Overview
| Objective | Seeks capital appreciation. |
|---|---|
| Strategy | Invests in a diversified portfolio of equity securities of medium-sized companies that show the potential for 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 |  In general, greater returns are associated with greater risks. |
Fund Statistics
| Inception Date | 12/12/94 |
|---|---|
| Ticker Symbol | CFAGX |
| Cusip | 200626505 |
| Minimum Initial Investment | $1,000 |
Commentary
Growth equities extended their rally in Q3 2025, buoyed by strong corporate earnings, a Federal Reserve rate cut, and continued enthusiasm around artificial intelligence investment. While economic signals were mixed—slower job growth and rising inflation from tariff pass-throughs—investors remained focused on innovation and resilient consumer spending. The quarter saw large and mid-cap growth stocks climb steadily, supported by stimulative legislation in Congress with the passage of One Big Beautiful Bill, easing trade tensions, and a more accommodative monetary policy backdrop. Despite lingering policy uncertainty and a softening labor market, growth-oriented sectors led the charge, with technology and consumer discretionary stocks driving performance. The Commerce MidCap Growth Fund’s return of -0.85% underperformed the Russell Mid Cap Growth Index return of 2.78%.
Stock selection detracted from the Fund’s performance. The Fund’s strongest stocks were Amphenol Corporation Class A (1.50%), Incyte Corporation (1.42%), and EMCOR Group, Inc. (1.50%), returning 25.49%, 24.54%, and 21.49%, respectively. The Fund’s top detractors were FactSet Research Systems Inc. (0.76%), CarMax, Inc. (0.75%), and Tradeweb Markets, Inc. Class A (0.91%), returning -35.76%, -33.24%, and -24.12%, respectively.
The Fund’s sector allocation was neutral to the Fund’s performance. The Fund’s 1.53% underweight in the Financials sector, which returned -4.69%, added to performance as it was the worst-performing sector. The Index had a 10.32% weight in the Financials sector. However, The Fund’s 1.72% overweight in the Consumer Staples sector, which returned -2.38%, detracted from performance as it was one of the weaker sectors. The Index had a 1.84% weight in the Consumer Staples sector.
| Total Fund Assets as of 9/30/2025 | $194,556,865 |
|---|---|
| Net Asset Value1 | $46.46 |
| Asset Allocation | |
| Equities | 99.7% |
| Cash | 0.3% |
| Weighted Average Market Capitalization | 35.3 billion |
Top 10 Equity Holdings2 as of 6/30/2025
| iShares Russell MidCap Growth | 3.4% |
|---|---|
| Vistra Corporation | 2.9% |
| Royal Caribbean Group | 2.2% |
| Howmet Aerospace Inc | 1.8% |
| Axon Enterprise Inc. | 1.8% |
| Hilton Worldwide Holdings Inc. | 1.8% |
| Cloudflare Inc Class A | 1.7% |
| Roblox Corporation | 1.6% |
| Cencora Inc. | 1.6% |
| Ameriprise Financial Inc. | 1.4% |
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.