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, the US’s longest economic expansion abruptly ended when economic activity screeched to a halt causing equity prices to collapse as policy makers attempted to blunt the impact and spread of The COVID-19 pandemic. The Commerce Value Fund return of -24.61% outperformed the Russell 1000 Value Index of -26.73%.

Strong security selection had the greatest impact on the Fund’s ability to outperform the Index during the quarter. The Fund’s top contributors were Gilead Sciences (2.75), General Mills, Inc. (2.42%), Duke Energy Corporation (3.33%), and Dominion Energy Inc. (3.21%) returning 14.40%, 0.28%, -9.50% and -10.49%, respectively. The Fund’s top detractors were ONEOK, Inc. (0.00%), Kohl’s Corporation (0.00%), and Wells Fargo & Company (2.31%) returning -71.43%, -65.53% and -46.25%, respectively, for the quarter.

Discord between Saudi Arabi and Russian members sank oil prices, adding additional pain and uncertainty to energy related stocks. The Energy sector was the worst performing sector for the quarter returning -51.27%. The Fund’s 7.49% position versus the Index weight of 7.00% to the Energy sector detracted performance for the quarter. To help offsetsome of the underperformance, the Fund had a 1.75% overweight position to one of the best performing sectors, Health Care, returning -12.49% for the quarter. The Index had a 13.67% weight in the Health Care sector.

The Fund maintains a portfolio of around 45 stocks with a history of solid earnings and dividends which we believe should weather the sharp economic slowdown over the coming months.

Total Fund Assets as of 3/31/2020 $222,044,709
Net Asset Value1 $23.30
Asset Allocation  
Equities 97.3%
Cash 2.7%
Weighted Average Market Capitalization $109.1 Billion


Top Ten Equity Holdings2 as of 3/31/2020

iShares Russell 1000 Value ETF 4.3%
Pfizer Inc 3.7%
Johnson and Johnson 3.5%
Duke Energy Corporation 3.4%
AT&T Inc 3.3%
Dominion Energy Inc 3.3%
Amgen Inc 3.2%
CME Group Inc 3.2%
Chevron Corporation 2.9%
Gilead Sciences Inc 2.8%

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

April 2020*
May 2020*
June 2020*

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.