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 delivered solid returns during the fourth quarter, outperforming growth as investors leaned toward durable cash flows, attractive valuations, and defensive characteristics. With the Fed lowering rates, value stocks posted mid-single-digit gains in the quarter. Healthcare drove performance as many regulatory concerns were alleviated during the quarter. The Technology Sector did well as investors favored many of the names levered to an improving economy and continued investment in AI infrastructure. The Commerce MidCap Value Fund’s return of -0.05% underperformed the Russell 1000 Value Index return of 1.42%.
Stock selection detracted from the Fund’s performance. The Fund’s strongest contributors were Cognizant Technology Solutions Corporation Class A (1.18%), Travel + Leisure Co. (1.18%), and Sealed Air Corporation (1.22%), returning 24.29%, 19.49%, and 17.76%, respectively. The Fund’s top detractors were holding Motorola Solutions, Inc. (0.00%), Skyworks Solutions, Inc. (1.20%), and Eaton Corp Plc (1.20%), returning -17.22%, -16.69%, and -15.12%, respectively.
The Fund’s sector allocation added to performance for the quarter. The Fund’s 0.59% overweight position in the Information Technology sector, which returned 8.70%, added to performance as it was a stronger sector. The Index has a 10.35% weight in the Information Technology Sector. However, the Fund’s 0.99% underweight position in the Healthcare sector, which returned 9.65%, detracted from performance as it was a stronger sector. The Index had an 8.13% weight in the Healthcare sector.
| Total Fund Assets as of 12/31/2025 | $33,773,985 |
|---|---|
| Net Asset Value1 | $23.71 |
| Asset Allocation | |
| Equities | 99.3% |
| Cash | 0.7% |
| Weighted Average Market Capitalization | 40.2 billion |
Top 10 Equity Holdings2 as of 12/31/2025
| iShares Russell MidCap Value | 3.3% |
|---|---|
| The Williams Companies Inc | 1.2% |
| ONEOK Inc | 1.2% |
| HF Sinclair Corporation | 1.2% |
| Pinnacle West Capital Corp | 1.2% |
| Sealed Air Corporation | 1.2% |
| The Southern Company | 1.2% |
| Lamar Advertising Company | 1.2% |
| WEC Energy Group Inc | 1.2% |
| Consolidated Edison 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.