First Sort - Group by Country of domicile (it could be alternatively by Country Exchange)
The ranking first divides the entire universe into buckets based on their country of domicile.
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Bucket 1: All U.S. Stocks
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Bucket 2: All Japanese Stocks
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Bucket 3: All German Stocks
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... and so on for every country.
Second Sort - Group by Sector (Within Each Country)
Next, the ranking takes each country bucket and further subdivides it by economic sector.
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U.S. Bucket -> U.S. Technology, U.S. Financials, U.S. Health Care, etc.
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Japan Bucket -> Japan Technology, Japan Industrials, Japan Financials, etc.
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Germany Bucket -> Germany Technology, Germany Industrials, etc.