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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 2 Annual Report in 30/04/2021 UCIT AMUNDI ACTIONS PME Informations about the Fund 3 Annual Report in 30/04/2021 UCITS AMUNDI ACTIONS PME 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. 4 Annual Report in 30/04/2021 UCITS AMUNDI ACTIONS PME 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.