Livret Bourse Investissements: Access quality European equities with flexibility, responsibility, and the advantages of the PEA
The management company LBI – Livret Bourse Investissements, a recognized player in the financial ecosystem based at Place Vendôme in Paris, offers savers a distinctive investment solution: the "Livret Bourse Investissements." This SICAV (Société d'Investissement à Capital Variable) under French law positions itself as a privileged access vehicle for conviction-based management in the equity markets of the European Union.
Combining a rigorous investment strategy, a strong dimension of sustainable finance (SRI Label), eligibility for the Equity Savings Plan (PEA), and optimal accessibility conditions – notably the absence of a minimum subscription and exit fees – this product is aimed at a wide range of investors looking to energize their savings within a structured and transparent framework.
About the Livret Bourse Investissements: a clear value proposition
The 'Livret Bourse Investissements' (LBI) is a Collective Investment Scheme in Securities (OPCVM) under French law, originating from November 9, 1972, demonstrating a historical presence in the asset management landscape. Its value proposition is based on a strong conviction: to offer disciplined and expert access to quality European equities, relying on a sophisticated management architecture and leading partners.
The philosophy of the LBI is to democratize access to conviction-based management, often reserved for institutional investors, by making it available within a simple and recognized French envelope. The fund is specifically structured to be eligible for the PEA, thus allowing French savers to benefit from the favorable tax framework of this envelope while investing in an active and responsible strategy.
To adapt to various wealth objectives, the LBI offers two distinct share categories. The R C shares (Capitalization) are designed for investors aiming for long-term capital growth, as the generated income is systematically reinvested. The R D shares (Distribution), on the other hand, are aimed at savers seeking additional income, as they aim to periodically distribute the fund's results.
A management architecture and leading players
The performance and rigor of the management of the Livret Bourse Investissements rely on a proven architecture known as 'feeder-master', as well as on the selection of recognized experts in their respective fields.
In practical terms, the SICAV LBI is a feeder OPCVM. Its objective is to be invested almost entirely in a unique fund, called the 'master' fund. In this case, the LBI offers exposure to the Luxembourg SICAV DNCA INVEST – Euro Dividend Grower (Share MD EUR). It is this master fund that holds the assets and deploys the active investment strategy.
To orchestrate this solution, LBI has surrounded itself with reference players:
Management company: DNCA Finance. It is the engine of performance. DNCA Finance, recognized for its conviction-based management, is the entity responsible for the active discretionary management of the master fund.
Depository: CACEIS Bank. A major player in investor services, CACEIS Bank acts as the custodian, ensuring the preservation of assets and the control of the regularity of operations.
Distributor and Contacts: Natixis Investment Managers International. This entity ensures the distribution and promotion of the fund, linking the management strategy with investors.
The investment universe of the master fund is clearly defined: it focuses on companies in the European Union. The strategy requires a permanent exposure of at least 75% in EU equities. It is this strong constraint and geographical refocusing that ensure, among other things, the eligibility of the LBI feeder fund for the PEA. For example, the PEA exposure of the master fund was 82.335% as of December 31, 2024, illustrating adherence to this mandate.
The advantage of a feeder-master structure
The choice of a feeder-master architecture is not trivial; it is at the heart of the competitive advantages offered to French savers by the Livret Bourse Investissements. This structure allows for the best of both worlds: access to top-notch international management expertise and compatibility with the French regulatory and tax framework.
Firstly, this structure offers optimal tax compatibility, notably with the PEA. The master fund (DNCA INVEST – Euro Dividend Grower) is a SICAV under Luxembourg law. Without the feeder structure, it would be complex, if not impossible, for a French saver to place this specific fund within their PEA. By creating the 'Livret Bourse Investissements' as a French law feeder fund, LBI creates a legal and effective bridge. The French investor subscribes to a French fund (the LBI), which is itself eligible for the PEA, which then invests in the Luxembourg master fund.
Secondly, it allows benefiting from a sophisticated strategy managed by a recognized expert (DNCA Finance) within an investment vehicle (the master fund) that pools significant assets. This critical size is often synonymous with efficiency in management. The French saver thus accesses, via a simple subscription to the LBI, a conviction-based management strategy and a rigorous investment process.
Finally, this architecture guarantees total transparency. The purpose of the feeder is to replicate the performance of the master. The investor thus knows precisely in which strategy they are investing, while benefiting from the protection and familiarity of a vehicle (SICAV) under French law.
A rigorous investment process: 'Quality GARP' and 'Dividend Grower'
At the heart of the strategy deployed by DNCA Finance for the master fund is a proven active and discretionary management philosophy: 'Quality GARP'.
This acronym means Quality Growth At a Reasonable Price. It is an investment approach that seeks to balance two sometimes opposing factors: the search for growth companies and valuation discipline. The goal is not to buy companies at any price, nor to seek undervalued companies without growth potential. The GARP style aims for the balance point: identifying superior quality companies whose growth potential is not yet fully reflected in their stock price.
The 'Quality' dimension of this approach is paramount. The management team focuses on companies with strong fundamentals. The provided context specifies that the selection is focused on companies with credible management, whose strategic vision and execution capacity are proven, as well as healthy balance sheets, ensuring resilience against economic cycles.
This approach is refined by a specific focus: the 'Dividend Grower'. The strategy does not merely seek companies that pay a high dividend at a given moment. It actively looks for quality European companies that demonstrate the ability to sustainably increase their dividends over time. A regularly growing dividend is often a sign of a financially healthy company, generating increasing cash flows and having a strong competitive advantage. It is a strong indicator of management's confidence in the company's future prospects.
In summary, the investment process of the LBI (via its master) is conviction-based management, based on a thorough fundamental analysis, aiming to build a portfolio of quality European stocks capable of generating profitable growth and sharing it with their shareholders through a growing dividend.
A marked commitment to sustainable finance (SRI / SFDR)
The Livret Bourse Investissements places responsibility at the heart of its proposal, thus responding to the growing demand from savers for meaningful investments. This approach is validated by regulatory standards and demanding labels.
The master fund is classified as Article 8 under the European SFDR regulation (Sustainable Finance Disclosure Regulation). This classification means that the fund actively promotes environmental and/or social characteristics. It does not merely avoid controversies; it positively integrates ESG criteria (Environmental, Social, and Governance) into its management.
This approach is reinforced by obtaining the SRI label (Socially Responsible Investment). This label, supported by the French public authorities, offers an additional guarantee to savers. It certifies that the management process adheres to a strict set of requirements concerning the integration of ESG criteria and transparency.
In practical terms, the management company DNCA Finance does not outsource its sustainability analysis. It relies on a proprietary ESG methodology to assess companies. This internal approach allows for a more nuanced and independent analysis. ESG integration is described as being 'at the heart of financial analysis', meaning that sustainability aspects are considered performance and risk factors on par with traditional financial ratios.
The selection process is based on a 'best in universe' approach. Rather than excluding large sectors, this method consists of selecting, within each sector, the companies that demonstrate the best ESG practices. An internal eligibility threshold is applied, ensuring that only companies exceeding a certain level of sustainability commitment can be included in the portfolio. This double diligence – financial (Quality GARP) and extra-financial (SRI) – aims to identify the most virtuous and resilient companies over the long term.
Key advantages: the alliance of performance, accessibility, and flexibility
The Livret Bourse Investissements stands out by combining structural advantages designed to best serve the interests of the modern saver. Beyond its investment strategy and its SRI commitment, the product shines through its access conditions and flexibility.
1. Eligibility for the PEA: tax optimization is a major asset for the French saver. By being eligible for the Equity Savings Plan (PEA), the LBI allows investors to place their investments in this advantageous tax envelope. Subject to the conditions in force (notably a minimum holding period), capital gains and income may benefit from reduced taxation. The fund's structure (French feeder fund invested in a master fund respecting the 75% EU equity quota) is specifically designed to ensure this compatibility.
2. Total accessibility: no minimum subscription The LBI removes a major barrier to investment by displaying a minimum subscription amount of 'none'. This advantage is considerable: it democratizes access to quality management. Whether one is a first-time investor wishing to save small amounts regularly or a seasoned investor looking to precisely calibrate their position, the LBI is accessible to all, with no entry ticket.
3. Maximum flexibility: zero exit fees Liquidity is an essential criterion for savers. The LBI meets this perfectly by applying no redemption commission (exit fees). The saver is not 'trapped' in their investment. They can redeem their shares at any time, according to their liquidity needs or wealth adjustments, without being penalized by exit fees. This flexibility offers peace of mind and total control over their savings.
4. Choosing the wealth strategy: RC or RD Shares An investor's life evolves, and so do their objectives. The LBI has understood this by offering two classes of shares:
R C Share (Capitalization): Ideal for building capital over the long term. All gains and dividends are reinvested, activating the powerful lever of compound interest.
R D Share (Distribution): Perfect for investors seeking additional income. The fund distributes income, allowing the saver to receive a regular financial flow.
5. A transparent and controlled fee structure Transparency is a guarantee of trust. While entry fees (maximum 2% according to the scale) may be applied by the distributor (note that no commission is accrued to the SICAV on these fees), the internal management fees of the master fund are competitive (0.25% VAT included for Share M/D). Moreover, the fund stands out for the absence of performance fees and transaction fees, aligning the interests of the management company with those of the investor in the long term.
Framed: The Livret Bourse Investissements in key figures
Product name: LBI – Livret Bourse Investissements
Legal nature: French law SICAV (collective investment scheme feeder)
Date of creation (SICAV): November 9, 1972
ISIN Share RC (Capitalization): FR0000287955
ISIN Share RD (Distribution): FR0013516291
Master Fund: DNCA INVEST – Euro Dividend Grower (ISIN LU2343999186)
Eligibility: PEA (Equity Savings Plan)
SFDR Classification: Article 8
Label: SRI (Socially Responsible Investment)
Investment universe: European equities (≥ 75% permanently)
Management company (Master): DNCA Finance
Depository: CACEIS Bank
Distributor / Contacts: Natixis Investment Managers International
Minimum subscription: None
Entry fees (maximum rate): 2%
Exit fees (redemption): None
Management fees (Master): 0.25% VAT included (Share M/D)
Performance fee: No
Transaction fees: No
LBI Company (LEI): 969500LBVFJWV9H04R67
LBI Company (RCS): 722 060 464 R.C.S. Paris
Expert advice: The opinion of Philippe VERMOND, ORIAS broker
To better understand the positioning of the Livret Bourse Investissements, we sought the opinion of Philippe VERMOND, broker and experienced advisor, registered with ORIAS under the number 07011720S.
'The Livret Bourse Investissements meets a strong and recurring demand from savers: how to invest in European equities in a disciplined, responsible manner, and within an optimized tax framework? This product ticks all these boxes,' analyzes Mr. Vermond.
He adds: 'What is particularly appreciated by investors is accessibility. The absence of a minimum subscription combined with the total absence of exit fees offers rare flexibility. This allows each saver, regardless of their profile, to build their allocation at their own pace and to maintain control over their capital, without being penalized if they have a liquidity need. It is a guarantee of trust and modernity.'
Frequently Asked Questions (FAQ)
1. Is the Livret Bourse Investissements eligible for the PEA? Yes, the SICAV 'Livret Bourse Investissements' is eligible for the Equity Savings Plan (PEA). Its structure as a French feeder fund invested in a master fund respecting an investment quota of at least 75% in EU equities is designed to allow French savers to benefit from this favorable tax framework (subject to the conditions in force).
2. What is the difference between the RC and RD shares? The fund offers two categories of shares to adapt to your wealth objectives:
R C Share (ISIN FR0000287955): This is a Capitalization share. The income (dividends, capital gains) generated by the fund is automatically reinvested. This option is ideal if your goal is to grow your capital in the long term, taking advantage of the compounding effect.
R D Share (ISIN FR0013516291): This is a Distribution share. The fund aims to distribute the generated income. This option is suitable if you are looking for a regular additional income from your investment.
3. Is there a minimum amount required to invest? No. The Livret Bourse Investissements stands out for its total accessibility: the minimum subscription amount is zero ('none'). This characteristic allows any type of investor to start investing, regardless of the amount they have, or to set up regular contributions.
4. What are the fees if I want to withdraw my money (exit fees)? There are no exit fees (redemption commission). The saver retains total flexibility and can redeem their shares at any time without any exit penalties. The liquidity of the investment is thus assured.
5. Does the fund take into account sustainable finance criteria (ESG/SRI)? Absolutely. The sustainability dimension is central. The fund (via its master) is classified Article 8 of the SFDR regulation, meaning it actively promotes environmental and social characteristics. It also holds the SRI label (Socially Responsible Investment), which validates the rigor of its process for integrating ESG criteria (Environmental, Social, and Governance) at the core of financial analysis.
6. What is the main investment strategy? The fund adopts a discretionary active management style 'Quality GARP' (Quality Growth At a Reasonable Price), managed by DNCA Finance. The objective is to select high-quality European companies distinguished by sustainably growing dividends (focus 'Dividend Grower'), credible management, and healthy balance sheets.
7. Is there a guarantee on the capital? No. Like any investment in equities, the Livret Bourse Investissements presents an offensive risk profile and does not offer a capital guarantee. It is subject to the inherent risks of equity markets, discretionary management risks, liquidity risks, risks related to small and mid-cap stocks, as well as sustainability (ESG) risks.
About LBI – Livret Bourse Investissements
LBI – Livret Bourse Investissements is a dedicated fund management player, located at 19 Place Vendôme in Paris (75001). Legally, LBI is a fund in corporate form with a board of directors, with a share capital of €3,048,980.30.
Registered with the Paris Trade and Companies Register under number 722 060 464, the company is part of a robust financial ecosystem, linked with entities such as DNCA Finance, BPCE, Ostrum Asset Management, and La Banque Postale. The governance of LBI is notably represented by Messrs. Launay Sébastien and Poupon Ronan.
LBI's commitment is to provide transparent and high-performing investment solutions, tailored to the needs of modern savers, relying on top-notch management expertise.
Access and practical modalities
Investing in the Livret Bourse Investissements is a simple and accessible process. Thanks to the absence of a minimum subscription, the fund is open to all saver profiles.
Investors can choose between the capitalization share (RC) for long-term growth or the distribution share (RD) for additional income, while benefiting from the total flexibility offered by the absence of exit fees.
To obtain more information about the fund, its strategy, or to discuss subscription modalities, particularly within the framework of a PEA, savers are invited to contact the reference broker, Mr. Philippe VERMOND, or to reach out directly to LBI – Livret Bourse Investissements.
Conclusion: a modern and comprehensive savings solution
The 'Livret Bourse Investissements' positions itself as a particularly advanced savings solution in European equities. It manages to synthesize advantages that are often difficult to reconcile: access to recognized conviction management (DNCA Finance, Quality GARP style) and a strong commitment to responsible finance (SRI Label, Article 8).
For the French saver, it primarily offers a triptych of concrete advantages: eligibility for the attractive tax framework of the PEA, total accessibility with no minimum subscription, and maximum flexibility with no exit fees. These characteristics make it a modern tool, suitable for both building capital and seeking additional income.
The reference broker
Philippe VERMOND
Address: 1 MAIL DES DROLETS APT B 29, 31320 Castanet-Tolosan, France
Phone: 05 82 95 30 74
Email: contact@philippe-vermond.com
Website: https://www.philippe-vermond.com
ORIAS: 07011720
SIREN: 531 121 077
Contacts
To subscribe or obtain advice:
Philippe VERMOND 1 MAIL DES DROLETS APT B 29 31320 Castanet-Tolosan, France
Phone: 05 82 95 30 74
Email: contact@philippe-vermond.com
Web: https://www.philippe-vermond.com
(ORIAS 07011720)
For any information about the management company:
LBI – Livret Bourse Investissements 19 Place Vendôme 75001 Paris, France
Phone: +33 (0)1 85 09 74 39
Email: contact@lbi.finance
Web: https://www.livretbourseinvestissements.com
