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Commerce Growth Fund

  Overview
Objective
Seeks capital appreciation and, secondarily, current income.

Strategy
Primarily focuses on the stocks of companies that have shown and are expected to show above-average growth in earnings.

Commentary
Portfolio Fund Holdings
Top Ten Holdings
Sector Diversification
Fund Manager - Joseph C. Williams III, CFA

  • Joined Commerce in 1975
  • Fund Manager since Fund inception
  • 32 years of experience

    Risk/Return

    Risk/Return

    In general, greater returns are associated with greater risks.


  • Fund Statistics:
    Inception Date 12/12/94
    Ticker Symbol CFGRX
    Cusip 200626406
    Minimum Initial Investment $1,000


    Commentary as of 12/31/2009

    Growth stocks extended their positive returns to three quarters after the poor start in the first quarter of 2009. The Growth Fund outperformed its benchmark returning 8.13% versus 7.94% for the Russell 1000 Growth Index (“Index”).

    In the quarter, electronic technology and technology services were strong sectors rising 11.41% versus the 7.94% gain for the Index. The Fund has a 39.8% exposure to technology and is 6% overweighted to the Index. Marvell Technology Group Ltd. (1.64%) was the strongest performer rising 39% in the technology sector.  Not just the smaller technology companies did well but Microsoft Corp. (4.84%), Google Inc. (3.94%) and Oracle Corp (1.55%) all rose 20% or more.

    Stock selection in the finance sector hurt performance with Northern Trust Corp. (1.01%) declining 8% as well as in the producer manufacturing sector where Crown Holdings Inc. (0.54%) declined 11%. While the consumer has been portrayed as over leveraged and some say spending will not rebound as much as in past recessions, two of the Fund’s best performing stocks were Amazon Inc. (0.38%) and Panera Bread Co. (0.95%) which rose 48% and 25% respectively.

     

     


    Performance Report


    Total Fund Assets as of 12/31/2009
    $116,814,740
    Net Asset Value1 $23.15
    Asset Allocation
       Equities 99.8%
       Cash 0.2%
    Average Market Capitalization $54.6 Billion

    Holdings
    Top Ten Equity Holdings2 as of 12/31/2009
    Microsoft Corp. 4.8%
    International Business Machines Corp. 4.5%
    Google Inc. 3.9%
    Cisco Systems Inc. 3.3%
    Apple Inc. 3.3%
    Hewlett-Packard Co. 3.1%
    Oracle Corp. 3.0%
    PepsiCo, Inc. 2.9%
    United Technologies Corp. 2.6%
    Texas Instruments Inc. 2.1%

     

    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 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 invests in mid-capitalization securities. The securities of mid-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements.

    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 GROWTH FUND HOLDINGS

     

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