Overview
| Objective | Seeks capital appreciation and, secondarily, current income. |
|---|---|
| Strategy | Invests in a diversified portfolio of equity securities of medium-sized companies that represent excellent value relative to their current price. The Fund seeks a higher return than the market index over time as the stocks it purchases rise in price to more normal valuations. |
| 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 | 11/13/23 |
|---|---|
| Ticker Symbol | CFMVX |
| Cusip | 200626711 |
| Minimum Initial Investment | $1,000 |
Commentary
Value equities posted solid gains during the second quarter as favorable economic conditions and resilient corporate earnings supported returns across several cyclical sectors. Investor enthusiasm for artificial intelligence and technology-related companies fueled a strong rally in certain areas of the market. These trends led Information Technology to have the strongest returns, posting a gain of 64.06% during the quarter. Financials and Industrials were among the stronger contributors within the value universe, benefiting from steady economic activity and improving business confidence, while Energy returns softened as oil prices retreated from earlier highs. The Commerce Mid Cap Value Fund’s return of 10.04% underperformed the Russell Mid Cap Value Index’s return of 13.40%.
Stock selection detracted from the Fund’s performance. The Fund’s strongest contributors were TD SYNNEX Corporation (1.86%), Cognex Corporation (1.66%), and Timken Company (1.63%), returning 58.83%, 48.02%, and 44.97%, respectively. The Fund’s top detractors were Cognizant Technology Solutions Corporation (0.71%), CME Group Inc. (0.82%), and Amdocs Limited (0.86%), returning -36.47%, -24.85%, and -21.68%, respectively. The Fund did not own two semiconductor stocks that had stellar performance during the period: Sandisk Corp. (+257.88%) and Western Digital Corp. (+136.20%). Together, not owning these two securities detracted 3.37% from the Fund’s performance vs. the Russell Mid Cap Value Index.
The Fund’s sector allocation was neutral towards performance for the quarter. The Fund’s 0.78% underweight in the Energy sector added to performance as it was a weaker sector, returning -7.37%. The index had a 7.54% weight in the Energy sector. However, the Fund’s 1.23% underweight position in the Information Technology sector detracted from performance as it was a stronger sector, returning 64.06%. The index had a 15.57% weight in the Information Technology sector.
| Total Fund Assets as of 6/30/2026 | $39,911,661 |
|---|---|
| Net Asset Value1 |
$27.23 |
| Asset Allocation | |
| Equities | 98.1% |
| Cash | 1.9% |
| Weighted Average Market Capitalization | 44.5 billion |
Top 10 Equity Holdings2 as of 6/30/2026
| Corning Inc | 2.0% |
|---|---|
| TD SYNNEX Corporation | 1.8% |
| Cognex Corporation | 1.7% |
| Timken Company | 1.6% |
| Microchip Technology Inc | 1.6% |
| Rockwell Automation, Inc | 1.5% |
| State Street Corp | 1.5% |
| Cummins Inc | 1.5% |
| Littelfuse, Inc | 1.5% |
| Monolithic Power Systems, 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.