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 Russell 1000 Value Index experienced a volatile ride due to deterioration in trade talks with China in May, sending the Index down 6.7% from May highs by month end. In June, the Index reversed and recovered all the May losses and approached new record highs. The Commerce Value Fund returned 3.17% while the Russell 1000 Value Index outpaced the Fund with a return of 3.84% for the quarter.

Security selection had a positive effect on the Fund’s performance. The Fund’s top contributors were CME Group Inc. Class A (2.88%) and Lockheed Martin Corporation (1.99%) returning 18.38% and 21.90%, respectively. The fund’s top detractors for the quarter were Kohl’s Corporation (1.93%), 3M Company (1.93%), and Highwoods Properties, Inc. (1.81%), returning -29.89%, and -15.85%, and -10.76%, respectively.

Offsetting the positive security selection, the Fund’s sector allocation had a negative impact on performance causing the underperformance to the Index. Consumer Services sector was among the top performing sectors, returning 9.18% for the quarter. The Fund had a 3.16% underweight position hurting performance. In addition, the Fund had a 4.24% overweight position to the Retail Trade sector which happened to be among the worst performing sectors returning 1.24% for the quarter. The Energy Minerals sector was the worst performing sector for the quarter returning -3.45%, however, the Fund’s slight underweight to the sector helped performance.

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 9/30/2019 $277,547,286
Net Asset Value1 $31.21
Asset Allocation  
Equities 99.2%
Cash 0.8%
Weighted Average Market Capitalization $132.91 Billion


Top Ten Equity Holdings2 as of 9/30/2019

Exxon Mobil Corporation 3.8%
Chevron Corporation 3.7%
Wells Fargo & Company 3.5%
Pfizer Inc 3.3%
AT&T Inc 3.0%
Amgen Inc 2.9%
J P Morgan Chase & Company 2.9%
Johnson and Johnson 2.9%
CME Group Inc 2.9%
iShares Russell 1000 Value ETF 2.1%

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 2019*
November 2019*
December 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.

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