Democracy International Fund
DMCY
New York Stock Exchange Arca- -
USD
- -
- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 1480 Moraga Road, Suite C #378 Moraga CA United States of America 94556
- IPO Date
- Apr 1, 2021
- CIK
- 0001593547
- Similar Companies
- Business
- Democracy International Fund (DMCY) is an exchange-traded fund that provides investors with exposure to a global markets ex-United States large- and mid-cap international equity portfolio weighted by both market capitalization and country democracy scores. The fund tracks the total return performance, before fees and expenses, of the Democracy Investments International Index, which leverages an exclusive license to The Economist's Democracy Index to allocate higher weights to democratic countries and lower weights to authoritarian regimes; it employs a representative sampling approach holding common stocks, American Depositary Receipts (ADRs) of large- and medium-capitalization companies, and shares of exchange-traded funds (ETFs). Launched on March 31, 2021, and listed on the NYSE Arca, the fund is part of The Advisors' Inner Circle Fund III series, co-managed by Democracy Investment Management LLC and Vident Asset Management, with headquarters operations linked to Wilmington, Delaware, and Orinda, California. The fund's portfolio spans developed and emerging markets outside the U.S., targeting diversified sectors including technology, financials, healthcare, and consumer goods through top holdings such as Vanguard FTSE Pacific ETF (VPL), Vanguard FTSE Emerging Markets ETF (VWO), iShares MSCI Japan ETF (EWJ), and individual securities like ASML Holding NV and SAP SE. It focuses on growth and value stocks across large- and mid-cap segments, aiming to shift capital flows toward democracies to lower their cost of capital, enhance economic growth, and create market-based incentives for democratic reforms globally. As of November 2025, net assets stand at $10.7 million, with a net expense ratio of 0.50% (contractual waivers in place until at least April 2024, potentially extended). In recent developments, the fund marked over four years of live performance through late 2025, demonstrating year-to-date NAV returns of 23.35% as of September 30, 2025, and reaching a 52-week high of $29.27 in April 2025 amid broader international equity gains. Democracy Investments, the fund sponsor, maintained its exclusive licensing agreement with The Economist Group for the Democracy Index and featured in high-profile media including Bloomberg ETF IQ in October 2024, highlighting global voting trends and the fund's methodology. The firm also participated in the Copenhagen Democracy Summit in May 2024 and released updated investor materials, such as a September 2023 white paper on international valuations and a latest investor deck, underscoring ongoing strategic emphasis on democracy as an investment factor amid re-globalization trends. No major acquisitions, funding rounds, or structural reorganizations were reported in the last 1-2 years, with focus remaining on index tracking, performance reporting, and thought leadership.