Growth Fund



Seeks capital appreciation.


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

The Management Team

The Fund is managed by the Equity Strategy Team, a group of senior-level investment professionals who average 35 years of experience.


LOW - - - - - • - HIGH

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


July started off strong, only to falter in August and September, producing negative returns for equities in the third quarter. The pickup in economic growth caught many investors off guard sending interest rates higher despite the Federal Reserve pausing and not hiking interest rates at both meetings during the quarter. With higher interest rates, investors feared the economy could fall into a recession in 2024, producing uncertainty for future earnings growth. The Commerce Growth Fund’s return of -3.36% slightly lagged the Russell 1000 Growth Index return of -3.13%.

Stock selection added to the Fund’s performance. The Fund’s strongest stocks were Tradeweb Markets, Inc. (0.82%), CDW Corporation (0.84%), and MSCI Inc. Class A (0.98%), returning 17.24%, 10.27%, and 9.61%, respectively. The Fund’s top detractors were Masimo Corporation (0.00%), Estee Lauder Companies Inc. (0.00%), and Mettler-Toledo International Inc. (0.84%), returning -39.31%, -22.88%, and -15.52%, respectively.

The Fund’s sector allocation was a slight detractor to performance. The Fund’s 2.45% underweight in the Information Technology sector, which returned -5.92%, added to performance. The Index has a 42.50% weight in the Information Technology sector. However, The Fund’s 2.82% underweight in the Communication Services sector, which returned 5.18%, detracted from performance. The Index had a 11.28% weight in the Communication Services Sector.

Total Fund Assets as of 9/30/2023 $206,484,742
Net Asset Value1 $39.65
Asset Allocation  
Equities 98.4%
Cash 1.6%
Weighted Average Market Capitalization 903.41 Billion


Top Ten Equity Holdings2 as of 9/30/2023

Apple Inc 11.4%
Microsoft Corporation 10.8%
Alphabet Inc, Class A 6.3%, Inc 5.0%
NVIDIA Corporation 4.6%
Tesla Motors Inc 2.9%
Meta Platforms Inc 2.7%
Eli Lilly and Company 2.1%
iShares Russell 1000 Growth ETF 1.4%
UnitedHealth Group Incorporated 1.6%

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 Holdings

August 2023*
September 2023*
October 2023*

A prospectus for the Commerce Funds containing more complete information may be obtained by calling 1-800-995-6365 or by downloading it from this website. Please consider a Fund's objectives, risks, and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund.

The mutual funds referred to in this Web site are offered and sold only to persons residing in the United States and are offered by prospectus only. The prospectus contains more complete information about the funds, including charges and expenses, and should be read carefully before investing.

The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/ or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standard Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.