Fragment caching takes the output of a code block and stores it so for a predetermined amount of time. http://css-tricks.com/wordpress-fragment-caching-revisited/

fragment_cache.php

<?php
function fragment_cache($key, $ttl, $function) {
  if ( is_user_logged_in() ) {
    call_user_func($function);
    return;
  }
  $key = apply_filters('fragment_cache_prefix','fragment_cache_').$key;
  $output = get_transient($key);
  if ( empty($output) ) {
    ob_start();
    call_user_func($function);
    $output = ob_get_clean();
    set_transient($key, $output, $ttl);
  }
  echo $output;
}