ICI: MMF Assets Pause Record Run
The Investment Company Institute's latest weekly "Money Market Fund Assets" report shows MMF assets dipping in the last week following a 7-week record-breaking tear. ICI's asset series fell $11.5 billion to $5.886 trillion in the past week, but it has risen $278.6 billion the past 8 weeks. Assets are up by $1.145 trillion, or 24.2%, year-to-date in 2023, with Institutional MMFs up $521 billion, or 16.8% and Retail MMFs up $624 billion, or 38.0%. Over the past 52 weeks, money funds have risen a massive $1.151 trillion, or 24.3%, with Retail MMFs rising by $624 billion (38.0%) and Inst MMFs rising by $521 billion (16.8%). The weekly release says, "Total money market fund assets decreased by $11.55 billion to $5.89 trillion for the week ended Wednesday, December 13, the Investment Company Institute reported. Among taxable money market funds, government funds decreased by $11.36 billion and prime funds increased by $1.38 billion. Tax-exempt money market funds decreased by $1.56 billion." ICI's stats show Institutional MMFs falling $14.5 billion but Retail MMFs rising $2.9 billion in the latest week. Total Government MMF assets, including Treasury funds, were $4.818 trillion (81.9% of all money funds), while Total Prime MMFs were $947.6 billion (16.1%). Tax Exempt MMFs totaled $120.1 billion (2.0%). ICI explains, "Assets of retail money market funds increased by $2.92 billion to $2.27 trillion. Among retail funds, government money market fund assets increased by $651 million to $1.47 trillion, prime money market fund assets increased by $3.45 billion to $682.38 billion, and tax-exempt fund assets decreased by $1.18 billion to $110.09 billion." Retail assets now account for well over a third of total assets, or 38.5%, and Government Retail assets make up 65.0% of all Retail MMFs. They add, "Assets of institutional money market funds decreased by $14.47 billion to $3.62 trillion. Among institutional funds, government money market fund assets decreased by $12.01 billion to $3.34 trillion, prime money market fund assets decreased by $2.07 billion to $265.21 billion, and tax-exempt fund assets decreased by $381 million to $10.41 billion." Institutional assets accounted for 61.5% of all MMF assets, with Government Institutional assets making up 92.4% of all Institutional MMF totals. According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have risen by $6.0 billion month-to-date in December (through 12/13) to $6.274 trillion after spiking $219.8 billion in 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. 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.
