContainerBuilder builder) {
+            _descriptor = new ShellDescriptor();
             _testViewEngine = new TestViewEngine();
             _testVirtualPathProvider = new TestVirtualPathProvider();
 
             builder.Register(ctx => _descriptor);
+            builder.RegisterType<StubCacheManager>().As<ICacheManager>();
+            builder.RegisterType<StubVirtualPathMonitor>().As<IVirtualPathMonitor>();
             builder.RegisterType<ShapeTemplateBindingStrategy>().As<IShapeTableProvider>();
             builder.RegisterType<BasicShapeTemplateHarvester>().As<IShapeTemplateHarvester>();
             builder.RegisterInstance(_testViewEngine).As<IShapeTemplateViewEngine>();
diff --git a/src/Orchard/Data/SessionFactoryHolder.cs b/src/Orchard/Data/SessionFactoryHolder.cs
index f7ba7389a..bc39d6e2f 100644
--- a/src/Orchard/Data/SessionFactoryHolder.cs
+++ b/src/Orchard/Data/SessionFactoryHolder.cs
@@ -1,9 +1,5 @@
-using System;
-using System.IO;
-using System.Xml.Serialization;
-using NHibernate;
+using NHibernate;
 using NHibernate.Cfg;
-using Orchard.Data;
 using Orchard.Data.Providers;
 using Orchard.Environment;
 using Orchard.Environment.Configuration;
diff --git a/src/Orchard/DisplayManagement/Descriptors/ShapeTemplateStrategy/ShapeTemplateBindingStrategy.cs b/src/Orchard/DisplayManagement/Descriptors/ShapeTemplateStrategy/ShapeTemplateBindingStrategy.cs
index 921ffc803..f038ed61e 100644
--- a/src/Orchard/DisplayManagement/Descriptors/ShapeTemplateStrategy/ShapeTemplateBindingStrategy.cs
+++ b/src/Orchard/DisplayManagement/Descriptors/ShapeTemplateStrategy/ShapeTemplateBindingStrategy.cs
@@ -1,10 +1,12 @@
-using System.Collections.Concurrent;
+using System;
+using System.Collections.Concurrent;
 using System.Collections.Generic;
 using System.IO;
 using System.Linq;
 using System.Web;
 using System.Web.Mvc;
 using System.Web.Mvc.Html;
+using Orchard.Caching;
 using Orchard.DisplayManagement.Implementation;
 using Orchard.Environment.Descriptor.Models;
 using Orchard.Environment.Extensions;
@@ -15,6 +17,8 @@ namespace Orchard.DisplayManagement.Descriptors.ShapeTemplateStrategy {
     public class ShapeTemplateBindingStrategy : IShapeTableProvider {
         private readonly ShellDescriptor _shellDescriptor;
         private readonly IExtensionManager _extensionManager;
+        private readonly ICacheManager _cacheManager;
+        private readonly IVirtualPathMonitor _virtualPathMonitor;
         private readonly IVirtualPathProvider _virtualPathProvider;
         private readonly IEnumerable<IShapeTemplateHarvester> _harvesters;
         private readonly IEnumerable<IShapeTemplateViewEngine> _shapeTemplateViewEngines;
@@ -24,11 +28,15 @@ namespace Orchard.DisplayManagement.Descriptors.ShapeTemplateStrategy {
             IEnumerable<IShapeTemplateHarvester> harvesters,
             ShellDescriptor shellDescriptor,
             IExtensionManager extensionManager,
+            ICacheManager cacheManager,
+            IVirtualPathMonitor virtualPathMonitor,
             IVirtualPathProvider virtualPathProvider,
             IEnumerable<IShapeTemplateViewEngine> shapeTemplateViewEngines) {
             _harvesters = harvesters;
             _shellDescriptor = shellDescriptor;
             _extensionManager = extensionManager;
+            _cacheManager = cacheManager;
+            _virtualPathMonitor = virtualPathMonitor;
             _virtualPathProvider = virtualPathProvider;
             _shapeTemplateViewEngines = shapeTemplateViewEngines;
         }
@@ -49,13 +57,21 @@ namespace Orchard.DisplayManagement.Descriptors.ShapeTemplateStrategy {
                 var pathContexts = harvesterInfos.SelectMany(harvesterInfo => harvesterInfo.subPaths.Select(subPath => {
                     var basePath = Path.Combine(extensionDescriptor.Location, extensionDescriptor.Id).Replace(Path.DirectorySeparatorChar, '/');
                     var virtualPath = Path.Combine(basePath, subPath).Replace(Path.DirectorySeparatorChar, '/');
-                    var fileNames = _virtualPathProvider.ListFiles(virtualPath).Select(Path.GetFileName);
+                    var fileNames = _cacheManager.Get(virtualPath, ctx => {
+                        ctx.Monitor(_virtualPathMonitor.WhenPathChanges(virtualPath));
+                        return _virtualPathProvider.ListFiles(virtualPath).Select(Path.GetFileName);
+                    });
                     return new { harvesterInfo.harvester, basePath, subPath, virtualPath, fileNames };
                 }));
 
                 var fileContexts = pathContexts.SelectMany(pathContext => _shapeTemplateViewEngines.SelectMany(ve => {
                     var fileNames = ve.DetectTemplateFileNames(pathContext.fileNames);
-                    return fileNames.Select(fileName => new { fileName = Path.GetFileNameWithoutExtension(fileName), fileVirtualPath = Path.Combine(pathContext.virtualPath, fileName).Replace(Path.DirectorySeparatorChar, '/'), pathContext });
+                    return fileNames.Select(
+                        fileName => new {
+                            fileName = Path.GetFileNameWithoutExtension(fileName),
+                            fileVirtualPath = Path.Combine(pathContext.virtualPath, fileName).Replace(Path.DirectorySeparatorChar, '/'),
+                            pathContext
+                        });
                 }));
 
                 var shapeContexts = fileContexts.SelectMany(fileContext => {
diff --git a/src/Orchard/FileSystems/VirtualPath/DefaultVirtualPathMonitor.cs b/src/Orchard/FileSystems/VirtualPath/DefaultVirtualPathMonitor.cs
index 12fa9ec42..486cc4153 100644
--- a/src/Orchard/FileSystems/VirtualPath/DefaultVirtualPathMonitor.cs
+++ b/src/Orchard/FileSystems/VirtualPath/DefaultVirtualPathMonitor.cs
@@ -11,16 +11,21 @@ namespace Orchard.FileSystems.VirtualPath {
         private readonly string _prefix = Guid.NewGuid().ToString("n");
         private readonly IDictionary<string, Weak<Token>> _tokens = new Dictionary<string, Weak<Token>>();
         private readonly IClock _clock;
+        private readonly IVirtualPathProvider _virtualPathProvider;
 
-        public DefaultVirtualPathMonitor(IClock clock) {
+        public DefaultVirtualPathMonitor(IClock clock, IVirtualPathProvider virtualPathProvider) {
             _clock = clock;
+            _virtualPathProvider = virtualPathProvider;
             _thunk = new Thunk(this);
         }
 
         public IVolatileToken WhenPathChanges(string virtualPath) {
             // Fix this to monitor first existing parent directory.
-            var token = BindToken(virtualPath);
-            BindSignal(virtualPath);
+            IVolatileToken token = new Token(virtualPath);
+            if (_virtualPathProvider.DirectoryExists(virtualPath)) {
+                token = BindToken(virtualPath);
+                BindSignal(virtualPath);
+            }
             return token;
         }
 
@@ -108,6 +113,5 @@ namespace Orchard.FileSystems.VirtualPath {
                     provider.Signal(key, value, reason);
             }
         }
-
     }
 }
\ No newline at end of file