diff --git a/benchmarks/callperf.jl b/benchmarks/callperf.jl
new file mode 100644
index 00000000..1f0f4b00
--- /dev/null
+++ b/benchmarks/callperf.jl
@@ -0,0 +1,35 @@
+using PyCall, BenchmarkTools, DataStructures
+
+results = OrderedDict{String,Any}()
+
+let
+    np = pyimport("numpy")
+    nprand = np["random"]["rand"]
+    nprand_pyo(sz...) = pycall(nprand, PyObject, sz...)
+    ret = PyNULL()
+    args_lens = (0,3,7,12,17)
+    arr_sizes = (ntuple(i->1, len) for len in args_lens)
+    nprand_wraps = [PyFuncWrap(nprand, map(typeof, arr_size)) for arr_size in arr_sizes]
+    @show typeof(nprand_wraps)
+    for (i, arr_size) in enumerate(arr_sizes)
+        nprand_wrap = nprand_wraps[i]
+        arr_size_str = args_lens[i] < 5 ? "$arr_size" : "$(args_lens[i])*(1,1,...)"
+        results["nprand_pyo $arr_size_str"] = @benchmark $nprand_pyo($arr_size...)
+        println("nprand_pyo $arr_size_str:\n"); display(results["nprand_pyo $arr_size_str"])
+        println("--------------------------------------------------")
+
+        results["nprand_wrap $arr_size_str"] = @benchmark $nprand_wrap($arr_size...)
+        println("nprand_wrap $arr_size_str:\n"); display(results["nprand_wrap $arr_size_str"])
+        println("--------------------------------------------------")
+
+        # args already set by nprand_wrap calls above
+        results["nprand_wrap_noargs $arr_size_str"] = @benchmark $nprand_wrap()
+        println("nprand_wrap_noargs $arr_size_str:\n"); display(results["nprand_wrap_noargs $arr_size_str"])
+        println("--------------------------------------------------")
+    end
+end
+
+println("")
+println("Mean times")
+println("----------")
+foreach((r)->println(rpad(r[1],33), ": ", mean(r[2])), results)
diff --git a/src/PyCall.jl b/src/PyCall.jl
index 52a163bd..687bd227 100644
--- a/src/PyCall.jl
+++ b/src/PyCall.jl
@@ -10,7 +10,8 @@ export pycall, pyimport, pybuiltin, PyObject, PyReverseDims,
        pyisinstance, pywrap, pytypeof, pyeval, PyVector, pystring, pystr, pyrepr,
        pyraise, pytype_mapping, pygui, pygui_start, pygui_stop,
        pygui_stop_all, @pylab, set!, PyTextIO, @pysym, PyNULL, @pydef,
-       pyimport_conda, @py_str, @pywith, @pycall, pybytes, pyfunction, pyfunctionret
+       pyimport_conda, @py_str, @pywith, @pycall, pybytes, pyfunction, pyfunctionret,
+       PyFuncWrap, setarg!, setargs!
 
 import Base: size, ndims, similar, copy, getindex, setindex!, stride,
        convert, pointer, summary, convert, show, haskey, keys, values,
@@ -170,6 +171,7 @@ include("pytype.jl")
 include("pyiterator.jl")
 include("pyclass.jl")
 include("callback.jl")
+include("pyfuncwrap.jl")
 include("io.jl")
 
 #########################################################################
diff --git a/src/conversions.jl b/src/conversions.jl
index 014b8f26..5d5b8bbf 100644
--- a/src/conversions.jl
+++ b/src/conversions.jl
@@ -174,6 +174,11 @@ end
 
 # somewhat annoying to get the length and types in a tuple type
 # ... would be better not to have to use undocumented internals!
+function tuplen(T::DataType)
+    isvatuple(T) && ArgumentError("can't determine length of vararg tuple: $T")
+    return length(T.parameters)
+end
+tuplen(T::UnionAll) = tuplen(T.body)
 istuplen(T,isva,n) = isva ? n ≥ length(T.parameters)-1 : n == length(T.parameters)
 function tuptype(T::DataType,isva,i)
     if isva && i ≥ length(T.parameters)
diff --git a/src/pyfuncwrap.jl b/src/pyfuncwrap.jl
new file mode 100644
index 00000000..6d118cbc
--- /dev/null
+++ b/src/pyfuncwrap.jl
@@ -0,0 +1,91 @@
+struct PyFuncWrap{P<:Union{PyObject,PyPtr}, AT<:Tuple, N, RT}
+    o::P
+    oargs::Vector{PyObject}
+    pyargsptr::PyPtr
+    ret::PyObject
+end
+
+"""
+```
+PyFuncWrap(o::P, argtypes::Tuple #= of Types =#, returntype::Type)
+```
+
+Wrap a callable PyObject/PyPtr to reduce the number of allocations made for
+passing its arguments, and its return value, sometimes providing a speedup.
+Mainly useful for functions called in a tight loop, particularly if most or
+all of the arguments to the function don't change.
+```
+@pyimport numpy as np
+rand22fn = PyFuncWrap(np.random["rand"], (Int, Int), PyArray)
+setargs!(rand22fn, 2, 2)
+for i in 1:10^9
+    arr = rand22fn()
+    ...
+end
+```
+"""
+function PyFuncWrap(o::P, argtypes::Tuple{Vararg{<:Union{Tuple, Type}}},
+            returntype::Type{RT}=PyObject) where {P<:Union{PyObject,PyPtr}, RT}
+    AT = typeof(argtypes)
+    isvatuple(AT) && throw(ArgumentError("Vararg functions not supported, arg signature provided: $AT"))
+    N = tuplen(AT)
+    oargs = Array{PyObject}(N)
+    pyargsptr = ccall((@pysym :PyTuple_New), PyPtr, (Int,), N)
+    return PyFuncWrap{P, AT, N, RT}(o, oargs, pyargsptr, PyNULL())
+end
+
+"""
+```
+setargs!(pf::PyFuncWrap, args...)
+```
+Set the arguments to a python function wrapped in a PyFuncWrap, and convert them
+to `PyObject`s that can be passed directly to python when the function is
+called. After the arguments have been set, the function can be efficiently
+called with `pf()`
+"""
+function setargs!(pf::PyFuncWrap{P, AT, N, RT}, args...) where {P, AT, RT, N}
+    for i = 1:N
+        setarg!(pf, args[i], i)
+    end
+    nothing
+end
+
+"""
+```
+setarg!(pf::PyFuncWrap, arg, i::Integer=1)
+```
+Set the `i`th argument to a python function wrapped in a PyFuncWrap, and convert
+it to a `PyObject` that can be passed directly to python when the function is
+called. Useful if a function takes multiple arguments, but only one or two of
+them change, when calling the function in a tight loop
+"""
+function setarg!(pf::PyFuncWrap{P, AT, N, RT}, arg, i::Integer=1) where {P, AT, N, RT}
+    pf.oargs[i] = PyObject(arg)
+    @pycheckz ccall((@pysym :PyTuple_SetItem), Cint,
+                     (PyPtr,Int,PyPtr), pf.pyargsptr, i-1, pf.oargs[i])
+    pyincref(pf.oargs[i]) # PyTuple_SetItem steals the reference
+    nothing
+end
+
+function (pf::PyFuncWrap{P, AT, N, RT})(args...) where {P, AT, N, RT}
+    setargs!(pf, args...)
+    return pf()
+end
+
+"""
+Warning: if pf(args) or setargs(pf, ...) hasn't been called yet, this will likely segfault
+"""
+function (pf::PyFuncWrap{P, AT, N, RT})() where {P, AT, N, RT}
+    sigatomic_begin()
+    try
+        kw = C_NULL
+        retptr = ccall((@pysym :PyObject_Call), PyPtr, (PyPtr,PyPtr,PyPtr), pf.o,
+                        pf.pyargsptr, kw)
+        pyincref_(retptr)
+        pydecref(pf.ret)
+        pf.ret.o = retptr
+    finally
+        sigatomic_end()
+    end
+    convert(RT, pf.ret)
+end
diff --git a/test/runtests.jl b/test/runtests.jl
index b7dd2e8f..8ecbe0c9 100644
--- a/test/runtests.jl
+++ b/test/runtests.jl
@@ -538,3 +538,5 @@ end
     @test pyfunctionret(factorial, nothing, Int)(3) === nothing
     @test PyCall.is_pyjlwrap(pycall(pyfunctionret(factorial, Any, Int), PyObject, 3))
 end
+
+include("test_pyfuncwrap.jl")
\ No newline at end of file
diff --git a/test/test_pyfuncwrap.jl b/test/test_pyfuncwrap.jl
new file mode 100644
index 00000000..ed213d54
--- /dev/null
+++ b/test/test_pyfuncwrap.jl
@@ -0,0 +1,29 @@
+using Compat.Test, PyCall
+
+@testset "PyFuncWrap" begin
+    np = pyimport("numpy")
+    ops = pyimport("operator")
+    eq = ops["eq"]
+    npzeros = np["zeros"]
+    npzeros_pyo(sz, dtype="d", order="F")     = pycall(npzeros, PyObject, sz, dtype, order)
+    npzeros_pyany(sz, dtype="d", order="F")   = pycall(npzeros, PyAny, sz, dtype, order)
+    npzeros_pyarray(sz, dtype="d", order="F") = pycall(npzeros, PyArray, sz, dtype, order)
+
+    # PyObject is default returntype
+    npzeros2dwrap_pyo     = PyFuncWrap(npzeros, ((Int, Int), String, String))
+    npzeros2dwrap_pyany   = PyFuncWrap(npzeros, ((Int, Int), String, String), PyAny)
+    npzeros2dwrap_pyarray = PyFuncWrap(npzeros, ((Int, Int), String, String), PyArray)
+
+    arr_size = (2,2)
+
+    # all args
+    @test np["array_equal"](npzeros2dwrap_pyo(arr_size, "d", "F"), npzeros_pyo(arr_size))
+    # args already set
+    @test np["array_equal"](npzeros2dwrap_pyo(), npzeros_pyo(arr_size))
+
+    @test all(npzeros2dwrap_pyany(arr_size, "d", "F") .== npzeros_pyany(arr_size))
+    @test all(npzeros2dwrap_pyany() .== npzeros_pyany(arr_size))
+
+    @test all(npzeros2dwrap_pyarray(arr_size, "d", "F") .== npzeros_pyarray(arr_size))
+    @test all(npzeros2dwrap_pyarray() .== npzeros_pyarray(arr_size))
+end