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 March 22) includes Holdings information from 82 money funds (up 14 from a week ago), or $3.531 trillion (up from $3.143 trillion) of the $6.465 trillion in total money fund assets (or 54.6%) 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.)(Note: Thank you to those who attended our Bond Fund Symposium earlier this week in Philadelphia! Attendees and Crane Data subscribers may access the conference binder, Powerpoints and recordings (after the show) via our "Bond Fund Symposium 2024 Download Center.")
Our latest Weekly MFPH Composition summary shows Government assets dominating the holdings list with Treasuries totaling $1.589 trillion (up from $1.468 trillion a week ago), or 45.0%; Repurchase Agreements (Repo) totaling $1.270 trillion (up from $1.158 trillion a week ago), or 36.0%, and Government Agency securities totaling $303.7 billion (up from $268.4 billion), or 8.6%. Commercial Paper (CP) totaled $126.0 billion (up from a week ago at $77.0 billion), or 3.6%. Certificates of Deposit (CDs) totaled $96.6 billion (up from $71.6 billion a week ago), or 2.7%. The Other category accounted for $102.0 billion or 2.9%, while VRDNs accounted for $43.3 billion, or 1.2%.
The Ten Largest Issuers in our Weekly Holdings product include: the US Treasury with $1.589 trillion (45.0% of total holdings), Fixed Income Clearing Corp with $301.1B (8.5%), Federal Home Loan Bank with $231.3B (6.6%), the Federal Reserve Bank of New York with $146.4 billion (4.1%), RBC with $88.3B (2.5%), BNP Paribas with $81.6B (2.3%), JP Morgan with $78.6B (2.2%), Citi with $72.1B (2.0%), Federal Farm Credit Bank with $68.4B (1.9%) and Bank of America with $59.5B (1.7%).
The Ten Largest Funds tracked in our latest Weekly include: JPMorgan US Govt MM ($259.5B), Goldman Sachs FS Govt ($220.3B), Fidelity Inv MM: Govt Port ($203.2B), JPMorgan 100% US Treas MMkt ($199.5B), Federated Hermes Govt ObI ($154.6B), BlackRock Lq FedFund ($147.6B), State Street Inst US Govt ($139.0B), Morgan Stanley Inst Liq Govt ($135.4B), Fidelity Inv MM: MM Port ($127.7B) and BlackRock Lq Treas Tr ($114.8B). (Let us know if you'd like to see our latest domestic U.S. and/or "offshore" Weekly Portfolio Holdings collection and summary.)
In other news, Fitch Ratings posted a press release titled, "Global Market Funds Assets under Management Grew Significantly in 2023." It tells us, "Money market fund (MMF) flows are set to stabilise in 2024 after significant inflows in 2023, Fitch Ratings says in a new report. Global MMF assets under management (AUM) were USD9.9 trillion at end-2023, up 17% from the previous year with most of the increase coming in 2H23."
Fitch explains, "US MMF AUM rose 21% to USD6.3 trillion in 2023 driven by investors taking advantage of high interest rates and deposit outflows after the US regional bank failures. Fitch estimates that European MMFs' AUM increased by 11% to EUR1.8 trillion with short-term MMFs the main contributor. Chinese MMF assets rose 8% to CNY11.3 trillion after a strong performance in the first six months of the year."
The brief adds, "Fitch expects central banks' interest rates cuts in 2H24, and regulatory reform in the US and China money fund sector to have a limited impact on overall flows, although faster-than-expected rate cuts may accelerate MMF outflows. Nevertheless, we expect balanced industry flows given the presence of the duration effect, allowing MMFs to delay the impact from policy rate cuts to funds yields."
