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‑oriented equities declined during the first quarter as elevated macroeconomic and geopolitical uncertainty prompted a market rotation away from growth‑focused strategies and toward more defensive, value‑oriented areas. While corporate earnings remained generally solid and investment related to artificial intelligence continued, market expectations reflected concerns surrounding moderating labor conditions, rising inflation, and reduced expectations for near‑term interest rate reductions by the Federal Reserve. Heightened tensions between the United States and Iran further pressured markets through higher energy prices and increased inflation sensitivity. For the quarter, The Commerce MidCap Growth Fund returned -4.16%, outperforming the -6.35% return for the Russell MidCap Growth Index.
Stock selection contributed positively to relative performance. The Fund’s strongest contributors during the quarter included MasTec, Inc. (1.25%), Casey’s General Stores, Inc. (1.26%), and Circle Internet Group, Inc. (1.12%), which returned 48.0%, 31.8%, and 20.32%, respectively. These gains were partially offset by weaker performance from AppFolio Inc., Class A (0.98%), Planet Fitness, Inc., Class A, (1.05%) and Pinterest, Inc., Class A (1.12%), which returned -32.16%, -31.43%, and -29.16%, respectively.
Sector allocation detracted modestly from relative results during the quarter. An underweight position in the financials sector contributed positively, as that sector generated negative returns for the period. Conversely, an underweight allocation to the energy sector detracted from performance, as energy was the strongest‑performing sector and represented a larger weight in the benchmark index.
| Total Fund Assets as of 12/31/2025 | $125,532,062 |
|---|---|
| Net Asset Value1 | $34.52 |
| Asset Allocation | |
| Equities | 98.1% |
| Cash | 1.9% |
| Weighted Average Market Capitalization | 36.8 billion |
Top 10 Equity Holdings2 as of 3/31/2026
| iShares Russell MidCap Growth | 4.0% |
|---|---|
| Vertiv Holdings Co. Class A | 3.1% |
| Howmet Aerospace Inc | 2.9% |
| Royal Caribbean Group | 2.2% |
| Hilton Worldwide Holdings Inc | 2.2% |
| Cloudflare Inc | 2.0% |
| Quanta Services, Inc | 1.8% |
| US Dollar | 1.9% |
| Cencora, Inc | 1.9% |
| Vistra Corp. | 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.