Finance Glossary
SICAV (Investment Company with Variable Capital)
What is a SICAV?
SICAVs (Sociétés d'Investissement à Capital Variable) are legal entities that issue shares. SICAVs were created in 1964 to facilitate individual investors' access to French and international stock markets (stocks and bonds).
Any subscriber to a SICAV becomes a shareholder and can express their views on the management of the company during general meetings.
A SICAV can manage itself or delegate this function to a management company that is obligated to act in the exclusive interest of the shareholders.
In contrast, FCPs (Fonds Communs de Placement) do not have legal personality and issue units. Their purpose is the management of a portfolio of securities.
How to invest in a SICAV?
SICAV shares are available through multiple distribution networks, which can be credit institutions, insurance companies, or online brokers.
To purchase SICAV shares, simply place an order with your intermediary, who will forward it to the management company.
The purchase or sale price of a SICAV share depends on the net asset value. This net asset value is published by the management company, notably on the website indicated in the KIID (Key Investor Information Document), and is also available on financial information websites.
They can be held in a securities account, a PEA (Equity Savings Plan), or in a life insurance contract (life insurance contracts denominated in units of account).