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
Mid-Cap Growth stocks faced increased volatility in Q1 2025 as inflation concerns and tariff discussions created uncertainty in the market. Sectors reliant on global supply chains, specifically technology and consumer discretionary, experienced the most pressure as potential higher costs weighed on profit expectations. While mid-cap growth stocks began the quarter in a positive fashion, ongoing trade tensions and negative sentiment led to the sell-off in February and March. The Commerce MidCap Growth Fund’s return of -5.19% outperformed the Russell Mid Cap Growth Index return of -7.12%.
Stock selection added to the Fund’s performance. The Fund’s strongest stocks were Howmet Aerospace Inc. (1.18%), Nexstar Media Group, Inc. (1.25%), and Take-Two Interactive Software, Inc. (1.20%), returning 18.71%, 14.86%, and 12.59%, respectively. The Fund’s top detractors were Manhattan Associates, Inc. (0.00%), West Pharmaceutical Services, Inc. (0.00%), and Tetra Tech, Inc. (1.23%), returning -33.56%, -29.16%, and -26.45%, respectively.
The Fund’s sector allocation was a positive impact to the Fund’s performance. The Fund’s 3.44% underweight in the Consumer Discretionary sector, which returned -9.93%, added to performance as it was one of the weaker performing sectors. The Index had a 14.33% weight in the Consumer Discretionary sector. However, The Fund’s 1.53% overweight in the Health Care sector, which returned -0.19%, detracted from performance as it was one of the better performing sectors. The Index had a 12.83% weight in the Health Care sector.
| Total Fund Assets as of 3/31/2025 | $187,461,089 |
|---|---|
| Net Asset Value1 | $41.86 |
| Asset Allocation | |
| Equities | 99.0% |
| Cash | 1.0% |
| Weighted Average Market Capitalization | 35.1 billion |
Top 10 Equity Holdings2 as of 3/31/2025
| Palantir Technologies Inc. | 4.9% |
|---|---|
| iShares Russell MidCap Growth | 3.0% |
| Applovin Corporation | 2.0% |
| Paychex Inc. | 1.3% |
| Caseys General Stores Inc. | 1.3% |
| Factset Research Systems Inc. | 1.3% |
| Cenora Inc. | 1.3% |
| Rollins Inc. | 1.3% |
| Tradweb Markets Inc. | 1.3% |
| Church & Dwight Company Inc. | 1.3% |
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.