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


The large value market continued its rally in July and August, however, retraced some of the gains in September due to continued uncertainty regarding COVID-19 and an increased focus on the upcoming presidential election. For the third quarter, The Commerce Value Fund’s return of 5.17% underperformed the Russell 1000 Value Index of 5.59%. The Fund’s security selection detracted from performance. The Fund’s sector allocation contributed to performance.

The Fund’s top detractors were Chevron Corporation (3.18%), People’s United Financial, Inc. (0.0%) and Cardinal Health (1.89%) returning -18.12%, -13.18% and -9.11%, respectively. The Fund’s top performers were United Parcel Service, Inc. Class B (1.88%), Maxim Integrated Products, Inc. (0.0%) and Eaton Corp. Plc (1.88%) returning 50.83%, 14.32% and 17.54%.

The Fund’s sector allocation had a positive impact on performance. The Fund had a 1.41% overweight position in the Materials sector which was the second-best performing sector returning 11.96% for the quarter. The Materials sector represents 4.67% of the Index. In addition, the Fund was 1.20% underweight the worst performing sector, Energy, which was down -19.57%. The Energy sector represents 4.72% of the Index. Detracting from performance the Fund had a 6.11% position to the Consumer Discretionary sector, one of the best performing sectors returning 15.40%, while the Consumer Discretionary sector represents 7.25% of the Index.

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 9/30/2020 $248,195,349
Net Asset Value1 $27.28
Asset Allocation  
Equities 98.7%
Cash 1.3%
Weighted Average Market Capitalization 108.64 Billion


Top Ten Equity Holdings2 as of 9/30/2020

Pfizer Inc 3.3%
Chevron Corporation
iShares Russell 1000 Value ETF
Duke Energy Corporation
J P Morgan Chase & Company
Dominion Energy Inc 2.9%
Johnson and Johnson
Verizon Communitcations
Amgen Inc 2.4%
Truist Financial Corporation 2.0%

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

September 2020*
October 2020*
November 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.