We consider a system where a local cache maintains a collection of dynamic content items that are randomly requested by local users. A capacity-constrained link to a remote network server limits the ability of the cache to hold the latest version of each item at all times, making it necessary to design an update policy. Using an age of information metric, we show under a relaxed problem formulation that an asymptotically optimal policy updates a cached item in proportion to the square root of the item's popularity. We then show experimentally that a physically realizable policy closely approximates the asymptotic optimal policy.