Growth Fund

Overview

Objective Seeks capital appreciation.
Strategy 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 38 years of experience.
Risk/Return On a low to high scale of 1–7, the risk level is 5
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

Growth equities rebounded strongly during the second quarter as investor sentiment improved and concerns surrounding economic growth began to stabilize. Markets were supported by resilient corporate earnings, continued strength in artificial intelligence-related spending, and growing confidence that the U.S. economy could withstand ongoing inflationary pressures. Semiconductor and AI infrastructure companies led performance, driving a broad recovery across growth-oriented sectors. While geopolitical tensions and inflation concerns remained present, investors became increasingly focused on long-term earnings opportunities and technological innovation. As a result, leadership shifted back toward growth sectors, particularly Information Technology and Communication Services, while more defensive areas such as Energy, Utilities, and Consumer Staples lagged the broader market. The Commerce Growth Fund’s return of 12.99% underperformed the Russell 1000 Growth Index’s return of 16.74%.

Stock selection detracted from the Fund’s performance for the quarter. The Fund’s strongest performers were Palo Alto Networks, Inc. (1.94%), KLA Corporation (2.02%), and NetApp, Inc. (1.29%), returning 112.71%, 105.18%, and 51.91%, respectively. The Fund’s top detractors were Tractor Supply Company (0.00%), Rollins, Inc. (0.64%), and PTC Inc. (0.00%), returning -32.79%, -21.58%, and -20.07%, respectively.

The Fund’s sector allocation detracted from performance for the quarter. The Fund’s 1.47% underweight in the Healthcare sector added to performance as it was a weaker sector, returning 11.31%. The index had a 7.25% weight in the Healthcare sector. However, the Fund’s 1.90% underweight in the Industrials sector detracted from performance as it was a stronger sector, returning 19.55%. The index had a 6.56% weight in the Industrials sector.

 
 
Total Fund Assets as of 6/30/2026 $190,943,938
Net Asset Value1 $49.68
Asset Allocation  
Equities 97.3%
Cash 2.7%
Weighted Average Market Capitalization 1,993.6 billion

Top 10 Equity Holdings2 as of 6/30/2026

NVIDIA Corporation 14.0%
Apple Inc 9.1%
Alphabet Inc. Class A 6.9%
Microsoft Corporation 6.7%
Broadcom Inc 5.3%
Amazon.com Inc 4.3%
Tesla, Inc 3.4%
Meta Platforms Inc Class A 2.9%
Eli Lilly and Company 2.7%
KLA Corporation 2.1%
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  

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.
  4. Please click on the links for additional disclosures.