diff --git a/src/renderers/shared/stack/reconciler/ReactCompositeComponent.js b/src/renderers/shared/stack/reconciler/ReactCompositeComponent.js
index 37d91f1be0..b07948f0a7 100644
--- a/src/renderers/shared/stack/reconciler/ReactCompositeComponent.js
+++ b/src/renderers/shared/stack/reconciler/ReactCompositeComponent.js
@@ -1117,12 +1117,17 @@ var ReactCompositeComponentMixin = {
    */
   _renderValidatedComponent: function() {
     var renderedComponent;
-    ReactCurrentOwner.current = this;
-    try {
+    if (__DEV__ || !(this._instance instanceof StatelessComponent)) {
+      ReactCurrentOwner.current = this;
+      try {
+        renderedComponent =
+          this._renderValidatedComponentWithoutOwnerOrContext();
+      } finally {
+        ReactCurrentOwner.current = null;
+      }
+    } else {
       renderedComponent =
         this._renderValidatedComponentWithoutOwnerOrContext();
-    } finally {
-      ReactCurrentOwner.current = null;
     }
     invariant(
       // TODO: An `isValidNode` function would probably be more appropriate
diff --git a/src/renderers/shared/stack/reconciler/ReactRef.js b/src/renderers/shared/stack/reconciler/ReactRef.js
index 3ddc23fbd6..a33ca13f1c 100644
--- a/src/renderers/shared/stack/reconciler/ReactRef.js
+++ b/src/renderers/shared/stack/reconciler/ReactRef.js
@@ -62,8 +62,10 @@ ReactRef.shouldUpdateRefs = function(prevElement, nextElement) {
   return (
     // This has a few false positives w/r/t empty components.
     prevEmpty || nextEmpty ||
-    nextElement._owner !== prevElement._owner ||
-    nextElement.ref !== prevElement.ref
+    nextElement.ref !== prevElement.ref ||
+    // If owner changes but we have an unchanged function ref, don't update refs
+    (typeof nextElement.ref === 'string' &&
+     nextElement._owner !== prevElement._owner)
   );
 };
 
diff --git a/src/renderers/shared/stack/reconciler/__tests__/refs-test.js b/src/renderers/shared/stack/reconciler/__tests__/refs-test.js
index 8e2733258a..6811cfe4dc 100644
--- a/src/renderers/shared/stack/reconciler/__tests__/refs-test.js
+++ b/src/renderers/shared/stack/reconciler/__tests__/refs-test.js
@@ -240,5 +240,39 @@ describe('ref swapping', function() {
     var instance = ReactTestUtils.renderIntoDocument(<Component />);
     expect(!!instance.refs).toBe(true);
   });
+
+  function testRefCall() {
+    var refCalled = 0;
+    function Inner(props) {
+      return <a ref={props.saveA} />;
+    }
+    var Outer = React.createClass({
+      saveA() {
+        refCalled++;
+      },
+      componentDidMount() {
+        this.setState({});
+      },
+      render() {
+        return <Inner saveA={this.saveA} />;
+      },
+    });
+    ReactTestUtils.renderIntoDocument(<Outer />);
+    expect(refCalled).toBe(1);
+  }
+
+  it('ref called correctly for stateless component when __DEV__ = false', function() {
+    var originalDev = __DEV__;
+    __DEV__ = false;
+    testRefCall();
+    __DEV__ = originalDev;
+  });
+
+  it('ref called correctly for stateless component when __DEV__ = true', function() {
+    var originalDev = __DEV__;
+    __DEV__ = true;
+    testRefCall();
+    __DEV__ = originalDev;
+  });
 });