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Commerce 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.
Commentary
Portfolio Fund Holdings
Top Ten Holdings
Sector Diversification
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Management Team
The Fund is managed by the Equity Strategy Team, a group of senior-level investment professionals who average 23 years of experience.
In general, greater returns are associated with greater risks.
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| Fund Statistics: |
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| Inception Date |
03/03/97 |
| Ticker Symbol |
CFVLX |
| Cusip |
200626828 |
| Minimum Initial Investment |
$1,000 |
Commentary as of 3/31/2009
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The market meltdown carried into the first quarter of 2009, only showing signs of reversing the decline in the final three weeks of the quarter. The Russell 1000 Value Index was down more than 30% for the quarter before rallying back to close at -16.77% for the quarter. The Value Fund was -17.10% for the quarter, underperforming the return of the Russell 1000 Value Index by 0.33%.
The Funds underweight position in finance and overweight in electronic technology and technology services both added to Fund performance for the quarter. The Fund’s underweight position in utilities and modest overweight in producer manufacturing detracted slightly from the performance mentioned above. Overall, the Fund continues to maintain modest sector bets and we made no substantial changes to the sector weights for the quarter.
Security selection detracted from the Fund’s performance for the first quarter and was responsible for the Fund lagging the benchmark. Proctor & Gamble Co. (3.01%) and Constellation Brands Inc. (0.32%) in the consumer non-durables sector along with Cablevision Systems Corp. (0.45%) and News Corp. (0.23%) in the consumer services sector were among the largest detractors for the quarter. A portion of the Fund’s fourth quarter outperformance in the finance sector was erased in the first quarter with poor showings by Wells Fargo & Co. (1.40%), U.S. Bancorp (0.81%) and Bank of America Corp. (0.88%). Strong performance from Reliance Steel & Aluminum Co. (0.25%) and Freeport McMoRan Copper & Gold (0.53%) in the non-energy minerals sector helped offset some of the underperformance. |
| Performance Report |
Total Fund Assets as of 3/31/2009
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$58,010,240.50 |
| Net Asset Value1 |
$12.89 |
| Asset Allocation |
| Equities |
98.0% |
| Cash |
2.0% |
| Average Market Capitalization |
$73.3 Billion |
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| Top Equity Ten Holdings5 as of 3/31/2009 |
| Exxon Mobil Corp. |
6.9% |
| Chevron Corp. |
4.4% |
| AT&T Inc. |
4.0% |
| Johnson & Johnson |
3.2% |
| Proctor & Gamble Co. |
3.0% |
| General Electric Co. |
2.9% |
| Verizon Communications |
2.7% |
| Pfizer Inc. |
2.7% |
| JP Morgan Chase & Co. |
2.7% |
| ConocoPhillips |
1.5% |
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| Sector Diversification as of 3/31/2009 |
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Fund |
Index* |
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Fund |
Index* |
| Finance |
19.49% |
20.60% |
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Retail Trade |
3.11% |
4.62% |
| Energy Minerals |
16.75% |
16.73% |
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Technology Services |
2.90% |
0.92% |
| Health Technology |
13.53% |
12.11% |
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Health Services |
1.45% |
1.57% |
| Communications |
8.16% |
7.19% |
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Non-Energy Minerals |
1.16% |
1.23% |
| Consumer Non-Durables |
7.35% |
7.39% |
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Commercial Services |
1.12% |
0.66% |
| Producer Manufacturing |
6.16% |
5.15% |
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Other |
1.08% |
1.06% |
| Utilities |
5.93% |
7.29% |
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Industrial Services |
0.71% |
0.94% |
| Electronic Technology |
4.09% |
3.12% |
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Transportation |
0.32% |
1.01% |
| Consumer Services |
3.35% |
3.75% |
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Consumer Durables |
0.00% |
1.35% |
| Process Industries |
3.34% |
2.71% |
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Distribution Services |
0.00% |
0.60% |
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Total |
100% |
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| *Russell 1000 Value Index |
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Footnotes:
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 Value Index is an unmanaged index that measures the performance of the 1,000 largest U.S. companies based on total market capitalization, with lower price-to-book ratios and lower forecasted growth values. The Index figures do not reflect any fees or expenses.
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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 FUND HOLDINGS
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