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Components 1

Company Supersector Country Weight (%)
TSMC Technology Taiwan 18.19199
Samsung Electronics Co Ltd Telecommunications South Korea 6.07645
SK HYNIX INC Technology South Korea 3.32926
HDFC Bank Ltd Banks India 2.79249
ICICI Bank Ltd Banks India 1.68961
CHINA CONSTRUCTION BANK CORP H Banks China 1.43081
Hon Hai Precision Industry Co Technology Taiwan 1.41016
MediaTek Inc Technology Taiwan 1.18336
Infosys Ltd Technology India 1.11412
Bharti Airtel Ltd Telecommunications India 1.0841
ICBC H Banks China 1.03778
Delta Electronics Inc Industrial Goods and Services Taiwan 1.00809
PING AN INSUR GP CO. OF CN 'H' Insurance China 0.901
BANK OF CHINA 'H' Banks China 0.78483
SAMSUNG ELTN.PF. Telecommunications South Korea 0.76012
BYD 'H' Automobiles and Parts China 0.73286
Naspers Ltd Technology South Africa 0.70329
AXIS BANK Banks India 0.65041
ITAU UNIBANCO HOLDING SA -PREF Banks Brazil 0.63228
Tata Consultancy Services Ltd Technology India 0.62021
ANGLOGOLD ASHANTI Basic Resources South Africa 0.60243
State Bank of India Banks India 0.60233
Kotak Mah Bk Banks India 0.53165
BAJAJ FINANCE Financial Services India 0.52768
Gold Fields Ltd Basic Resources South Africa 0.51565
Chinatrust Financial Holding C Banks Taiwan 0.50969
Fubon Financial Holding Co Ltd Insurance Taiwan 0.50684
KB Financial Group Inc Banks South Korea 0.4982
Hyundai Motor Co Automobiles and Parts South Korea 0.4761
Grupo Mexico SAB de CV Basic Resources Mexico 0.47198
China Life Insurance Co 'H' Insurance China 0.45506
America Movil SAB de CV Telecommunications Mexico 0.44382
ETERNAL Technology India 0.44336
Grupo Financiero Banorte SAB d Banks Mexico 0.43583
Bank Central Asia Tbk PT Banks Indonesia 0.43582
OTP BANK Banks Hungary 0.42672
FirstRand Ltd Banks South Africa 0.42279
ASE Industrial Holding Technology Taiwan 0.41768
DELTA ELECTRONICS Technology Thailand 0.41434
China Merchants Bank Co Ltd'H' Banks China 0.41021
ZIJIN MINING GROUP H Basic Resources China 0.40194
Quanta Computer Inc Technology Taiwan 0.39916
Shinhan Financial Group Co Ltd Banks South Korea 0.3982
Maruti Suzuki Automobiles and Parts India 0.39787
NAVER CORP Technology South Korea 0.39318
Cathay Financial Holding Co Lt Insurance Taiwan 0.39086
SUN PHARMA INDUSTRIES Healthcare India 0.38802
DOOSAN ENERBILITY Industrial Goods and Services South Korea 0.38595
Celltrion Healthcare South Korea 0.36737
KIA CORPORATION Automobiles and Parts South Korea 0.3523
Chunghwa Telecom Co Ltd Telecommunications Taiwan 0.34458
United Microelectronics Corp Technology Taiwan 0.33358
Fomento Economico Mexicano Food, Beverage and Tobacco Mexico 0.33312
AGRICULTURAL BANK OF CHINA 'H' Banks China 0.32978
Hindustan Unilever Ltd Personal Care, Drug and Grocery Stores India 0.31825
Accton Telecommunications Taiwan 0.3177
CAPITEC BANK Banks South Africa 0.31438
Standard Bank Group Ltd/South Banks South Africa 0.30137
Hana Financial G Banks South Korea 0.29421
BANCO BRADESCO SA - PREF Banks Brazil 0.29356
BOC Hong Kong (Holdings) Ltd. Banks China 0.29214
E.Sun Fhc Banks Taiwan 0.28402
HCL Technologies Technology India 0.28247
Yuanta Financial Holding Co Lt Financial Services Taiwan 0.28082
TS FINANCIAL HOLDING Banks Taiwan 0.27884
Bajaj Finserv Insurance India 0.27169
Titan Co Ltd Consumer Products and Services India 0.2707
Mega Financial Holding Co Ltd Banks Taiwan 0.27016
SAMSUNG C&T CORP Industrial Goods and Services South Korea 0.27002
SK SQUARE Financial Services South Korea 0.26937
WIWYNN CORPORATION Technology Taiwan 0.26931
UltraTech Cement Construction and Materials India 0.26209
Elite Matl Technology Taiwan 0.26095
Bank Rakyat Indonesia Banks Indonesia 0.26091
Wal-Mart de Mexico SAB de CV Retail Mexico 0.26087
Hyundai Mobis Automobiles and Parts South Korea 0.25854
AVC Technology Taiwan 0.25647
PICC P&C 'H' Insurance China 0.24407
ADANI PORTS SEZ Industrial Goods and Services India 0.24234
Wistron Technology Taiwan 0.23726
AXIA ENERGIA Utilities Brazil 0.2328
ICTSI Industrial Goods and Services Philippines 0.23217
Bajaj Auto Ltd Consumer Products and Services India 0.23125
SAMSUNG BIOLOGICS Healthcare South Korea 0.23074
Tata Steel Ltd Basic Resources India 0.23013
Yageo Technology Taiwan 0.22757
Malayan Banking Bhd Banks Malaysia 0.22755
Weg SA Industrial Goods and Services Brazil 0.22193
Uni-President Enterprises Corp Food, Beverage and Tobacco Taiwan 0.22175
SinoPac Fin. Ho. Banks Taiwan 0.22098
Power Grid Corp of India Ltd Utilities India 0.22076
Public Bank Bhd Banks Malaysia 0.22042
Hindalco Basic Resources India 0.21989
NATIONAL BANK OF GREECE Banks Greece 0.21761
Asian Paints Industrial Goods and Services India 0.21752
ALTEOGEN Healthcare South Korea 0.21672
HD KOREA SHIPBUILDING & OFFSHORE ENGINEERING Industrial Goods and Services South Korea 0.21642
Asustek Computer Inc Technology Taiwan 0.21406
SHRIRAM FINANCE Financial Services India 0.21376
Samsung Heavy In Industrial Goods and Services South Korea 0.21189
Kasikornbank PCL Banks Thailand 0.21174
B3 SA - Brasil Bolsa Balcao Financial Services Brazil 0.2116
WOORI FINANCIAL GROUP Banks South Korea 0.21157
MTN Group Ltd Telecommunications South Africa 0.20815
ITAUSA - PREF Financial Services Brazil 0.208
INTERGLOBE AVIATION Travel and Leisure India 0.20781
HD HYUNDAI ELECTRIC Industrial Goods and Services South Korea 0.20664
Eicher Motors Consumer Products and Services India 0.20548
CIMB Group Holdings Bhd Banks Malaysia 0.20332
Samsung SDI Co Ltd Industrial Goods and Services South Korea 0.20292
KAKAO CORP Technology South Korea 0.20224
JIO FINANCIAL SERVICES Financial Services India 0.19703
Jsw Steel Basic Resources India 0.19581
Liteon Tech Technology Taiwan 0.19567
ADVANCED INFO SERVICE PCL Telecommunications Thailand 0.19524
ABSA GROUP LTD Banks South Africa 0.19488
CHINA PAC.IN.(GROUP) 'H' Insurance China 0.19468
EVERGREEN MARINE Industrial Goods and Services Taiwan 0.19106
GRASIM INDUSTRIES Construction and Materials India 0.18901
Bank Mandiri Tbk PT Banks Indonesia 0.18776
CIA DE SANEAMENTO BASICO SP Utilities Brazil 0.18735
HD HYUNDAI HEAVY INDUSTRIES Industrial Goods and Services South Korea 0.18652
Embraer Industrial Goods and Services Brazil 0.18507
Banco do Brasil SA Banks Brazil 0.18435
Nan Ya Plastics Corp Chemicals Taiwan 0.18386
SCB X PUBLIC COMPANY LIMITED Banks Thailand 0.18376
Hua Nan Financial Holdings Co Banks Taiwan 0.18324
First FHC Banks Taiwan 0.18293
NONGFU SPRING 'H' Food, Beverage and Tobacco China 0.18108
GRUPO AERO. PACIFICO Industrial Goods and Services Mexico 0.18098
LG ENERGY SOLUTION Industrial Goods and Services South Korea 0.18011
Samsung Fire & Marine Insuranc Insurance South Korea 0.17861
AMBEV Food, Beverage and Tobacco Brazil 0.17618
LG Chem Ltd Industrial Goods and Services South Korea 0.17383
Cipla Ltd Healthcare India 0.17151
Banco de Chile Banks Chile 0.16941
FALABELLA Retail Chile 0.1694
Bangkok Bank PCL Banks Thailand 0.1689
Trent Retail India 0.1684
Taiwan Mobile Co Ltd Telecommunications Taiwan 0.16799
China Resources Land Ltd. Real Estate China 0.1677
Samsung Life Insurance Co Ltd Insurance South Korea 0.16769
SBI LIFE INSURANCE CO. Insurance India 0.16758
EUROBANK Banks Greece 0.16592
Samsung Electro-Mechanics Co L Technology South Korea 0.16127
Tech Mahindra Technology India 0.16038
HANWHA OCEAN Industrial Goods and Services South Korea 0.16037
TVS Motor Consumer Products and Services India 0.16012
PT TELKOM INDONESIA TBK Telecommunications Indonesia 0.15972
HARMONY GOLD MNG. Basic Resources South Africa 0.15691
ARCA CONTINENTAL Food, Beverage and Tobacco Mexico 0.1568
Pidilite Inds Chemicals India 0.15615
KGI FINANCIAL HOLDING Insurance Taiwan 0.15611
Divis Lab Healthcare India 0.1529
Wipro Ltd Technology India 0.15225
HDFC LIFE INSURANCE Insurance India 0.15221
KT Corp Telecommunications South Korea 0.15163
Apollo Hospitals Healthcare India 0.15142
TAIWAN COOP.FINL.HLDG. Banks Taiwan 0.15037
LATAM AIRLINES GROUP Travel and Leisure Chile 0.14973
Industrias Penoles SAB de CV Basic Resources Mexico 0.1497
Korea Zinc Basic Resources South Korea 0.1494
Piraeus Financial Holdings Banks Greece 0.14676
EQUATORIAL ON Utilities Brazil 0.14572
BARITO RENEWABLES ENERGY Utilities Indonesia 0.1452
Cholamandalam Financial Services India 0.14247
Nestle India Food, Beverage and Tobacco India 0.14131
ALPHA BANK Banks Greece 0.14124
HERO METOCORP Consumer Products and Services India 0.14025
CHINA CITIC BANK 'H' Banks China 0.13984
BGK.DUSIT MED.SVS. Healthcare Thailand 0.13977
PB FINTECH Insurance India 0.1395
TATA MOTORS PASSENGER VEHICLES Automobiles and Parts India 0.13817
Dr Reddys Lab Healthcare India 0.13815
SM Investments Corp Retail Philippines 0.13671
Britannia Indu Food, Beverage and Tobacco India 0.13416
MAX HEALTHCARE INSTITUTE Healthcare India 0.13384
Realtek Semicon Technology Taiwan 0.13356
Sanlam Ltd Insurance South Africa 0.13091
PERSISTENT SYSTEMS Technology India 0.12994
ALCHIP TECHNOLOGIES Technology Taiwan 0.1296
BANCO BTG PACTUAL ON Financial Services Brazil 0.12957
HAIER SMART HOME H 'H' Consumer Products and Services China 0.1293
TATA CONSUMER PRODUCTS Food, Beverage and Tobacco India 0.12483
China Steel Corp Basic Resources Taiwan 0.12426
VARUN BEVERAGES Food, Beverage and Tobacco India 0.124
AIRPORTS OF THAILAND Industrial Goods and Services Thailand 0.12209
DLF Ltd Real Estate India 0.12169
LG Corp Industrial Goods and Services South Korea 0.12074
POSTAL SAVINGS BOC.'H' Banks China 0.12047
MUTHOOT FINANCE Financial Services India 0.12045
POLYCAB INDIA Industrial Goods and Services India 0.12039
NOVATEK Microele Technology Taiwan 0.11989
The Indian Hotel Travel and Leisure India 0.11895
Suzlon Energy Energy India 0.11768
Hotai Motor Retail Taiwan 0.11703
AVENUE SUPERMARTS Personal Care, Drug and Grocery Stores India 0.11662
Shoprite Holdings Ltd Personal Care, Drug and Grocery Stores South Africa 0.1166
LARGAN Precision Technology Taiwan 0.11642
Localiza Rnt Car Consumer Products and Services Brazil 0.11453
Sociedad Quimica y Minera de C Chemicals Chile 0.11359
Ashok Leyland Industrial Goods and Services India 0.11343
Info Edge Technology India 0.112
DISCOVERY LTD Insurance South Africa 0.11162
LG Electronics Inc Consumer Products and Services South Korea 0.11148
BidCorp Ltd Personal Care, Drug and Grocery Stores South Africa 0.11079
Cummins India Industrial Goods and Services India 0.11073
Formosa Plastics Corp Industrial Goods and Services Taiwan 0.11062
PRESS METAL ALUMINIUM HOLDINGS Basic Resources Malaysia 0.11056
CHINA TOWER 'H' Telecommunications China 0.11048
Far EasTone Telecommunications Telecommunications Taiwan 0.10857
SAMVARDHANA MOTHERSON INTERNAT Automobiles and Parts India 0.10846
SUZANO Basic Resources Brazil 0.10787
Nedbank Group Ltd Banks South Africa 0.10561
SHANGHAI COMMERCIAL Banks Taiwan 0.10483
SM Prime Holdings Inc Real Estate Philippines 0.10418
Indusind Bank Banks India 0.10283
INDUS TOWERS Telecommunications India 0.10097
MERITZ FINANCIAL GROUP Financial Services South Korea 0.10083
Bank of Communications Co 'H' Banks China 0.10033
REDE DOR SAO LUIZ ON Healthcare Brazil 0.09898
CHAILEASE HOLDING Financial Services Taiwan 0.09865
Marico Food, Beverage and Tobacco India 0.09851
Banco de Credito e Inversiones Banks Chile 0.09838
DIXON TECHNOLOGIES (INDIA) Consumer Products and Services India 0.09836
Lupin Ltd Healthcare India 0.09807
Central Pattana PCL Real Estate Thailand 0.09608
C.H.B Banks Taiwan 0.09578
CITIC SECURITIES 'H' Financial Services China 0.09515
China Overseas Land & Investme Real Estate China 0.09478
Krung Thai Bank PCL Banks Thailand 0.09398
BARITO PACIFIC Chemicals Indonesia 0.0934
MRF Automobiles and Parts India 0.09334
BIM BIRLESIK MAGAZALAR Personal Care, Drug and Grocery Stores Turkey 0.09294
Godrej Cp Personal Care, Drug and Grocery Stores India 0.0924
ECOPRO BM Industrial Goods and Services South Korea 0.09226
GRUPO AERO. DEL SURESTE Industrial Goods and Services Mexico 0.09166
ADANI ENERGY SOLUTIONS Utilities India 0.09108
Power Fncs Financial Services India 0.09094
Banco de Oro Unibank Inc Banks Philippines 0.09089
TRUE CORPORATION Telecommunications Thailand 0.09081
CHINA RESOURCES BEER (HLDG) Food, Beverage and Tobacco China 0.0907
Grupo Financiero Inbursa SA Banks Mexico 0.08973
SK TELECOM Telecommunications South Korea 0.08922
HYUNDAI GLOVIS CO LTD Industrial Goods and Services South Korea 0.08808
EVA Airways Travel and Leisure Taiwan 0.08752
Aurobindo Pharm Healthcare India 0.08734
ICICI LOMBARD GENERAL INSURANC Insurance India 0.08715
AMMAN MINERAL INTERNASIONAL Basic Resources Indonesia 0.08678
GRUPO CIBEST S.A. - PREF Banks Colombia 0.08615
AKBANK Banks Turkey 0.08539
CG POWER AND IND. SOLUTIONS Industrial Goods and Services India 0.08539
KRAFTON Consumer Products and Services South Korea 0.08522
SRF Chemicals India 0.08436
United Spirit Food, Beverage and Tobacco India 0.08347
HANMI SEMICONDUCTOR Technology South Korea 0.08254
Pegatron Technology Taiwan 0.0817
Advantech Technology Taiwan 0.08155
Shree Cement Ltd Construction and Materials India 0.08153
HYUNDAI MOTOR PF.2 Automobiles and Parts South Korea 0.08133
Bank of Baroda Banks India 0.08077
VALTERRA PLATINUM Basic Resources South Africa 0.08045
GRUPO CIBEST SA Banks Colombia 0.08024
LTIMINDTREE Technology India 0.08015
Bharat Forge Basic Resources India 0.07899
Banco Santander Chile Banks Chile 0.07837
REC Financial Services India 0.07823
HYBE Media South Korea 0.07807
Canara Bank Banks India 0.07782
SAMSUNG SDS Technology South Korea 0.07603
Yes Bank Banks India 0.07558
Torrent Pharm Healthcare India 0.0754
TURK HAVA YOLLARI Travel and Leisure Turkey 0.07515
Bank of the Philippine Islands Banks Philippines 0.0751
IHH HEALTHCARE Healthcare Malaysia 0.07443
TELEFONICA BRASIL Telecommunications Brazil 0.07289
BBSEGURIDADE ON NM Insurance Brazil 0.07144
BANCO BRADESCO SA Banks Brazil 0.07103
Yuhan Healthcare South Korea 0.07033
YMTC Industrial Goods and Services Taiwan 0.07028
Cencosud SA Personal Care, Drug and Grocery Stores Chile 0.07009
Siam Cement PCL Industrial Goods and Services Thailand 0.06995
KOMERCNI BANKA Banks Czech Republic 0.06933
BANCO BTG PACTUAL PN 'A' Financial Services Brazil 0.06926
KOREAN AIR LINES Travel and Leisure South Korea 0.06875
Ambuja Cem Construction and Materials India 0.06714
Phoenix Mills Real Estate India 0.0671
HMM Industrial Goods and Services South Korea 0.06669
ZHEJIANG LEAPMOTOR TECH H Automobiles and Parts China 0.06644
OPAP Travel and Leisure Greece 0.06579
BOSCH Automobiles and Parts India 0.06335
BNI Tbk PT Banks Indonesia 0.06286
Industrial Bank of Korea Banks South Korea 0.06221
ADANI GREEN ENERGY Utilities India 0.06206
Prestge Ests Real Estate India 0.0618
LODHA DEVELOPERS Real Estate India 0.06164
HYUNDAI MOTOR INDIA Automobiles and Parts India 0.06094
TI FINANCIAL HOLDINGS Basic Resources India 0.06072
GMR AIRPORTS Industrial Goods and Services India 0.05897
Godrej Prop Real Estate India 0.05895
CHINA RESOURCES MIXC LIFESTYLE Real Estate China 0.0585
Havells India Industrial Goods and Services India 0.05794
Grupo Carso SAB de CV Industrial Goods and Services Mexico 0.05737
ADITYA BIRLA FIN. SERVICES Insurance India 0.05733
HONG LEONG BANK Banks Malaysia 0.05692
ALKEM LABORATORIES Healthcare India 0.05552
TIM Telecommunications Brazil 0.05538
ITAU UNIBANCO HOLDING S.A. Banks Brazil 0.05433
ENKA INSAAT Construction and Materials Turkey 0.05421
Bharat Heavy Electricals Ltd Industrial Goods and Services India 0.05357
KAKAOBANK Banks South Korea 0.053
Punjab Nat Bk Banks India 0.05288
Colgate India Personal Care, Drug and Grocery Stores India 0.05209
Siemens Industrial Goods and Services India 0.05138
PAGE INDUSTRIES Consumer Products and Services India 0.05075
ABB INDIA Industrial Goods and Services India 0.05066
HYUNDAI MOTOR PF. Automobiles and Parts South Korea 0.04899
OTE Telecommunications Greece 0.04896
Vodacom Group Ltd Telecommunications South Africa 0.04798
Ayala Land Inc Real Estate Philippines 0.04771
Hindustan Zinc Ltd Basic Resources India 0.04713
ICICI PRU.LIFE INS. Insurance India 0.04713
YAPI VE KREDI BANKASI Banks Turkey 0.04664
GRUMA 'B' Food, Beverage and Tobacco Mexico 0.04595
MANKIND PHARMA Healthcare India 0.04528
TURKIYE IS BANKASI Banks Turkey 0.04499
Dabur India Personal Care, Drug and Grocery Stores India 0.04489
SD GUTHRIE Food, Beverage and Tobacco Malaysia 0.04452
HITACHI ENERGY INDIA Industrial Goods and Services India 0.04397
YTL Utilities Malaysia 0.04362
PI INDUSTRIES Chemicals India 0.0435
Zydus Lifesciences Healthcare India 0.04287
Ayala Corp Real Estate Philippines 0.04242
AXIA ENERGIA - PREF Utilities Brazil 0.04236
SUPREME INDUSTRIES Industrial Goods and Services India 0.04225
Union Bank Banks India 0.04109
Berger Paints Industrial Goods and Services India 0.04088
Amorepacific Consumer Products and Services South Korea 0.04068
China Merchants Port Holdings Industrial Goods and Services China 0.03897
NHPC Utilities India 0.03895
SBI CARDS & PAYMENT SERVICES Financial Services India 0.03882
KALYAN JEWELLERS INDIA Consumer Products and Services India 0.03853
SINOTRUK (HONG KONG) Industrial Goods and Services China 0.03833
INDIAN RAILWAY FINANCE Industrial Goods and Services India 0.03756
MISC Bhd Industrial Goods and Services Malaysia 0.03642
Oberoi Realty Real Estate India 0.03629
LIFE INSURANCE CORPORATION OF Insurance India 0.03491
Oracle Fin Technology India 0.03447
ORIENT OVERSEAS (INTL.) Industrial Goods and Services China 0.03442
TURKIYE GARANTI BANKASI Banks Turkey 0.0323
BOC AVIATION Industrial Goods and Services China 0.03227
ENEL AMERICAS Utilities Chile 0.02977
POSCO INTERNATIONAL Industrial Goods and Services South Korea 0.02898
Grupo Comercial Chedraui SA de Retail Mexico 0.02898
CPFL Energia SA Utilities Brazil 0.02879
CAIXA SEGURIDADE PART. ON Insurance Brazil 0.02866
Abbot India Healthcare India 0.02753
INDN.RY.CATER.&. TSM. CORP. Travel and Leisure India 0.02751
CATHAY FINANCIAL PF.SHS. Insurance Taiwan 0.0265
FORD OTOSAN Automobiles and Parts Turkey 0.02623
RAIL VIKAS NIGAM Construction and Materials India 0.02597
CELCOMDIGI BHD Telecommunications Malaysia 0.0251
CHINA STE.CON.INTL.HDG. Construction and Materials China 0.02405
LINDE INDIA Chemicals India 0.02328
PETRONAS CHEMICALS GP. Chemicals Malaysia 0.02125
BANCO SANTANDER - PREF Banks Brazil 0.02
FUBON FINANCIAL PF.SHS. Insurance Taiwan 0.0199
INDOFOOD CBP SUKSES MKM. Food, Beverage and Tobacco Indonesia 0.01888
Maxis Bhd Telecommunications Malaysia 0.01865
BANCO SANTANDER Banks Brazil 0.0179
LG CHEM 1PF Industrial Goods and Services South Korea 0.01482
ITAUSA INVESTIMENTOS ITAU S.A Financial Services Brazil 0.01437
CP AXTRA Retail Thailand 0.01312
TS FINANCIAL HOLDING PREF E Banks Taiwan 0.01301
TURK. VAKIFLAR BANKASI Banks Turkey 0.01228
SAMSUNG FIRE & MAR.IN.PF Insurance South Korea 0.01121
CTBC FINL.HLDG.PF. SHS.B Banks Taiwan 0.01113
LG ELECTRONICS PF. Consumer Products and Services South Korea 0.00955
Bank Syariah Indonesia Banks Indonesia 0.00911
SOCIEDAD QUIMICA Y MIN. DE CH Chemicals Chile 0.00846
CHAILEASE HOLDING PREFERRED SH Financial Services Taiwan 0.00798
SHANDONG HI-SPEED HOLDINGS GROUP-NEW Real Estate China 0.00589
HYUNDAI MOTOR 3RD PF. Automobiles and Parts South Korea 0.00524
AMOREPACIFIC PF. Consumer Products and Services South Korea 0.00447
SAMSUNG ELTO.MECH.PF. Technology South Korea 0.00388
SAMSUNG C&T 1P PF. Industrial Goods and Services South Korea 0.00246
LG PF. Industrial Goods and Services South Korea 0.00227
1Based on the last periodic review implementation