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 stocks surged in Q2 2025, rebounding from the tariff shock at the beginning of April to end the quarter at record highs. Tech and AI-focused sectors drove the growth rally as easing trade tensions, including a temporary pause with China, helped restore investor confidence. While volatility related to tariffs persisted through the quarter, investors leaned back into resilient earnings, innovation, and dampened geopolitical risk amidst a better-than-expected macroeconomic backdrop. The Commerce MidCap Growth Fund’s return of 11.94% underperformed the Russell Mid Cap Growth Index return of 18.20%.
Stock selection detracted from the Fund’s performance. The Fund’s strongest stocks were NRG Energy, Inc. (1.17%), Amphenol Corporation Class A (1.15%), and Howmet Aerospace Inc. (2.15%), returning 68.87%, 50.82%, and 43.57%, respectively. The Fund’s top detractors were Chemed Corporation (0.98%), Church & Dwight Co., Inc. (1.12%), and not owning Coinbase Global, Inc. Class A (0.00%), returning -20.80%, -12.43%, and 103.50%, respectively.
The Fund’s sector allocation was neutral to the Fund’s performance. The Fund’s 0.80% underweight in the Energy sector, which returned -9.75%, added to performance as it was the worst-performing sector. The Index had a 4.11% weight in the Energy sector. However, The Fund’s 1.67% underweight in the Communication Services sector, which returned 36.47%, detracted from performance as it was one of the better performing sectors. The Index had a 4.21% weight in the Communication Services sector.
| Total Fund Assets as of 6/30/2025 | $201,863,063 |
|---|---|
| Net Asset Value1 | $46.86 |
| Asset Allocation | |
| Equities | 99.2% |
| Cash | 0.8% |
| Weighted Average Market Capitalization | 33.0 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.