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
MidCap Value equities posted modest losses during the third quarter supported by a strong corporate earnings season. Investors continued to favor large companies tied to the AI buildout, and the increased technologyweighting within the value index following the June reconstitution helped it participate in that strength. Energy was the top-performing value sector as higher oil prices and rising geopolitical tensions supported the group, whileHealth Care also contributed. Rising Treasury yields, persistent inflation, and the Federal Reserve’s September rate
hike weighed on rate-sensitive sectors, with Utilities, Industrials, and Real Estate lagging. The Commerce MidCap Value Fund’s return of -1.56% outperformed the Russell Mid Cap Value return of -1.98%.
Stock selection hurt the Fund’s performance for the quarter. The Fund’s strongest performers were HF Sinclair Corporation (1.81%), Valero Energy Corporation (1.21%), and Marathon Petroleum Corporation (1.24%), returning 55.03%, 49.40%, and 55.09%, respectively. The Fund’s top detractors were Corning Inc. (0.00%), not owning Moderna Inc. (0.00%), and Cummins Inc. (1.22%), returning -23.74%, 174.98%, and -27.30%, respectively.
The Fund’s sector allocation added to performance for the quarter. The Fund’s 1.47% underweight position in the Financials sector added to performance as it was a weaker sector, returning -1.48%. The index had an 17.47% weight in the Financials sector. However, the Fund’s .04% underweight position in the Information Technology sector detracted from performance as it was a stronger sector, returning 5.02%. The index had a 16.78% weight in the Information Technology sector.
| Total Fund Assets as of 9/30/2026 | $39,099,067 |
|---|---|
| Net Asset Value1 |
$26.70 |
| Asset Allocation | |
| Equities | 99.2% |
| Cash | 0.8% |
| Weighted Average Market Capitalization | $43.0 billion |
Top 10 Equity Holdings2 as of 9/30/2026
| iShares Russell Mid-Cap Value | 3.5% |
|---|---|
| HF Sinclair Corp | 1.8% |
| Cognex Corporation | 1.3% |
| NetApp Inc | 1.3% |
| Pinnacle West Capital Group | 1.2% |
| Marathon Petroleum Corp | 1.2% |
| Rockwell Automation | 1.2% |
| Southern Company | 1.2% |
| T Rowe Price Group | 1.2% |
| Verisign Inc | 1.2% |
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.