diff --git a/ql/quotes/futuresconvadjustmentquote.cpp b/ql/quotes/futuresconvadjustmentquote.cpp
index 44e22f6ba06..003dd988d67 100644
--- a/ql/quotes/futuresconvadjustmentquote.cpp
+++ b/ql/quotes/futuresconvadjustmentquote.cpp
@@ -36,6 +36,7 @@ namespace QuantLib {
         registerWith(futuresQuote_);
         registerWith(volatility_);
         registerWith(meanReversion_);
+        registerWith(Settings::instance().evaluationDate());
     }
 
     FuturesConvAdjustmentQuote::FuturesConvAdjustmentQuote(const ext::shared_ptr<IborIndex>& index,
@@ -50,19 +51,22 @@ namespace QuantLib {
         registerWith(futuresQuote_);
         registerWith(volatility_);
         registerWith(meanReversion_);
+        registerWith(Settings::instance().evaluationDate());
     }
 
     Real FuturesConvAdjustmentQuote::value() const {
-
-        Date settlementDate = Settings::instance().evaluationDate();
-        Time startTime = dc_.yearFraction(settlementDate, futuresDate_);
-        Time indexMaturity = dc_.yearFraction(settlementDate,
-                                              indexMaturityDate_);
-        return HullWhite::convexityBias(futuresQuote_->value(),
-                                        startTime,
-                                        indexMaturity,
-                                        volatility_->value(),
-                                        meanReversion_->value());
+        if (rate_ == Null<Real>()) {
+            Date settlementDate = Settings::instance().evaluationDate();
+            Time startTime = dc_.yearFraction(settlementDate, futuresDate_);
+            Time indexMaturity = dc_.yearFraction(settlementDate,
+                                                  indexMaturityDate_);
+            rate_ = HullWhite::convexityBias(futuresQuote_->value(),
+                                             startTime,
+                                             indexMaturity,
+                                             volatility_->value(),
+                                             meanReversion_->value());
+        }
+        return rate_;
     }
 
     bool FuturesConvAdjustmentQuote::isValid() const {
diff --git a/ql/quotes/futuresconvadjustmentquote.hpp b/ql/quotes/futuresconvadjustmentquote.hpp
index 0c2e8c9f477..78ce8c45f0c 100644
--- a/ql/quotes/futuresconvadjustmentquote.hpp
+++ b/ql/quotes/futuresconvadjustmentquote.hpp
@@ -29,6 +29,7 @@
 #include <ql/types.hpp>
 #include <ql/handle.hpp>
 #include <ql/indexes/iborindex.hpp>
+#include <ql/utilities/null.hpp>
 
 namespace QuantLib {
 
@@ -65,11 +66,13 @@ namespace QuantLib {
         Handle<Quote> futuresQuote_;
         Handle<Quote> volatility_;
         Handle<Quote> meanReversion_;
+        mutable Real rate_ = Null<Real>();
     };
 
     // inline
 
-    inline void FuturesConvAdjustmentQuote::update(){
+    inline void FuturesConvAdjustmentQuote::update() {
+        rate_ = Null<Real>();
         notifyObservers();
     }