MidCap Growth Fund



Seeks capital appreciation.


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 35 years of experience.


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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


In the fourth quarter, mid cap growth equities began with a very volatile 2-month rally, followed by 50% of it being given back in December. Weekly swings in either direction were typically driven by an inflation print, employment data release, or the most recent tone by a Federal Reserve official. The general trend for each was that inflation is cooling, job growth is resilient, or how much higher do short term interest rates need to be raised to slow the economy? These three topics seemed to take priority over holiday consumer sales and a mixed congress election from mid-terms. The Commerce MidCap Growth Fund’s return of 8.60% outperformed the Russell Mid Cap Growth Index return of 6.90%.

Stock selection added to the Fund’s performance. The Fund’s strongest stocks were Fair Isaac Corporation (1.19%), Allegro MicroSystems, Inc. (0.00%), and MSA Safety, Inc. (1.31%), returning 49.49%, 48.49%, and 32.39%, respectively. The Fund’s top detractors were Catalent Inc (0.00%) and Syneos Health, Inc. Class A (0.00%), which returned -36.07% and -25.73%, respectively.

The Fund’s sector allocations also positively contributed to performance for the quarter. The Fund’s 2.09% underweight to the Communication Services sector, returning -11.97%, added to performance. The Index had a 4.42% weight in the Communication Services sector. However, the Fund’s 2.73% underweight to Health Care, a stronger sector, returning 14.64%, detracted from performance. The Index had a 17.05% weight in the Health Care sector.

Total Fund Assets as of 12/31/2022 $212,295,856
Net Asset Value1 $39.56
Asset Allocation  
Equities 99.1%
Cash 0.9%
Weighted Average Market Capitalization 19.41 Billion


Top Ten Equity Holdings2 as of 12/31/2022

iShares Russell MidCap Growth 3.2%
MSA Safety Inc 1.3%
Tractor Supply Company 1.3%
Lamb Weston Holdings Inc 1.3%
Black Knight Inc 1.3%
Bruker Corporation
Genpact Limited 1.3%
Advance Auto Parts Inc 1.3%
Toro Company 1.3%
Booz Allen Hamilton Holding 1.3%

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.

Portfolio Holdings

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 MidCap Growth Holdings

October 2022*
November 2022*
December 2022*

A prospectus for the Commerce Funds containing more complete information may be obtained by calling 1-800-995-6365 or by downloading it from this website. Please consider a Fund's objectives, risks, and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund.

The mutual funds referred to in this Web site are offered and sold only to persons residing in the United States and are offered by prospectus only. The prospectus contains more complete information about the funds, including charges and expenses, and should be read carefully before investing.

The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/ or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standard Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.