The management company LBI – Livret Bourse Investissements, anchored on the prestigious Place Vendôme in Paris, presents its flagship investment solution: the "Livret Bourse Investissement". This SICAV (Société d'Investissement à Capital Variable) under French law, with a long history, is designed to offer savers direct and simplified access to an active management strategy "Quality GARP" (Quality and Growth at a Reasonable Price) on stocks of the European Union. Driven by the recognized expertise of DNCA Finance, this solution combines the strengths of conviction management, the requirements of sustainable finance (ISR Label and Article 8 SFDR), and a major structural advantage: its eligibility for the Equity Savings Plan (PEA).
About the Stock Market Investment Savings Account: a clear value proposition
In an economic environment where savers seek both meaning and ways to grow their capital, the "Livret Bourse Investissement" (Stock Market Investment Savings Account) offers a structured and accessible solution. It is a French UCITS (Undertakings for Collective Investment in Transferable Securities), legally structured as a SICAV (Société d'Investissement à Capital Variable - a type of French investment company). Established on November 9, 1972, this structure boasts remarkable longevity, a testament to its ability to weather market cycles and adapt to modern regulatory and financial requirements.
The fundamental value proposition of this fund is based on a three-pronged approach: Accessibility, Quality and Flexibility.
Accessibility: The fund is designed to be accessible to the widest possible audience, notably through its eligibility for the PEA, the preferred tax-advantaged investment vehicle for French savers. Furthermore, it stands out with a minimum subscription amount of zero, opening the door to all types of investors, regardless of their initial capital.
Quality: The "Livret Bourse Investissement" (Stock Market Investment Book) offers disciplined access to conviction-based management focused on quality European equities. It is based on a rigorous investment philosophy, "Quality GARP," implemented by expert managers, and incorporates a strong sustainable dimension, validated by the SRI Label.
Flexibility: The product adapts to the wealth objectives of each individual by offering two categories of shares (Capitalization or Distribution) and offers optimal liquidity, characterized by the total absence of redemption fees (exit fees).
In summary, the "Livret Bourse Investissement" acts as a high-performing and regulated French investment vehicle, allowing savers to benefit from a sophisticated European equity management strategy under optimal conditions.
A robust and proven management architecture
The performance and reliability of a fund depend largely on its architecture and the people who manage it. The "Livret Bourse Investissement" has opted for a so-called "feeder-master" structure, an architecture proven in the asset management industry.
In practical terms, the French SICAV "Livret Bourse Investissement" acts as the "feeder" fund. Its objective is to be almost entirely (and continuously) exposed to another fund, the "master" fund. In this configuration, the performance driver is the master fund, selected for its specific expertise. LBI has selected the DNCA INVEST – Euro Dividend Grower fund (MD EUR share class, ISIN LU2343999186), a Luxembourg-domiciled SICAV, as the master fund.
The investment universe of this master fund is clearly defined: it maintains a minimum exposure of 75% to shares of companies within the European Union. This concentration guarantees clear and disciplined exposure to the European economic area, a key criterion that, among other things, determines its eligibility for the French PEA savings plan (as of December 31, 2024, the master fund's PEA exposure was 82.335%).
Several key players are collaborating to ensure the smooth functioning of this ecosystem:
Management company: DNCA Finance. This is the heart of the operation. DNCA Finance is the management company in charge of the master fund's investment strategy. Recognized for its conviction-based active management, it leverages its expertise to select the securities that make up the portfolio.
Custodian: CACEIS Bank. A leading player in the field, CACEIS Bank acts as custodian. Its role is crucial: it ensures the safekeeping of the fund's assets and monitors the regularity of management decisions, providing an essential layer of operational security for investors.
Distributor: Natixis Investment Managers International. The distribution and promotion of the fund are entrusted to Natixis IM International, a global distribution platform that provides the link between the management strategy and the end investors.
This clear organization, supported by solid partners such as DNCA Finance (affiliate of Natixis IM), BPCE, Ostrum Asset Management or La Banque Postale, mentioned in the governance of LBI, aims to offer a secure and efficient framework for the saver.
The intelligence of the "Nurse-Master" structure
The choice of a "feeder-master" structure is not insignificant; it serves specific objectives aimed at maximizing benefits for the French investor. This structure is often used to allow a local fund (the French feeder fund) to access an international or highly specialized management strategy (the master fund, in this case, Luxembourg-based) while retaining the advantages of its national legal framework.
The first and most tangible benefit for French savers is compatibility with the Equity Savings Plan (PEA). The master fund (DNCA INVEST – Euro Dividend Grower), being a Luxembourg-based SICAV, is not directly eligible for the PEA. However, by creating a French-law investment vehicle (the "Livret Bourse Investissement") that meets the required investment ratios (notably the 75% quota for EU equities), LBI makes this management strategy perfectly compatible with the advantageous tax framework of the PEA. This is effective financial engineering at the service of the saver.
The second major advantage is access to a sophisticated strategy. Rather than replicating existing management, LBI chooses to allocate its resources to a master fund that already has a dedicated management team, a track record, and recognized expertise in the asset class (European "Dividend Grower" equities). French investors thus benefit directly from the expertise of DNCA Finance, a specialist asset manager, without any additional filters or complexity.
Finally, this structure offers a high degree of transparency. Investors know that the performance of their feeder fund will mirror that of the master fund (net of the feeder fund's own fees). LBI thus offers a French investment vehicle, regulated in France, but powered by an internationally recognized management engine. It's the combination of a reassuring domestic framework and specialized management expertise.
At the heart of management: the "Quality GARP" process
The driving force behind the performance of the "Livret Bourse Investissement" lies in the strategy of its master fund, DNCA INVEST – Euro Dividend Grower. This fund applies active and discretionary management based on the "Quality GARP" philosophy, an acronym for Quality Growth At a Reasonable Price.
This proven investment approach involves seeking a balance between two often opposing factors: the intrinsic quality of companies and the price paid to acquire their shares.
The "Quality" dimension is paramount. The DNCA Finance management team focuses on European companies demonstrating solid fundamentals. This translates into a rigorous analysis of several criteria:
Healthy balance sheets: Preference is given to companies with low debt, generating stable and predictable cash flows.
Credible management: The quality of the leaders, their strategic vision and their ability to execute the development plan are thoroughly assessed.
Sustainable competitive advantages: The fund seeks companies with "moats" (barriers to entry) that protect their margins and market position.
The "GARP" (Growth At a Reasonable Price) dimension complements this analysis. It's not enough for a company to be of high quality; its stock market valuation must also be considered "reasonable." Fund managers avoid overpaying for trendy stocks and seek attractive entry points that, in their view, offer above-average appreciation potential.
Furthermore, the strategy adds a specific focus on the "Dividend Grower." The goal is not to seek the highest dividends at any given time (which can be a value trap), but to identify companies capable of growing their dividends sustainably and steadily. A growing dividend policy is often a sign of excellent financial health, management confidence in the future, and disciplined capital allocation.
This conviction-based, active, and discretionary management style differs from passive index management. It relies on the strong choices of the managers, who build a portfolio focused on their best ideas, aiming for an optimized risk/return ratio over the long term.
A strong commitment to Sustainable Finance (SRI / SFDR)
Investing is no longer solely about financial performance. LBI and its partner DNCA Finance have fully embraced this by placing sustainable finance at the heart of the "Livret Bourse Investissement" strategy. The fund benefits from dual recognition in responsible investment, offering savers the guarantee that their capital is managed according to ethical and sustainable principles.
First, the fund is classified as an Article 8 fund under the European SFDR (Sustainable Finance Disclosure Regulation). This classification is not neutral: it designates financial products that "promote environmental or social characteristics." In practical terms, this means that the master fund actively integrates these characteristics into its stock selection process and commits to investing in companies that follow good governance practices.
Secondly, and this is a significant indicator for the French market, the fund has obtained the SRI (Socially Responsible Investment) label. This public label, supported by the Ministry of the Economy and Finance, certifies that the management process adheres to strict specifications regarding the integration of ESG (Environmental, Social, and Governance) criteria. Obtaining this label is subject to external and independent audits, providing investors with a guarantee of reliability and transparency.
DNCA Finance's commitment goes beyond regulatory compliance. The asset management firm has developed its own proprietary ESG methodology. ESG analysis is thus fully integrated into traditional financial analysis; it is not simply a filter, but an essential component of assessing a company's quality.
This methodology is based on a "best-in-universe" approach. Rather than simply excluding entire sectors (the "best-in-class" approach), this method aims to select, within each sector, the companies that demonstrate the best ESG practices. The fund also applies a rigorous internal eligibility threshold, ensuring that only companies meeting a minimum standard of responsibility can be included in the portfolio.
For the investor, this commitment translates into a "dual engine": they benefit from a strategy aimed at financial performance (the "Quality GARP") while contributing positively to the financing of a more sustainable economy, in line with the requirements of an Article 8 and the rigor of the SRI Label.
Key advantages for the saver
The "Livret Bourse Investissement" (Stock Market Investment Savings Account) has been structured to maximize tangible benefits for the end saver. Beyond its management philosophy, its structural characteristics make it a particularly attractive wealth-building tool.
1. Eligibility for the PEA: A Tax Advantage This is one of the fund's major advantages. By respecting the investment quota of at least 75% in European Union equities, the "Livret Bourse Investissement" is fully eligible for the Equity Savings Plan (PEA). This allows French savers to hold this high-quality investment strategy within their preferred tax-advantaged account, benefiting (subject to applicable conditions) from tax exemption on capital gains and income after 5 years of holding.
2. Total accessibility: no minimum investment. LBI has chosen democratization. The minimum investment amount is set at zero. This decision removes a significant barrier to entry. It allows all investors, including those with modest budgets or those wishing to start with small amounts, to access the same quality of management as institutional investors. It is therefore possible to set up regular payments or invest on an ad-hoc basis without any minimum investment requirement.
3. Flexibility and Liquidity: Zero Exit Fees. Savers must remain in control of their capital. That's why the "Livret Bourse Investissement" (Stock Market Investment Savings Account) does not charge any redemption fees (exit fees). Investors can withdraw their savings at any time, without any exit penalty. This liquidity fosters trust and flexibility, allowing investors to adjust their investments according to their life plans without being "locked in" by their investment.
4. A Controlled Fee Policy. Transparency and cost control are essential. Entry fees are capped at 2% (according to the applicable fee schedule), and the SICAV receives no commission on these fees. Above all, the master fund's fee structure is particularly competitive: the annual management fee is 0.25% including VAT (for the M/D share class). Furthermore, the master fund applies neither performance fees nor transaction fees, thus aligning the manager's interests with those of the investor over the long term.
5. Choosing the objective: Capitalization (RC) or Distribution (RD) Shares. The fund meets two distinct wealth management objectives thanks to its two share classes:
RC Share (ISIN FR0000287955): Capitalization. Designed for investors seeking long-term capital appreciation. Income generated by the portfolio (dividends, capital gains) is automatically reinvested in the fund, increasing the share value.
Part R D (ISIN FR0013516291): Distribution. Designed for investors seeking supplemental income. The fund distributes income collected periodically.
This choice offers valuable modularity to adapt to the saver's life stage (building capital or seeking income).
The advice of the expert: Pascal BERARDI (Broker ORIAS 16004293)
To better understand the positioning of this solution, we interviewed Pascal BERARDI, a leading broker and expert in investment solutions, registered with ORIAS under number 16004293.
“The ‘Livret Bourse Investissement’ responds to a strong demand from savers: access to conviction-based management of European equities, recognized for its rigor, while benefiting from the advantageous tax framework of the PEA. It is a solution that combines discipline and accessibility,” analyzes Pascal BERARDI.
He also highlights the relevance of the product's structure in adapting to different profiles: "The architecture in capitalization (RC) or distribution (RD) units offers considerable flexibility in managing assets. Whether the goal is long-term growth or supplemental income, the fund adapts to the investor's objective, all without minimum subscription or exit fees, which is a major advantage in today's market."
Frequently Asked Questions (FAQ)
1. Is the "Livret Bourse Investissement" (Stock Exchange Investment Book) truly eligible for the PEA (French Equity Savings Plan)? Yes, absolutely. The SICAV (French investment company) is governed by French law, and its strategy, through the master fund, guarantees a permanent exposure of at least 75% to shares of companies within the European Union. As of December 31, 2024, this quota was 82.335%, confirming its full eligibility for the PEA and PEA-PME (French SME Equity Savings Plan).
2. What is the difference between RC (Capitalisation) and RD (Distribution) shares?
RC shares (ISIN FR0000287955) are designed for capital growth. All income (dividends, etc.) generated by investments is reinvested in the fund, increasing the value of your share over time. This is ideal for a long-term investment perspective.
RD units (ISIN FR0013516291) are designed to generate supplemental income. The fund distributes income to unit holders. This is a preferred option if you are looking for a regular source of additional income from your investment.
3. Is there a minimum investment amount? No. The "Livret Bourse Investissement" (Stock Market Investment Account) stands out for its accessibility: there is no minimum subscription amount. You can start investing with the amount of your choice.
4. What are the exact fees? The fee structure is transparent:
Entry fees: 2% maximum (according to your distributor's scale).
Exit fees: None. You can redeem your shares at any time without penalty.
Management fees (on the master fund): 0.25% including VAT per year.
Other fees: There are no performance fees or transaction fees charged to the master fund.
5. Is the investment "responsible" (ESG)? Yes. The fund benefits from both the Article 8 SFDR classification (it promotes environmental and social characteristics) and the French SRI Label, which validates the rigorous integration of ESG (Environmental, Social and Governance) criteria in the securities selection process.
6. What is the risk profile of this fund? The "Livret Bourse Investissement" is an equity investment product (aggressive profile). Like all equity investments, it carries inherent risks, including equity market risk, discretionary management risk, liquidity risk, small/mid-cap risk, and sustainability (ESG) risks. It is important to note that this product does not guarantee the capital.
7. Who actually manages the invested money? The money is invested in the master fund DNCA INVEST – Euro Dividend Grower, which is managed by the asset management company DNCA Finance. This firm is recognized for its expertise in active management and its "Quality GARP" approach.
About LBI – Stock Market Investment Booklet
LBI – Livret Bourse Investissements is a fund management company (corporate fund with a board of directors) located at 19 Place Vendôme in Paris (75001). With a share capital of €3,048,980.30, LBI is dedicated to structuring and offering high-performing investment solutions for savers.
The company's governance relies on recognized figures from the financial sector such as Launay Sébastien and Poupon Ronan, and maintains links with leading entities such as DNCA Finance, BPCE, Ostrum Asset Management and La Banque Postale.
The company is registered with the Paris Trade and Companies Register under number 722 060 464 (SIREN), with SIRET 722 060 464 00079 for its registered office. (LEI: 969500LBVFJWV9H04R67; VAT: FR05722060464).
Access and practical details
Investing in the "Livret Bourse Investissement" is a simple and accessible process, designed to suit all profiles.
The solution is available through the usual distribution channels (banks, life insurance platforms, wealth management advisors) and can be subscribed to directly within a PEA or an ordinary securities account.
Thanks to the absence of a minimum subscription, the investment can be made in a single lump sum or through scheduled payments. The absence of exit fees guarantees permanent liquidity.
For detailed information, complete documentation (KIID/Prospectus) or for assistance with your subscription process, investors are invited to contact their financial advisor or directly contact the lead broker, Pascal BERARDI, or the LBI teams.
Conclusion
The "Livret Bourse Investissement" offered by LBI stands out as a particularly relevant European equity savings solution. It successfully combines highly sought-after features for investors: access to recognized "Quality GARP" quality management, a strong commitment to sustainability (SRI Label and Article 8), eligibility for the PEA (French Equity Savings Plan), and complete accessibility (zero minimum investment, zero exit fees).
By offering a choice between capitalization and distribution, this fund provides a flexible and modern solution for savers wishing to boost their wealth through disciplined exposure to European markets.
Box: The designated broker
For any information or to subscribe, contact your expert advisor:
Pascal BERARDI
Address: 194 Rue de Stalingrad, Le Tempora, 38100 Grenoble, France
Telephone: 01 85 09 74 39
Email : [email protected]
Site Web : https://www.pascal-berardi.com/
Orias: 16004293
Siren : 519 488 241
Blocs Contacts
Referring Broker: Pascal BERARDI, 194 Rue de Stalingrad, Le Tempora, 38100 Grenoble, France
Email : [email protected]
Tel: 01 85 09 74 39
Web : https://www.pascal-berardi.com
(ORIAS 16004293 - SIREN 519 488 241)
LBI – Livret Bourse Investissements: 19 Place Vendôme, 75001 Paris, France
Email : [email protected]
Tel: +33 (0)1 85 09 74 39
Web : https://www.lbi.finance
(RCS 722 060 464 R.C.S. Paris)
