diff --git a/app/helpers/avo/application_helper.rb b/app/helpers/avo/application_helper.rb
index af231f14b..d3bc0f216 100644
--- a/app/helpers/avo/application_helper.rb
+++ b/app/helpers/avo/application_helper.rb
@@ -65,7 +65,7 @@ def svg(file_name, **args)
 
       file_name = "#{file_name}.svg" unless file_name.end_with? ".svg"
 
-      Avo::CACHED_SVGS[file_name] ||= with_asset_finder(::Avo::SvgFinder) do
+      with_asset_finder(::Avo::SvgFinder) do
         inline_svg file_name, **args
       end
     end
diff --git a/lib/avo/svg_finder.rb b/lib/avo/svg_finder.rb
index cc3fd4e3b..91b093137 100644
--- a/lib/avo/svg_finder.rb
+++ b/lib/avo/svg_finder.rb
@@ -9,13 +9,15 @@ def initialize(filename)
 
   # Use the default static finder logic. If that doesn't find anything, search according to our pattern:
   def pathname
-    found_asset = default_strategy
+    Avo::CACHED_SVGS[@filename] ||= begin
+      found_asset = default_strategy
 
-    # Use the found asset
-    return found_asset if found_asset.present?
+      # Use the found asset
+      return found_asset if found_asset.present?
 
-    paths.find do |path|
-      File.exist? path
+      paths.find do |path|
+        File.exist? path
+      end
     end
   end