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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 12/31/2009
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The fourth quarter of 2009 marked the third consecutive quarter of positive returns for equity markets. These positive results were brought on by continued progress towards a global economic recovery. The Value Fund returned 5.16% during the fourth quarter which outperformed the Russell 1000 Value Index return of 4.22% by 0.95%.
The Fund continues to maintain modest sector bets and during the fourth quarter only one sector bet had any meaningful impact on Fund performance. The Fund’s 2.37% underweight of the finance sector, which was the worst performing sector in the fourth quarter, helped the Fund’s return relative to the benchmark. The Fund also had strong security selection in the finance sector with good performance from American Express Co. (0.63%), Simon Property Group Inc. (0.31%) and Bank Hawaii Corp. (0.33%). The Fund’s small underweight positions in both health technology and health services detracted from these positive results as those sectors were among the best performing sectors during the quarter.
In a reversal from the third quarter, security selection was the main driver of the Fund’s outperformance during the fourth quarter. In addition to the finance sector mentioned above, both electronic technology and technology services enjoyed solid stock selection with strength from SanDisk Corp. (0.95%), Hewlett-Packard Co. (0.65%), QLogic Corp. (0.32%) and Northrop Grumman Corp. (0.31%) and Symantec Corp. (0.35%), BMC Software Inc. (0.50%) and Computer Sciences Corp. (0.90%), respectively.
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| Performance Report |
Total Fund Assets as of 12 /31/2009
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$63,896,994 |
| Net Asset Value1 |
$17.99 |
| Asset Allocation |
| Equities |
99.2% |
| Cash |
0.8% |
| Average Market Capitalization |
$55.7 Billion |
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| Top Equity Ten Holdings5 as of 12/31/2009 |
| Exxon Mobil Corp. |
5.2% |
| Chevron Corp. |
3.4% |
| AT&T Inc. |
3.3% |
| General Electric Co. |
3.2% |
| JP Morgan Chase & Co. |
2.9% |
| Pfizer Inc. |
2.8% |
| Bank of America Corp. |
2.6% |
| Verizon Communications |
2.2% |
| Walt Disney Co. |
2.0% |
| Wells Fargo & Co. |
2.0% |
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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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