ANNUAL REPORT
APRIL 2021
AMUNDI ACTIONS PME
UCITS
Asset Management Company Amundi Asset Management Delegated fund accountant CACEIS Fund Administration France Custodian CACEIS BANK Auditors PRICEWATERHOUSECOOPERS AUDIT
UCITS AMUNDI ACTIONS PME
Contents Pages Informations about the Fund 3 Activity report 4 Significant events during the financial period 13 Specific details 14 Regulatory informations 15 Auditor's Certification 19 Annual accounts 24 Balance Sheet Asset 25 Balance Sheet Liabilities 26 Off-balance sheet 27 Income Statement 28 Notes to the annual accounts 29 Accounting rules and methods 30 Changes in net assets 34 Additional information 35 Table of profit (loss) of the fund over the past five financial periods 43 Portfolio 44 Note(s) 48 Informations about the OPC (next) 49
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Informations about the Fund
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Activity report May 2020 In May the European markets continued to recover after their March low point. The small and mid cap segment rose 5.6%. The markets were in fact buoyed by the economies continuing to reopen and by the hopes that the economy would recover sooner than expected. The governments and central banks are also clearly determined to close the gap between closures and the total recovery of activities. On 27 May the European Commission unveiled its proposed post-coronavirus economic stimulus plan. This plan is worth 750 billion euros and has to be approved unanimously by the EU governments. Considered a first step in the right direction, the plan announced was welcomed by the market. In this context, the fund's performance was solid, gaining over 6% during the month. The fund benefited from the rise of several cyclical stocks buoyed by the gradual easing of lockdown of the economies (Trigano, Befesa and Basic Fit). The asset manager Anima also benefited from the increase of Banco BPM in its capital. Our positions in the technology segment also continued to perform well, taking advantage of structural tendencies (development of the cloud, digitalisation, etc.). Conversely, in this context of recovery our more defensive positions such as Galapagos and Stratec made a negative contribution to performance. Consolidation of the Portuguese paper pulp manufacturer Altri price also had a negative effect on the fund's performance. During the month we increased our positions on certain cyclical stocks (doValue, Devoteam) and on Embracer (after the share price fell). Similarly we adopted new positions on Jenoptik and TeamViewer. Conversely we carried out profit-taking on Diasorin and Téléperformance (which have performed well since the beginning of the year).
June 2020 Market Review: The equity markets continued their bullish tendency in June, wiping out over half of the losses recorded in March. In the first week of June there was upwards acceleration, as the markets consolidated to end with monthly performance of almost 3%. The support measures taken by the government and the ECB continued to push the markets in the right direction. The economic indicators also proved better than initially anticipated, in terms of both activity and employment, while the economic confidence indicators improved significantly against the April lows. Portfolio Review: The fund rose 2.8% over the month. Albioma, energy producer, continued to perform well. In addition to gaining contracts on solar energy panels on buildings for aggregate power of 2.9 MW, with the end of lockdown the company is going to be able to restart its conversion work. We benefited from two market transactions, one on the Spanish telephony operator Masmovil which received a 2.96 billion euro buyout offer from a fund consortium, that is, a premium of approximately 30% compared to the last listed price, and the other on the audiovisual group Masmovil with an offer made by KKR and MASCF associated with management, with a 42% premium. Finally, Interparfums announced a new license contract with Moncler until 2026. Conversely, the main detractors were Cancom with results showing a reduction in operational margin linked to a less favorable mix and an aggressive strategy to win new clients; Fagron following the sale of 3m ordinary shares by Alychlo reducing its interests. Movements: During the month, we continued to increase some of our cyclical positions such as Anima, Altri and Instone. Along the same lines, we adopted a new position on the French property developer Kaufman & Broad. Conversely, we took profits on Cancom (within technology) and Evotec and ended up selling off Diasorin after good stock market results.
July 2020 In July the Eurozone small caps equity markets (MSCI EMU Small Cap) rose 0.4%, outperforming the Eurozone markets after the MSI EMU lost 1.4%. Despite tensions resurging between China and the United States and the renewed fears surrounding a second wave of Covid-19 late in the month, the market was shored up by the support of various European governments, which agreed on a 2021-2027 budget of €1074bn and on a €750bn stimulus plan, combined with an improvement in economic sentiment indicators. It should also be noted that the month was marked by the Q2 2020 earnings season. Profit growth prospects were revised significantly downwards from March; the results published did not reveal any major surprises, but the outlook shared by the companies for the second part of the year often revealed multiple uncertainties. The fund performed well overall in July with an increase of +2.1%. The portfolio again benefited from buyout announcements by private equity funds associated with the founding families. The IT company Devoteam was received a bid from the Bentzmann family with the help of KKR and a 25% premium on the latest price, and the Italian industrial company IMA from its main shareholder and BC Partner with a 13% premium over the latest listed price. The earnings season overall was good in view of the difficult second quarter situation.
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Within the portfolio, doValue and Cerved had good earnings results leading their stocks to rise. Conversely and unsurprisingly, Barco and CTS suffered from their dependence on the leisure segment which is still heavily impacted by the health crisis. ECA and Nabaltec also published poor quarterly earnings results. During the month we took profits on IMCD and continued to reduce our position on CANCOM.
August 2020 Market Review: In August the Eurozone small caps equity markets grew faster than in recent months and rose 4.6%, outperforming large caps. One of the factors supporting this growth was the second quarter earnings results which, overall, proved to be better than investor expectations. However, in absolute terms these results showed a quarter where European profits contracted significantly, mainly impacted by the various restrictions due to Covid-19. The other aspect supporting the markets was the monetary and fiscal stimulus measures: governments have so far announced a coherent set of economic support measures at a European level, expected to contribute to protecting the market against further negative shocks as 2020 advances while bolstering the positive sentiment towards the equities asset class. Conversely, the latest economic indicators published proved to be mixed, with in particular a manufacturing PMI index that has remained stable at 51.7 in the Eurozone, while the services PMI fell from 54.7 to 50.1.Portfolio Review: The fund's performance in August was solid, gaining +4.3%. In fact, our positions on Albioma (which benefited from the positive message about the power plant conversion work restarting) and Solaria paid off. Additionally, these positions continue to take advantage of governments' stated intention to support environmental transition themes with "green" stimulus plans. Meanwhile, some positions with a more cyclical profile also made a positive contribution to the fund's performance such as CTS Eventim, Trigano and Embracer. Conversely, our position on Galapagos fell after it announced the failure of its application for approval from the FDA, the American regulatory authority, for the sale of its product filgotinib. Movements: During the month we reduced our position on Galapagos and took profits on Cerved with the security rising significantly from its March low point. Conversely, we took advantage of the Evotec security's recent drop to increase our position on this company benefiting from the strong tendency to outsource pharmaceutical research, and we increased our exposure to the Austrian bank Bawag - we particularly appreciate the high return and the capital surplus situation, to be returned to shareholders as soon as the regulators authorise it.
September 2020 Market Review: In September, the European small cap equity markets fell slightly (0.1%), outperforming large caps which dropped 1.8%. In reality, the markets have recently faced two opposing dynamics. On the one hand, the Covid-19 crisis has remained a major issue, with cases resurging in Europe and additional restrictions likely to be imposed. On the other hand, we have seen a wave of simultaneous stimulus measures announced by the central banks and governments, aimed at minimising the economic impact of the crisis and re-accelerating growth. Throughout the summer, investors were reassured by a combination of positive economic indicators and encouraging news concerning the development of a vaccination. However in recent weeks the stabilisation of the economic recovery combined with Covid-19 cases resurging around Europe has made investors increasingly anxious. Portfolio Review: In this difficult context, the fund fell -0.7% in September. Our positions on certain Italian financial companies (Cerved, doValue, ANIMA) in particular negatively affected the fund's performance. Similarly, our position on the Austrian company S&T affected performance after a negative report was published by an independent research company. Finally, the Basic-Fit security suffered, still impacted by Covid-19 and the uncertainties linked to the new restrictive measures proposed by the different countries in which the group operates. Conversely, some of our positions in healthcare, such as STRATEC, Fagron and Compugroup, made a positive contribution to the portfolio's performance. Likewise, our position on the European leisure vehicle leader Trigano paid off when the group published a less severe than expected drop in its activity for the 2020 financial year, explained by a significant rise in growth of vehicle sales from June to August. Movements: We carried out some adjustments within the portfolio during the month. In fact, we sold our remaining positions on Galapagos and Kinepolis, with the latter in particular affected by the lower traffic in cinemas and the delays in releasing films. We also took profits on Albioma after solid stock market performance, demonstrating the enthusiasm for renewable energies. Conversely, we continued to increase our position on Bawag and adopted a new position on the Spanish pharmaceutical laboratory ROVI, which has high growth ambitions for the years to come, supported by recently approved speciality drugs and production on behalf of third parties.
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October 2020 Market Review: In October, the Eurozone small cap stock markets dropped 6.5%. Investor sentiment towards the asset class worsened in late October, as the number of Covid-19 cases rose significantly in Europe. The resurgence of the pandemic forced governments to reintroduce strict lockdown measures, closing down part of the economy. The main difference between the current situation and earlier in the year is that the necessary stimulus measures are in place to limit the economic repercussions of these restrictions. Other than the flow of information in connection with Covid-19, the uncertain outcome of the American elections also had a negative effect on investor confidence in the short term. Portfolio Review: In this context the fund held up better than the markets in October, falling just 3.8%. The relatively high exposure to the services sector and medical equipment particular led to over performance. Among the main changes to the securities in the portfolio, of particular note is Sioen Industries which gained 16% in October after the Sioen family announced its intention to withdraw the company from the stock market, offering 23 euros per share. We can also mention some of our positions in the industry and media sectors which made a positive contribution to the portfolio's performance: Thermador, Jacquet Metals and Embracer. Conversely, our position on Albioma had a negative effect on performance after the group revised its annual forecasts. Trigano also fell against a backdrop of profit-taking after the security rose over the last six months. Movements: In October we took profits on Solaria in renewable energies and on Albioma in services to local authorities. We also reduced our exposure on Software AG, after disappointing results were published. Conversely, we took advantage of the recent drop in the Barco price to increase our position, convinced of the company's quality position in its different markets. Finally, we continued to build our position on the Spanish pharmaceutical laboratory ROVI. The company has high growth ambitions for the next few years, supported by the sale of recently approved speciality drugs and production on behalf of third parties.
November 2020 In November the European small caps equity market rose significantly, gaining over 15% and posting its best month in over thirty years. In fact, the markets benefited from the optimism sparked by Joe Biden's victory at the American presidential elections and the announcement of Covid-19 vaccines. Investors saw the positive results from the Pfizer and BioNTech trials, followed by Moderna and other companies, as a sign that a return to normal economic activity could be imminent. Naturally strong, the activity segments most closely correlated with the reopening of economies - such as distributors, hotels and travel agents - soared following these announcements. Similarly, having been under pressure due to the pandemic's effect on the demand for oil, energy stocks experienced some of the highest growth. The banks meanwhile benefited from the yield curves steepening again. In this favourable context, the fund grew 11.8%, bringing its growth since the beginning of the year to 8.1%. In fact, the securities in the fund most exposed to the restarting of economic activity behaved well during the month. For example, our position on the gym company Basic Fit rose significantly in the hope of gyms fully reopening in the near future. Similarly, some of our more cyclical positions (such as TKH, Altri and Ströer) naturally benefited from this market upturn. Finally, our position on the European leisure vehicle leader Trigano paid off after it posted extremely solid figures for 2020. Conversely, our position on the German online real estate company Scout24 consolidated during the month. After a solid 2020, management made a more prudent statement about the price rises for next year leading investors to carry profit-taking on some securities. Our position on Embracer (videogames producer with strong growth) also consolidated after the announcement of new acquisitions underlining a continued aggressive M&A strategy. Moreover, some of the defensive positions within the fund did not benefit from the market upturn like Stratec. We carried out some adjustments within the portfolio during the month. We took profits on the Spanish company Solaria, on Embracer and on Albioma after good stock market performance. We also assigned our exposure to IMA (the Italian industrial received a buyout offer from its main shareholder in July). Conversely, we continued to increase some cyclical positions already present in the portfolio such as Altri, Chargeurs and Datalogic. We also increased our exposure to securities expected to benefit from structural tendencies such as Solutions 30 and Aixtron (with the prospect of new markets).
December 2020 Along the same lines as November, the Eurozone small caps equity market rose significantly in December, gaining 4.9%. The markets welcomed the Brexit deal reached in extremis between the United Kingdom and the EU and the unblocking of the negotiations surrounding the €750bn European stimulus plan, due to a compromise reached with Poland and Hungary. The latest economic indicators published also proved to be better than expected, with the PMI indicator jumping to 49.8 in the Eurozone. Finally, the ECB announced
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a 500 billion euro increase in the PEPP (Pandemic Emergency Purchase Programme), bringing the total budget to 1,850 billion and extending the programme's maturity to the end of March 2022.In this favorable context, the fund grew 5.4%, bringing its growth since the beginning of the year to 13.9%. In fact, some of our cyclical positions continued to do well from this positive environment, such as the company specialising in collecting and recycling steel dust and aluminum waste, Befesa, and the paper pulp producer, Altri. Moreover, our position on Evotec, in healthcare, passed important stages during the month and developed new key partnerships with other players (such as Sartorius). Finally, our position on the independent renewable energy producer Albioma also contributed positively to the portfolio's performance. During the month the company got the green light from the energy regulatory commission to convert coal to biomass at the Bois-Rouge electricity plant in La Réunion, which was welcomed by investors.. Conversely, our position on Solutions 30 fell significantly during the month after an anonymous report was circulated seeking to "demonstrate troubled links between the company and organised crime in Italy". The company refuted this information and explained that it is the target of a "destabilisation campaign via the use of dishonest and disloyal procedures". Our position on Compugroup meanwhile suffered from profit-taking after excellent stock market performance in 2020.During the month we increased our positions on Aixtron and Recticel. We also adopted a new position on the Swedish-Danish oil and vegetable fat producer AAK. Conversely, we took profits on Getlink after the security's spectacular rise in November.
January 2021 After an unsettled year, the Eurozone small caps equity markets (MSCI EMU Small Cap) rose 1.5% in January, outperforming the Eurozone markets after the MSCI EMU lost 1.3%.The key event in January was the beginning of the fourth quarter earnings season, and although it is still very early the first signs are positive. The global economic figures published recently were also relatively good. Late in the month the markets fell somewhat in view of the accelerating Covid-19 infections. Investors were also worried by the confirmation that other more contagious and potentially more virulent strains of the virus had been identified. Although roll-out of the vaccine continued to gather steam globally as supply increased, the short-term delays added to the general nervousness. The markets notably continued to benefit from the support shown by the central banks and the different governments. The fund's performance during the month was positive, gaining almost 1.6%. In fact, the portfolio in particular took advantage of its exposure to the technology sector with solid performance from stocks such as the company Esker specialising in creating paper-free billing and order processes. The company published solid results for Q4 and showed a positive order book. Additionally, within the industrial sector our positions on MBB SE (benefited from successful diversification in the services trades for electricity, gas and oil grids) and on the company specialising in manufacturing wood fibre insulation panels, Steico (benefiting from the green trend) made a positive contribution to the fund's performance. Finally, in healthare our positions on Stratec and Evotec also paid off. Conversely, the independent renewable energy producer Albioma and the German advertising company (on street signs) Stroër dropped during the month following profit-taking. We increased our position on the Swedish-Danish oil and vegetable fat producer AAK. We adopted a new position on Deutz, engine manufacturer for industrial vehicles and forklift trucks, expected to benefit from a more favorable market (construction, agriculture and logistics) and a 100m EUR productivity plan to significantly lower the breakeven point. Conversely, we took profits on Evotec, Encavis and Solaria following good stock market performances in recent months.
February 2021 Along the same lines as in January, the Eurozone small caps equity markets (MSCI EMU Small Cap) rose 3.8% in January. Early in the month the markets were fuelled by the positive signs that the vaccine is effective, combined with what appears to be an increasingly clear path towards economies reopening. However, in mid-February we observed renewed volatility, with investors increasingly fearing that the global economic recovery after the pandemic will create inflationary pressures. This fear was supported by the major American budget plan expected and the rise in bond yields. In this context, the so-called value cyclical segments such as banks and automotive behaved well while the sectors sensitive to interest rates underperformed. It is important to note that in the fourth quarter earnings season in Europe we were able to observe that the recent improvement in the economic figures was reflected in better profits in general. The fund's performance during the month was positive, gaining over 3.8%. In fact, some of our positions benefited from the cyclical upturn. Some positions paid off: on the paper pulp producer Altri (rise of paper pulp price), on the gym company Basic Fit (taking advantage of the prospect of economies reopening) and on the Austrian bank Bawag (which benefited from the rate increase). Likewise, our positions on Aixtron and Embracer made
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a positive contribution to the portfolio's performance (following solid earnings results). Conversely, some of our positions in healthcare made a negative contribution to performance, such as Compugroup (its aggressive investment strategy had a negative effect on margins), Pharmagest (following the placement of one of the founders with a steep discount) and Stratec (based on fears of a difficult base effect after benefiting from the impact of the health crisis on sales of diagnostic machines).During the month we took profits on Stratec, Esker, Evotec and Pharmagest which showed good stock market performance. Conversely, we participated in the investment made by the Private Equity Permira fund in TeamViewer and increased our positions on Cancom and Barco (expected to benefit from economies reopening). Finally, we arbitrated part of our position on Embracer to Stillfront (its share consolidated). Stillfront allowed us to diversify in the video games sector with a position in the mobile telephones games segment. We benefited from a still dynamic market in the process of consolidation.
March 2021 Market Review: Along the same lines as in February, the Eurozone small caps equity markets (MSCI EMU Small Cap) rose 5.3% in March, giving total growth of over 11% during the first quarter of 2021. With this prolonged rise from the low point in March 2020 record highs were reached. Investors continued to focus on the upcoming reopening of the economies and looked beyond the slow roll-out of vaccines in Europe, bolstering equity market growth. The current vigorous mergers and acquisitions activity is one of the main catalysts for a rise in the small caps indices. However, we observed renewed volatility, with investors increasingly fearing that the global economic recovery after the pandemic will create inflationary pressures. This phenomenon was bolstered by the scope of the American fiscal plan and the continued accommodating monetary policies. Investors were also concerned about the recent increase in bond yields. In this context the so-called value cyclical segments such as banks and automotive behaved, well while the sectors sensitive to a rise in interest rates underperformed. Portfolio Review: The fund's performance during the month was positive, gaining almost 1.7%. In this positive context, some of our cyclical stocks such as Jacquet Metals, Altri and Zignago Vetro naturally made a positive contribution to the portfolio's performance. Similarly, our position on Cerved benefited from the announcement of the ION Group's takeover bid with a premium of 18% over the latest listed price. Conversely, the fund suffered from profit-taking on technology stocks. Our position on Teamviewer suffered after its high marketing spending linked to sponsoring Manchester United and the Mercedes team in the F1. Other positions made a negative contribution to the portfolio's performance: on the German outdoor advertising company Stroer (showed correction on pre-announced earnings results and prudent comments for beginning of the year), and on the gym company BasicFit (profit-taking). Movements: We took profits on CTS Eventim and BasicFit after good stock market results. We reduced our exposure to LEG Immobilien in a context of a rate movement unfavorable to the property sector. Conversely, we increased our positions on Cancom and Deutz, both at low points (adding cyclicality to the portfolio). Finally, on the German market we participated in the stock market listing of Friedrich Vorwerk, a company that instals transport and energy transformation infrastructures for the gas, electricity and hydrogen markets.
April 2021 Continuing along the same lines as in the first quarter, the Eurozone small caps equity markets (MSCI EMU Small Cap) rose 3.2% in April, giving total growth of almost 14.6% since the beginning of 2021. With this prolonged rise from the low point in March 2020 record highs were reached. In April the Q1 earnings results also began to appear. At the time of writing, 62% of European companies exceeded profit estimates per share by over 5% on average, making it one of the best quarterly earnings seasons in the last decade. However, these good results were widely anticipated in view of the positive base effects; it should be noted that companies have failed to provide further clarifications on their earnings estimates for the whole of 2021 as multiple uncertainties are still present. Other than company profits, it appears that the economic figures have stagnated somewhat due to the lockdowns in Europe continuing to affect activity negatively. However, as vaccination campaigns are stepped up around the world, the base scenario for many investors is still that the economy will continue to recover during the summer months and until the end of the year. The fund's performance during the month was positive, gaining over 3.2%. In fact, the portfolio benefited from the good performance by some stocks within healthcare. Our position on the French animal health company Virbac posted solid results, significantly exceeding expectations despite management's more prudent discourse early in the year. Similarly, our position on Dermapharm (German company manufactured non-patented branded pharmaceutical products) paid off following solid earnings results indicating strong turnover growth (the company produces elements for the Covid-19 vaccine). Our position on Interparfum also made a positive
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contribution against the backdrop of hope about economies reopening. Conversely, some of our positions within the semi-conductors segment were under pressure due to profit-taking after excellent stock market performances (Aixtron, BE Semiconductor Industries, Soitec). Additionally, our positions on Albioma (which suffered from the rise in bond rates) and Trigano had a negative effect on the portfolio's performance. During the month, we adopted a new position on the parts manufacturers SAF-HOLLAND, expected to benefit from a sharp rise in demand, and we increased our position on Aixtron due to the low share price (with the announcement of the end of the contract to manufacture parts for Samsung). Conversely, we took profits on the diagnosis machines parts manufacturer Stratec and reduced our position on Albioma.
For the period under review, the performance of each of the units of the portfolio AMUNDI ACTIONS PME and its benchmark stood at: - Unit AMUNDI ACTIONS PME - (C) in EUR currency: 44.79% - Unit AMUNDI ACTIONS PME - O (C) in EUR currency: 46.98% - Unit AMUNDI ACTIONS PME - S (C) in EUR currency: 45.81% Past performance is no guarantee of future performance.
INFORMATION ON INCIDENTS RELATED TO THE COVID-19 CRISIS The Covid-19 health crisis has had no material impact on the UCI over the financial year.
Principal movements in portfolio listing during the period
Movements (in amount) Securities Acquisitions Transfers
AMUNDI EURO LIQUIDITY-RATED SRI I 47,040,777.53 26,227,352.23
AMUNDI CASH INSTITUTIONS SRI S 11,149,558.22 11,598,307.27
CANCOM SE 9,253,352.79 11,501,127.55
EVOTEC OAI AG 2,895,290.65 13,864,318.42
SOLARIA ENERGIA Y MEDIO AMBIENTE SA 1,060,122.11 12,490,610.30
MASMOVIL IBERCOM SA 12,034,012.50
DEVOTEAM SA 1,869,359.92 9,655,842.00
STRATEC SE 10,770,442.41
ALBIOMA 10,759,026.22
AAK AB 10,420,952.00
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Efficient portfolio management (EPM) techniques and Financial derivative instruments in EUR
a) Exposure obtained through the EPM techniques and Financial derivative instruments
• Exposure obtained through the EPM techniques: o Securities lending: o Securities loans: o Reverse repurchase agreement: o Repurchase: • Underlying exposure reached through financial derivative instruments: o Forward transaction: o Future: o Options: o Swap:
b) Identity of the counterparty(ies) to EPM techniques and financial derivative instruments Identity of the counterparty(ies) to EPM Financial derivative instruments (*) techniques
(*) Excepted derivative listed.
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c) Type and amount of collateral received by the UCITS to reduce counterparty risk
Types of financial instruments Amount portfolio currency
EPM . Term deposit . Equities . Bonds . UCITS . Cash (*) Total Financial derivative instruments . Term deposit . Equities . Bonds . UCITS . Cash Total
(*) The Cash account also integrates the liquidities resulting from repurchase transactions. d) Revenues and operational cost/fees from EPM
Revenues and operational cost/fees Amount portfolio currency
. Revenues (*) . Other revenues Total revenues . Direct operational fees . Indirects operational fees . Other fees Total fees
(*) Income received on loans and reverse repurchase agreements.
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Transparency of securities financing transactions and of reuse (SFTR) - Regulation SFTR - in accounting currency of the portfolio (EUR)
Over the course of the reporting period, the UCI was not involved in any transactions governed by the Securities Financing Transactions Regulation (SFTR).
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Significant events during the financial period
Le 27 January 2021 Ajout The UCI carries a sustainability risk, as defined in the risk profile. The UCI incorporates sustainability factors into its investment process. Amundi effectively applies a Responsible Investment Policy that consists of, on the one hand, a policy of targeted exclusions in line with the investment strategy, and, on the other hand, an ESG rating system made available to the management team (details about this policy are provided in Amundi’s Responsible Investment Policy, available on its website www.amundi.co.uk).
Le 27 January 2021 Ajout 1. Strategies used:
Le 27 January 2021 Ajout Sustainability risk: the risk relating to an environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential negative material impact on the value of the investment.
Le 27 January 2021 Ajout Regulation (EU) 2019/2088 on sustainability‐related disclosures in the financial services sector (the “Disclosures Regulation”) As a financial market participant, the management company of the UCI is governed by Regulation (EU) 2019/2088 of 27 November 2019 on sustainability‐related disclosures in the financial services sector (the “Disclosures Regulation”). This Regulation lays down harmonised rules for financial market participants on transparency with regard to the integration of sustainability risks (Article 6 of the Regulation), the consideration of negative sustainability impacts, the promotion of environmental or social characteristics in the investment process (Article 8 of the Regulation) and sustainable investment objectives (Article 9 of the Regulation). Sustainability risk is defined as an environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential negative material impact on the value of the investment. Sustainable investment means an investment in an economic activity that contributes to an environmental objective, as measured, for example, by key resource efficiency indicators on the use of energy, renewable energy, raw materials, water and land, on the production of waste, and greenhouse gas emissions, or on its impact on biodiversity and the circular economy; or an investment in an economic activity that contributes to a social objective, in particular an investment that contributes to tackling inequality or that fosters social cohesion, social integration and labour relations; or an investment in human capital or economically or socially disadvantaged communities, provided that such investments do not significantly harm any of those objectives and that the investee companies follow good governance practices, in particular with respect to sound management structures, employee relations, staff remuneration and tax compliance.
Le 27 January 2021 Modification Prospectus updated on: 27 January 2021.
Tax Recovery
In several European Union countries, dividends paid by companies are not taxed in a similar way if the dividends are paid to domestic or foreign entities. Thus, when dividends are paid to a foreign entity, the latter sometimes incur withholding tax, resulting in a divergence of tax treatment that affects the free movement of capital, and thus violates European Union law.
Since several decisions of the Court of Justice of the European Union and of the Council of State have been taken in favor of foreign residents, the management company plans to make applications for reimbursement of the withholding tax paid on dividends received from foreign companies for funds domiciled in France where the prospects for reimbursement of withholding taxes can be considered favorable to the funds concerned. In the case of complaints procedures with the relevant fiscal authorities, the end result of these procedures is uncertain.
The repayment that can be obtained in the end is uncertain both in its amount in principal and, where appropriate, in interest and in terms of deadlines.
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Specific details
Voting rights
The exercise of voting rights attached to the securities included in the fund's assets and the decision on the contribution in securities are defined in the fund regulations.
Group funds and instruments
In order to obtain information on the financial instruments held in the portfolio that are issued by the Management Company or by its affiliates, please refer to the sections: • Additional information, • Group financial instruments held in the portfolio in the annual financial statements for the year ended, attached hereto.
Calculating overall risk
• Commitment calculation method Futures contracts are recorded at their market value as off-balance-sheet commitments, at the settlement price. Conditional forward transactions are translated to the underlying equivalent. Over-the-counter interest rate swaps are evaluated based on the nominal amount, plus or minus the corresponding estimation difference.
• Overall risk calculation method: the mutual fund uses the commitment calculation method to calculate the mutual fund's overall exposure to financial contracts.
• Leverage: Calculated using the gross method, the leverage percentage for this AIF is 97.84%. Calculated using the commitment method, the leverage percentage for this AIF is 97.84%. A rate of 100% corresponds to an unleveraged portfolio.
• Right to reuse collateral: 100%.
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Regulatory informations
Selection procedure for brokers and counterparties
Our Management Company and its "Trading" subsidiary attaches great importance to the selection of transactional service providers that are brokers or counterparties.
Its selection methods are as follows:
- Brokers are selected by geographical area and then by business. Counterparties are selected by business. - Brokers and counterparties are provided with a quarterly internal memorandum. The company departments involved in the rating process are directly concerned by the services rendered by these service providers. The "Trading" subsidiary organises and determines this rating based on the scores provided by each team leader concerned, using the following criteria:
For teams of managers, financial analysts and strategists: - general commercial relations, understanding of needs, relevance of contracts, - quality of market and opportunities advice, consultancy monitoring, - quality of research and publications, - universe of securities covered, company and management visits.
For teams of traders: - quality of personnel, market knowledge and information on companies, confidentiality, - price proposals, - quality of execution, - quality of transactions processing, connectivity, technical standards and responsiveness.
Our Company's Compliance and Middle Office departments have a right of veto.
Accreditation of a new transactional service provider (broker or counterparty)
The Trading subsidiary is in charge of processing authorisation dossiers and obtain approval from the Risk and Compliance departments. When the transactional service provider (broker or counterparty) is authorised, it is rated in the following quarter.
Monitoring committees for transactional service providers (brokers and counterparties)
These monitoring committees meet every quarter under the chairmanship of the Trading subsidiary manager. The purpose of the meetings is to: - validate past activity and the new selection to be implemented in the following quarter, - decide on whether service providers will form part of a group that will be assigned a certain number of transactions, - define the business outlook. In this perspective, the monitoring committees review the statistics and ratings assigned to each service provider and take decisions accordingly.
Report on broking fees
A report on broking fees is available for bearers. It can be viewed at the following web address: www.amundi.com.
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The ucits' compliance with targets relating to ESG (environmental, social and governance) criteria
Amundi produces an ESG analysis by rating around 11,000 companies worldwide. The rating scales from A (for issuers with best ESG practices) to G (for worst ESG practices). This analysis is completed by an active engagement policy with issuers, particularly on major sustainable development issues specific to their sector.
Amundi applies a targeted exclusion policy based on texts with a universal scope such as the United Nations’ Global Compact, on human rights and environmental conventions and on the International Labour Organization. Amundi therefore excludes from all its active management*, companies that do not comply with its ESG policy, with international conventions, or with national law and regulations: - anti-personnel mines, - cluster munitions, - chemical weapons, - biological weapons, - depleted uranium weapons. Those issuers have a G rating on Amundi’s rating scale.
Amundi has also decided to exclude or underweight in its portfolios certain issuers whose activities have very strong negative externalities exposing them to increasing societal and regulatory pressures. At the end of 2020, this evolution affects two sectors: - Coal: exclusion of companies that derive over 25% of their revenue from coal extraction or that produce more than 100m tons of coal each year; - Tobacco: companies that generate more than 10% of their revenue in the tobacco sector cannot have an ESG rating higher than E (suppliers, manufacturers and retailers).
Additional information on Amundi's methods for incorporating ESG criteria is available on its website: www.amundi.com.
* Except for index funds and ETFs – Exchange Traded Funds – constrained by their benchmark index
PEA eligibility
The management company monitors the level of holding of securities eligible for the PEA tax system on a daily basis to ensure that the portfolio is continuously invested in a manner that respects the minimum threshold required by regulation.
Remuneration Policy
1. Remuneration policy and practices of the AIFM/Management company
The remuneration policy implemented by Amundi Asset Management is compliant with the rules in terms of remuneration specified in the Directive 2011/61/UE of the European Parliament and of the Council of June 8th 2011 on Alternative Investment Fund Managers (the “AIFM Directive”), and in the Directive 2014/91/UE of July 23rd 2014 on undertakings for collective investment in transferable securities (the “UCITS V Directive”). These rules, about remuneration policies and practices, have for objective to promote sound and effective risk management of fund managers and the funds they manage.
This policy is incorporated within the framework of the remuneration policy of Amundi reviewed each year by its Remuneration Committee. The latter checked the application of the remuneration policy in relation to the 2019 fiscal year, its compliance with the AIFM/UCITS Directives’ principles and approved the policy applicable for the 2020 exercise at its meeting held on February 4th 2020.
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In 2020, the implementation of the Amundi remuneration policy was subject to an internal, central and independent audit, driven by the Amundi Internal Audit.
1.1 Amounts of remuneration paid by the Management companies to its employees
During fiscal year 2020, the total amount of compensation (including fixed, deferred and non-deferred bonus) paid by Amundi Asset Management to its employees (1 414 employees at December 31st 2020) is EUR 173 960 362. This amount is split as follows:
The total amount of fixed remuneration paid by Amundi Asset Management in 2020: EUR 110 450 102, which represents 63% of the total amount of compensation paid by Amundi AM to its staff, were in the form of fixed remuneration. The total amount of bonus deferred and non-deferred paid by Amundi Asset Management in 2020: EUR 63 510 260, which represents 37% of the total amount of compensation paid by Amundi AM to its staff, were in this form. The entire staff is eligible for variable compensation.
Additionally, some ‘carried interest’ was paid by Amundi AM with respect to fiscal year 2020, and is taken into account in the total amount of bonus referred to here above.
Of the total amount of remuneration (fixed and bonus deferred and non-deferred) paid during the fiscal year, EUR 26 966 833 were paid to the ‘executives and senior managers’ of Amundi AM (27 employees at December 31st 2020), and EUR 16 356 798 were paid to the ‘senior investment managers’ whose professional activities have a material impact on Amundi AM’s risk profile (39 employees at December 31st 2020).
1.2 Alignment of remuneration policy and practices with risk profile of the AIFs/UCITS
The Amundi Group has adopted and implemented remuneration policy and practices compliant with the latest norms, rules, and guidelines issued from the regulatory authorities for its management companies (AIFM/UCITS).
The Amundi Group has also identified all of its ‘Identified Staff’, which includes all the employees of the Amundi Group having a decision authority on the UCITS/AIFM management companies or the UCITS/AIFs managed and consequently likely to have a significant impact on the performance or the risk profile.
The variable remuneration awarded to the Amundi Group staff takes into account the performance of the employee, its business unit and the Amundi Group as a whole, and is based on financial and non-financial criteria as well as the respect of sound risk management rules.
The criteria taken into account for performance assessment and remuneration award depends on the nature of the employee’s functions :
1. Management and selection of AIFs/UCITS functions Common financial criteria: - Gross and net performance over 1, 3 years ; - Information ratio and Sharpe ratio over 1, 3 and 5 years ; - Performance fees collected during fiscal year when relevant ; - Competitive ranking ; - Contribution to net inflows/Successful requests for proposals, mandates during fiscal year. Common non-financial criteria: - Respect of internal rules in terms of risk management and prevention (Risk/Compliance) ; - Innovation / Product development; - Sharing of best practices and collaboration between employees ; - Commercial engagement ; - Quality of management.
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2. Sales and marketing functions Common financial criteria: - Net inflows ; - Revenues ; - Gross inflows; client base development and retention; product mix; Common non-financial criteria: - Joint consideration of Amundi’s and clients’ interests ; - Clients satisfaction and quality of relationship ; - Quality of management ; - Securing/developing the business ; - Cross-functional approach and sharing of best practices ; - Entrepreneurial spirit.
3. Control and support functions For control and support functions, performance assessment and remuneration award are independent from the performance of the business they oversee. Common criteria taken into account are: - Mainly criteria related to the meeting of objectives linked to their functions (risk management, quality of controls, completion of projects, tools and systems improvement etc.) - When financial criteria are used, these are mainly related to management/ optimization of expenses.
The above-mentioned performance criteria, and specifically those applicable to Identified staff in charge of the management of AIFs/UCITS, comply with the applicable regulation as well as to the AIF’s/UCITS investment policy. These internal rules of Amundi Group contribute to a sound and effective risk management.
Furthermore, Amundi Group has adopted and implemented, for its entire staff, measures aiming to align remuneration with long-term performance and risks in order to avoid conflicts of interest.
In this respect, notably: - The deferral policy has been adapted to comply with the AIFM and UCITS V Directives’ requirements. - The deferred portion of bonus for identified staff members is awarded in financial instruments indexed at 100% on the performance of a basket of AIFs and/or UCITS funds managed. - The actual payment of the deferred portion is linked to the financial situation of Amundi Group, with the continued employment within the group and to a sound and effective risk management over the vesting period.
Energy transition law for green growth (Article 173, law n°2015-992)
In the framework of Article 173 from law n ° 2015-992, Amundi has developed for its clients and funds an asset allocation and reporting methodology that assesses the risk of the energy transition in the portfolios. We calculate the portfolios’ carbon footprint and have developed an ET (Energy Transition) rating for issuers to understand their exposure to transitional risks and the management of these risks. We complete the analysis of energy transition risks through comprehensive research on the 2°C alignment of companies. This research is carried out jointly with the Crédit Agricole SA group (CASA) whose recognized model - P9XCA - allows carbon emissions to be distributed by sector and geography. Physical risks related to climate change are also part of the research undertaken with CASA to develop a model dedicated to asset management.
For more information on the management of Environmental (in particular issues related to climate change), Social, and Governance issues taken into account in its investment policy, Amundi provides a report "Application of Article 173" to investors, available at www.amundi.com (Legal Documentation section).
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Auditor's Certification
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Annual accounts
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Balance sheet - asset on 04/30/2021 in EUR
04/30/2021 04/30/2020
FIXED ASSETS, NET DEPOSITS FINANCIAL INSTRUMENTS 855,315,119.90 630,756,193.56 Equities and similar securities 769,413,591.87 568,695,444.16 Traded in a regulated market or equivalent 769,413,591.87 568,695,444.16 Not traded in a regulated market or equivalent Bonds and similar securities Traded in a regulated market or equivalent Not traded in a regulated market or equivalent Credit instruments Traded in a regulated market or equivalent Negotiable credit instruments (Notes) Other credit instruments Not traded in a regulated market or equivalent Collective investment undertakings 85,901,528.03 62,060,749.40 General-purpose UCITS and alternative investment funds intended for non- 85,901,528.03 62,060,749.40 professionals and equivalents in other countries Other Funds intended for non-professionals and equivalents in other EU
Member States General-purpose professional funds and equivalents in other EU Member
States and listed securitisation entities Other professional investment funds and equivalents in other EU Member
States and listed securitisation agencies Other non-European entities Temporary transactions in securities Credits for securities held under sell-back deals Credits for loaned securities Borrowed securities Securities sold under buy-back deals Other temporary transactions Hedges Hedges in a regulated market or equivalent Other operations Other financial instruments RECEIVABLES 4,450,151.24 1,528,186.62 Forward currency transactions Other 4,450,151.24 1,528,186.62 FINANCIAL ACCOUNTS 16,724,107.33 25,628,780.71 Cash and cash equivalents 16,724,107.33 25,628,780.71 TOTAL ASSETS 876,489,378.47 657,913,160.89
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Balance sheet - liabilities on 04/30/2021 in EUR
04/30/2021 04/30/2020
SHAREHOLDERS' FUNDS Capital 789,795,702.54 624,905,521.05 Allocation Report of distributed items (a) Brought forward (a) Allocation Report of distributed items on Net Income (a, b) 84,756,545.55 28,709,885.53 Result (a, b) -1,613,931.76 1,505,899.19 TOTAL NET SHAREHOLDERS' FUNDS * 872,938,316.33 655,121,305.77 * Net Assets
FINANCIAL INSTRUMENTS Transactions involving transfer of financial instruments Temporary transactions in securities Sums owed for securities sold under buy-back deals Sums owed for borrowed securities Other temporary transactions Hedges Hedges in a regulated market or equivalent Other hedges PAYABLES 3,551,062.14 2,791,855.12 Forward currency transactions Others 3,551,062.14 2,791,855.12 FINANCIAL ACCOUNTS Short-term credit Loans received
TOTAL LIABILITIES 876,489,378.47 657,913,160.89
(a) Including adjusment (b) Decreased interim distribution paid during the business year
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Off-balance sheet on 04/30/2021 in EUR
04/30/2021 04/30/2020
HEDGES Contracts in regulated markets or similar OTC contracts Other commitments OTHER OPERATIONS Contracts in regulated markets or similar OTC contracts Other commitments
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Income statement on 04/30/2021 in EUR
04/30/2021 04/30/2020
Revenues from financial operations Revenues from deposits and financial accounts 3.88 Revenues from equities and similar securities 6,959,521.96 10,473,704.99 Revenues from bonds and similar securities Revenues from credit instruments Revenues from temporary acquisition and disposal of securities Revenues from hedges Other financial revenues TOTAL (1) 6,959,521.96 10,473,708.87
Charges on financial operations Charges on temporary acquisition and disposal of securities Charges on hedges Charges on financial debts 97,094.60 91,485.96 Other financial charges TOTAL (2) 97,094.60 91,485.96
NET INCOME FROM FINANCIAL OPERATIONS (1 - 2) 6,862,427.36 10,382,222.91 Other income (3) Management fees and depreciation provisions (4) 8,442,779.63 8,277,580.78
NET INCOME OF THE BUSINESS YEAR (L.214-17-1) (1 - 2 + 3 - 4) -1,580,352.27 2,104,642.13 Revenue adjustment (5) -33,579.49 -598,742.94 Interim Distribution on Net Income paid during the business year (6)
NET PROFIT (1 - 2 + 3 - 4 + 5 - 6) -1,613,931.76 1,505,899.19
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Notes to the annual accounts
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1. Accounting rules and methods
The annual financial statements are presented in the format laid down by ANC (French accounting standards authority) Regulation 2014-01, as amended.
The following general accounting principles apply: - true and fair view, comparability, and going concern, - compliance, accuracy, - prudence, - consistency of accounting methods from one year to the next.
The accounting method used to record income from fixed income securities is the effective interest method.
Purchases and sales of securities are recognised excluding fees. The portfolio’s accounting currency is the euro. The length of the financial year is 12 months.
Information on the impact of the COVID-19 crisis
The asset manager has prepared the financial statements on the basis of the information available during the continuously changing circumstances presented by the COVID-19 crisis.
Asset valuation rules
Financial instruments are recognised using the historical cost method and recorded on the balance sheet at their present value, which is determined by taking the last known market value or, where no market exists, by any external means or using financial models. Differences between the present values used to calculate net asset value and the historical cost of securities at the time they are added to the portfolio are recorded under “valuation differentials”. Any securities not denominated in the portfolio’s accounting currency are measured in accordance with the principle described below, then translated into the portfolio’s accounting currency at the exchange rate prevailing at the valuation date.
Deposits: Deposits with a remaining term of three months or less are measured using the straight-line method.
Equities, bonds, and other securities traded on a regulated or similar market: To determine net asset value, equities and other securities traded on a regulated or similar market are measured at their last market price of the day. Bonds and similar securities are measured at the closing price reported by various financial service providers. Accrued interest on bonds and similar securities is calculated through to the NAV date.
Equities, bonds and other securities not traded on a regulated or similar market: Securities not traded on a regulated market are measured under the responsibility of the asset manager using methods based on net asset value and yield, taking into consideration the prices used during major recent transactions.
Negotiable debt securities: Negotiable debt securities and similar securities not subject to material transactions are assessed using an actuarial method, based on a benchmark interest rate as defined below, and adjusted upward when necessary to take account of the intrinsic features of the issuer:
-Negotiable Debt Securities with a maturity of up to 1 year: Interbank rate in euros (Euribor);
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- Negotiable Debt Securities with a maturity of more than 1 year: Rates on BTANs or OATs (French government bonds) with a similar maturity for longer periods.
Negotiable debt securities with a remaining term of three months or less may be measured using the straight- line method.
Treasury notes are marked to market at the rate published daily by the Banque de France or Treasury note specialists.
Mutual funds: Fund units or shares are measured at their last known net asset value.
Temporary securities transactions: Securities received under repurchase agreements are recorded as assets under “Receivables on securities received under a repurchase agreement” at the contract amount plus any accrued interest receivable.
Securities sold under repurchase agreements are booked to the purchaser’s portfolio at the present value. Liabilities on securities sold under repurchase agreements are booked to the seller’s portfolio at the value specified in the contract, plus accrued interest payable.
Loaned securities are measured at their current value and recorded on the asset side of the balance sheet under the heading “Receivables representing loaned securities” at current value plus accrued interest receivable.
Borrowed securities are booked to assets under “Borrowed securities” at the amount provided for in the agreement, and to liabilities under “Payables representing borrowed securities” at the amount provided for in the agreement, plus accrued interest payable.
Forward financial instruments:
Forward financial instruments traded on a regulated or equivalent market: Forward financial instruments traded on regulated markets are measured at the daily clearing price.
Forward financial instruments not traded on a regulated or similar market:
Swaps: Interest rate and/or currency swaps are marked to market based on the price determined by discounting future cash flows at market interest and/or exchange rates. This price is adjusted for issuer risk.
Index swaps are measured using an actuarial method based on a benchmark rate provided by the counterparty.
Other swaps are either marked to market or assessed at an estimated value based on the conditions defined by the Asset Manager.
Off-balance sheet commitments: Forward contracts are marked to market as off-balance sheet liabilities, at the price used in the portfolio. Options are converted into their underlying equivalent. Swap commitments are reported at their par value or, where no par value is available, at an equivalent amount.
Management fees Management fees and operating costs include all fund-related costs: financial management, administrative, accounting, custody, distribution, and auditing fees.
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These fees are charged to the fund’s profit and loss account. Management fees do not include transaction fees. For more details about the fees charged to the fund, please refer to the prospectus. They are recorded on a pro rata basis each time the NAV is calculated.
The total amount of these fees complies with the maximum fee rate based on net assets, indicated in the prospectus or the fund rules:
FR0013128824 - AMUNDI ACTIONS PME S-C: Maximum fee 0.90% including tax. FR0011777085 - AMUNDI ACTIONS PME O-C: Maximum fee 0.10% including tax. FR0011556828 - AMUNDI ACTIONS PME C: Maximum fee 1.79% including tax.
SWING PRICING
Material subscriptions and redemptions may have an impact on net asset value due to the cost of readjusting the portfolio associated with investment and divestment transactions. This cost may result from the difference between the transaction price and the valuation price, taxes or brokerage fees.
For the purpose of protecting the interests of the Fund’s unitholders or shareholders, the Asset Manager may decide to apply a swing pricing mechanism to the Fund with a trigger threshold.
Accordingly, when the net balance of subscriptions/redemptions for all units combined is higher in absolute terms than the pre-defined threshold, the NAV will be adjusted. As a result, the NAV will be adjusted up (or down, as the case may be) if the net balance of subscriptions/redemptions is positive (or negative); the goal is to limit the impact of these subscriptions/redemptions on the net asset value for the Fund’s unitholders.
This trigger threshold is expressed as a percentage of the Fund’s total assets.
The level of the trigger threshold and the adjustment factor for the NAV are determined by the asset manager, and are reviewed at least on a quarterly basis.
Due to the use of swing pricing, Fund volatility may not solely be a function of portfolio assets.
In line with regulations, only those responsible for its application know the details of this mechanism, and in particular the trigger threshold percentage.
Allocation of distributable amounts
Definition of distributable sums Distributable sums consist of:
Income: Net income is equal to the amount of interest, arrears, premiums and bonuses, dividends, directors’ attendance fees and all other income from the securities comprising the portfolio, plus income from temporary cash holdings, minus management fees and borrowing costs. To it is added retained earnings, plus or minus the balance of the income adjustment account.
Capital gains and losses: Realised capital gains, net of costs, less realised capital losses, net of costs, recorded during the financial year, plus net capital gains of the same nature recorded in previous financial years that were not distributed or capitalised, plus or minus the balance of the capital gains adjustment account.
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Methods for allocating distributable amounts:
Allocation of net capital gains Unit(s) Allocation of net income or losses realized
Units AMUNDI ACTIONS PME C Accumulation Accumulation
Units AMUNDI ACTIONS PME O-C Accumulation Accumulation
Units AMUNDI ACTIONS PME S-C Accumulation Accumulation
33 Annual Report in 30/04/2021 UCITS AMUNDI ACTIONS PME
2. Changes in net asset on 04/30/2021 in EUR
04/30/2021 04/30/2020
NET ASSETS IN START OF PERIOD 655,121,305.77 829,669,444.79
Subscriptions (including subscription fees received by the fund) 45,916,691.26 41,086,103.48 Redemptions (net of redemption fees received by the fund) -113,001,189.82 -140,555,430.82 Capital gains realised on deposits and financial instruments 96,473,954.41 80,908,427.08 Capital losses realised on deposits and financial instruments -8,221,126.99 -50,212,767.86 Capital gains realised on hedges Capital losses realised on hedges Dealing costs -521,508.30 -665,955.48 Exchange gains/losses 220,985.82 249,767.04 Changes in difference on estimation (deposits and financial instruments) 198,529,556.45 -107,462,924.59 Difference on estimation, period N 252,107,077.85 53,577,521.40 Difference on estimation, period N-1 -53,577,521.40 -161,040,445.99 Changes in difference on estimation (hedges) Difference on estimation, period N Difference on estimation, period N-1 Net Capital gains and losses Accumulated from Previous business year Distribution on Net Capital Gains and Losses from previous business year Net profit for the period, before adjustment prepayments -1,580,352.27 2,104,642.13 Allocation Report of distributed items on Net Income Interim Distribution on Net Income paid during the business year Other items
NET ASSETS IN END OF PERIOD 872,938,316.33 655,121,305.77
34 Annual Report in 30/04/2021 UCITS AMUNDI ACTIONS PME
3. Additional information
3.1. BREAKDOWN OF FINANCIAL INSTRUMENTS BY LEGAL OR COMMERCIAL TYPE
Amount %
ASSETS
BONDS AND SIMILAR SECURITIES TOTAL BONDS AND SIMILAR SECURITIES CREDIT INSTRUMENTS TOTAL CREDIT INSTRUMENTS
LIABILITIES
TRANSACTIONS INVOLVING TRANSFER OF FINANCIAL INSTRUMENTS TOTAL TRANSACTIONS INVOLVING TRANSFER OF FINANCIAL INSTRUMENTS
OFF-BALANCE SHEET
HEDGES TOTAL HEDGES OTHER OPERATIONS TOTAL OTHER OPERATIONS
3.2. BREAKDOWN OF ASSET, LIABILITY AND OFF-BALANCE SHEET ITEMS, BY TYPE
Rate subject Fixed rate % Variable rate % to review % Other % ASSETS Deposits Bonds and similar securities Credit instruments Temporary transactions in
securities Financial accounts 16,724,107.33 1.92 LIABILITIES Temporary transactions in
securities Financial accounts OFF-BALANCE SHEET Hedges Others operations
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3.3. BREAKDOWN OF ASSET, LIABILITY AND OFF-BALANCE SHEET ITEMS, BY TIME TO MATURITY(*)
]3 months - < 3 months % 1 year] % ]1- 3 years] % ]3 - 5 years] % > 5 years % ASSETS Deposits Bonds and similar securities Credit instruments Temporary transactions in securities Financial accounts 16,724,107.33 1.92 LIABILITIES Temporary transactions in securities Financial accounts OFF-BALANCE SHEET Hedges Others operations (*) All hedges are shown in terms of time to maturity of the underlying securities.
3.4. BREAKDOWN OF ASSET, LIABILITY AND OFF-BALANCE SHEET ITEMS, BY LISTING OR EVALUATION CURRENCY (HORS EUR)
Currency1 Currency 2 Currency 3 Currency N SEK GBP CHF Other currencies Amount % Amount % Amount % Amount %
ASSETS Deposits Equities and similar securities 28,514,238.10 3.27 Bonds and similar securities Credit instruments Mutual fund Temporary transactions in securities Receivables Financial accounts 95.75 707.11 387.09 0.03 LIABILITIES Transactions involving transfer of financial instruments Temporary transactions in securities Debts Financial accounts OFF-BALANCE SHEET Hedges Other operations
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3.5. RECEIVABLES AND PAYABLES: BREAKDOWN BY ITEMS
Type of debit/credit 04/30/2021
RECEIVABLES Sales deferred settlement 4,198,196.99 Coupons and dividends in cash 250,932.84 Other receivables 1,021.41 TOTAL RECEIVABLES 4,450,151.24 PAYABLES Purchases deferred settlement 2,323,339.61 Fixed management fees 937,066.18 Other payables 290,656.35 TOTAL PAYABLES 3,551,062.14 TOTAL PAYABLES AND 899,089.10 RECEIVABLES
3.6. SHAREHOLDERS' FUNDS
3.6.1. Number of units issued or redeemed
In units In value
Unit AMUNDI ACTIONS PME C
Units subscribed during the period 18,292.453 14,945,345.26 Units redeemed during the period -95,843.212 -77,760,003.76 Net Subscriptions/Redemptions -77,550.759 -62,814,658.50 Units in circulation at the end of the period 525,954.578
Unit AMUNDI ACTIONS PME O-C
Units subscribed during the period 21,313.177 4,483,905.63 Units redeemed during the period -142,897.186 -30,734,822.83 Net Subscriptions/Redemptions -121,584.009 -26,250,917.20 Units in circulation at the end of the period 905,839.439
Unit AMUNDI ACTIONS PME S-C
Units subscribed during the period 30,725.689 26,487,440.37 Units redeemed during the period -5,667.713 -4,506,363.23 Net Subscriptions/Redemptions 25,057.976 21,981,077.14 Units in circulation at the end of the period 154,124.927
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3.6.2. Subscription and/or redemption fees
In Value
Unit AMUNDI ACTIONS PME C Total acquired subscription and/or redemption fees 711,683.52 Acquired subscription fees 711,683.52 Acquired redemption fees
Unit AMUNDI ACTIONS PME O-C Total acquired subscription and/or redemption fees Acquired subscription fees Acquired redemption fees
Unit AMUNDI ACTIONS PME S-C Total acquired subscription and/or redemption fees Acquired subscription fees Acquired redemption fees
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3.7. MANAGEMENT FEES
04/30/2021
Units AMUNDI ACTIONS PME C Guarantee commission Fixed management fees 7,251,655.69 Percentage set for fixed management fees 1.60 Variable management fees Trailer fees
Units AMUNDI ACTIONS PME O-C Guarantee commission Fixed management fees 209,446.18 Percentage set for fixed management fees 0.10 Variable management fees Trailer fees
Units AMUNDI ACTIONS PME S-C Guarantee commission Fixed management fees 974,057.16 Percentage set for fixed management fees 0.90 Variable management fees Trailer fees
3.8. COMMITMENTS RECEIVED AND GIVEN
04/30/2021
Guarantees received by the fund - including capital guarantees
Other commitments received Other commitments given
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3.9. FUTHER DETAILS
3.9.1 Stock market values of temporarily acquired securities
04/30/2021
Securities held under sell-back deals Borrowed securities
3.9.2. Stock market values of pledged securities
04/30/2021
Financial instruments pledged but not reclassified Financial instruments received as pledges but not recognized in the Balance Sheet
3.9.3. Financial instruments held, issued and/or administrated by the GROUPE
ISIN code Name of security 04/30/2021
Equities
Bonds
Notes (TCN)
UCITS 85,901,528.03
FR0010251660 AMUNDI CASH CORPORATE IC 1,623,357.05 FR0011210111 AMUNDI CASH INSTITUTIONS SRI S 9,830,085.33 FR0007038138 AMUNDI EURO LIQUIDITY-RATED SRI I 62,371,355.13 FR0007045232 AMUNDI EUROPE MICROCAPS I2 12,076,312.20 FR0011220359 AMUNDI TRESO COURT TERME P (C) 418.32 Hedges
Total group financial 85,901,528.03 instruments
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3.10. TABLE OF ALLOCATION OF THE DISTRIBUTABLE SUMS
Table of allocation of the distributable share of the sums concerned to profit (loss)
04/30/2021 04/30/2020
Sums not yet allocated
Brought forward Profit (loss) -1,613,931.76 1,505,899.19 Total -1,613,931.76 1,505,899.19
04/30/2021 04/30/2020
Units AMUNDI ACTIONS PME C
Allocation Distribution Brought forward Capitalized -3,063,777.00 -1,181,038.28 Total -3,063,777.00 -1,181,038.28
04/30/2021 04/30/2020
Units AMUNDI ACTIONS PME O-C
Allocation Distribution Brought forward Capitalized 1,491,260.37 2,312,573.38 Total 1,491,260.37 2,312,573.38
04/30/2021 04/30/2020
Units AMUNDI ACTIONS PME S-C
Allocation Distribution Brought forward Capitalized -41,415.13 374,364.09 Total -41,415.13 374,364.09
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Table of allocation of the distributable share of the sums concerned to capital gains and losses
04/30/2021 04/30/2020
Sums not yet allocated
Net Capital gains and losses Accumulated from Previous business year Net Capital gains and losses of the business year 84,756,545.55 28,709,885.53 Allocation Report of distributed items on Net Capital Gains and Losses Total 84,756,545.55 28,709,885.53
04/30/2021 04/30/2020
Units AMUNDI ACTIONS PME C
Allocation
Distribution Net capital gains and losses accumulated per share Capitalized 48,137,042.59 17,166,520.63 Total 48,137,042.59 17,166,520.63
04/30/2021 04/30/2020
Units AMUNDI ACTIONS PME O-C
Allocation
Distribution Net capital gains and losses accumulated per share Capitalized 22,457,134.41 7,802,554.74 Total 22,457,134.41 7,802,554.74
04/30/2021 04/30/2020
Units AMUNDI ACTIONS PME S-C
Allocation
Distribution Net capital gains and losses accumulated per share Capitalized 14,162,368.55 3,740,810.16 Total 14,162,368.55 3,740,810.16
42 Annual Report in 30/04/2021 UCITS AMUNDI ACTIONS PME
3.11.Table of profit (loss) and other typical features of the fund over the past five financial periods
04/28/2017 04/30/2018 04/30/2019 04/30/2020 04/30/2021
Global Net Assets in EUR 685,653,586.46 1,008,162,149.36 829,669,444.79 655,121,305.77 872,938,316.33
Units AMUNDI ACTIONS PME C in EUR
Net assets 431,717,214.71 650,489,925.54 521,448,394.74 392,079,781.09 494,743,189.18
Number of shares/units 642,647.838 858,179.297 720,058.994 603,505.337 525,954.578
NAV per share/unit 671.77 757.98 724.17 649.67 940.65
Net Capital Gains and Losses -2.80 8.83 61.84 28.44 91.52 Accumulated per share
Net income Accumulated on -2.57 -4.61 -3.53 -1.95 -5.82 the result
Units AMUNDI ACTIONS PME O-C in EUR
Net assets 181,039,894.78 267,688,860.90 223,830,829.23 179,204,300.24 232,221,888.02
Number of shares/units 1,050,082.048 1,355,478.383 1,168,653.444 1,027,423.448 905,839.439
NAV per share/unit 172.40 197.48 191.52 174.42 256.36
Net Capital Gains and Losses -0.71 2.29 16.20 7.59 24.79 Accumulated per share
Net income Accumulated on 1.49 1.64 1.87 2.25 1.64 the result
Units AMUNDI ACTIONS PME S-C in EUR
Net assets 72,896,476.97 89,983,362.92 84,390,220.82 83,837,224.44 145,973,239.13
Number of shares/units 110,838.870 120,407.797 117,370.952 129,066.951 154,124.927
NAV per share/unit 657.67 747.32 719.00 649.56 947.10
Net Capital Gains and Losses -2.73 8.70 61.13 28.98 91.88 Accumulated per share
Net income Accumulated on 1.32 0.50 1.43 2.90 -0.26 the result
43 Annual Report in 30/04/2021 UCITS AMUNDI ACTIONS PME
3.12. Portfolio listing of financial instruments in EUR Curren % Net Name of security Quantity Market value cy Assets Equities and similar securities Listed equities and similar securities AUSTRIA BAWAG GROUP AG EUR 275,381 12,375,622.14 1.42 FABASOFT AG EUR 67,551 3,046,550.10 0.35 S & T AG EUR 222,678 5,028,069.24 0.57 TOTAL AUSTRIA 20,450,241.48 2.34 BELGIUM BARCO NV EUR 610,640 12,933,355.20 1.48 FAGRON EUR 732,458 13,667,666.28 1.57 RECTICEL ORD. EUR 766,929 9,739,998.30 1.11 TOTAL BELGIUM 36,341,019.78 4.16 FINLAND METSO OUTOTEC OYJ EUR 1,090,663 10,191,155.07 1.16 TOTAL FINLAND 10,191,155.07 1.16 FRANCE ALBIOMA EUR 618,696 23,262,969.60 2.67 BIGBEN INTERACTIVE EUR 195,072 3,959,961.60 0.45 CHARGEURS INTERNATIONAL EUR 587,001 13,759,303.44 1.57 DONT NOD ENTERTAINMENT SA EUR 58,802 1,002,574.10 0.11 ESKER SA EUR 133,668 31,010,976.00 3.55 EXEL INDUSTRIES EUR 63,410 4,882,570.00 0.56 FRANCOIS FRERES EUR 265,481 7,752,045.20 0.89 GETLINK SE EUR 346,327 4,581,906.21 0.53 GROUPE GORGE EUR 394,956 6,129,717.12 0.71 GUERBET EUR 152,392 5,135,610.40 0.59 INTERPARFUMS EUR 308,454 17,736,105.00 2.03 JACQUET METAL SA EUR 528,203 10,590,470.15 1.21 KAUFMAN & BROAD SA EUR 184,852 6,987,405.60 0.80 LECTRA EUR 355,395 10,661,850.00 1.22 LNA Sante SA EUR 197,830 9,574,972.00 1.10 MANUTAN INTERNATIONAL EUR 77,515 5,968,655.00 0.68 MGI DIGITAL GRAPHIC TECHNOLOGY EUR 119,177 5,839,673.00 0.67 NACON SA EUR 350,487 2,351,767.77 0.27 NEOEN SA EUR 66,884 2,545,605.04 0.30 PHARMAGEST INTERACTIVE EUR 61,384 6,083,154.40 0.70 PRODWAYS GROUP SA-WI EUR 934,759 2,748,191.46 0.32 ROBERTET EUR 13,735 13,460,300.00 1.54 SMCP SA EUR 156,052 1,057,252.30 0.12 SOITEC SA EUR 56,712 9,533,287.20 1.09 SOLUTIONS 30 SE EUR 190,952 2,184,490.88 0.25 SR TELEPERFORMANCE EUR 21,282 6,833,650.20 0.79
44 Annual Report in 30/04/2021 UCITS AMUNDI ACTIONS PME
3.12. Portfolio listing of financial instruments in EUR Curren % Net Name of security Quantity Market value cy Assets THERMADOR GROUPE EUR 133,860 11,404,872.00 1.30 TIKEHAU CAPITAL EUR 180,009 4,752,237.60 0.54 TRIGANO SA EUR 124,445 18,492,527.00 2.11 VIRBAC SA EUR 48,663 13,139,010.00 1.51 WAVESTONE EUR 220,373 8,374,174.00 0.96 TOTAL FRANCE 271,797,284.27 31.14 GERMANY AIXTRON SE EUR 747,139 13,272,924.34 1.52 CANCOM SE EUR 180,580 9,274,588.80 1.06 COMPUGROUP MED.SE NA O.N. EUR 215,294 16,383,873.40 1.88 CTS EVENTIM AG EUR 75,117 4,317,725.16 0.49 DERMAPHARM HOLDING SE EUR 182,734 13,284,761.80 1.52 DEUTZ AG EUR 1,363,856 9,199,208.72 1.05 EVOTEC OAI AG EUR 413,186 14,308,631.18 1.64 FRIEDRICH VORWERK GROUP SE EUR 148,645 7,647,785.25 0.87 INSTONE REAL ESTATE GROUP AG EUR 714,860 17,657,042.00 2.03 JENOPTIK AG EUR 325,964 8,305,562.72 0.95 LEG IMMOBILIEN AG EUR 103,436 11,967,545.20 1.37 MBB INDUSTRIES EUR 83,474 11,202,210.80 1.29 MUTARES AG NA EUR 73,851 1,779,809.10 0.21 NABALTEC AG EUR 158,977 4,991,877.80 0.57 NEMETSCHEK EUR 79,517 4,930,054.00 0.57 PVA TEPLA EUR 319,966 7,903,160.20 0.91 SCOUT24 AG EUR 189,030 13,069,534.20 1.49 SOFTWARE EUR 130,018 4,685,848.72 0.53 STEICO AG EUR 134,878 11,167,898.40 1.28 STRATEC SE EUR 38,508 4,536,242.40 0.52 STROEER SE EUR 170,028 12,063,486.60 1.39 SUESS MICROTEC AG EUR 146,136 3,952,978.80 0.45 TEAMVIEWER AG EUR 225,219 8,909,663.64 1.02 TOTAL GERMANY 214,812,413.23 24.61 IRELAND DALATA HOTEL GROUP LTD EUR 729,468 3,289,900.68 0.38 TOTAL PRODUCE EUR 3,962,788 8,381,296.62 0.96 TOTAL IRELAND 11,671,197.30 1.34 ITALY ANIMA HOLDING SPA EUR 2,453,992 10,559,527.58 1.21 BIESSE EUR 354,651 8,681,856.48 1.00 CERVED GROUP S.P.A. EUR 723,402 7,056,786.51 0.80 DATALOGIC SPA EUR 497,611 8,504,171.99 0.98 DOBANK SPA EUR 1,145,107 11,817,504.24 1.35 FINECOBANK SPA EUR 429,564 6,151,356.48 0.70 MONCLER SPA EUR 101,320 5,169,346.40 0.59 RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA EUR 181,814 8,334,353.76 0.95
45 Annual Report in 30/04/2021 UCITS AMUNDI ACTIONS PME
3.12. Portfolio listing of financial instruments in EUR Curren % Net Name of security Quantity Market value cy Assets TINEXTA S.P.A. EUR 367,447 9,178,826.06 1.05 Zignago Vetro Spa EUR 621,926 10,672,250.16 1.23 TOTAL ITALY 86,125,979.66 9.86 LUXEMBOURG AROUNDTOWN SA EUR 1,372,225 8,787,728.90 1.01 BEFESA SA EUR 231,791 13,490,236.20 1.54 SAF-HOLLAND - BEARER SHS EUR 330,198 4,510,504.68 0.52 TOTAL LUXEMBOURG 26,788,469.78 3.07 NETHERLANDS BASIC FIT NV EUR 286,358 10,744,152.16 1.24 BE SEMICONDUCTOR INDUSTRIES EUR 92,201 6,206,971.32 0.71 TKH GROUP EUR 286,088 11,374,858.88 1.30 TOTAL NETHERLANDS 28,325,982.36 3.25 PORTUGAL ALTRI SGPS EUR 3,085,553 20,056,094.50 2.30 CORTICEIRA AMORIM EUR 788,951 7,999,963.14 0.91 TOTAL PORTUGAL 28,056,057.64 3.21 SPAIN LABORATORIOS FARMACEUTICOS ROVI SA EUR 131,526 6,339,553.20 0.73 TOTAL SPAIN 6,339,553.20 0.73 SWEDEN AAK AB SEK 632,304 12,165,904.16 1.40 EMBRACER B SEK 444,619 11,112,199.00 1.27 STILLFRONT GROUP SEK 609,824 5,236,134.94 0.60 TOTAL SWEDEN 28,514,238.10 3.27 TOTAL Listed equities and similar securities 769,413,591.87 88.14 TOTAL Equities and similar securities 769,413,591.87 88.14 Collective investment undertakings General-purpose UCITS and alternative investment funds intended for non-professionals and equivalents in other countries FRANCE AMUNDI CASH CORPORATE IC EUR 7 1,623,357.05 0.19 AMUNDI CASH INSTITUTIONS SRI S EUR 9,872.332 9,830,085.33 1.13 AMUNDI EURO LIQUIDITY-RATED SRI I EUR 59.65 62,371,355.13 7.14 AMUNDI EUROPE MICROCAPS I2 EUR 2,379.93 12,076,312.20 1.38 AMUNDI TRESO COURT TERME P (C) EUR 4.27 418.32 TOTAL FRANCE 85,901,528.03 9.84 TOTAL General-purpose UCITS and alternative investment funds intended for non-professionals and equivalents in 85,901,528.03 9.84 other countries TOTAL Collective investment undertakings 85,901,528.03 9.84 Receivables 4,450,151.24 0.51 Payables -3,551,062.14 -0.41 Financial accounts 16,724,107.33 1.92 Net assets 872,938,316.33 100.00
46 Annual Report in 30/04/2021 UCITS AMUNDI ACTIONS PME
Units AMUNDI ACTIONS PME C EUR 525,954.578 940.65 Units AMUNDI ACTIONS PME O-C EUR 905,839.439 256.36 Units AMUNDI ACTIONS PME S-C EUR 154,124.927 947.10
47 Annual Report in 30/04/2021 UCITS AMUNDI ACTIONS PME
Note(s)
48 Annual Report in 30/04/2021 UCITS AMUNDI ACTIONS PME
Informations about the Fund (next)
49 Annual Report in 30/04/2021 UCITS AMUNDI ACTIONS PME
50 Annual Report in 30/04/2021 Amundi Asset Management, French “société par actions simplifiée”-SAS. 1 086 262 605 € capital amount. Licensed by the French Market Regulator (AMF) as a portfolio management company reg N° GP 04 000 036. 437 574 452 RCS Paris. Registered Office social : 90, boulevard Pasteur 75 015 Paris France - amundi.com - www.amundi.com