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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 24 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 3/31/2010
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The first quarter of 2010 brought with it continued strength in U.S. equity markets amid continuing indications of a global economic recovery. The Value Fund returned 5.50% for the quarter, underperforming the Russell 1000 Value Index return of 6.78% by 128 basis points.
The Fund maintains modest sector bets and this continued to be the case during the first quarter with little impact on Fund returns from sector weightings.
Security selection was the primary driver behind the Fund’s underperformance during the quarter. Poor performance from Morgan Stanley (0.82%), Blackrock Inc. (0.34%) and Allied World Assurance Co. (0.52%) all in the finance sector, which was one of the strongest sectors during the quarter, was the biggest detractor from Fund returns. Stock selection in the energy minerals sector also hit Fund returns with poor performance form Devon Energy Corp. (0.80%), Chesapeake Energy Corp. (0.37%), Chevron Corp. (3.29%) and Exxon Mobil Corp. (5.04%). Security selection in both consumer services and industrial services also detracted from Fund returns during the first quarter.
One sector that stood out with solid security selection during the quarter was the consumer non-durables sector. Food companies such as Tyson Foods Inc. (0.49%), Kraft Foods Inc. (0.74%), Smithfield Foods Inc. (0.37%) and Sara Lee Corp. (0.30%) were all strong performers for the Fund during the quarter.
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| Performance Report |
Total Fund Assets as of 3/31/2010
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$64,499,738 |
| Net Asset Value1 |
$18.93 |
| Asset Allocation |
| Equities |
98.8% |
| Cash |
1.2% |
| Average Market Capitalization |
$55.5 Billion |
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| Top Equity Ten Holdings5 as of 3/31/2010 |
| Exxon Mobil Corp. |
5.0% |
| General Electric Co. |
3.4% |
| Chevron Corp. |
3.3% |
| JP Morgan Chase & Co. |
3.1% |
| AT&T Inc. |
3.0% |
| Bank of America Corp. |
3.0% |
| Pfizer Inc. |
2.7% |
| Wells Fargo & Co. |
2.3% |
| Verizon Communications |
2.0% |
| Proctor & Gamble Co. |
1.6% |
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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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