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 35 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


Equity markets climbed higher the first two months of the quarter on continued efforts of re-opening activity along with solid earnings reports from companies. However, market volatility returned in September as investors faced slowing economic growth along with the Federal Reserve indicating stimulus measures would begin to taper off. For the third quarter, The Commerce Value Fund’s return of -1.12% underperformed the Russell 1000 Value Index of -0.78%.

Stock selection was a positive contributor to the Fund’s performance. The Fund’s strongest stocks were Interpublic Group of Companies (1.92%), Morgan Stanley (2.34%), Truist Financial Corporation (2.59%%), and ONEOK, Inc. (2.05%) returning 13.68%, 6.90%, 6.54% and 6.10%, respectively. The Fund’s top detractors were Cardinal Health, Inc. (1.87%), United Parcel Service, Inc. Class B (1.91%) and Eastman Chemical Company (1.95%) returning -12.51%, -11.98% and -13.14%, respectively.

The Fund’s sector allocation had the largest negative impact on performance. The Fund was overweight 3.71% to the Index’s weight of 11.83% in the Industrials sector, which was among the worst performing sectors for the quarter returning -3.83%. In addition, the Fund was underweight 5.08% to the Health Care sector, which returned 0.31% for the quarter. The Index had a 17.60% weight to the Health Care sector. Helping performance, the Fund had a large underweight to the Communication Services sector which returned -3.23% for the quarter. The Index had an 8.45% position in the Communication Services sector while the Fund had a 5.40% weight to the sector.

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 9/30/2021 $328,986,488
Net Asset Value1 $34.52
Asset Allocation  
Equities 99.3%
Cash 0.7%
Weighted Average Market Capitalization 126.45 Billion


Top Ten Equity Holdings2 as of 9/30/2021

Chevron Corporation
J P Morgan Chase & Company
Verizon Communitcations
Duke Energy Corporation
iShares Russell 1000 Value
Dominion Energy Inc 2.8%
Truist Financial Corporation 2.6%
Merck & Company Inc 2.5%
MetLife Inc 2.5%
US Bancorp

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

October 2021*
November 2021*
December 2021*

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.

The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/ or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standard Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.