A branch prediction apparatus having two two-way set associative cache memories each indexed by a lower portion of an instruction cache fetch address is disclosed. The index selects a group of four entries, one from each way of each cache. Each entry stores a single target address of a different previously executed branch instruction. For some groups, the four entries cache target addresses for one branch instruction in each of four different cache lines, to obtain four-way group associativity; for other groups, the four entries cache target addresses for one branch instruction in each of two different cache lines and two branch instructions in a third different cache line, to effectively obtain three-way group associativity, depending on the distribution of the branch instructions in the program. The apparatus trades off associativity for number of predictable branches per cache line on an index-by-index basis to efficiently use storage space.