Fund Evaluator:
Commerce MidCap Value (CFMVX)
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Best Performing in Mid-Cap Value Over the Last Year
| 34.6% | Fidelity Value Strategies (FSLSX) |
| 33.9% | Fidelity Advisor Mid Cap Value Z (FIDFX) |
| 33.8% | Fidelity Mid Cap Value (FSMVX) |
| 31.0% | Harbor Mid Cap Value Instl (HAMVX) |
| 30.9% | Fidelity Advisor Value Z (FVLZX) |
Fund Details
Commerce MidCap Value Overview
Commerce MidCap Value (CFMVX) is an actively managed U.S. Equity Mid-Cap Value fund. Commerce launched the fund in 2023.
The investment seeks capital appreciation, and secondarily, current income. Under normal market conditions, the fund invests at least 80% of its net assets plus any borrowings for investment purposes in stocks, primarily common stocks, of mid‑cap issuers. These issuers will have public stock market capitalizations within the range of the market capitalization of companies constituting the Russell Midcap® Value Index at the time of investment. The equity capitalization range of public companies in the index was $451 Million to $54.5 Billion as of September 30, 2023.
About Commerce MidCap Value (CFMVX)
There are 3 members of the management team with an average tenure of 2.37 years: Nong Lin (2023), Donald McArthur (2025), Joseph Williams (2023). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell 1000 TR USD index with a weighting of 100% and Russell Mid Cap Value TR USD index with a weighting of 100%. Commerce MidCap Value has 81 securities in its portfolio. The top 10 holdings constitute 17.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Commerce MidCap Value is part of the Equity global asset class and is within the U.S. Equity fund group. Commerce MidCap Value has 1.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 96.9%. There is 1.2% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Commerce MidCap Value has 1.9% of the portfolio in cash.
Assets Under Management
The fund has $40 million in total assets, which is below the $650 million average for the Mid-Cap Value category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
CFMVX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Commerce MidCap Value expense ratio is above average compared to funds in the Mid-Cap Value category. Commerce MidCap Value has an expense ratio of 0.71%, which is 31% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Commerce MidCap Value has a portfolio turnover rate of 55%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 51% for the Mid-Cap Value category.
Recently, in the month of August 2026, Commerce MidCap Value returned 0.4%, which earned it a grade of D, as the Mid-Cap Value category had an average return of 1.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Commerce MidCap Value has a trailing yield of 1.79%, which is above the 0.85% category average. The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Commerce MidCap Value Grades
Year to date, the fund has returned 18.2%, 1.3 percentage points better than the category, which translates into a grade of B. The fund has returned 17.9% over the past year (grade of C).
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CFMVX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| CFMVX Return (NAV) | 0.4% | 4.7% | 17.9% | na | na | na |
| CFMVX Grade | D | D | C | na | na | na |
| +/- Category | -0.7% | -1.3% | -1.8% | na | na | na |
| Mid-Cap Value Avg | 1.1% | 6.0% | 19.7% | 15.2% | 9.3% | 10.1% |
| CFMVX Tax Cost Ratio | na | na | 1.8% | na | na | na |
CFMVX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CFMVX Return (NAV) | 18.2% | 6.3% | 11.8% | na | na | na | na | na | na | na | na |
| CFMVX Grade | B | D | C | na | na | na | na | na | na | na | na |
| +/- Category | 1.3% | -3.6% | -0.1% | na | na | na | na | na | na | na | na |
| Mid-Cap Value Avg | 16.9% | 9.9% | 11.8% | 13.9% | -8.1% | 27.5% | 3.8% | 26.4% | -13.4% | 14.1% | 17.3% |
| Risk Measures | |
| Standard Deviation: | na |
| Total Risk Index: | na |
| Category Risk Index: | na |
| Category Risk Grade: | |
| Beta: | na |
| R-Squared: | na |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na |
| Yield: | 1.8% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $40 Mil |
| Fund Total Assets: | $ 41 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 55% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 2.8 years | |||
| Average Tenure: 2.4 years | |||
| Managers (Year): Lin Nong (2023), Williams Joseph (2023), McArthur Donald (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 81 |
| % in Top 10 Holdings: | 17.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.2% |
Portfolio Allocation |
|
| Domestic Stock: | 96.9% |
| Foreign Stock: | 1.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.9% |
Purchase Information
| Fund Family: | Commerce |
| Phone Number: | 800-995-6365 |
| Website: | www.commercefunds.com |
| Status: | Open |
| Inception Date: | November 13, 2023 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.71% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 1.03% |
| Share Class: | Commerce MidCap Value |
| Min. Subsequent Purchase: | $ 250 |
| Min. Subsequent IRA Purchase: | $ 0 |
