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 fourth quarter the equity market continued its rally despite continued uncertainty regarding trade talks with China. The Commerce Value Fund returned 5.57% while the Russell 1000 Value Index outpaced the Fund with a return of 7.41% for the quarter.

Security selection was the cause of underperformance for the Fund this quarter. The Fund’s top detractors were W.P. Carey Inc. (1.83%), Molson Coors Beverage Company Class B (0.00%), CME Group Inc. Class A (2.76%), and Principal Financial Group, Inc. (1.95%) returning -9.40%, -10.07%, -3.49%, and -2.76%, respectively. In addition, not owning Bank of America Corporation which is 1.95% of the Index and was up 21.40% for the quarter also detracted from results. The Fund’s top performers were Amgen Inc. (2.91%), Target Corporation (0.00%) and CVS Health Corporation (1.85%) returning 25.40%, 17.17%, and 18.69%, respectively.

The Fund’s sector allocation had a positive impact on performance helping offset some of the underperformance. The Fund had a 2.25% underweight position to the Utilities sector which was the second worst performing sector returning 0.54% for the quarter. The Index had a 6.69% position in the Utilities sector. The Fund had a 9.23% position to the Consumer Discretionary sector, one of the worst performing sectors returning 4.10%, while the Index had a position size of 5.97%.

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 12/31/2019 $295,080,132
Net Asset Value1 $31.19
Asset Allocation  
Equities 98.1%
Cash 1.9%
Weighted Average Market Capitalization $136.20 Billion


Top Ten Equity Holdings2 as of 12/31/2019

Chevron Corporation 3.6%
Exxon Mobil Corporation 3.6%
Pfizer Inc 3.4%
AT&T Inc 3.4%
Wells Fargo & Company 3.3%
J P Morgan Chase & Company 3.0%
Johnson and Johnson 2.9%
Amgen Inc 2.9%
Duke Energy Corporation 2.9%
Dominion Energy 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

December 2019*
January 2020*
February 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.