In a rapidly changing savings landscape, where investors seek both performance, security, and meaning, a historic investment solution, created in 1972, demonstrates a relevance more current than ever. The Livret Bourse Investissements (LBI), a French law SICAV, positions itself as a privileged gateway to boost one's Equity Savings Plan (PEA). Relying on an excellence-driven management entrusted to DNCA Finance, an affiliate of Natixis Investment Managers, and a responsible investment philosophy (SFDR Article 8 and ISR Label), the LBI meets a clear ambition: to democratize access to quality European equities, combining flexibility, accessibility, and long-term return potential. With no minimum subscription and zero exit fees, it is aimed at all types of savers eager to grow their capital within an optimized tax framework.
An open solution for all: simplicity, flexibility, accessibility
One of the major barriers to investing in stocks often lies in the perception of complexity or an entry barrier, particularly in terms of initial capital. The Livret Bourse Investissements (LBI) radically removes this obstacle by offering access with no minimum subscription amount. This total accessibility is a true democratization of stock market investment.
It allows each saver, regardless of their starting capital, to begin building or diversifying their equity portfolio. Whether it is a young worker wanting to take their first steps in the stock market or an experienced investor looking to diversify an existing portfolio, the LBI offers the same quality of management and the same investment vehicle.
This accessibility is complemented by remarkable flexibility. The saver is free to make their contributions, which can be one-off, depending on their saving capacity, or scheduled. Setting up scheduled contributions (for example, monthly or quarterly) is, moreover, a proven wealth strategy: it smooths the entry point into the markets, reduces the impact of short-term volatility, and allows for disciplined capital accumulation, almost without thinking about it.
Finally, the flexibility of the LBI is clearly evident at the exit. The product does not apply any redemption fees (0% exit fees). This characteristic is fundamental. It guarantees the saver total liquidity of their investment: they can recover their capital at any time, without being penalized by dissuasive fees. This peace of mind is essential for approaching financial markets calmly, knowing that their savings remain available in case of need or strategic reallocation of their assets.
The tax framework of the PEA: maximize net return over time
The eligibility of the LBI for the Plan d’Épargne en Actions (PEA) is not a technical detail; it is its main structural asset. The PEA is, in France, the most advantageous tax envelope for investing in European stocks. The LBI, by fitting perfectly into it, allows the saver to fully exploit this "tax niche" designed to encourage long-term investment.
Specifically, the benefit for the saver is double. Firstly, as long as the amounts remain invested within the PEA (Plan d'Épargne en Actions), all gains (dividends and capital gains) are reinvested tax-free. This creates a powerful compounding effect: the gains generate further gains, without being eroded each year by taxation. This is the famous magic of compound interest, multiplied by the absence of tax friction.
Secondly, and this is the major advantage, after a holding period of 5 years, all gains realized within the PEA are completely exempt from income tax upon withdrawal (only social contributions remain due). For a saver who adopts a medium- or long-term wealth vision (preparing for retirement, financing a real estate project, passing on wealth), this exemption radically transforms the net return of the investment.
The LBI is therefore the ideal tool to "smartly fill" one's PEA. It allows exposure to the performance of European stock markets while building a reserve of future tax-free gains. It is a winning strategy for anyone looking to combine stock market performance and wealth optimization.
An excellence in management signed DNCA Finance
The LBI is not just a simple fund; it is a so-called "feeding" SICAV. This means it invests all of its assets in another fund, called the "master fund". In the case of the LBI, this master fund is the DNCA INVEST – Euro Dividend Grower. The choice of this partner is not trivial: DNCA Finance, affiliated with Natixis Investment Managers, is one of the most recognized management companies in Europe for its expertise in conviction management.
Entrusting one's savings to the LBI thus means benefiting indirectly from one of the most disciplined and rigorous management processes on the market. DNCA Finance's management is active and relies on a meticulous selection of stocks ("stock-picking"). The management team does not simply follow an index; it seeks within the universe of European stocks for companies that present, in its view, the best fundamentals.
This "quality" approach is at the heart of their DNA. The managers prioritize companies with robust and understandable business models, healthy financial statements (low debt), and credible management aligned with shareholder interests. The objective is not to speculate on market reversals but to invest in solid companies capable of weathering economic cycles and creating lasting value. It is an approach that aims for long-term performance while seeking to limit unnecessary risks.
The Quality GARP philosophy and the "dividend growers"
The investment strategy of the master fund, "DNCA INVEST – Euro Dividend Grower", is based on two fundamental pillars: the "Quality GARP" approach and focus on "dividend growers".
"GARP" is the acronym for "Growth At a Reasonable Price", meaning the search for growth at a reasonable price. This management philosophy strikes a balance between two often-opposing styles: "growth" investing (which can lead to overpaying for trendy companies) and "value" investing (which seeks discounts, sometimes on struggling companies). The GARP approach, combined with a demand for "Quality", aims to identify high-quality companies that show strong growth prospects while their stock valuation remains attractive. It is a pragmatic and disciplined search for performance.
The second pillar, that of "dividend growers", is essential. The strategy does not target companies offering the highest dividend at any given moment (which can be a trap or a sign of low growth), but those that demonstrate the ability to regularly and sustainably increase their dividend.
For the saver, the benefits of this approach are multiple:
Visibility and resilience: A company capable of increasing its dividend year after year is often a profitable, mature company that is confident in its prospects.
Total return: The return for the shareholder comes from two sources: the valuation of the stock and the received dividend. "Dividend growers" offer potential on both fronts.
Protection against inflation: Growing dividends can provide a form of protection against monetary erosion, which is crucial in the current economic context.
This philosophy aims to generate more resilient and less volatile performance than that of a traditional stock index, relying on the solidity of company fundamentals.
ISR and sustainable commitment: Article 8 SFDR and ISR Label
Financial performance can no longer be decoupled from social and environmental responsibility. The LBI and its master fund have integrated it at the core of their strategy. The fund is classified Article 8 under the European SFDR regulation, which means it actively promotes environmental and/or social characteristics.
Moreover, it has obtained the prestigious ISR Label (Socially Responsible Investment) in France. This demanding label, controlled by independent organizations, attests that the management process rigorously integrates extra-financial criteria (Environmental, Social, and Governance – ESG) into the analysis and selection of securities.
Specifically, DNCA Finance applies a proprietary ESG approach. The analysis is not limited to the numbers; it evaluates how companies manage their environmental impact, their human capital, and the quality of their governance. The "best in universe" methodology is applied, which prioritizes the best-rated companies on the ESG front within their sector. A minimum rating is required for a stock to enter the portfolio.
For the saver, investing in the LBI means choosing alignment between personal convictions and financial objectives. It proves that it is possible to seek performance while giving meaning to one's savings, by financing companies that positively contribute to society and adopt sound governance practices. This coherence between quality financial management and quality corporate governance is a powerful lever for creating sustainable value.
Two modes of income for different objectives: RC (capitalization) vs RD (distribution)
The Livret Bourse Investissements shows great adaptability by offering two distinct types of shares designed to meet different wealth objectives:
Part RC (ISIN FR0000287955) – Capitalization: This part is intended for savers who have a long-term horizon and whose main objective is capital growth. All income generated by the fund (dividends received from portfolio companies) is automatically and fully reinvested. They are not distributed to the saver.
For whom? This is the ideal option for the vast majority of savers, particularly within a PEA. It maximizes the "snowball effect" of capitalization, especially within the advantageous tax framework of the PEA where these reinvested revenues are not taxed. It is the quintessential choice for building wealth for retirement or a future project.
Part RD (ISIN FR0013516291) – Distribution: This part, on the contrary, distributes income (dividends) to shareholders, generally once a year. The capital remains invested and continues to fluctuate according to the markets, but the saver receives an additional income.
For whom? This option is aimed at investors looking for a regular income supplement. This could be the case for a retired person who wishes, for example, to make scheduled withdrawals from their PEA (after 5 years) while receiving dividends from their investments.
This choice offered by the LBI allows for a truly tailored management of one's savings, adapting to the investor's life phase: capital accumulation first (RC), then income generation later (RD).
Performance indicators to support
The rigorous management philosophy and the selection of quality "dividend growers" have borne fruit. The Livret Bourse Investissements (via its master fund) displays performance indicators that attest to the relevance of its strategy, even under varying market conditions.
The fund has managed to navigate a complex environment to deliver positive performance, posting +5.55% for the year 2024 (data as of the most recent reference date).
Over a longer time horizon, the strategy demonstrates its ability to create value. Over a cumulative period of 3 years, the performance is approximately +15.98%. These figures illustrate the management's ability to capture the growth of European stock markets while relying on the resilience of quality companies.
These past results reflect active management and a clear strategic positioning. Of course, it is important to factually remind that past performances do not predict future performances. Investing in stocks, which does not benefit from a capital guarantee, should always be considered over a long time horizon, in line with the investor's profile.
The advice of the accredited expert
To navigate the opportunities offered by the LBI and integrate it best into a global wealth strategy, the support of a professional is a valuable asset. We have gathered the opinion of Philippe Vermond, an experienced broker and recognized advisor for his expertise.
The LBI represents for me the quintessence of intelligent investment within the PEA. It offers savers direct access, from the first euro, to top-tier "Quality GARP" conviction management, selecting the best European "dividend growers". It is the perfect tool for anyone looking to build sustainable performance over 5 years and more, capitalizing on growth while benefiting from the advantageous taxation of the PEA and liquidity without exit fees.
For personalized advice and implementation of your investment solutions:
Contact: Philippe VERMOND
Email: contact@philippe-vermond.com
Phone: 05 82 95 30 74
Address: 1 MAIL DES DROLETS APT B 29, 31320 Castanet-Tolosan, France
Status: Broker (N° Orias: 07011720 / Siren: 531 121 077)
Website: https://www.philippe-vermond.com
Why choose LBI now?
In a world where savers are looking for simple, effective, and responsible solutions, the Livret Bourse Investissements (LBI) provides a comprehensive answer. It synthesizes the best assets of modern investment:
Accessibility: €0 minimum subscription to open the doors of the stock market to everyone.
Flexibility: 0% exit fees for total liquidity and freedom of action.
Tax optimization: Eligibility for the PEA to maximize net return after 5 years.
Expertise: The management power and discipline of DNCA Finance.
The Strategy: A proven "Quality GARP" philosophy focused on solid companies and growing dividends.
The Meaning: A strong sustainable commitment, validated by an Article 8 and the ISR Label.
Whether it is to open a first PEA, diversify an existing asset, or prepare for retirement, the LBI stands out as a first-choice investment vehicle. To take the plunge and give a new dimension to your savings, it is advisable to consult a financial advisor, such as Mr. Philippe Vermond, or to contact LBI directly.
Contact details and useful mentions
LBI – Livret Bourse Investissements
Address: 19 Place Vendôme, 75001 Paris, France
Phone: 01 85 09 74 39
Email: contact@lbi.finance
Website: https://www.livretbourseinvestissements.com
Product information:
Nature: French law feeding SICAV (OPCVM).
Eligibility: Plan d’Épargne en Actions (PEA).
Managing company (of the master fund): DNCA Finance (affiliated with Natixis Investment Managers).
Sustainable classification: Article 8 (SFDR) and ISR Label.
ISIN Part RC (Capitalization): FR0000287955
ISIN Part RD (Distribution): FR0013516291
