This paper presents a two-part study on managing distributed NUCA (Non-Uniform Cache Architecture) L2 caches in a future manycore processor to obtain high singlethread program performance. The first part of our study is a limit study where we determine data to cache slice mappings at the memory page granularity based on detailed inter-page conflict information derived from program’s memory reference trace. By considering cache access latency and cache miss rate simultaneously when mapping data to L2 cache slices, this “oracle” scheme outperforms the conventional shared caching scheme by up to 208% with an average of 45% on a sixteen-core processor. In the second part of the study, we propose and evaluate a dynamic cache management scheme that determines the home cache slice and cache bin for memory pages without any static program information. The dynamic scheme outperforms the shared caching scheme by up to 191% with an average of 32%, achieving much of the performance we obs...