In a constantly evolving economic environment, savers are looking for investment solutions that combine performance, transparency, and purpose. The Livret Bourse Investissements (LBI) , a long-established investment vehicle created in 1972, meets this threefold requirement. Institutionally anchored at the prestigious address of 19 Place Vendôme in Paris, LBI offers a unique access structure, eligible for the Equity Savings Plan (PEA), allowing investors to grow their portfolios while benefiting from an optimized tax framework. Its strength lies in a sophisticated management architecture, leveraging the expertise of DNCA Finance (a Natixis Investment Managers affiliate) and a proven methodology (Quality GARP) focused on European companies with growing dividends. Coupled with a robust CSR commitment, evidenced by its Article 8 classification (SFDR) and the SRI Label, LBI stands out as a benchmark for the modern investor.
Institutional roots and longevity, guarantees of trust
The Livret Bourse Investissements (LBI) is not a short-lived structure; its creation in 1972 testifies to its remarkable longevity in the asset management industry, having weathered several market cycles with resilience. This continuity is a fundamental advantage for investors seeking stable partners for their long-term investments.
LBI LIVRET BOURSE INVESTISSEMENTS is a legally constituted corporate fund with a board of directors, a transparent and robust structure, registered with the Paris Trade and Companies Register under number 722 060 464. With significant share capital of €3,048,980.30, it boasts a solid financial foundation. Its registered office, located at 19 Place Vendôme in the 1st arrondissement of Paris, positions it at the heart of a leading international financial ecosystem.
Beyond its own structure, the LBI’s credibility rests on the quality of the top-tier partners it has selected to implement its strategy. The fund’s financial management is delegated to DNCA Finance , an asset management company renowned for its rigorous investment processes and active management philosophy. DNCA Finance is itself an affiliate of Natixis Investment Managers , one of the world’s largest asset managers, offering unparalleled depth of analysis and institutional stability.
To ensure the protection of subscribers’ assets, LBI has entrusted the custodian role to CACEIS Bank , a European leader in institutional financial services. CACEIS Bank guarantees the safekeeping of securities and the monitoring of transaction regularity, thus offering an optimal level of operational security.
This architecture, combining a historical structure, a prestigious location and leading management and custody partners (DNCA, Natixis, CACEIS), forms the basis on which LBI builds its value proposition: to offer a serious, sustainable investment solution framed by the best industry standards.
Investment architecture: “Quality GARP” expertise at the service of growing dividends
The performance of the Livret Bourse Investissements (LBI) is based on a precise investment mechanism and a proven management philosophy. The LBI is structured like a feeder UCITS fund , an efficient financial engineering that allows savers to access, through the LBI, a broader investment strategy.
The principle of the nutrient fund and the master fund
As a feeder fund, LBI invests almost all of its assets in a single “master” fund. This approach allows for the pooling of assets and benefits from the expertise of a specialized management team, while retaining the specific advantages of LBI, notably its eligibility for the French PEA savings plan.
The master fund selected for the LBI is DNCA INVEST – Euro Dividend Grower . This choice is strategic: it provides access to active and conviction-based management, led by DNCA Finance experts, in the Eurozone equity segment.
The “Quality GARP” methodology: more than value, quality
The master fund DNCA INVEST – Euro Dividend Grower applies a rigorous management philosophy known as “Quality GARP” (Growth At a Reasonable Price).
This approach differs from pure “Value” investing (buying undervalued assets) or pure “Growth” investing (buying high-growth companies). The Quality GARP is a demanding synthesis:
- Quality: The analysis focuses first on the intrinsic quality of companies. Managers look for companies with strong balance sheets, low debt, high barriers to entry in their market, and high-quality management. The goal is to identify resilient business models capable of generating stable and predictable free cash flow, even during economic downturns.
- GARP (Growth At a Reasonable Price): Once quality is identified, the selection process becomes more refined. Managers are not willing to pay just any price for that quality. They seek companies whose earnings growth prospects are undervalued by the market, thus allowing them to buy “quality” at a “reasonable price.”
The driving force behind “Dividend Growers”
DNCA Finance’s application of the Quality GARP methodology focuses on one particular attribute: the ability to generate growing dividends (“Dividend Growers”).
Why this focus? The dividend is the portion of a company’s profit that it distributes to its shareholders. A company that can increase its dividend year after year sends a powerful signal to the market. This demonstrates not only its current profitability, but above all, its confidence in the long-term viability of its business and its ability to generate increasing future profits.
This “Dividend Growers” strategy is doubly beneficial:
- It offers a source of potential recurring returns for the investor.
- It acts as a quality filter: only the strongest, least indebted and best managed companies can maintain a policy of increasing dividends over the long term.
By investing in the LBI, the saver therefore gains access, via the master fund, to a concentrated portfolio of high-quality European companies, selected for their ability to grow and share this growth with their shareholders in a sustainable manner.
A strong commitment to sustainable investment (Article 8 & SRI Label)
The Livret Bourse Investissements (LBI), through its master fund DNCA INVEST – Euro Dividend Grower, incorporates an essential dimension of modern investing: sustainability. This approach responds to a growing demand from investors wishing to align their investments with their values and contribute to a more responsible economy.
LBI’s commitment to sustainability is formalized by two leading regulatory and qualitative pillars: the Article 8 classification of the SFDR regulation and the prestigious French SRI Label.
Article 8 Classification (SFDR): the promotion of environmental and social characteristics
The European SFDR (Sustainable Finance Disclosure Regulation) aims to harmonize the transparency of financial products regarding sustainability. LBI (through its master) is classified under Article 8 , which places it in the category of financial products that “promote environmental or social characteristics”.
In practical terms, this means that DNCA Finance’s investment process actively integrates ESG (Environmental, Social, and Governance) criteria into the analysis and selection of securities. The objective is not only to seek financial performance (Quality GARP), but also to ensure that the portfolio companies meet good practice standards.
ESG integration is a management tool in its own right. By analyzing how a company manages its energy consumption (E), its relationship with its employees (S) or the independence of its board of directors (G), managers can identify additional opportunities and sources of resilience, thus contributing to the sustainable performance of the portfolio.
The SRI Label: a guarantee of transparency and methodological rigor
In addition to the Article 8 classification, the LBI (through its master) benefits from the SRI (Socially Responsible Investment) Label. This label, supported by the French public authorities, is one of the most demanding in Europe.
Obtaining this label is not automatic; it is the result of a rigorous audit conducted by an independent third-party organization. The SRI Label certifies that the fund applies a robust and transparent ESG methodology and that it concretely measures the impact of its investment choices.
For savers, the SRI Label offers several guarantees:
- A demanding selection: The fund excludes sectors or companies considered to be the least virtuous according to its ESG policy.
- In-depth analysis: The fund applies an ESG filter to the majority of its portfolio, selecting the highest-rated companies (a “Best-in-class” or “Best-in-universe” approach).
- Transparency: The manager commits to publishing clear information on its methodology and on the portfolio’s sustainability indicators.
For LBI, the combination of Article 8 and the SRI Label means that the pursuit of increasing dividends and social responsibility are not opposed, but complementary. The fund favors companies that demonstrate an ability to create economic value while contributing positively to society and the environment.
Access methods: flexibility and optimization at the heart of the PEA
One of the major advantages of the Livret Bourse Investissements (LBI) lies in its accessibility and flexibility, designed to adapt to different profiles and wealth management objectives.
Eligibility for the Equity Savings Plan (PEA)
The LBI is eligible for the PEA (Equity Savings Plan). This is a key structural advantage for French savers. The PEA is an investment vehicle recognized for its favorable tax framework, allowing, after five years of holding, an exemption from capital gains tax and income tax (excluding social security contributions).
Holding LBI within a PEA (French equity savings plan) allows you to capture the performance of the “Quality GARP” and “Dividend Growers” strategies while optimizing your long-term tax situation. It’s an effective wealth management strategy for growing capital over time.
Accessibility designed for all investors
LBI has chosen to democratize quality investing. The fund does not set a minimum subscription amount . Whether you wish to invest a large sum or set up regular payments of more modest amounts, LBI is accessible to everyone.
This lack of barriers to entry makes it easy to integrate into any wealth management strategy, whether you are a beginner or experienced investor.
Total flexibility: control of your savings
Flexibility is also a key element of the LBI offering. Invested savings are not locked in. Investors can redeem their shares at any time, according to their liquidity needs.
Notably, LBI does not charge any redemption fees (no exit fees). This absence of penalty on exit guarantees complete freedom for the saver, who can adjust their investment without being hindered by prohibitive fees.
A competitive fee structure
In the interest of transparency and alignment of interests, the fee structure is designed to be clear and controlled. The feeder/master architecture allows access to DNCA Finance’s expertise under optimized conditions.
The M/D share class of the master fund (DNCA INVEST – Euro Dividend Grower) has an annual management fee of just 0.25% including VAT . This fee level, particularly competitive for active management of this quality and benefiting from the SRI label, allows investors to retain a larger share of the generated performance.
Two types of shares for two objectives
To accommodate different strategies (capitalization or search for additional income), the LBI is available in two share forms, denominated in Euros:
- RC Share (ISIN Code: FR0000287955): This is a capital accumulation share class . Income generated by the portfolio (dividends, capital gains) is not distributed but automatically reinvested in the fund. This option is ideal for investors aiming for long-term capital growth, as the effects of compound interest are fully realized.
- RD Share (ISIN Code: FR0013516291): This is a distribution share class . The fund periodically distributes the income generated. This option is perfectly suited to investors seeking a regular supplemental income while keeping their capital invested in a high-quality strategy.
Specialized support for an expert solution
Navigating financial markets and optimizing one’s tax situation requires specialized expertise. The Livret Bourse Investissements (LBI), while designed to be accessible, is a sophisticated solution that combines conviction-based management, a nurturing structure, and a long-term commitment.
To support investors in discovering and making the most of this investment vehicle, a network of specialized advisors is available. These professionals, registered with ORIAS (the French register of insurance, banking, and finance intermediaries), provide a secure and educational framework for approaching investment.
Alain Dupuy (SIREN 314 181 801), registered under ORIAS number 16003727, is a dedicated contact person specializing exclusively in the Livret Bourse Investissements savings account. Based at 16 Allée de Lamothe in Cénac (33360), he offers in-depth knowledge of the product.
“The LBI offers a remarkable combination for savers. We have the longevity of a 1972 SICAV, coupled with modern ‘Quality GARP’ management focused on growing dividends. Its eligibility for the PEA (French equity savings plan), its lack of exit fees, and its long-term commitment (Article 8 and SRI Label) make it a top-tier wealth management tool. The absence of a minimum subscription makes it accessible to everyone, which is an undeniable strength for building a gradual portfolio.”
Alain Dupuy , LBI Specialist Advisor (ORIAS 16003727)
This dedicated expertise ensures that the investor chooses the investment structure (capitalization or distribution) best suited to their personal objectives, while mastering the specific advantages of LBI.
The Stock Market Investments Booklet (LBI) in brief:
- Longevity & Stability: A historic SICAV created in 1972, a guarantee of sustainability.
- Prestigious partners: Managed by DNCA Finance (Natixis IM) and custodian CACEIS Bank.
- “Quality GARP” Management: A rigorous methodology focused on quality businesses at a reasonable price.
- Focus “Dividend Growers”: Investing in European companies with growing dividends, a guarantee of resilience.
- Sustainable Investment: Classified as Article 8 (SFDR) and holder of the SRI Label, for responsible investment.
- Tax Optimization: Full eligibility for the Equity Savings Plan (PEA).
- Maximum Accessibility: No minimum subscription required to invest.
- Total Flexibility: No redemption fees (exit fees) applied.
Contact details and account opening
To learn more about the Stock Market Investment Savings Account, to initiate a subscription or to benefit from personalized support, several contact points are available to you.
LBI – Stock Market Investment Booklet
- Address: 19 Place Vendôme, 75001 Paris
- Telephone: 01 85 09 74 39
- Email: contact@lbi.finance
- Website: https://www.livretbourseinvestments.com
LBI Specialist Advisor
- Alain Dupuy (ORIAS 16003727)
- Address: 16 Allée de Lamothe, 33360 Cénac, France
- Telephone: 05 35 54 27 00
- Email: contact@dupuy-alain.com
- Website: https://www.dupuy-alain.com
