Overview
| Objective | Seeks capital appreciation and, secondarily, current income. |
|---|---|
| Strategy | 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 38 years of experience. |
| Risk/Return |  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 |
Commentary
Value stocks posted strong gains in Q3 2025, navigating a mixed economic landscape shaped by persistent inflation and cautious consumer sentiment. Returns for value stocks broadened out during the quarter with all but one sector (Consumer Staples) providing positive returns. Performance from the Communication Services and Utilities Sectors led the way. While the Federal Reserve’s rate cut offered some relief, concerns around slowing job growth and global trade uncertainty kept investors selective. The quarter reinforced a steady, risk-aware approach to value investing, with market participants favoring companies with strong balance sheets and consistent cash flows amidst an uneven recovery. The Commerce Value Fund’s return of 6.16% beat the Russell 1000 Value Index return of 5.33%.
Stock selection added to the Fund’s performance. The Fund’s strongest contributors were Oracle Corporation (2.48%), AbbVie, Inc. (2.30%), and Broadcom inc. (2.37%), returning 28.91%, 25.84%, and 19.89%, respectively. The Fund’s top detractors were Eastman Chemical Company (0.96%), Comcast Corporation Class A (1.66%), and Texas Instruments Incorporated (1.66%), returning -14.47%, -11.15%, and -10.84%, respectively.
The Fund’s sector allocation was neutral to performance for the quarter. The Fund’s 1.23% underweight in the Consumer Staples sector, which returned -1.96%, added to performance as it was the worst performing sector. The Index had a 7.93% weight in the Consumer Staples sector. However, the Fund’s 1.01% underweight position in the Consumer Discretionary sector hurt performance as it was a stronger sector, returning 6.66% for the quarter. The Index had an 7.88% weight in the Consumer Discretionary sector.
| Total Fund Assets as of 9/30/2025 | $256,703,141 |
|---|---|
| Net Asset Value1 | $34.79 |
| Asset Allocation | |
| Equities | 99.3% |
| Cash | 0.7% |
| Weighted Average Market Capitalization | 386.0 billion |
Top 10 Equity Holdings2 as of 6/30/2025
| iShares Russell 1000 Value | 3.7% |
|---|---|
| JP Morgan Chase & Company | 3.3% |
| Berkshire Hathaway Inc Class B | 2.8% |
| Alphabet Inc Class A | 2.2% |
| Broadcom Inc | 2.0% |
| Blackstone Inc | 2.0% |
| Eaton Corporation Plc Adr | 2.0% |
| BlackRock Finance Inc | 2.0% |
| Oracle Corporation | 2.0% |
| Morgan Stanley Dean Witter | 2.0% |
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.