Overview
| Objective | Seeks capital appreciation. |
|---|---|
| Strategy | Invests in a diversified portfolio of equity securities of medium-sized companies that show the potential for above-average growth in earnings. |
| The Management Team | The Fund is managed by the Equity Strategy Team, a group of senior-level investment professionals who average 38 years of experience. |
| Risk/Return |  In general, greater returns are associated with greater risks. |
Fund Statistics
| Inception Date | 12/12/94 |
|---|---|
| Ticker Symbol | CFAGX |
| Cusip | 200626505 |
| Minimum Initial Investment | $1,000 |
Commentary
Mid-cap growth equities faced a challenging environment during the third quarter as rising Treasury yields and persistent inflation concerns pressured more rate-sensitive areas of the market. While large-cap technology and artificial intelligence-
related companies continued to support the broader market, performance was less favorable among mid-cap stocks as investors favored larger, more established companies with stronger balance sheets and greater earnings visibility. Growth-oriented companies remained supported by continued investment in technology and AI, but higher interest rates weighed on valuations and reduced investor appetite for smaller, higher-growth companies. As a result, mid-cap equities underperformed large caps during the quarter, with more defensive and energy-oriented areas generally outperforming growth-sensitive segments of the market. The Commerce Mid Cap Growth Fund’s return of -3.71% outperformed the Russell Mid Cap Growth Index’s return of -5.84%.
Stock selection added to the Fund’s performance for the quarter. The Fund’s strongest performers were Atlassian Corp (2.67%), NetApp, Inc. (1.70%), and Dynatrace, Inc. (1.61%) returning 130.48%, 36.16%, and 31.50%, respectively. The Fund’s top detractors were owning Vertiv Holdings Co (2.74%) and not owning Marathon Petroluem Corp (0.00%) and Nateria, Inc. (0.00%) returning -27.91%, 55.09%, and 52.26%.
The Fund’s sector allocation detracted from the Fund’s performance for the quarter. The Fund’s 1.93% underweight to the Communication Services sector added to performance as it was a weak sector, returning -14.55%. The index had a 5.30% weight in the Communication Services sector. However, the Fund’s 2.64% overweight in the Industrials sector detracted from performance as it was a weaker sector, returning -20.75%. The index had a 19.82% weight in the Industrials sector.
| Total Fund Assets as of 9/30/2026 | $110,335,406 |
|---|---|
| Net Asset Value1 | $36.88 |
| Asset Allocation | |
| Equities | 99.8% |
| Cash | 0.2% |
| Weighted Average Market Capitalization | $46.4 billion |
Top 10 Equity Holdings2 as of 9/30/2026
| Vertiv Holdings Co. Class A | 2.7% |
|---|---|
| Snowflake Inc | 2.7% |
| Cloudflare Inc Class A | 2.7% |
| Atlassian Corp Class A | 2.7% |
| Lumentum Holdings, Inc | 2.1% |
| Datadog, Inc Class A | 2.0% |
| Exelixis Inc | 1.9% |
| Neurocrine Biosciences Inc | 1.8% |
| Robinhood Markets Inc Class A | 1.8% |
| NetApp, Inc | 1.7% |
Holdings and allocations shown are unaudited, and may not be representative of current or future investments. Holdings and allocations may not include the Fund's entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.