Value Fund



Seeks capital appreciation and, secondarily, current income.


Invests in a diversified portfolio of equity securities of 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 31 years of experience.


LOW - - - • - - - HIGH

In general, greater returns are associated with greater risks.

Fund Statistics

Inception Date 03/03/97
Ticker Symbol CFVLX
Cusip 200626828
Minimum Initial Investment $1,000


During the second quarter, economic conditions continued on a positive path along with continued strong consumer confidence and business confidence readings. The Federal Reserve (Fed) continued tightening monetary policy with a Fed Funds rate hike in June while inflation levels remained low. The Russell 1000 Value Index returned 1.34% for the quarter, and the Commerce Value Fund returned 0.12%.

The Fund’s security selection detracted from the Fund’s performance. The Fund’s weakest performers were Helmerich & Payne, Inc. (0.00%), Kimco Realty Corporation (1.39%), and Macy’s Inc (1.25%) returning -17.77%, -15.92%, and -20.26%, respectively. The strongest stocks were McDonald’s Corporation (2.01%) and Caterpillar Inc. (1.99%) returned 18.90% and 16.79%, respectively.

The Fund's sector allocation also negatively impacted the Fund’s performance. An overweight position to the Communications and Industrial Services sectors detracted from Fund performance. In addition, a zero weight allocation to the Transportation sector further reduced Fund performance. The Fund did not own any stocks in the Non-Energy Minerals which benefited the Fund since the sector was down -4.50%.

The Fund continues to maintain a portfolio of around 45 stocks that are quality companies with attractive valuations and dividend yields providing both capital appreciation and current income.

Total Fund Assets as of 06/30/2017 $261,577,546
Net Asset Value1 $31.73
Asset Allocation  
Equities 99.2%
Cash 0.8%
Weighted Average Market Capitalization $121.19 Billion


Top Ten Equity Holdings2 as of 06/30/2017

Chevron Corporation 4.3%
JP Morgan Chase & Company 4.1%
Wells Fargo & Company 4.0%
AT&T Inc. 3.8%
Pfizer Inc. 3.0%
Merck & Company Inc. 3.0%
Johnson & Johnson 2.9%
Exxon Mobil Corporation 2.9%
Oneok Inc. 2.1%
Amgen Inc. 2.0%

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 is subject to market risk so that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions.

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 Value Fund Holdings

July, 2017*-
August, 2017*
September, 2017*

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.