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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 ico_risk_5-1
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‑oriented equities declined during the first quarter as elevated macroeconomic and geopolitical uncertainty prompted a rotation away from growth‑focused strategies and toward more defensive, value‑oriented segments of the market. While corporate earnings remained generally solid and investment related to artificial intelligence continued, market pricing reflected growing concerns around moderating labor conditions, rising inflation, and reduced expectations for near‑term interest rate reductions by the Federal Reserve. Heightened tensions between the United States and Iran further pressured investor sentiment by driving oil prices higher and increasing inflation sensitivity. For the quarter, The Commerce Growth Fund returned -8.64% outperforming the -9.78% return for the Russell 1000 Growth Index.

Stock selection contributed positively to relative performance. The Fund’s strongest individual contributors during the quarter included Targa Resources Corporation (1.07%), Casey’s General Stores, Inc. (0.98%), and Honeywell International Inc. (0.99%), which returned 36.5%, 31.81%, and 16.43%, respectively. These gains were partially offset by weaker performance from ServiceNow, Inc (0.94%), Dropbox Inc., Class A (0.81%), and PTC Inc. (0.80%), which returned -31.75%, -18.27%, and -18.21%, respectively.

Sector allocation also added to relative results for the quarter. An overweight position in the energy sector contributed positively, as energy was the strongest‑performing sector during the period. Conversely, an underweight allocation to the industrials sector detracted from performance, as that sector generated positive returns for the quarter and represented a larger weight within the benchmark index. 

 

 
 
Total Fund Assets as of 12/31/2025 $177,442,216
Net Asset Value1 $43.97
Asset Allocation  
Equities 99.2%
Cash 0.8%
Weighted Average Market Capitalization 1,741.9 billion

Top 10 Equity Holdings2 as of 3/31/2026

NVIDIA Corporation 13.2%
Apple Inc 11.5%
Microsoft Corporation 9.6%
Alphabet Inc Class A 5.9%
Amazon.com Inc 4.5%
Broadcom Inc 4.4%
Meta Platforms Inc Class A 3.3%
Tesla, Inc 3.2%
Eli Lilly and Company 2.3%
Visa Inc. Class A 1.6%
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.