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Commerce MidCap Growth Fund
Seeks capital appreciation and, secondarily, current income.
Invests in a diversified portfolio of equity securities of medium-sized companies that show the potential for above-average growth in earnings.
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 |
12/12/94 |
| Ticker Symbol |
CFAGX |
| Cusip |
200626505 |
| Minimum Initial Investment |
$1,000 |
Commentary as of 3/31/2009
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Stock prices continued their downward spiral in the first quarter of 2009. With the economy slipping into a deep recession, earnings from U.S. corporations have been under severe downward pressure. Mid-Cap Growth stocks actually held up fairly well relative to value issues. The Fund outperformed the benchmark returning at -3.13% versus -3.36% for the Russell Midcap Growth Index.
Leading the outperformance for growth stocks was technology, posting positive returns for the quarter. The Fund has over 24% invested in technology related stocks and we increased our exposure by 4%, mainly in technology services with the addition of Cognizant Technology Solutions (0.56%), BMC Software Inc. (1.06%) and SOHU.com Inc. (1.02%). Fund performance was hurt by large declines in sectors heavily exposed to the international economic slowdown. Our overexposure to commercial services, industrial services and producer manufacturing were a drag on returns. Dover Corp. (0.39%), Jacobs Engineering Group Inc. (0.80%), and AGCO Corp. (0.71%) declined between 23% and 25%.
Even with gloomy economic reports retailers had a strong rebound after a dismal 2008. Three of the seven best performers in the quarter were retailers GameStop Corp. (0.83%), TJX Cos. Inc. (1.91%), and Nordstrom Inc. (0.89%) up 21%, 19% and 15%, respectfully. |
| Performance Report |
Total Fund Assets as of 3/31/2009
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$38,292,609.54 |
| Net Asset Value1 |
$18.58 |
| Asset Allocation |
| Equities |
94.8% |
| Cash |
5.2% |
| Average Market Capitalization |
$5.8 Billion |
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| Top Equity Ten Holdings5 as of 3/31/2009 |
| C.R. Bard Inc. |
2.3% |
| Northern Trust Corp. |
2.3% |
| Paychex Inc. |
2.2% |
| Crown Holdings Inc. |
2.2% |
| Dollar Tree Inc. |
2.2% |
| Dun & Bradstreet Corp. |
2.1% |
| American Tower Corp. |
2.1% |
| Xilinx Inc. |
2.1% |
| TJX Cos. Inc. |
1.9% |
| iShares Russell Midcap Growth Index |
1.8% |
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| Sector Diversification as of 3/31/2009 |
| |
Fund |
Index* |
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|
Fund |
Index* |
| Electronic Technology |
13.14% |
13.65% |
|
Communications |
4.82% |
2.93% |
| Technology Services |
11.28% |
8.19% |
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Industrial Services |
4.71% |
6.12% |
| Health Technology |
10.73% |
9.17% |
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Commercial Services |
4.55% |
3.12% |
| Retail Trade |
6.96% |
7.61% |
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Consumer Non-Durables |
3.26% |
4.81% |
| Producer Manufacturing |
6.72% |
6.49% |
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Utilities |
2.40% |
3.32% |
| Process Industries |
6.12% |
4.00% |
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Other |
1.95% |
0.34% |
| Energy Minerals |
5.41% |
5.51% |
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Distribution Services |
0.95% |
1.40% |
| Finance |
5.38% |
5.21% |
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Consumer Durables |
0.84% |
1.91% |
| Consumer Services |
5.36% |
8.97% |
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Transportation |
0.44% |
2.15% |
| Health Services |
4.98% |
4.17% |
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Non-Energy Minerals |
0.00% |
0.93% |
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Total |
100% |
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| *Russell Midcap Growth 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. Stocks of smaller companies are often more volatile and present greater risks than stocks of larger companies. At times the Fund may be unable to sell the securities it holds without a substantial drop in its price, if at all.
4. The Russell Midcap Growth Index measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The Index figures do not reflect any fees or expenses. |
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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 MIDCAP GROWTH FUND HOLDINGS
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