The management company LBI – Livret Bourse Investissement presents its eponymous solution, a SICAV under French law designed for savers seeking qualitative exposure to European equity markets. Thanks to its ingenious management architecture, this fund eligible for the Plan d'Épargne en Actions (PEA) provides access to a conviction strategy "Dividend Grower" managed by the expert DNCA Finance. At the heart of the proposition: maximum flexibility (no minimum subscription, no exit fees) and sustainable commitment (ISR Label and Article 8 SFDR).
About the Livret Bourse Investissement: a clear value proposition
In an environment where French savers seek both the potential performance of equity markets and clear and secure investment frameworks, LBI – Livret Bourse Investissement provides a structured response. The Parisian management company launches its flagship product, the "Livret Bourse Investissement", a Société d'Investissement à Capital Variable (SICAV) under French law whose history dates back to November 9, 1972, and which is set to last for 99 years.
The fund's value proposition is based on a strategic triptych designed for the modern investor. Firstly, to provide disciplined access to quality European stocks, relying on recognized conviction management. Secondly, to optimize the French wealth framework by ensuring the fund's eligibility for the Plan d'Épargne en Actions (PEA), a privileged fiscal vehicle. Thirdly, to ensure maximum usage flexibility by removing barriers to entry (no minimum investment) and exit (no redemption fees).
The Livret Bourse Investissement thus positions itself as a turnkey solution for investing in a portfolio of rigorously selected European companies for the quality of their business model, the credibility of their management, the solidity of their balance sheet, and their ability to generate growing dividends. This financial approach is coupled with a strong ethical dimension, as the fund integrates sustainable finance criteria at the heart of its strategy.
Architecture & management: the efficiency of an expert ecosystem
The engineering of the Livret Bourse Investissement is based on a "nourishing-master" architecture, a structure that combines the agility of a French vehicle with the expertise of an international management strategy.
As a "nourishing" Organisme de Placement Collectif en Valeurs Mobilières (OPCVM), the SICAV LBI invests almost all of its assets in another fund, referred to as the "master fund". This strategic choice allows the LBI fund to capture the entirety of the strategy and exposure of the master.
The selected master fund is the DNCA INVEST – Euro Dividend Grower (Part MD EUR, ISIN LU2343999186), a recognized Luxembourg law SICAV. The management of this master fund, and therefore ultimately the performance of the Livret Bourse Investissement, is entrusted to the management company DNCA Finance. This company is recognized for its expertise in active conviction management, particularly in European equities.
The fund's ecosystem relies on leading institutional partners. The role of depository, guaranteeing the safekeeping of the SICAV's assets, is held by CACEIS Bank. The distribution and promotion of the fund to investors and partner networks are handled by Natixis Investment Managers International, an entity operating within a robust financial ecosystem including players such as BPCE or Ostrum Asset Management.
This structure guarantees a permanent exposure of at least 75% to the stocks of the European Union, a sine qua non condition for its eligibility for the PEA. For reference, as of December 31, 2024, the PEA exposure of the master fund was 82.335%.
The advantage of the nourishing-master structure
The choice of a "nourishing-master" architecture is far from a mere technical detail; it represents a direct and tangible competitive advantage for the French saver. This sophisticated structuring is the key that allows for reconciling the benefits of a French law envelope with access to an international caliber management strategy.
The most immediate benefit is fiscal and regulatory. The master fund (DNCA INVEST – Euro Dividend Grower), being a Luxembourg law vehicle, is not, as such, naturally eligible for the French PEA. The creation of the "nourishing" LBI, which is a SICAV under French law, acts as a holding envelope perfectly compliant with French regulations. It is this French vehicle that holds the master fund, thus allowing subscribers of the Livret Bourse Investissement to fully benefit from the valuable eligibility for the Plan d'Épargne en Actions (PEA) and its specific fiscal framework (subject to current conditions).
The second major advantage is the simplified access to high-level management expertise. Rather than duplicating a strategy or recreating a similar management team in France, the nourishing structure allows French investors to directly benefit from the expertise, history, and depth of analysis of DNCA Finance on its flagship "Euro Dividend Grower" strategy. Savers thus access an already established master fund, benefiting from critical size and a proven management process, all in a simple French format.
In summary, the Livret Bourse Investissement acts as an intelligent bridge. It makes a sophisticated European investment strategy focused on quality and growing dividends perfectly accessible and tax-optimized for the French saver, without requiring them to manage the complexity of investing in a foreign fund.
Investment process "Quality GARP" and "Dividend Grower"
The driving force behind the strategy of the Livret Bourse Investissement, inherited from its master DNCA INVEST – Euro Dividend Grower, is based on active and discretionary management. This means that the selection of securities does not passively follow an index but results from strong convictions of the managers at DNCA Finance, based on in-depth fundamental analysis.
The investment philosophy is rooted in the "Quality GARP" approach (Quality Growth At a Reasonable Price). The goal is to find a balance between two worlds: "quality" (Quality) and "growth at a reasonable price" (GARP). The management team does not seek companies with the most explosive growth, often very expensive, nor the cheapest companies, often of lesser quality. It actively seeks high-quality companies whose growth potential is not yet fully reflected in their stock price.
Within this GARP universe, the strategy applies a specific filter: the "Dividend Grower" focus (dividend growth). The analysis does not merely identify companies that pay a high dividend at a given moment, which can sometimes mask future difficulties. The management favors European companies that demonstrate a proven ability to maintain and, above all, to sustainably grow their dividends. Regular dividend growth is often a sign of a robust business model, healthy cash generation, and management aligned with shareholder interests.
This "Dividend Grower" selection process involves a thorough examination of three fundamental pillars for each analyzed company:
Quality companies: Those that possess sustainable competitive advantages, market leadership, and strong visibility on their future revenues.
A credible management: The management team places crucial importance on the quality of the management team, its strategic vision, and its alignment with the long-term interests of shareholders.
Healthy balance sheets: Financial solidity is essential. The fund seeks companies with a robust balance sheet structure, capable of absorbing economic shocks, financing their growth, and supporting dividend increases without jeopardizing their financial health.
In summary, the management process aims to build a portfolio of conviction European equities, composed of leading companies, offering visibility on their profitability and capable of generating regular revenue growth for the investor.
A strong commitment to sustainable finance (ISR / SFDR)
Investing in the Livret Bourse Investissement transcends the simple search for financial performance. It integrates a dimension of sustainability and responsibility, responding to the growing expectations of savers who wish to give meaning to their investments and contribute to a more virtuous economy.
The investment strategy of the fund is officially classified as Article 8 under the European SFDR (Sustainable Finance Disclosure Regulation). This classification is demanding: it designates funds that actively promote environmental and/or social characteristics and ensure that the companies in which they invest respect good governance practices. Sustainable commitment is therefore not ancillary; it is an integral part of the fund's promise.
Beyond this European regulatory compliance, the strategy has also obtained the ISR Label (Socially Responsible Investment) in France. This label, recognized and controlled by independent bodies, guarantees savers that the management process applies a rigorous and measurable methodology for integrating Environmental, Social, and Governance (ESG) criteria into financial analysis and final securities selection.
To do this, the management company DNCA Finance relies on its own proprietary ESG methodology. This is not just a simple exclusion filter for the "bad students". The chosen approach is that of "best in universe", which aims to identify and prioritize, within each sector, companies that demonstrate the best practices and the most advanced policies on ESG issues.
An internal eligibility threshold is thus defined, ensuring that only companies exceeding a certain standard of responsibility can be included in the portfolio. ESG integration is therefore placed at the heart of financial analysis. It is considered a fundamental element for evaluating the overall "quality" of a company, on par with the solidity of its balance sheet or the credibility of its management.
For the saver, investing through the Livret Bourse Investissement therefore means choosing to actively support European economic actors who are concretely engaged in ecological transition, responsible management of their human capital, and the promotion of transparent and ethical corporate governance.
Key advantages for the saver: flexibility and accessibility
The Livret Bourse Investissement has been meticulously structured to maximize practical benefits for the French investor. It stands out due to a combination of strengths focused on flexibility, accessibility, and wealth optimization.
1. Eligibility for the PEA
This is the major structural advantage for the French saver. Thanks to its form as a French law nourishing SICAV and its compliance with the investment quota of more than 75% in stocks of the European Union (master exposure at 82.335% as of 31/12/2024), the fund can be housed within a Plan d'Épargne en Actions (PEA) or a PEA-PME. This advantage allows the investor to benefit, under certain conditions (notably a holding period of 5 years), from the favorable tax framework of the PEA on capital gains and potential income.
2. Total accessibility (no minimum subscription)
LBI has chosen to remove all barriers to entry. The minimum subscription amount is set at "none". In practice, the fund is accessible from the purchase of a single share, with a nominal value of a few tens or hundreds of euros. This radical accessibility policy makes the Livret Bourse Investissement relevant for all profiles: whether for a saver wishing to set up scheduled payments of small amounts or for a seasoned investor looking to diversify their lines.
3. Maximum flexibility (no exit fees)
The freedom of the saver is also guaranteed upon exit. The redemption fee (exit fee) is "none". The investor can request the redemption of their shares at any time, without incurring any exit penalty. This total liquidity is a guarantee of trust and freedom, ensuring the saver that their capital remains available.
4. The choice of wealth objective (RC or RD shares)
The Livret Bourse Investissement offers rare modularity by coming in two categories of shares, allowing it to perfectly adapt to two distinct wealth strategies:
Part R C (ISIN FR0000287955): Capitalization. With this share, all the income generated by the fund (dividends and coupons received from the companies in the portfolio) is not distributed. They are automatically reinvested within the fund, thereby increasing the net asset value of the share. This is the preferred option for a long-term capital growth strategy, particularly suited to the PEA envelope where reinvested income continues to grow tax-free.
Part R D (ISIN FR0013516291): Distribution. With this share, the revenues generated by the fund are periodically distributed (generally annually) to shareholdings. This is the ideal option for investors seeking regular supplemental income from their capital, for example within a securities account.
5. Transparent pricing
The pricing structure is designed to be clear. While entry fees (maximum 2% according to the distributor's scale) may be applied upon subscription, it should be noted that none of these commissions are acquired by the SICAV itself. The annual management fees charged at the master fund level (Part M/D) are 0.25% including tax. In addition, the strategy does not apply a performance fee, nor movement fees, ensuring better cost predictability for the investor.
The Livret Bourse Investissement in key figures
Characteristic Detail
Product designation Livret Bourse Investissement
Legal nature SICAV under French law (nourishing OPCVM)
Creation date (Nourishing) November 9, 1972
ISIN Part Capitalization FR0000287955 (Part R C)
ISIN Distribution Share FR0013516291 (Part R D)
Master Fund DNCA INVEST – Euro Dividend Grower
ISIN Master Fund LU2343999186 (Part MD EUR)
Management company (Master) DNCA Finance
Depository (Nourishing) CACEIS Bank
Distributor (Nourishing) Natixis Investment Managers International
Sustainable Finance Article 8 (SFDR) & ISR Label
Maximum entry fees. 2% (according to the scale)
Exit fees (Redemption) None
Management fees (Master) 0.25% including tax (Part M/D)
Performance fee No
The advice of the expert (ORIAS broker)
To better understand the positioning of this solution, we interviewed Catherine Lecomte Violet, a licensed broker and investment solutions expert, registered with the ORIAS under number 07012054.
"The Livret Bourse Investissement responds to a strong and specific demand from savers: that of simple, flexible, and tax-optimized access to quality European equity markets," analyzes Catherine Lecomte Violet. "Its dual strength lies, on one hand, in its eligibility for the PEA, which remains the reference equity savings tool in France, and on the other hand, in its 'Dividend Grower' strategy driven by DNCA Finance. This approach, which prioritizes visibility, dividend growth, and balance sheet solidity, is particularly relevant in the current context."
The expert also emphasizes the structural advantages of the fund: "Flexibility is a decisive point for investor adhesion," she continues. "The complete absence of minimum subscription opens the door to all budgets, and the absence of exit fees offers total freedom, which is a guarantee of trust. Finally, the choice between the capitalizing share (RC) and the distributing share (RD) allows for true wealth customization, whether the primary objective is long-term capital growth or the perception of supplementary income."
Frequently Asked Questions (FAQ)
Q: Is the Livret Bourse Investissement eligible for the PEA?
A: Yes, absolutely. The fund is a SICAV under French law specifically structured to be eligible for the Plan d'Épargne en Actions (PEA). It complies with the requirement to invest more than 75% in stocks of the European Union (via its master fund, which had 82.335% PEA exposure as of 31/12/2024).
Q: What is the difference between the RC (Capitalization) and RD (Distribution) shares?
A: The choice depends on your wealth objective. The RC shares (ISIN FR0000287955) are designed for capital growth: all revenues (dividends, etc.) are automatically reinvested in the fund, thereby increasing the value of your share. The RD shares (ISIN FR0013516291) are designed to generate income: the fund's revenues are periodically distributed to shareholdings.
Q: Is there a minimum amount to invest in this fund?
A: No. The fund is designed to be accessible to everyone. The minimum subscription amount is set at "none". This means that it is possible to invest from the purchase of a single share, facilitating gradual investments.
Q: Are there fees if I wish to sell my shares (exit fees)?
A: No. There are no exit fees (also called redemption fees). Savers can sell their shares at any time at market conditions, without incurring any exit penalty from the fund.
Q: Is the fund a "sustainable" or "ESG" investment?
A: Yes. The fund adopts a very clear approach to sustainable finance. It is classified as Article 8 under the European SFDR (it promotes environmental and social characteristics). It has also obtained the ISR Label (Socially Responsible Investment), ensuring a rigorous ESG methodology ("best in universe" approach) at the heart of financial analysis.
Q: What is the main investment strategy?
A: The fund follows an active conviction management called "Quality GARP" (quality growth at a reasonable price). It specifically focuses on "Dividend Growers": European companies selected for their intrinsic quality, the solidity of their balance sheets, the credibility of their management, and their ability to ensure sustainable dividend growth.
Q: Is the capital guaranteed?
A: No. The Livret Bourse Investissement is a product invested in equities (offensive profile) and carries no capital guarantee. It presents inherent risks associated with equity markets, a risk related to discretionary management, liquidity risk, or even risks related to small and medium capitalizations and sustainability (ESG).
About LBI – Livret Bourse Investissement
LBI – Livret Bourse Investissement (LBI LIVRET BOURSE INVESTISSEMENTS) is a company specializing in fund management, headquartered at 19 Place Vendôme, 75001 Paris, France.
Legally constituted as a fund in the form of a corporate fund with a board of directors, LBI has a share capital of €3,048,980.30. The governance of the entity relies on recognized directors such as Mr. Launay Sébastien and Mr. Poupon Ronan. LBI operates within a robust financial ecosystem including reference partners such as DNCA Finance, BPCE, Ostrum Asset Management, and La Banque Postale.
The company is registered with the Paris Trade and Companies Register (RCS) under number 722 060 464 (SIREN), with the SIRET number 722 060 464 00079 for its headquarters. It is identified by the VAT number FR05722060464 and the LEI (Legal Entity Identifier) 969500LBVFJWV9H04R67.
Access & practical terms
Subscriptions to shares of the Livret Bourse Investissement (Part R C - FR0000287955 or Part R D - FR0013516291) can be made through the usual distribution channels, notably within a regular securities account or a Plan d'Épargne en Actions (PEA), with banks, investment platforms, and financial advisors.
For a detailed analysis of the suitability of this solution for a personal wealth strategy and to benefit from support in subscription, it is recommended to contact a specialized advisor. The reference broker, Catherine Lecomte Violet (ORIAS n° 07012054), is available to savers to study their projects.
The teams of LBI – Livret Bourse Investissement and the distributor Natixis Investment Managers International are also available for any institutional information or documentation request.
Conclusion: the synthesis of quality and flexibility
With the Livret Bourse Investissement, LBI offers an equity savings solution that stands out for its clarity, relevance, and remarkable flexibility. By combining a proven "Quality GARP" management strategy led by the expertise of DNCA Finance, a tangible sustainable commitment (ISR Label and Article 8 SFDR), and major structural advantages (PEA eligibility, no minimum subscription, and no exit fees), this fund provides an adapted response to French savers seeking qualitative and disciplined exposure to European markets.
An ingenious nourishing-master architecture that makes accessible top-tier conviction management while leaving the investor with the fundamental choice of their wealth strategy, whether it is focused on capitalization or distribution.
Box: The reference broker
Catherine Lecomte Violet
Licensed broker, registered with ORIAS n° 07012054
Address: 7 Allée des Ormes Résidence du Parc de Beauvillier 92420 Vaucresson
Phone: 01 84 20 13 24
Email: contact@lecomte-catherine.fr
Website: https://lecomte-catherine.fr
Siren: 530 596 220
For LBI – Livret Bourse Investissement:
Address: 19 Place Vendôme, 75001 Paris, France
Tel: +33 (0)1 85 09 74 39
Email: contact@lbi.finance
Website: https://www.livretbourseinvestissements.com
