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‑oriented equities demonstrated relative resilience during the first quarter as market leadership broadened and investors rotated away from growth‑focused segments amid heightened geopolitical and macroeconomic uncertainty. While broader equity markets faced pressure from higher energy prices and shifting interest rate expectations, value stocks produced positive returns, supported by comparatively attractive valuations, durable cash flows, and stronger balance sheet characteristics. For the quarter, The Commerce MidCap Value Fund returned 5.35 %, outperforming the Russell MidCap Value Index, which returned 3.68%.
Stock selection contributed to relative performance during the period. The Fund’s strongest individual contributors included Valero Energy Corporation (1.16%) , Marathon Petroleum Corporation (1.15%), and HF Sinclair Corporation (1.16%), which returned 52.72%, 50.90%, and 36.6%, respectively. These positive contributions were partially offset by weaker performance from Cognizant Technology Solutions Corporation, Class A (1.22%), SS&C Technologies Holdings, Inc. (1.23%), and Amdocs Limited (1.21%), which returned -25.72%, -22.43%, and -18.24%, respectively.
Sector allocation also contributed positively to results for the quarter. An overweight position in the energy sector enhanced performance, as energy was the strongest‑performing sector during the period. Conversely, an overweight allocation to the financials sector detracted from relative results, as that sector generated negative returns over the quarter.
| Total Fund Assets as of 3/31/2026 | $36,396,618 |
|---|---|
| Net Asset Value1 |
$24.86 |
| Asset Allocation | |
| Equities | 99.6% |
| Cash | 0.4% |
| Weighted Average Market Capitalization | 39.5 billion |
Top 10 Equity Holdings2 as of 3/31/2026
| iShares Russell MidCap Value | 3.2% |
|---|---|
| TD SYNNEX Corporation | 1.3% |
| TKO Group Holdings, Inc. Class A | 1.3% |
| Hasbro, Inc. | 1.3% |
| Oshkosh Corp | 1.2% |
| Emerson Electric Co. | 1.2% |
| Microchip Technology Inc. | 1.2% |
| Huntington Bancshares Inc | 1.2% |
| Regions Financial Corp | 1.2% |
| Principal Financial Group, 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.