Faced with a demanding economic environment, French savers are seeking investment solutions that combine rigorous management, accessibility, and tax optimization. LBI – Livret Bourse Investissements meets this need with its flagship product, the “Livret Bourse Investissement.” This French-domiciled SICAV offers disciplined exposure to European Union equity markets, leveraging recognized management expertise and a structure designed for the modern saver.
Thank you for reading this post, don't forget to subscribe!About the Stock Market Investment Savings Account: a clear value proposition
The “Livret Bourse Investissement” (LBI) is positioned as a strategic investment vehicle for savers wishing to grow their wealth through European equity markets. It is a French SICAV (Société d’Investissement à Capital Variable – Investment Company with Variable Capital) with a long history, having been established on November 9, 1972. Its value proposition rests on three fundamental pillars: access to conviction-based management, integration of best practices in sustainable finance, and a fee structure optimized for the client.
In practical terms, the LBI offers investors, whether novice or experienced, a turnkey solution for gaining exposure to high-quality companies within the European Union. One of its major advantages lies in its eligibility for the Equity Savings Plan (PEA) , thus allowing investors to benefit from the favorable tax treatment of this investment vehicle, subject to applicable conditions.
The product was designed to remove the usual barriers to equity investing. It offers complete accessibility, with a minimum investment of zero , and maximum flexibility thanks to the absence of redemption fees (exit charges) . Furthermore, the fund offers two share classes (Capitalization or Distribution) to perfectly suit individual wealth management objectives: reinvesting gains for long-term growth or generating potential income.
Architecture & Management: Expertise at the heart of the reactor
The performance and rigor of the “Livret Bourse Investissement” (LBI) are based on a sophisticated management structure and leading partners. The LBI is a feeder UCITS fund, a transparent and efficient structure.
In practical terms, the LBI SICAV invests almost all of its assets in a “master” fund: the DNCA INVEST – Euro Dividend Grower . This fund, a Luxembourg-domiciled SICAV, is the true driver of performance. By choosing this structure, LBI allows French savers to access, through a French-law investment vehicle, a specialized and actively managed investment strategy.
The master fund’s investment universe is clearly defined: it focuses on companies in the European Union, with a permanent exposure of at least 75% to equities in this region . This strong European focus is also what makes it technically eligible for the French PEA savings plan (the master fund had a PEA exposure of 82.335% as of December 31, 2024).
The management of this fund is entrusted to DNCA Finance , an asset management company renowned for its conviction-based approach. The ecosystem surrounding the fund also guarantees its reliability: the custodian, responsible for the safekeeping of the assets, is CACEIS Bank , a leading institutional player. Distribution and client relations are handled by Natixis Investment Managers International , a subsidiary of a major group (BPCE), as are Ostrum Asset Management and La Banque Postale, which are also mentioned in LBI’s governance. This network of partners ensures a robust and professional framework for investors.
Why a master-nurturer structure? The benefits for the saver
LBI – Livret Bourse Investissements’ choice of a “feeder-master” structure is not insignificant; it is driven by the pursuit of the best advantages for French savers. This highly regulated structure requires the “feeder” fund (LBI) to invest at least 90% of its assets in a single “master” fund (DNCA INVEST – Euro Dividend Grower). Far from being a simple overlap, this configuration offers concrete and significant advantages.
The primary benefit is access to cutting-edge expertise . The Luxembourg master fund, managed by DNCA Finance, employs a highly specific investment strategy (Quality GARP applied to Dividend Growers) that demands substantial analytical resources and an international reach. By creating a feeder fund under French law, LBI makes this sophisticated strategy directly accessible to French investors within a regulatory and linguistic framework they are already familiar with.
The second major advantage is tax and regulatory . It is precisely thanks to this structure that the “Livret Bourse Investissement” (Stock Exchange Investment Savings Account) is fully eligible for the Equity Savings Plan (PEA) . The French feeder fund essentially “imports” the eligibility of the master fund (which complies with the 75% EU equity investment quota). Without this arrangement, it would be complex, if not impossible, for a French saver to hold a Luxembourg SICAV (open-ended investment company) within their PEA. LBI therefore provides a French investment vehicle perfectly suited to domestic taxation, allowing savers to benefit from one of the most attractive tax frameworks for equity investment.
Finally, this architecture allows for optimized management and costs . The master fund benefits from significant economies of scale by pooling the assets of various feeder or direct investors across Europe. This pooling has a positive impact on the fee structure. French investors, through the LBI, thus gain access to institutional-grade management without incurring the prohibitive costs of replicating such a strategy in a smaller, standalone fund. It is an efficient solution that combines the best of both worlds: the management power of an international master fund and the simplicity of a French investment vehicle eligible for the PEA (French equity savings plan).
The “Quality GARP” investment process: focusing on growing dividends
At the heart of the strategy of the master fund DNCA INVEST – Euro Dividend Grower, which the LBI replicates, lies an active and disciplined management philosophy: “Quality GARP” . This acronym, well known to professionals, stands for Quality Growth At a Reasonable Price , meaning the pursuit of Quality Growth at a Reasonable Price.
Rather than succumbing to fleeting trends or overpaying for hype, DNCA Finance’s managers employ a conviction-based investment approach. Their objective is to identify European companies that combine several key strengths. The first is intrinsic quality . Their analysis focuses on companies with healthy balance sheets , strong competitive advantages (or “moats”), and the ability to generate recurring and predictable cash flows.
The second is credible management . Investment is not just about numbers; it also relies on trust in management teams, their strategic vision, their alignment of interests with shareholders, and their ability to execute their business plan profitably and sustainably.
The third pillar, which gives the fund its name (“Dividend Grower”), is the ability to generate sustainably growing dividends . This isn’t about seeking the highest dividend yields at any given time—which can sometimes mask underlying difficulties (“value traps”)—but rather about identifying companies capable of consistently increasing their dividends year after year. This dividend growth is often the most tangible sign of a healthy company, confident in its prospects and committed to rewarding its shareholders over the long term.
Finally, the “GARP” (at a reasonable price) aspect imposes strict valuation discipline on managers. The goal is to buy these quality companies when their share price does not yet fully reflect their future growth potential. This combination of rigorous quality selection and disciplined purchase pricing characterizes the “Quality GARP” approach deployed for investors in the “Livret Bourse Investissement” (Stock Market Investment Account).
stainable finance (SRI/SFDR): combining meaning and performance
Today, investing can no longer ignore sustainability issues. LBI – Livret Bourse Investissements has fully integrated this by selecting an investment engine that places Environmental, Social, and Governance (ESG) criteria at the heart of its strategy. The “Livret Bourse Investissement,” through its master fund, thus meets the growing expectations of savers who want their investments to have meaning.
This approach is officially recognized and regulated. The fund is classified as an Article 8 fund under the European Sustainable Finance Disclosure Regulation ( SFDR ). This classification certifies that the product actively promotes environmental or social characteristics, provided that the companies in which the investments are made implement good governance practices. This is not simply a commitment, but a demonstrable integration of these characteristics into the investment process.
Beyond this regulatory classification, the strategy benefits from the prestigious SRI (Socially Responsible Investment) label . This label, supported by the French government, is a guarantee of trust for savers. It ensures that the management process rigorously, measurably, and traceably integrates ESG criteria into the analysis and selection of securities in the portfolio.
To achieve this, DNCA Finance doesn’t simply purchase external ESG ratings, which can sometimes be standardized. The asset management firm has developed its own proprietary ESG methodology . This in-house approach allows for a more nuanced, independent, and tailored analysis of the investment universe, particularly for assessing controversies and specific opportunities related to sustainability. ESG integration is thus at the heart of the financial analysis , and not simply a filter applied after the fact .
The selection methodology is based on a “best-in-universe” approach . This means that the managers seek to identify the most virtuous companies in their sector in terms of environmental, social, and governance (ESG) performance. A strict internal eligibility threshold is applied, allowing for the exclusion of the least successful players in terms of sustainability. For LBI investors, this ensures that their savings are invested in a portfolio of European equities that not only prioritizes financial quality but also actively engages in just and sustainable transitions.
Key advantages for savers: accessibility, flexibility and optimization
The “Livret Bourse Investissement” (Stock Market Investment Account) has been structured to offer a smooth and advantageous investment experience, in line with the needs of modern savers. The product’s benefits are numerous and cover tax, practical, and wealth management aspects.
- Eligibility for a PEA: The Major Tax Advantage . The most significant advantage is undoubtedly its full eligibility for the Equity Savings Plan (PEA). By holding LBI shares within a PEA, investors can benefit, after five years of ownership (and subject to applicable tax regulations), from an exemption from income tax on capital gains and dividends. This represents a considerable net performance lever in the medium and long term.
- Complete accessibility: no minimum subscription required. LBI democratizes access to quality asset management. Unlike many financial products that require a high initial investment, the “Livret Bourse Investissement” (Stock Market Investment Savings Account) is accessible without any minimum subscription amount . This advantage allows all types of savers, regardless of their starting capital, to begin investing or set up regular payments, even small amounts, to build up capital gradually and systematically.
- Maximum flexibility: zero exit fees. Investments should be able to adapt to life’s uncertainties. The LBI offers optimal liquidity by guaranteeing zero redemption fees (exit fees) . Savers remain in control of their capital and can decide to withdraw all or part of their investment at any time, without being penalized by exit fees. This flexibility is a guarantee of trust and transparency, aligning the fund’s interests with those of the investor.
- A competitive and transparent fee structure. Cost optimization is a key factor in long-term performance. The LBI structure is designed with this in mind. Entry fees are capped at 2% (according to the distributor’s fee schedule), and no commission is accrued to the fund itself. Most importantly, the annual management fees of the master fund are set at a competitive level of 0.25% including VAT (for the M/D share class). Furthermore, the master fund does not apply performance fees or transaction fees , thus avoiding hidden costs that can erode returns and ensuring high fee predictability.
- Choosing your investment objective: RC or RD shares. The “Livret Bourse Investissement” (Stock Market Investment Book) recognizes that each saver has different objectives. That’s why it offers two distinct share classes, allowing for true personalization of your investment strategy:
- RC Share (Capitalization – ISIN FR0000287955) : This share class automatically reinvests all income (dividends, coupons) generated by the portfolio. It is ideal for investors aiming for long-term capital growth, fully leveraging the power of compound interest. It is the preferred solution for preparing for future projects or retirement.
- RD Share (Distribution – ISIN FR0013516291) : This share class aims to distribute potential income generated. It is ideally suited to savers seeking a regular income supplement to their invested capital, while maintaining exposure to equity market performance.
This modularity allows the investor, ideally accompanied by their advisor, to choose the most relevant solution for their personal wealth management strategy, whether it is to prepare for retirement, to grow capital or to build up an annuity.
Key figures for the “Stock Market Investment Booklet”
- Product name: Stock Market Investment Booklet
- Legal form: French SICAV (feeder UCITS)
- Date of creation of the SICAV: November 9, 1972
- ISIN Codes (R Shares):
- Capitalization share (RC): FR0000287955
- Part Distribution (RD): FR0013516291
- Master Fund (target): DNCA INVEST – Euro Dividend Grower (ISIN: LU2343999186)
- PEA eligibility: Yes
- Management company (of the owner): DNCA Finance
- Custodian: CACEIS Bank
- Distributor / Contacts: Natixis Investment Managers International
- Minimum subscription amount: None
- Entry fees (maximum rate): 2%
- Exit rights (buyback): None
- Management fee (master, M/D share): 0.25% incl. VAT / year
- Performance fee: No
- Movement committees (master): No
- SFDR classification: Article 8
- Label: SRI
Expert advice: Alain DUPUY (ORIAS Broker)
To better understand the positioning and interest of the “Livret Bourse Investissement”, we interviewed Alain DUPUY, independent broker and financial advisor (Orias n° 16003727), a reference on this product.
“ In the current context, savers need solutions that are clear, efficient and that fit perfectly into French tax frameworks. The Livret Bourse Investissement precisely meets this need, ” analyzes Alain Dupuy.
He adds: “ What is particularly appealing is the combination of eligibility for the PEA (French equity savings plan) with complete accessibility, with no minimum subscription and no exit fees. This allows for the flexible and progressive construction of a high-quality European equity investment strategy, leveraging DNCA Finance’s recognized expertise in selecting “Quality GARP” and sustainable stocks. ”
Frequently Asked Questions (FAQ)
- Is the “Livret Bourse Investissement” (Stock Market Investment Booklet) truly suitable for a PEA (Equity Savings Plan)? Absolutely. The product was specifically designed to be eligible for the Equity Savings Plan (PEA). Its structure as a French feeder SICAV (open-ended investment company) investing in a master fund that adheres to the minimum investment quota of 75% in European Union equities (the master fund had a PEA exposure of 82.335% as of December 31, 2024) grants it this eligibility. This allows savers to benefit from the advantageous tax framework of the PEA for their investments.
- What is the difference between RC (Capitalisation) and RD (Distribution) shares? The choice depends entirely on your personal wealth management objective.
- RC shares (ISIN FR0000287955) are capitalization shares . All income (such as dividends) generated by investments is automatically reinvested in the fund. This promotes long-term capital growth (the “snowball effect”) and is often preferred for retirement planning or long-term projects.
- RD shares (ISIN FR0013516291) are Distribution shares . They aim to periodically distribute potential income to shareholders. They are therefore suitable if you are looking for a way to supplement your savings income while remaining invested in the markets.
- Is there a minimum investment amount? No. The “Livret Bourse Investissement” (Stock Market Investment Account) stands out for its remarkable accessibility: the minimum investment amount is zero . You can start investing with any sum you choose, which greatly facilitates setting up regular payments, even small ones, for the gradual growth of your capital.
- What fees should I expect? Can I easily withdraw my money? The fee structure is designed to be transparent and aligned with the investor’s interests. The maximum entry fee is 2% (according to the distributor’s fee schedule). Liquidity is maximized: there are no redemption fees (exit fees) , guaranteeing great flexibility. You can withdraw your capital at any time without penalty. The annual management fees for the master fund are competitive (0.25% including VAT for the M/D share class), and it’s important to note that there are no performance fees or transaction fees charged to the master fund.
- Is the investment “responsible” (ESG/SRI)? Yes. The investment strategy fully integrates the principles of sustainable finance. The master fund (and therefore the LBI) is classified under Article 8 of the SFDR , actively promoting environmental and social characteristics. It also benefits from the French SRI Label , which certifies a rigorous methodology for integrating ESG (Environmental, Social, and Governance) criteria. The management relies on a proprietary “best-in-universe” methodology with an internal eligibility threshold to select the most virtuous companies.
- What is the risk profile of this product? The “Livret Bourse Investissement” is a product invested in equities (aggressive profile). Like all equity investments, it carries risks, including those related to the shares themselves, discretionary management, liquidity, small and mid-cap stocks, and sustainability (ESG) factors. It is important to note that it offers no capital guarantee . Investors should be aware that the value of their investment can fluctuate, both upwards and downwards.
- Who actually manages the invested money? The money is managed by the experts at DNCA Finance , the management company of the master fund, “DNCA INVEST – Euro Dividend Grower.” LBI – Livret Bourse Investissements (the feeder fund) entrusts the active management of its portfolio to this company, recognized for its high-conviction “Quality GARP” approach. Investment decisions (buying and selling European stocks) are therefore made by the managers at DNCA Finance.
About LBI – Stock Market Investment Booklet
LBI – Livret Bourse Investissements is a fund management company (corporate fund with a board of directors) based at 19 Place Vendôme in Paris (75001). With a share capital of €3,048,980.30, the company is part of a robust financial ecosystem, including players such as Launay Sébastien, Poupon Ronan, DNCA Finance, BPCE, Ostrum Asset Management and La Banque Postale.
Registered under SIREN 722 060 464 (RCS Paris) and LEI identifier 969500LBVFJWV9H04R67, LBI is dedicated to the design and distribution of relevant savings solutions for French investors.
The “Livret Bourse Investissement” (Stock Market Investment Account), whose origins date back to 1972, is its flagship product. It is designed to offer simplified and optimized access to European equity investment strategies, emphasizing quality, sustainability, and perfect compatibility with domestic tax-advantaged accounts such as the PEA (French Equity Savings Plan).
Access & Practical Information
Investing in the “Livret Bourse Investissement” (Stock Market Investment Savings Account) is a simple process, open to all types of savers. You can subscribe directly through your usual financial intermediary or by contacting the lead broker, Alain Dupuy.
Thanks to the absence of a minimum investment, you can start investing at any time. It’s also possible to set up regular payments to smooth out entry points and build capital gradually, a strategy often recommended for equity investments.
For complete information on the product, its features and benefits, savers are invited to contact their advisor or to contact LBI and the referring broker directly, who will be able to provide them with the regulatory documentation (KIID) and assist them in their process.
Conclusion: a complete solution for equity savings
The “Livret Bourse Investissement” offered by LBI stands out as a particularly successful European equity investment solution. It successfully combines several key advantages: access to high-quality (“Quality GARP”) and responsible active management (SRI Label, Article 8), significant tax optimization through eligibility for the PEA, and remarkable flexibility (zero minimum subscription, zero exit fees).
By offering a strategic choice between capitalization (RC) and distribution (RD), the LBI adapts to a wide range of wealth management strategies. It provides a modern and effective solution for French savers seeking to grow their capital over the long term, leveraging the expertise of leading financial partners.
Equity investments carry a risk of capital loss.
The leading broker
Alain DUPUY, Independent Financial Advisor, Registered with ORIAS under number 16003727, SIREN: 314 181 801
16 Allée de Lamothe 33360 Cénac, France
Telephone: 05 35 54 27 00
Website: https://www.dupuy-alain.com
Email: [email protected]
Contacts
To subscribe or obtain more information:
Lead Broker – Alain DUPUY
- Address: 16 Allée de Lamothe, 33360 Cénac, France
- Telephone: 05 35 54 27 00
- Email: [email protected]
- Website: https://www.dupuy-alain.com
LBI – Stock Market Investment Booklet
- Address: 19 Place Vendôme, 75001 Paris, France
- Telephone: +33 (0)1 85 09 74 39
- Email: [email protected]
- Website: https://www.lbi.finance
