Systems and methods are provided herein for efficient local caching of data tiered to cloud storage to help reduce the bandwidth cost of repeated reads and writes to the same region of a stubbed file, increase the performance of write operations, and increase performance of read operations to portions of a stubbed file accessed repeatedly. When operations are directed toward data tiered to the cloud, the data can be read from cloud storage and stored within a local cache. A cache tracking tree can be generated and used to track file regions of a stub file, cached states associated with regions of the stub file, a set of cache flags, and other file and mapping data. For example, the cache state of regions of a stub file can be tracked including a cached data state, a non-cached state, a modified state, or a truncated state. Operations directed toward stubbed files can then look to the cache tracking tree to determine the most efficient way to access, retrieve, or operate on the data that maximizes local file system performance while reducing network activity.