In a demanding economic environment, French savers are actively seeking investment solutions that combine exposure to equity markets and an optimized tax framework. The company LBI – Livret Bourse Investissements meets this expectation with its flagship UCITS, the 'Livret Bourse Investissements'. This French law SICAV, with a long history, offers a unique exposure to growing European companies through a sophisticated management architecture, a disciplined investment philosophy, and a sustainable commitment (ISR), all within an accessible and flexible structure.
About the Livret Bourse Investissements
The 'Livret Bourse Investissements' stands out as an investment solution designed for savers wishing to engage thoughtfully and structurally in the stock markets of the European Union. It is a SICAV (Société d'Investissement à Capital Variable) under French law, a collective investment vehicle renowned for its transparency, regulation, and longevity, having been established on November 9, 1972.
The value proposition of this fund is based on a combination of major strategic advantages. Firstly, it provides access to recognized conviction-based management focused on quality and sustainable dividend growth. Secondly, it integrates a strong commitment to sustainable finance, evidenced by the Article 8 SFDR classification and the ISR label. Finally, it offers a structure optimized for the French saver, particularly through its eligibility for the Plan d'Épargne en Actions (PEA), a determining tax advantage.
By offering the choice between capitalisation (RC) and distribution (RD) shares, the fund demonstrates great adaptability. It thus meets different wealth objectives, whether it is to increase capital over the long term by reinvesting gains, or to receive potential regular income to supplement resources.
Architecture & management: an ecosystem of experts
The performance and reliability of the 'Livret Bourse Investissements' rely on a proven management architecture known as 'feeder-master', and on the involvement of leading financial players.
The LBI fund, which acts as a 'feeder' OPCVM, invests nearly all of its assets in a 'master' fund: the DNCA INVEST – Euro Dividend Grower (M/D share, ISIN LU2343999186). It is this master fund that holds the true engine of the investment strategy. It is a SICAV under Luxembourg law, recognized for its specific expertise.
The management of this master fund is handled by DNCA Finance, a management company renowned for its active management philosophy and strong convictions. DNCA Finance's expertise in selecting European stocks forms the core of the LBI's value proposition.
This ecosystem is complemented by strong institutional partners. CACEIS Bank acts as the custodian, ensuring the preservation of assets and the control of the regularity of operations, a guarantee of essential security for investors. The distribution of the fund is, in turn, entrusted to Natixis Investment Managers International, ensuring wide and professional access to this investment solution.
The investment universe of the master fund is clearly defined: it maintains a permanent exposure of at least 75% in shares of companies from the European Union. This structural commitment is the cornerstone that allows the French feeder fund to be eligible for the PEA, a crucial point for French savers.
Why a feeder-master structure?
The choice of a 'feeder-master' structure is not a mere technical detail; it is a sophisticated architecture offering concrete and direct advantages to the final investor.
The primary advantage is fiscal and regulatory. The feeder fund, the 'Livret Bourse Investissements', is a SICAV under French law. By investing in a master fund that meets the legal investment quota in European equities (confirmed at 82.335% at the end of 2024), the French feeder fund acquires and maintains its eligibility for the PEA. The French saver can thus house this fund in their preferred tax envelope, which is not always possible when investing directly in foreign funds.
Secondly, this structure is a gateway. It allows French savers to access, through a locally governed vehicle (the LBI), a high-level internationally renowned management strategy (the master fund DNCA INVEST – Euro Dividend Grower). It guarantees benefiting from the expertise of DNCA Finance in a simple and regulated format.
Finally, this architecture is a guarantee of operational efficiency. The feeder benefits from the management strength and economies of scale of the master fund, which pools the assets of many investors. This results in optimized management and a particularly controlled cost structure for the final investor. The master fund indeed displays competitive annual management fees (0.25% VAT included for the M/D share) and notably does not impose any performance fees or transaction fees.
Investment process 'Quality GARP'
The performance engine of the master fund is based on an active and discretionary management philosophy: 'Quality GARP'. This acronym, well known among professionals, means Quality Growth At a Reasonable Price, or the pursuit of 'Quality Growth at a Reasonable Price'.
This management approach aims to combine the best of several worlds: 'Quality' (Quality) and 'Valuation' (Reasonable Price). The managers at DNCA Finance do not simply select growing companies; they primarily seek quality companies.
'Quality' is defined by strict and tangible criteria: healthy financial statements, robust and predictable cash flow generation, and credible management that has demonstrated its ability to allocate capital wisely and defend the interests of shareholders.
The fund takes this quality requirement even further with the specific mention 'Dividend Grower'. Emphasis is placed on European companies that not only pay a dividend but have also demonstrated their ability to maintain and ideally increase it sustainably and regularly. A growing dividend is often a signal of a healthy company, confident in its prospects and equipped with a solid competitive advantage (a 'moat').
The 'GARP' aspect of the strategy ensures that the management team remains disciplined about purchase prices. The objective is not to buy growth at any price, a common mistake in bull markets. Rather, it is about identifying these quality companies when their market valuation is still considered 'reasonable' by the managers. It is a wealth-oriented approach, aiming for performance built on solid fundamentals rather than on pure speculation.
A strong commitment to Sustainable Finance (ISR / SFDR)
Aware of societal and environmental challenges, investment can no longer overlook sustainability. The 'Livret Bourse Investissements', through its master fund, adopts a resolutely responsible and transparent stance in this area.
The fund is classified as Article 8 according to the European SFDR regulation (Sustainable Finance Disclosure Regulation). This classification is demanding: it means that the fund actively promotes environmental or social characteristics, and that the companies in which it invests are required to apply good governance practices (the "G" of ESG).
Beyond this European regulatory obligation, the fund has obtained the French ISR Label. This is an external recognition, awarded by independent bodies, which certifies that the management process rigorously and systematically integrates ESG (Environmental, Social, and Governance) criteria into the analysis and selection of securities.
DNCA Finance, the manager, does not use a generic or passive ESG approach. The management company has developed its own proprietary ESG methodology. This extra-financial analysis is fully integrated into traditional financial analysis, allowing for a 360° view of each company.
The approach taken is that of 'best in universe'. Rather than excluding entire sectors (exclusionary approach), the management applies a rigorous internal eligibility threshold, then selects the companies with the highest ESG ratings within their investment universe.
For the saver, investing in an Article 8 fund labeled ISR means giving meaning to their savings. It is making the choice of an investment that combines the pursuit of financial performance with contributing to a more sustainable economic model. It is also the belief that financial performance and social responsibility can not only coexist but also mutually reinforce each other, with the most virtuous companies often being the most resilient and best prepared for future challenges.
Key benefits for the saver
The 'Livret Bourse Investissements' has been structured to maximize tangible benefits for the final saver, combining potential performance, flexibility, and accessibility.
Eligibility for PEA: This is the main advantage for the French investor. The structure of the fund allows it to be housed within the Plan d'Épargne en Actions, thus offering an optimized tax framework on potential gains (subject to the terms and duration of holding in force).
Total accessibility: The fund is distinguished by a complete absence of entry barriers. The minimum subscription amount is set at zero. This accessibility policy makes it available to all profiles of savers, regardless of their means, allowing for portfolio diversification from the first euro.
Flexibility and liquidity: The saver remains in control of their investment. The fund does not impose any redemption fees (exit fees). The investor can therefore decide to recover their capital at any time, according to their needs, without incurring any exit penalties from the SICAV.
Wealth adaptability (RC or RD): The fund offers rare flexibility through its two categories of shares, which cater to two distinct objectives:
Part R C (Capitalisation - ISIN FR0000287955): Intended for investors seeking to increase their capital over the long term. All income generated by the fund (dividends, interest) is automatically reinvested, increasing the value of the share (the "snowball effect").
Part R D (Distribution - ISIN FR0013516291): Designed for savers with a goal of supplementary income. The fund periodically distributes the income generated, providing a potential source of liquidity without having to sell their shares.
A transparent cost structure: The alignment of interests between the manager and the investor is visible in the fee schedule. In addition to the absence of exit fees, the master fund is distinguished by the absence of performance fees and transaction fees. The annual management fees of the master fund (0.25% VAT included) are competitive and allow the investor to capture a fair share of the performance generated.
📊 Key figures of the 'Livret Bourse Investissements'
Name: LBI – Livret Bourse Investissements
Nature: SICAV under French law (feeder OPCVM)
Date of creation: November 9, 1972
Part RC (Capitalisation) : ISIN FR0000287955
Part RD (Distribution) : ISIN FR0013516291
Eligibility: PEA
Master Fund: DNCA INVEST – Euro Dividend Grower (ISIN LU2343999186)
Management Company (Master): DNCA Finance
Custodian: CACEIS Bank
Distributor: Natixis Investment Managers International
Sustainable Finance: Article 8 SFDR & ISR Label
Strategy (Master): Quality GARP / Dividend Grower / EU Stocks (≥ 75%)
Minimum subscription: None
Maximum entry fees: 2% (scale)
Exit fees (Redemption): None
Management fees (Master): 0.25% VAT included (M/D share)
Performance fees: None
The expert's advice (ORIAS broker)
To better understand the positioning of this solution within a broader wealth strategy, we interviewed Philippe VERMOND, expert broker in investment solutions, registered with ORIAS under the number 07011720.
The 'Livret Bourse Investissements' meets a strong and recurring demand from French savers: how to invest in the stock market in a disciplined and qualitative manner, while optimizing tax liabilities? This fund ticks all the boxes,” analyzes Philippe VERMOND. “Its eligibility for the PEA is an undeniable asset, but it is its underlying management strategy, the 'Quality GARP' and the 'Dividend Grower' focus, that makes the difference. We are not looking for a speculative hit, but rather the construction of a quality portfolio over the long term, based on companies with healthy balance sheets.
The expert also highlights the relevance of the product structure: “What I particularly appreciate is its accessibility and flexibility. The absence of a minimum subscription opens the door for all investors, and the absence of exit fees is a guarantee of trust and liquidity. The choice between capitalisation and distribution offers real wealth flexibility. Finally, the addition of the ISR label and the Article 8 classification makes it a modern investment solution, aligned with the current expectations of investors who wish to give meaning to their savings.”
Frequently Asked Questions (FAQ)
1. Is the Livret Bourse Investissements really eligible for the PEA? Yes, the fund is fully eligible for the Plan d'Épargne en Actions (PEA). Its structure as a feeder SICAV under French law invests in a master fund (DNCA INVEST – Euro Dividend Grower) that complies with the legal investment quota of at least 75% in shares of the European Union. The PEA exposure of the master fund was indeed confirmed at 82.335% as of December 31, 2024.
2. What is the concrete difference between the RC and RD shares? The choice depends on your wealth objective.
Part R C (ISIN FR0000287955) is a Capitalisation share. All income generated by the fund (dividends from held shares, etc.) is automatically reinvested in the fund. The value of your share thus mechanically increases, which is ideal if your objective is to enhance your capital over the long term.
Part R D (ISIN FR0013516291) is a Distribution share. The income generated is distributed to share holders (according to the fund's distribution policy). This option is ideal if you are looking for a potential supplement to your income from your investment.
3. What fees should be expected (entry, exit, management)? The fee structure is designed to be transparent and advantageous.
Exit fees (redemption): None. You can redeem your shares at any time without penalty.
Entry fees (subscription): The scale indicates a maximum of 2%. It is important to note that this fee is not accrued to the SICAV (the fund itself).
Ongoing fees: The majority of management fees come from the master fund, which charges 0.25% VAT included per year. There are no performance fees or transaction fees, which aligns the interests of the manager with those of the investor.
4. What is the risk profile of this investment? Is the capital guaranteed? The 'Livret Bourse Investissements' is a product primarily invested in equities (offensive profile). Like any investment in equities, it presents inherent risks, including risks related to stocks, discretionary management risk (the manager's choices may not perform well), liquidity risk, or risks associated with small and medium capitalizations. Therefore, the fund does not come with any capital guarantee.
5. Is the fund a 'sustainable' or 'ESG' investment? Yes, the fund adopts a robust and verified sustainable finance approach. It is classified as Article 8 according to the European SFDR regulation (which means it promotes environmental and/or social characteristics). Additionally, it has obtained the French ISR Label, which certifies the integration of a proprietary ESG methodology ('best in universe') at the heart of financial analysis and the securities selection process.
6. Is there a minimum amount to subscribe? No. Accessibility is one of the great advantages of this fund. The minimum subscription amount is set at zero, making it accessible to all budgets and all diversification strategies, including programmed investment.
7. Who manages the invested money? The investment is managed by the expert teams at DNCA Finance. DNCA Finance is the management company of the master fund (DNCA INVEST – Euro Dividend Grower) in which the LBI invests. It is a recognized player in the Paris market and in Europe for its expertise in active management, particularly in European equities according to a conviction-based approach.
About LBI – Livret Bourse Investissements
LBI – Livret Bourse Investissements is a fund management company, legally constituted as a fund in corporate form with a board of directors, a structure reflecting its anchoring in the French financial landscape.
With a capital of €3,048,980.30, the company has a solid foundation. Its headquarters is located at 19 Place Vendôme in Paris (75001), a prestigious address in the heart of the financial center of the capital. The company is registered with the Paris Trade and Companies Register under the SIREN number 722 060 464 and has the international LEI identifier 969500LBVFJWV9H04R67.
The governance of the entity relies on recognized personalities in the sector (Sébastien Launay, Ronan Poupon) and is part of a trusted financial ecosystem, including renowned partners such as BPCE, Ostrum Asset Management, and La Banque Postale, which contribute to the solidity and distribution of its solutions.
Access & practical arrangements
Access to the 'Livret Bourse Investissements' is designed to be simple and supported. Interested savers can approach their usual financial advisor or directly contact the referring broker to assess the suitability of this solution for their profile and wealth objectives.
To obtain complete documentation (DICI/Prospectus) or initiate a subscription, it is recommended to contact Philippe VERMOND, expert broker (ORIAS 07011720), or directly contact the LBI teams via their website or by phone.
For the record, the fund is accessible without a minimum subscription, without exit fees, and offers two classes of shares to adapt to each strategy:
Part RC (Capitalisation) : ISIN FR0000287955
Part RD (Distribution) : ISIN FR0013516291
Conclusion
The 'Livret Bourse Investissements' positions itself as a particularly relevant equity savings solution for the modern investor. It successfully combines a proven management philosophy focused on quality and fundamentals ('Quality GARP' and 'Dividend Grower'), led by a renowned manager (DNCA Finance), with a structure optimized for the French saver.
Eligibility for the PEA, the complete absence of exit fees, accessibility without minimum subscription, and a strong ISR/Article 8 commitment make it a modern, flexible investment vehicle aligned with long-term sustainable performance challenges. It is a historical solution, created in 1972, that has perfectly evolved to meet contemporary requirements.
Box: The referring broker
Philippe VERMOND
Expert advisor in investment solutions
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
LBI – Livret Bourse Investissements
Phone: +33 (0)1 85 09 74 39
Email: contact@lbi.finance
Website: https://www.livretbourseinvestissements.com
Address: 19 Place Vendôme, 75001 Paris, France
