The company LBI – Livret Bourse Investissements announces the launch of its flagship product, the "Livret Bourse Investissement." This investment solution, structured as a SICAV (Société d'Investissement à Capital Variable) under French law, offers investors direct access to an active management strategy focused on quality European equities. By combining the recognized management expertise of DNCA Finance with eligibility for the Plan d'Épargne en Actions (PEA), LBI positions itself as a strategic vehicle for long-term capital appreciation.
About the Livret Bourse Investissement
The Livret Bourse Investissement is a French law Collective Investment Scheme (OPCVM), established on November 9, 1972, demonstrating a historical presence in the savings landscape. Its fundamental value proposition lies in its ability to provide a disciplined and high-performing exposure to the equity markets of the European Union. It targets savers who wish to enhance their wealth through conviction-based management while seeking the flexibility of an optimized tax framework.
The particularity of this fund is its sophisticated architecture. It is a "feeder OPCVM." Specifically, the Livret Bourse Investissement invests almost all of its assets in another fund, selected for its excellence and specific strategy: the "master" fund. This ingenious structure allows for the combination of the advantages of a French law investment vehicle, notably its eligibility for local tax envelopes, with a world-class international management strategy.
The objective for the investor is twofold: to access the performance potential of a rigorous selection of "Dividend Grower" (growing dividend companies) stocks, and to benefit from great ease of use. The fund is designed to be accessible to all, with no minimum subscription, and perfectly liquid, as it does not incur any exit fees. It thus adapts to different profiles and wealth objectives, whether it is to build capital or seek additional income.
Architecture & management: delegated expertise
The Livret Bourse Investissement (ISIN FR0000287955 for the capitalization share and FR0013516291 for the distribution share) is thus a feeder SICAV. This legal structure implies that its main objective is to be continuously and almost entirely exposed to a single master OPCVM.
The selected master fund to drive performance is the DNCA INVEST – Euro Dividend Grower (Part MD EUR, ISIN LU2343999186). It is a Luxembourg SICAV, recognized for its specific expertise in the realm of European equities. By investing in the LBI, the French saver thus gains direct access to the strategy and management convictions of this master fund.
This performing architecture mobilizes top players from the financial industry. The delegated management company responsible for the active investment strategy of the master fund is DNCA Finance. DNCA Finance is a major and respected player in asset management, affiliated with Natixis Investment Managers, which brings its methodology and deep market knowledge.
The robustness of the structure is ensured by first-rate institutional partners. The custodian role is fulfilled by CACEIS Bank, one of the European leaders in asset custody, guaranteeing the safety and segregation of investors' assets.
The distribution and promotion of the fund are entrusted to Natixis Investment Managers International, Natixis' global distribution platform, ensuring broad and professional dissemination of this investment solution.
The investment universe of the master fund is clearly defined and adheres to specific criteria: it is permanently exposed to at least 75% in shares of companies from the European Union. This strong European anchoring is not only a management conviction but also the essential prerequisite that allows the feeder fund LBI to be fully eligible for the PEA. As of December 31, 2024, the PEA exposure of the master was indeed 82.335%, confirming this commitment.
Why a master-feeder structure?
The choice of a "master-feeder" structure is not incidental; it responds to a logic of efficiency, optimization, and accessibility for the French saver. Often, the most sophisticated management strategies, particularly those run by major international management companies like DNCA Finance, are housed in vehicles governed by foreign law, typically Luxembourg SICAVs, to operate internationally.
The major drawback of these foreign master funds, for the French investor, is that they are generally not directly eligible for the Plan d'Épargne en Actions (PEA). The PEA remains the preferred tax envelope for the French to invest in equities, thanks to its significant advantages regarding long-term capital gains taxation.
The Livret Bourse Investissement, as a French law feeder SICAV, acts as an "envelope" or an "intelligent access vehicle." It "Frenchifies" access to the master fund. By itself adhering to the criteria of French law and contractually ensuring that the master fund respects the investment quota of 75% in shares of the European Union, the Livret Bourse Investissement becomes fully eligible for the PEA.
This architecture therefore allows for solving a complex equation and offering the best of both worlds to the saver:
The French tax framework: Investment is made in a French product, perfectly suited to local taxation and eligible for PEA.
International management expertise: The investor gains access to a sophisticated active management strategy (that of DNCA INVEST – Euro Dividend Grower) that would not otherwise be accessible within this tax envelope, without having to worry about the complexities of direct investment abroad.
Investment process "Quality GARP"
The performance driver of the Livret Bourse Investissement is the strategy of its master fund, managed by DNCA Finance. The management company applies an active and discretionary management based on strong convictions. The management style is identified as "Quality GARP," an acronym for "Quality Growth At a Reasonable Price."
This approach is a recognized and proven investment philosophy, which seeks to establish an optimal balance between two sometimes contradictory objectives: on the one hand, identifying high-quality companies (stable growth, strong competitive advantages, high profitability) and, on the other hand, purchasing them at a price that is not overvalued, thus offering significant appreciation potential. It is an approach that aims for sustainable performance over the long term, avoiding the pitfalls of pure speculation or excessive valuations.
The core of the investment thesis is further refined by the focus on "Dividend Grower" (Dividend Growth). The management team does not merely seek companies that offer the highest dividend at a given moment, which can often be a trap or a sign of a struggling company. Instead, it targets companies that demonstrate a proven capacity and strategic willingness to grow their dividend sustainably and consistently over time.
Sustainable dividend growth is often the best indicator of the health of a business model. It reflects a healthy cash flow generation, a disciplined capital allocation by management, and confidence from leaders in their company's future prospects. It is a marker of quality and resilience.
To identify these quality companies, the fundamental analysis conducted by DNCA Finance focuses on strict qualitative criteria. One of the pillars of selection is the presence of a credible management team, with a proven track record, demonstrating a clear strategic vision and whose interests are aligned with those of the shareholders.
Finally, particular attention is paid to the financial structure. The fund favors companies with healthy balance sheets. A solid balance sheet is essential: it allows the company to weather economic cycles smoothly, finance its future growth (organic or external), and ensure the sustainability of its dividend distribution policy, even during turbulent times.
A strong commitment to sustainable finance (ISR / SFDR)
The commitment to sustainable finance is today an inseparable component of quality management. The Livret Bourse Investissement, via its master fund, fully integrates this dimension and meets regulatory requirements and savers' expectations regarding sustainability.
The fund is classified Article 8 under the European SFDR regulation (Sustainable Finance Disclosure Regulation). This demanding classification means that the fund promotes, among other characteristics, environmental and/or social characteristics. It is therefore a financial product that actively integrates ESG (Environmental, Social, and Governance) criteria into its management process and ensures that the companies it invests in apply good governance practices.
Beyond this regulatory compliance with European standards, the master fund has obtained the prestigious French ISR Label. This label, supported by public authorities, is a guarantee of transparency and seriousness. It certifies that the management process rigorously and systematically integrates ESG criteria into the analysis and selection of portfolio securities, according to a methodology controlled by independent bodies.
To implement this commitment, DNCA Finance does not simply purchase external data; the management company relies on a proprietary ESG methodology. Traditional financial analysis ("Quality GARP") is systematically enriched and cross-referenced with this in-depth extra-financial analysis.
The approach taken is that of "best in universe." This method is not limited to a simple exclusion of controversial sectors. It aims, within each sector of activity, to identify and select companies that demonstrate the best ESG practices compared to their peers. An internal eligibility threshold is defined, ensuring that only the most virtuous companies in their category can be included in the portfolio.
The integration of ESG criteria is therefore at the heart of financial analysis. It is not seen as a constraint, but as an additional evaluation tool of quality. It allows not only to meet the expectations of savers who wish to give meaning to their investments, but also to identify more resilient companies, better prepared for the regulatory, climatic, and social challenges of tomorrow, and therefore potentially more performant in the long term.
Key advantages for the saver
The Livret Bourse Investissement synthesizes several major advantages that make it particularly attractive for the individual French saver.
1. Eligibility for the PEA: This is undoubtedly the most important structural advantage. By housing this fund in their Plan d'Épargne en Actions (PEA) or PEA-PME, savers can benefit, under conditions (notably a holding period of at least 5 years after opening the plan), from a total exemption from tax on capital gains and income (dividends) generated. Only social contributions remain due upon withdrawals. This is a considerable tax advantage for building and enhancing capital over the long term.
2. Total accessibility: The fund was designed to be open to as many people as possible, with no barriers to entry. The minimum subscription amount is zero ("none", according to the official documentation). There is no need to have a significant initial capital to start investing and benefit from DNCA Finance's "Quality GARP" strategy. This accessibility allows for easy implementation of scheduled payments.
3. Flexibility and liquidity: The savings invested in the LBI are not locked in. The investor can request the redemption of their shares at any time (according to the valuation conditions in effect). Above all, the fund does not apply any redemption fee (exit fees). This absence of exit penalties offers valuable liquidity, allowing the saver to adjust their strategy, secure gains, or recover their capital without additional fees from the SICAV.
4. Controlled management fees: The master-feeder structure allows for cost optimization. The fees charged to the OPCVM are competitive. The annual management fee of the master fund is 0.25% VAT included (for the M/D share). Additionally, the master fund does not apply a performance fee, which aligns the interests of the managers with consistent performance rather than excessive risk-taking. There are also no transaction fees charged to the master fund.
5. The choice of the wealth objective (RC or RD): A fourth structural advantage is the choice offered between two categories of shares, allowing for perfect adaptation to each individual's wealth objectives.
The Part R C (ISIN FR0000287955) is a capitalizing share. The income (dividends, capital gains) generated by the fund is not distributed to the investor; they are automatically reinvested within the fund. This option is ideal for investors in the wealth-building phase, as it maximizes the effect of compound interest over the long term.
The Part R D (ISIN FR0013516291) is a distributing share. The fund periodically distributes the income received. This option is favored by investors who are already looking to enhance their capital and seek a regular income supplement while keeping their capital invested in equity markets.
The Livret Bourse Investissement in numbers
Denomination: LBI – Livret Bourse Investissements
Legal nature: French law SICAV (feeder OPCVM)
Date of creation (SICAV): November 9, 1972
ISIN Capitalization Share: FR0000287955 (Part R C)
ISIN Distribution Share: FR0013516291 (Part R D)
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: ISR Label & Article 8 SFDR
Maximum entry fees: 2% (scale, not acquired by the SICAV)
Exit fees: None
Management fee (Master): 0.25% VAT included (part M/D)
Performance fee: No
Transaction fees (Master): No
The expert's advice (ORIAS broker)
To better understand the positioning of this solution, we interviewed Pascal BERARDI, broker and expert investment advisor (ORIAS 16004293).
"In the current landscape, savers are seeking solutions that combine a readable performance potential and meaning," analyzes Pascal BERARDI. "The Livret Bourse Investissement precisely meets this dual expectation. It offers exposure to a portfolio of solid European companies, selected not for a fad effect, but for their proven ability to generate sustainable dividend growth. This is a key criterion of quality and resilience over the long term."
The expert also highlights the remarkable suitability of the product to the specific needs of French investors: "The main advantage of this fund is its simplicity of access to the combined benefits of the PEA and a recognized 'Quality GARP' management, all supported by a strong and labeled ISR commitment. The complete absence of exit fees is also a guarantee of highly appreciated flexibility, allowing the investor to remain in control of their savings. It is a relevant core portfolio solution."
Frequently Asked Questions (FAQ)
1. Is the Livret Bourse Investissement eligible for the PEA? Yes, the SICAV Livret Bourse Investissement is fully eligible for the Plan d'Épargne en Actions (PEA). Its French legal structure and its exposure (via the master fund) of at least 75% in shares of the European Union confer this eligibility. This allows savers to benefit from a favorable tax framework for their capital gains (according to the holding conditions in effect).
2. What is the concrete difference between the RC and RD shares? The fund offers two classes of shares to adapt to your objectives. The R C share (Capitalization - ISIN FR0000287955) automatically reinvests all income (dividends, etc.) generated by the fund. It is ideal for long-term capital growth. The R D share (Distribution - ISIN FR0013516291) aims to periodically distribute this income to share holders. It is designed for those seeking a supplementary income.
3. Is there a minimum amount to invest in this fund? No. The fund is distinguished by its great accessibility: the minimum subscription amount is zero ("none"). There are therefore no capital barriers to entry to start investing and benefit from the fund's strategy.
4. Will I have to pay fees if I want to retrieve my money? No. The fund does not apply any redemption fee (exit fees). The saver can recover their capital at any time (according to the frequency of valuation) without any exit penalty from the SICAV, ensuring maximum liquidity and flexibility.
5. Is the fund committed to sustainable finance and ESG? Yes, very concretely. The fund (via its master) has obtained the ISR Label (Socially Responsible Investment), a demanding French state label. It is also classified Article 8 of the European SFDR regulation, meaning it promotes environmental and social characteristics. It integrates a proprietary "best in universe" ESG methodology at the heart of its financial analysis.
6. Who is actually managing the invested money? The LBI is a "feeder" fund. It entrusts the management of its portfolio to a "master" fund, the DNCA INVEST – Euro Dividend Grower. The management company of this master fund is DNCA Finance, a recognized player in asset management in Europe, affiliated with Natixis Investment Managers. It is thus the expertise of DNCA Finance that drives the investment strategy.
7. Is the capital guaranteed? No. The Livret Bourse Investissement is an equity product (offensive profile). As with any equity investment, the fund presents risks, including a risk of capital loss. It does not offer any capital guarantee.
About LBI – Livret Bourse Investissements
LBI – Livret Bourse Investissements is the initiating company of this savings solution. The company, whose declared activity is fund management, is a player in the French financial ecosystem.
Legally, LBI – Livret Bourse Investissements is a fund in corporate form with a board of directors, with a share capital of €3,048,980.30. The company is registered with the Paris R.C.S. under the SIREN number 722 060 464.
The registered office of LBI is located at 19 Place Vendôme, 75001 Paris, an iconic address in French finance. The governance of the entity mentions several key and recognized figures from the financial industry, such as Launay Sébastien, Poupon Ronan, and is part of an ecosystem that includes names like BPCE, Ostrum Asset Management, and La Banque Postale, illustrating its institutional anchoring.
Access & practical modalities
For savers interested in the European "Quality GARP" strategy and the many advantages of the Livret Bourse Investissement (PEA, no minimum, no exit fees), subscription is straightforward.
Investment can be made through the usual distribution platforms (banks, insurers, wealth management advisors) or by contacting a specialized broker. The fund is available in two versions (capitalization RC or distribution RD) to adapt to each need.
To obtain complete information about the fund, its characteristics, and its subscription modalities, investors are invited to contact their financial advisor or the reference broker, Pascal BERARDI. It is also possible to contact LBI – Livret Bourse Investissements directly for any institutional information.
Conclusion: a relevant synthesis for the saver
The Livret Bourse Investissement presents itself as a particularly comprehensive and modern savings solution. It successfully synthesizes several strong and current expectations of investors: access to conviction-based management (Quality GARP) focused on the quality and sustainability of dividends (Dividend Grower), a certified and transparent sustainable commitment (ISR Label, Article 8 SFDR), and optimal access and liquidity conditions (PEA eligibility, no minimum subscription, liquidity with no exit fees).
By relying on the management expertise of DNCA Finance and on an intelligent feeder structure, the LBI offers a relevant and effective response for all those looking to enhance their capital over the long term through European equity markets, within a favorable and responsible tax framework.
The reference broker
Pascal BERARDI Expert investment advisor
ORIAS: 16004293 (SIREN: 519 488 241)
Address: 194 Rue de Stalingrad, Le Tempora, 38100 Grenoble, France
Email: [email protected]
Phone: 01 85 09 74 39
Website: https://www.pascal-berardi.com
Contacts
To subscribe or learn more:
Reference Broker:
Pascal BERARDI 194 Rue de Stalingrad, Le Tempora 38100 Grenoble, France
Tel: 01 85 09 74 39
Email: [email protected]
Site: https://www.pascal-berardi.com
(ORIAS 16004293 - SIREN 519 488 241)
Company:
LBI – Livret Bourse Investissements 19 Place Vendôme 75001 Paris, France
Tel: +33 (0)1 85 09 74 39
Email: [email protected]
Site: https://www.lbi.finance
