Money fund assets jumped $22.3 billion on Monday, breaking the $6.2 trillion level for the first time ever and hitting a record $6.200 trillion, according to Crane Data's Money Fund Intelligence Daily series (as of November 27). Money fund assets have risen by $63.2 billion over the past week and by $159.0 billion in the first 27 days of November. Assets fell by $31.9 billion in October after rising by $93.9 billion in September, $98.3 billion in August and $34.7 billion in July. Year-to-date (through 11/27), money fund assets have increased by $1.009 trillion, or 19.4%. (Note: Please join us for our upcoming Money Fund University in Jersey City, Dec. 18-19. We'll also be hosting our Crane Data Holiday Party alongside MFU, so feel free to drop by the Westin Jersey City on Monday, Dec. 18 from 5:00-7:30pm.)
Taxable MMFs have risen $996.0 billion YTD in 2023 to $5.073 trillion, or 19.6%, according to MFI Daily. Treasury Institutional Money Funds are up $208.8 billion (19.0%) to $1.309 trillion, Government Institutional MMFs are up $222.1 billion (12.8%) to $1.956 trillion, but Prime Institutional MMFs were down $26.8 billion (-4.1%) to $628.6 billion. Treasury Retail Money Funds are up $142.1 billion (82.4%) to $314.6 billion, Government Retail MMFs are up $195.2 billion (19.7%) to $1,196 trillion, and Prime Retail MMFs are up $254.7 billion (60.5%) to $675.7 billion. Tax Exempt MMFs are up $13.2 billion (11.2%) to $131.2 billion.
The Investment Company Institute's latest separate weekly "Money Market Fund Assets" report showed MMF assets rising for the fifth week in a row and hitting yet another new record level. ICI shows assets up by $1.028 trillion, or 21.7%, year-to-date in 2023, with Institutional MMFs up $462 billion, or 15.1% and Retail MMFs up $566 billion, or 33.8% (through 11/21). Over the past 52 weeks, they show money funds rising a massive $1.122 trillion, or 24.2%, with Retail MMFs rising by $633 billion (39.3%) and Inst MMFs rising by $489 billion (16.1%). (Note that ICI's asset totals don't include a number of funds tracked by the SEC and Crane Data, so they're over $400 billion lower than Crane's asset series.)
In other news, Crane Data published its latest Weekly Money Fund Portfolio Holdings statistics Tuesday, which track a shifting subset of our monthly Portfolio Holdings collection. The most recent cut (with data as of November 24) includes Holdings information from 74 money funds (up 11 from a week ago), or $3.012 trillion (up from $2.779 trillion) of the $6.178 trillion in total money fund assets (or 48.8%) tracked by Crane Data. (Our Weekly MFPH are e-mail only and aren't available on the website. See our latest Monthly Money Fund Portfolio Holdings here.)
Our latest Weekly MFPH Composition summary shows Government assets dominating the holdings list with Repurchase Agreements (Repo) totaling $1.242 trillion (up from $1.132 trillion a week ago), or 41.2%; Treasuries totaling $1.147 trillion (down from $1.148 trillion a week ago), or 38.1%, and Government Agency securities totaling $290.8 billion (up from $248.4 billion), or 9.7%. Commercial Paper (CP) totaled $108.6 billion (up from a week ago at $83.8 billion), or 3.6%. Certificates of Deposit (CDs) totaled $90.8 billion (up from $71.9 billion a week ago), or 3.0%. The Other category accounted for $94.7 billion or 3.1%, while VRDNs accounted for $38.2 billion, or 1.3%.
The Ten Largest Issuers in our Weekly Holdings product include: the US Treasury with $1.154 billion (38.3% of total holdings), the Federal Reserve Bank of New York with $277.1 billion (9.2%), Fixed Income Clearing Corp with $247.6B (8.2%), Federal Home Loan Bank with $217.5B (7.2%), RBC with $79.4B (2.6%), Citi with $65.4B (2.2%), Federal Farm Credit Bank with $63.0B (2.1%), Bank of America with $61.5B (2.0%), JP Morgan with $56.8B (1.9%) and BNP Paribas with $50.9B (1.7%).
The Ten Largest Funds tracked in our latest Weekly include: JPMorgan US Govt MM ($271.3B), Goldman Sachs FS Govt ($241.0B), Fidelity Inv MM: Govt Port ($184.8B), JPMorgan 100% US Treas MMkt ($174.9B), Federated Hermes Govt ObI ($145.3B), Morgan Stanley Inst Liq Govt ($140.4B), State Street Inst US Govt ($124.2B), Fidelity Inv MM: MM Port ($119.0B), Allspring Govt MM ($114.7B) and Dreyfus Govt Cash Mgmt ($105.4B). (Let us know if you'd like to see our latest domestic U.S. and/or "offshore" Weekly Portfolio Holdings collection and summary.)
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