Value Fund



Seeks capital appreciation and, secondarily, current income.


Invests in a diversified portfolio of equity securities of companies that represent excellent value relative to their current price. The Fund seeks a higher return than the market index over time as the stocks it purchases rise in price to more normal valuations.

The Management Team

The Fund is managed by the Equity Strategy Team, a group of senior-level investment professionals who average 31 years of experience.


LOW - - - • - - - HIGH

In general, greater returns are associated with greater risks.

Fund Statistics

Inception Date 03/03/97
Ticker Symbol CFVLX
Cusip 200626828
Minimum Initial Investment $1,000


In the first quarter of 2019, the Federal Reserve (Fed) paused interest rate hikes to evaluate the health of the economy after 9 interest rate hikes since late 2015. Consequently, the Russell 1000 Value Index recovered swiftly from sharp decline of -11.72% in the fourth quarter of 2018, recovering nearly all the losses. The Commerce Value Fund returned 10.63% while the Russell 1000 Value Index outpaced the Fund with a return of 11.93% for the quarter.

Weak security selection had the greatest impact on the Fund’s underperformance to the Index. The fund’s top detractors for the quarter were CME Group Inc. Class A (2.81%), Amgen Inc. (2.85%), and Pfzer Inc. (3.39%), returning -12.13%, and -1.65%, and -1.88%, respectively. Strong security selection with ONEOK, Inc. (1.98%), and Paychex Inc. (1.95%) helped offset some underperformance returning 31.24% and 24.07%, respectively.

The Fund’s sector allocation also negatively impacted the Fund’s performance. Commercial Services sector was among the top performing sectors, returning 22.86% for the quarter. The Fund had a 0.00% weight to the sector adding to the Fund’s underperformance compared to the Index weight of 1.00%. In addition, the Fund had a 2.56% overweight position to the Retail Trade sector which happened to be the worst performing sector returning 1.68% for the quarter. The Producer Manufacturing sector was also among the top performing sectors, returning 21.22% for the quarter, and the Fund’s slight overweight to the sector helped performance.

The Fund maintains a portfolio of around 45 stocks with a history of solid earnings and dividends to provide both capital appreciation and current income.

Total Fund Assets as of 3/31/2019 $246,707,391
Net Asset Value1 $29.78
Asset Allocation  
Equities 98.8%
Cash 1.2%
Weighted Average Market Capitalization $131.08 Billion


Top Ten Equity Holdings2 as of 3/31/2019

Exxon Mobil Corporation 3.9%
Chevron Corporation 3.8%
Pfizer Inc 3.4%
Wells Fargo & Company 3.2%
AT&T Inc 3.0%
Johnson and Johnson 2.9%
Amgen Inc 2.9%
CME Group Inc 2.8%
J P Morgan Chase & Company 2.7%
iShares Russell 1000 Value ETF 2.5%

1. The Net Asset Value represents the assets of the fund (ex dividend) by the total number of shares.
2. The composition of the portfolio is subject to change in the future.
3. The Russell 1000 Growth Index is an unmanaged index that measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Index figures do not reflect any fees or expenses.

Portfolio Holdings

The Fund is subject to market risk so that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions.

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.

Commerce Value Holdings

March 2019*
April 2019*
May 2019*

A prospectus for the Commerce Funds containing more complete information may be obtained by calling 1-800-995-6365 or by downloading it from this website. Please consider a Fund's objectives, risks, and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund.

The mutual funds referred to in this Web site are offered and sold only to persons residing in the United States and are offered by prospectus only. The prospectus contains more complete information about the funds, including charges and expenses, and should be read carefully before investing.