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 second quarter, the markets experienced a swift and persistent rally after massive fiscal and monetary stimulus were injected into the US economy and financial markets. The economy showed signs of recovering as we emerged from COVID-19 lockdowns in the last half of the quarter. For the second quarter, The Commerce Value Fund’s return of13.13% underperformed the Russell 1000 Value Index of 14.29%.

Security selection had little impact on relative Fund performance for the quarter. The Fund’s top contributors were Morgan Stanley (2.00%), Principal Financial Group, Inc. (1.98), and Genuine Parts Company (1.94%) returning 43.28%, 34.47%, and 30.29%. The Fund’s top detractors were Duke Energy Corporation (2.85%), CME Group Inc.Class A (1.36%), Merck & Co., Inc. (1.97%), and Gilead Sciences, Inc (0.0%) returning -0.09%, -5.58%, 1.31%, and 1.33%, respectively.

The Fund’s sector allocation had a negative impact on performance. The Fund had a slight overweight position to the Consumer Discretionary sector which was the second-best performing sector returning 29.16% for the quarter. Offsetting positive performance, the Fund had a 3.56% position to the Energy sector, the best performing sector returning 32.18%, while the Index had a position size of 5.92%. In addition, the Fund had a 1.96 overweight to the Consumer Staples sector, one of the worst performing sectors returning 7.49% for the quarter.

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

Total Fund Assets as of 6/30/2020 $2251,453,591
Net Asset Value1 $26.14
Asset Allocation  
Equities 99.7%
Cash 0.3%
Weighted Average Market Capitalization $106.9 Billion


Top Ten Equity Holdings2 as of 6/30/2020

Chevron Corporation
Pfizer Inc 3.4%
AT&T Inc.
Verizon Communitcations
Johnson and Johnson
Dominion Energy Inc 2.9%
J P Morgan Chase & Company
Duke Energy Corporation
Cisco System Inc. 2.5%
Amgen Inc 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

June 2020*
July 2020*
August 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.