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
Growth equities ended the fourth quarter with modest gains, supported by strong fundamentals but tempered by growing concerns. Despite the longest U.S. government shutdown in history, slowing job growth, and consumer sentiment near record at multi year lows, markets held firm thanks to resilient corporate earnings and record-breaking holiday retail sales. Materials delivered the strongest gains in the quarter, benefiting from strength in metals. Healthcare did well as many regulatory concerns were alleviated during the quarter. The Federal Reserve rate cuts were consistent with expectations, providing a supportive backdrop, but volatility surfaced as investors questioned whether elevated technology valuations could be sustained. The Commerce Midcap Growth Fund’s return of -3.53% outperformed the Russell 1000 Midcap Growth Index return of -3.70%.
Stock selection added to the Fund’s performance. The Fund’s strongest contributors were not holding Coupang, Inc. Class A (0.00%), and holding Penumbra, Inc. (1.12%) and Waters Corporation (1.11%), returning -26.74%, 22.73%, and 26.69%, respectively. The Fund’s top detractors were not holding Rocket Lab Corporation (0.00%), and holding Carvana Co. Class A (1.81%), Vertiv Holdings Co. Class A (1.83%), returning 45.61%, -1.75%, and -5.55%, respectively.
The Fund’s sector allocation was positive for the Fund’s performance. The Fund’s 0.73% overweight in the Materials sector, which returned 17.25%, added to performance. The Index had a 0.31% weight in the Materials sector. However, the Fund’s 1.70% overweight in the Consumer Staples sector, which returned -12.88%, detracted from performance as it was a weak sector. The index had a 1.63% in the Consumer Staples sector.
| Total Fund Assets as of 12/31/2025 | $144,180,996 |
|---|---|
| Net Asset Value1 | $36.02 |
| Asset Allocation | |
| Equities | 99.5% |
| Cash | 0.5% |
| Weighted Average Market Capitalization | 36.6 billion |
Top 10 Equity Holdings2 as of 12/31/2025
| iShares Russell MidCap Growth | 4.1% |
|---|---|
| Howmet Aerospace Inc | 2.5% |
| Royal Caribbean Group | 2.2% |
| Hilton Worldwide Holdings Inc | 2.0% |
| Cencora Inc | 1.9% |
| Cloudflare Inc | 1.8% |
| Vertiv Holdings LLC | 1.8% |
| Carvana Company | 1.8% |
| Vistra Corporation | 1.7% |
| Alnylam Pharmaceuticals | 1.6% |
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.