diff --git a/src/django_components/component.py b/src/django_components/component.py
index 1cdd6fc7..5df37dfd 100644
--- a/src/django_components/component.py
+++ b/src/django_components/component.py
@@ -20,18 +20,19 @@ from django.views import View
 # way the two modules depend on one another.
 from django_components.component_registry import registry  # NOQA
 from django_components.component_registry import AlreadyRegistered, ComponentRegistry, NotRegistered, register  # NOQA
+from django_components.context import capture_root_context, set_root_context, get_root_context, set_slot_component_association
 from django_components.logger import logger, trace_msg
 from django_components.middleware import is_dependency_middleware_active
+from django_components.node import walk_nodelist
 from django_components.slots import (
     FillContent,
     FillNode,
     SlotName,
     SlotNode,
     render_component_template_with_slots,
-    OUTER_CONTEXT_CONTEXT_KEY,
     DEFAULT_SLOT_KEY,
 )
-from django_components.utils import search, walk_nodelist, gen_id
+from django_components.utils import search, gen_id
 
 RENDERED_COMMENT_TEMPLATE = "<!-- _RENDERED {name} -->"
 
@@ -233,6 +234,12 @@ class Component(View, metaclass=SimplifiedInterfaceMediaDefiningClass):
             return mark_safe(f"<script>{self.js}</script>")
         return mark_safe("\n".join(self.media.render_js()))
 
+    # NOTE: When the template is taken from a file (AKA
+    # specified via `template_name`), then we leverage
+    # Django's template caching. This means that the same
+    # instance of Template is reused. This is important to keep
+    # in mind, because the implication is that we should
+    # treat Templates AND their nodelists as IMMUTABLE.
     def get_template(self, context: Mapping) -> Template:
         template_string = self.get_template_string(context)
         if template_string is not None:
@@ -263,7 +270,7 @@ class Component(View, metaclass=SimplifiedInterfaceMediaDefiningClass):
         def on_node(node: Node) -> None:
             if isinstance(node, SlotNode):
                 trace_msg("ASSOC", "SLOT", node.name, node.node_id, component_id=self.component_id)
-                node.component_id = self.component_id
+                set_slot_component_association(context, node.node_id, self.component_id)
 
         walk_nodelist(template.nodelist, on_node)
 
@@ -337,9 +344,7 @@ class ComponentNode(Node):
 
         # If this is the outer-/top-most component node, then save the outer context,
         # so it can be used by nested Slots.
-        root_ctx_already_defined = OUTER_CONTEXT_CONTEXT_KEY in context
-        if not root_ctx_already_defined:
-            context.push({OUTER_CONTEXT_CONTEXT_KEY: context.__copy__()})
+        capture_root_context(context)
 
         # Resolve FilterExpressions and Variables that were passed as args to the
         # component, then call component's context method
@@ -373,9 +378,9 @@ class ComponentNode(Node):
             # Even if contexts are isolated, we still need to pass down the
             # original context so variables in slots can be rendered using
             # the original context.
-            orig_ctx = context
+            root_ctx = get_root_context(context)
             context = context.new()
-            context.push({OUTER_CONTEXT_CONTEXT_KEY: orig_ctx})
+            set_root_context(context, root_ctx)
 
         with context.update(component_context):
             rendered_component = component.render(context)
@@ -390,6 +395,6 @@ class ComponentNode(Node):
 
 
 def safe_resolve(context_item: FilterExpression, context: Context) -> Any:
-    """Resolve FilterExpressions and Variables in context if possible.  Return other items unchanged."""
+    """Resolve FilterExpressions and Variables in context if possible. Return other items unchanged."""
 
     return context_item.resolve(context) if hasattr(context_item, "resolve") else context_item
diff --git a/src/django_components/context.py b/src/django_components/context.py
new file mode 100644
index 00000000..d486bcd2
--- /dev/null
+++ b/src/django_components/context.py
@@ -0,0 +1,121 @@
+"""
+This file cetralizes various ways we use Django's Context class
+pass data across components, nodes, slots, and contexts.
+
+You can think of the Context as our storage system.
+"""
+
+from typing import Optional, TYPE_CHECKING
+
+from django.template import Context
+
+from django_components.logger import trace_msg
+
+if TYPE_CHECKING:
+    from django_components.slots import FillContent
+
+
+_FILLED_SLOTS_CONTENT_CONTEXT_KEY = "_DJANGO_COMPONENTS_FILLED_SLOTS"
+_OUTER_CONTEXT_CONTEXT_KEY = "_DJANGO_COMPONENTS_OUTER_CONTEXT"
+_SLOT_COMPONENT_ASSOC_KEY = "_DJANGO_COMPONENTS_SLOT_COMP_ASSOC"
+
+
+def get_slot_fill(context: Context, component_id: str, slot_name: str) -> Optional["FillContent"]:
+    """
+    Use this function to obtain a slot fill from the current context.
+
+    See `set_slot_fill` for more details.
+    """
+    trace_msg("GET", "FILL", slot_name, component_id)
+    slot_key = (_FILLED_SLOTS_CONTENT_CONTEXT_KEY, component_id, slot_name)
+    return context.get(slot_key, None)
+
+
+def set_slot_fill(context: Context, component_id: str, slot_name: str, value: "FillContent") -> None:
+    """
+    Use this function to set a slot fill for the current context.
+
+    Note that we make use of the fact that Django's Context is a stack - we can push and pop
+    extra contexts on top others.
+
+    For the slot fills to be pushed/popped wth stack layer, they need to have keys defined
+    directly on the Context object.
+    """
+    trace_msg("SET", "FILL", slot_name, component_id)
+    slot_key = (_FILLED_SLOTS_CONTENT_CONTEXT_KEY, component_id, slot_name)
+    context[slot_key] = value
+
+
+def get_root_context(context: Context) -> Optional[Context]:
+    """
+    Use this function to get the root context.
+
+    Root context is the top-most context, AKA the context that was passed to
+    the initial `Template.render()`.
+    We pass through the root context to allow configure how slot fills should be rendered.
+
+    See the `SLOT_CONTEXT_BEHAVIOR` setting.
+    """
+    return context.get(_OUTER_CONTEXT_CONTEXT_KEY)
+
+
+def set_root_context(context: Context, root_ctx: Context) -> None:
+    """
+    Use this function to set the root context.
+
+    Root context is the top-most context, AKA the context that was passed to
+    the initial `Template.render()`.
+    We pass through the root context to allow configure how slot fills should be rendered.
+
+    See the `SLOT_CONTEXT_BEHAVIOR` setting.
+    """
+    context.push({_OUTER_CONTEXT_CONTEXT_KEY: root_ctx})
+
+
+def capture_root_context(context: Context) -> None:
+    """
+    Set the root context if it was not set before.
+
+    Root context is the top-most context, AKA the context that was passed to
+    the initial `Template.render()`.
+    We pass through the root context to allow configure how slot fills should be rendered.
+
+    See the `SLOT_CONTEXT_BEHAVIOR` setting.
+    """
+    root_ctx_already_defined = _OUTER_CONTEXT_CONTEXT_KEY in context
+    if not root_ctx_already_defined:
+        set_root_context(context, context.__copy__())
+
+
+def set_slot_component_association(context: Context, slot_id: str, component_id: str) -> None:
+    """
+    Set association between a Slot and a Component in the current context.
+
+    We use SlotNodes to render slot fills. SlotNodes are created only at Template parse time.
+    However, when we are using components with slots in (another) template, we can render
+    the same component multiple time. So we can have multiple FillNodes intended to be used
+    with the same SlotNode.
+
+    So how do we tell the SlotNode which FillNode to render? We do so by tagging the ComponentNode
+    and FillNodes with a unique component_id, which ties them together. And then we tell SlotNode
+    which component_id to use to be able to find the correct Component/Fill.
+
+    We don't want to store this info on the Nodes themselves, as we need to treat them as
+    immutable due to caching of Templates by Django.
+
+    Hence, we use the Context to store the associations of SlotNode <-> Component for
+    the current context stack.
+    """
+    key = (_SLOT_COMPONENT_ASSOC_KEY, slot_id)
+    context[key] = component_id
+
+
+def get_slot_component_association(context: Context, slot_id: str) -> str:
+    """
+    Given a slot ID, get the component ID that this slot is associated with
+    in this context.
+
+    See `set_slot_component_association` for more details.
+    """
+    key = (_SLOT_COMPONENT_ASSOC_KEY, slot_id)
+    return context[key]
diff --git a/src/django_components/node.py b/src/django_components/node.py
new file mode 100644
index 00000000..43b200c9
--- /dev/null
+++ b/src/django_components/node.py
@@ -0,0 +1,38 @@
+from typing import Callable
+
+from django.template.base import Node, NodeList, TextNode
+from django.template.defaulttags import CommentNode
+
+
+def nodelist_has_content(nodelist: NodeList) -> bool:
+    for node in nodelist:
+        if isinstance(node, TextNode) and node.s.isspace():
+            pass
+        elif isinstance(node, CommentNode):
+            pass
+        else:
+            return True
+    return False
+
+
+def walk_nodelist(nodes: NodeList, callback: Callable[[Node], None]) -> None:
+    """Recursively walk a NodeList, calling `callback` for each Node."""
+    node_queue = [*nodes]
+    while len(node_queue):
+        node: Node = node_queue.pop()
+        callback(node)
+        node_queue.extend(get_node_children(node))
+
+
+def get_node_children(node: Node) -> NodeList:
+    """
+    Get child Nodes from Node's nodelist atribute.
+
+    This function is taken from `get_nodes_by_type` method of `django.template.base.Node`.
+    """
+    nodes = NodeList()
+    for attr in node.child_nodelists:
+        nodelist = getattr(node, attr, [])
+        if nodelist:
+            nodes.extend(nodelist)
+    return nodes
diff --git a/src/django_components/slots.py b/src/django_components/slots.py
index db18c1c9..58e60730 100644
--- a/src/django_components/slots.py
+++ b/src/django_components/slots.py
@@ -1,12 +1,7 @@
 import difflib
 import json
 import sys
-from typing import Dict, List, NamedTuple, Optional, Sequence, Set, Tuple, Type, Union
-
-if sys.version_info[:2] < (3, 9):
-    from typing import ChainMap
-else:
-    from collections import ChainMap
+from typing import Dict, List, NamedTuple, Optional, Sequence, Set, Type, Union
 
 if sys.version_info[:2] < (3, 10):
     from typing_extensions import TypeAlias
@@ -20,10 +15,12 @@ from django.template.exceptions import TemplateSyntaxError
 from django.utils.safestring import SafeString, mark_safe
 
 from django_components.app_settings import SlotContextBehavior, app_settings
+from django_components.context import get_root_context, get_slot_fill, set_slot_fill, get_slot_component_association
+from django_components.node import nodelist_has_content
+from django_components.logger import trace_msg
+from django_components.utils import gen_id
 
-FILLED_SLOTS_CONTENT_CONTEXT_KEY = "_DJANGO_COMPONENTS_FILLED_SLOTS"
 DEFAULT_SLOT_KEY = "_DJANGO_COMPONENTS_DEFAULT_SLOT"
-OUTER_CONTEXT_CONTEXT_KEY = "_DJANGO_COMPONENTS_OUTER_CONTEXT"
 
 # Type aliases
 
@@ -38,10 +35,6 @@ class FillContent(NamedTuple):
     alias: Optional[AliasName]
 
 
-FilledSlotsKey = Tuple[SlotName, Template]
-FilledSlotsContext = ChainMap[FilledSlotsKey, FillContent]
-
-
 class UserSlotVar:
     """
     Extensible mechanism for offering 'fill' blocks in template access to properties
@@ -115,16 +108,21 @@ class SlotNode(Node):
         return f"<Slot Node: {self.name}. Contents: {repr(self.nodelist)}. Options: {self.active_flags}>"
 
     def render(self, context: Context) -> SafeString:
-        slot_fill_content = get_slot_fill(context, self.component_id, self.name, callee_node_name=f"SlotNode '{self.name}'")
+        component_id = get_slot_component_association(context, self.node_id)
         trace_msg("RENDR", "SLOT", self.name, self.node_id, component_id=component_id)
 
+        slot_fill_content = get_slot_fill(context, component_id, self.name)
         extra_context = {}
+
+        # Slot fill was NOT found. Will render the default fill
         if slot_fill_content is None:
             if self.is_required:
                 raise TemplateSyntaxError(
                     f"Slot '{self.name}' is marked as 'required' (i.e. non-optional), " f"yet no fill is provided. "
                 )
             nodelist = self.nodelist
+
+        # Slot fill WAS found
         else:
             nodelist, alias = slot_fill_content
             if alias:
@@ -145,7 +143,7 @@ class SlotNode(Node):
 
         See SlotContextBehavior for the description of each option.
         """
-        root_ctx: Context = context.get(OUTER_CONTEXT_CONTEXT_KEY, Context())
+        root_ctx = get_root_context(context) or Context()
 
         if app_settings.SLOT_CONTEXT_BEHAVIOR == SlotContextBehavior.ALLOW_OVERRIDE:
             return context
@@ -230,7 +228,7 @@ class IfSlotFilledConditionBranchNode(_IfSlotFilledBranchNode, ComponentIdMixin)
         super().__init__(nodelist)
 
     def evaluate(self, context: Context) -> bool:
-        slot_fill = get_slot_fill(context, self.component_id, self.slot_name, callee_node_name=type(self).__name__)
+        slot_fill = get_slot_fill(context, self.component_id, self.slot_name)
         is_filled = slot_fill is not None
         # Make polarity switchable.
         # i.e. if slot name is NOT filled and is_positive=False,
@@ -267,21 +265,6 @@ class IfSlotFilledNode(Node):
         return ""
 
 
-def get_slot_fill(
-    context: Context,
-    component_id: str,
-    slot_name: str,
-    callee_node_name: str,
-) -> Optional[FillContent]:
-    try:
-        filled_slots_map: FilledSlotsContext = context[FILLED_SLOTS_CONTENT_CONTEXT_KEY]
-    except KeyError:
-        raise TemplateSyntaxError(f"Attempted to render {callee_node_name} outside a parent component.")
-
-    slot_key = (component_id, slot_name)
-    return filled_slots_map.get(slot_key, None)
-
-
 def parse_slot_fill_nodes_from_component_nodelist(
     component_nodelist: NodeList,
     ComponentNodeCls: Type[Node],
@@ -305,7 +288,7 @@ def parse_slot_fill_nodes_from_component_nodelist(
     and `fill "second_fill"`.
     """
     fill_nodes: Sequence[FillNode] = []
-    if _block_has_content(component_nodelist):
+    if nodelist_has_content(component_nodelist):
         for parse_fn in (
             _try_parse_as_default_fill,
             _try_parse_as_named_fill_tag_set,
@@ -373,17 +356,6 @@ def _try_parse_as_default_fill(
         ]
 
 
-def _block_has_content(nodelist: NodeList) -> bool:
-    for node in nodelist:
-        if isinstance(node, TextNode) and node.s.isspace():
-            pass
-        elif isinstance(node, CommentNode):
-            pass
-        else:
-            return True
-    return False
-
-
 def render_component_template_with_slots(
     component_id: str,
     template: Template,
@@ -392,49 +364,29 @@ def render_component_template_with_slots(
     registered_name: Optional[str],
 ) -> str:
     """
-    Given a template, context, and slot fills, this function first prepares
-    the template to be able to render the fills in the place of slots, and then
-    renders the template with given context.
+    This function first prepares the template to be able to render the fills
+    in the place of slots, and then renders the template with given context.
 
-    NOTE: The template is mutated in the process!
+    NOTE: The nodes in the template are mutated in the process!
     """
-    prev_filled_slots_context: Optional[FilledSlotsContext] = context.get(FILLED_SLOTS_CONTENT_CONTEXT_KEY)
-    updated_filled_slots_context = _prepare_component_template_filled_slot_context(
-        component_id,
-        template,
-        fill_content,
-        prev_filled_slots_context,
-        registered_name,
-    )
-
-    with context.update({FILLED_SLOTS_CONTENT_CONTEXT_KEY: updated_filled_slots_context}):
-        return template.render(context)
-
-
-def _prepare_component_template_filled_slot_context(
-    component_id: str,
-    template: Template,
-    fill_content: Dict[str, FillContent],
-    slots_context: Optional[FilledSlotsContext],
-    registered_name: Optional[str],
-) -> FilledSlotsContext:
+    # ---- Prepare slot fills ---- 
     slot_name2fill_content = _collect_slot_fills_from_component_template(template, fill_content, registered_name)
 
     # Give slot nodes knowledge of their parent component.
+    for node in template.nodelist.get_nodes_by_type(IfSlotFilledConditionBranchNode):
+        if isinstance(node, IfSlotFilledConditionBranchNode):
             trace_msg("ASSOC", "IFSB", node.slot_name, node.node_id, component_id=component_id)
             node.component_id = component_id
 
-    # Return updated FILLED_SLOTS_CONTEXT map
-    filled_slots_map: Dict[FilledSlotsKey, FillContent] = {
-        (component_id, slot_name): content_data
-        for slot_name, content_data in slot_name2fill_content.items()
-        if content_data  # Slots whose content is None (i.e. unfilled) are dropped.
-    }
+    with context.update({}):
+        for slot_name, content_data in slot_name2fill_content.items():
+            # Slots whose content is None (i.e. unfilled) are dropped.
+            if not content_data:
+                continue
+            set_slot_fill(context, component_id, slot_name, content_data)
 
-    if slots_context is not None:
-        return slots_context.new_child(filled_slots_map)
-    else:
-        return ChainMap(filled_slots_map)
+        # ---- Render ----
+        return template.render(context)
 
 
 def _collect_slot_fills_from_component_template(
diff --git a/src/django_components/utils.py b/src/django_components/utils.py
index 1e226f49..774c6892 100644
--- a/src/django_components/utils.py
+++ b/src/django_components/utils.py
@@ -1,9 +1,7 @@
 import glob
-import random
 from pathlib import Path
-from typing import Callable, List, NamedTuple, Optional
+from typing import List, NamedTuple, Optional
 
-from django.template.base import Node, NodeList
 from django.template.engine import Engine
 
 from django_components.template_loader import Loader
@@ -39,34 +37,15 @@ def search(search_glob: Optional[str] = None, engine: Optional[Engine] = None) -
     return SearchResult(searched_dirs=dirs, matched_files=component_filenames)
 
 
-def walk_nodelist(nodes: NodeList, callback: Callable[[Node], None]) -> None:
-    """Recursively walk a NodeList, calling `callback` for each Node."""
-    node_queue = [*nodes]
-    while len(node_queue):
-        node: Node = node_queue.pop()
-        callback(node)
-        node_queue.extend(get_node_children(node))
-
-
-def get_node_children(node: Node) -> NodeList:
-    """
-    Get child Nodes from Node's nodelist atribute.
-
-    This function is taken from `get_nodes_by_type` method of `django.template.base.Node`.
-    """
-    nodes = NodeList()
-    for attr in node.child_nodelists:
-        nodelist = getattr(node, attr, [])
-        if nodelist:
-            nodes.extend(nodelist)
-    return nodes
+# Global counter to ensure that all IDs generated by `gen_id` WILL be unique
+_id = 0
 
 
 def gen_id(length: int = 5) -> str:
-    # Generate random value
-    # See https://stackoverflow.com/questions/2782229
-    value = random.randrange(16**length)
+    """Generate a unique ID that can be associated with a Node"""
+    # Global counter to avoid conflicts
+    global _id
+    _id += 1
 
-    # Signed hexadecimal (lowercase).
-    # See https://docs.python.org/3/library/stdtypes.html#printf-style-string-formatting
-    return f"{value:x}"
+    # Pad the ID with `0`s up to 4 digits, e.g. `0007`
+    return f"{_id:04}"