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


Equity markets declined early in the fourth quarter as fears increased that the Federal Reserve (Fed) was showing no signs of slowing interest rate hikes as well as the continued effort to unwind its bank balance sheet. By the end of the quarter selling intensifed producing the worst December since the early 1930’s. The Commerce Value Fund outpaced the Russell 1000 Value Index with a return of -7.44% compared to -11.72% for the index.

Strong security selection had the greatest impact on the Fund’s ability to outperform the Index during the quarter. The fund’s top contributors for the period were CME Group Inc. Class A (3.06%), Eli Lilly and Company (2.03%), and W. P. Carey Inc. (1.97%) returning 11.99%, 8.39% and 3.21%, respectively. In addition, strong security selection within the Consumer Services sector with Starbucks (0.00%) and McDonalds Corporation (1.97%) returning 17.89% and 6.80% helped the Fund return 9.93% for the sector versus -6.40% for the Index. Poor performance from Ryder System, Inc. (0.00%) and Lockheed Martin Corporation (1.87%) detracted from results returning -26.12% and -23.76%.

The Fund’s sector allocation also had a small positive effect on the Fund’s fourth quarter outperformance. An overweight to one of the better performing sectors, Health Technology, which was only down -5.95% boosted outperformance. The Utilities sector was the best performing sector for the quarter returning 1.13%. However, the fund’s underweight position of 3.99% versus the benchmark’s 6.04% weight detracted performance for the period.

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 12/31/2018 $209,525,303
Net Asset Value1 $27.08
Asset Allocation  
Equities 99.9%
Cash 0.1%
Weighted Average Market Capitalization $120.46 Billion


Top Ten Equity Holdings2 as of 12/31/2018

Chevron Corporation 3.8%
Exxon Mobil Corporation 3.5%
Pfizer Inc 3.5%
iShares Russell 1000 Value ETF 3.3%
Wells Fargo & Company 3.2%
CME Group Inc 3.1%
Amgen Inc 3.0%
AT&T Inc 2.9%
J P Morgan Chase & Company 2.8%
Johnson and Johnson 2.7%

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

January 2019*
February 2019*
March 2019*

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.