Crane Data's January Money Fund Portfolio Holdings, with data as of Dec. 31, 2024, show that Repo holdings jumped sharply last month while Treasuries declined. Money market securities held by Taxable U.S. money funds (tracked by Crane Data) increased by $88.0 billion to $7.089 trillion in December, after increasing $190.8 billion in November, $82.8 billion in October, $233.8 billion in September, $57.2 billion in August and $90.4 billion in July. Taxable holdings decreased by $0.4 billion in June, increased $105.6 billion in May, and decreased $61.4 billion in April. Treasuries, the largest segment, decreased $69.5 billion in December after increasing $188.3 billion in November, $236.2 billion in October and $92.0 billion in September, $85.8 billion in August and $24.3 billion in July. Repo, the second largest portfolio composition segment, increased by $211.3 billion. Agencies were the third largest segment, CP remained fourth, ahead of CDs, Other/Time Deposits and VRDNs. Below, we review our latest Money Fund Portfolio Holdings statistics. (Visit our Content center to download, or contact us to request our latest Portfolio Holdings reports.)
Among taxable money funds, Repurchase Agreements (repo) increased $211.3 billion (8.8%) to $2.612 trillion, or 36.8% of holdings, in December, after decreasing $26.3 billion in November, $242.8 billion in October and increasing $151.7 billion in September. Repo decreased $40.2 billion in August and $21.5 billion in July. Treasury securities decreased $69.5 billion (-2.3%) to $2.985 trillion, or 42.1% of holdings, after increasing $188.3 billion in November, $236.2 billion in October, $92.0 billion in September, $85.8 billion in August and $24.3 billion in July. Government Agency Debt was up $33.0 billion, or 3.9%, to $879.9 billion, or 12.4% of holdings. Agencies decreased $2.4 billion in November, increased $70.3 billion in October, $20.9 billion in September, $11.2 billion in August and $22.9 billion in July. Repo, Treasuries and Agency holdings now total $6.478 trillion, representing a massive 91.4% of all taxable holdings.
Money fund holdings of Other (Time Deposits) and CP fell in December while CDs rose. Commercial Paper (CP) decreased $7.3 billion (-2.5%) to $289.1 billion, or 4.1% of holdings. CP holdings increased $2.6 billion in November, $12.2 billion in October, $0.3 billion in September and $4.5 billion in August. Certificates of Deposit (CDs) increased $0.5 billion (0.3%) to $187.7 billion, or 2.7% of taxable assets. CDs increased $0.5 billion in November, $2.1 billion in October, but decreased $1.7 billion in September and $13.9 billion in August. Other holdings, primarily Time Deposits, decreased $84.6 billion (-42.4%) to $115.0 billion, or 2.9% of holdings, after increasing $27.6 billion in November, $3.9 billion in October, decreasing $29.4 billion in September and increasing $9.3 billion in August. VRDNs increased to $14.7 billion, or 0.2% of assets. (Note: This total is VRDNs for taxable funds only. We will post our Tax Exempt MMF holdings separately Monday around noon.)
Prime money fund assets tracked by Crane Data increased to $1.175 trillion, or 16.6% of taxable money funds' $7.089 trillion total. Among Prime money funds, CDs represent 16.4% (up from 16.0% a month ago), while Commercial Paper accounted for 24.6% (down from 25.3% a month ago). The CP totals are comprised of: Financial Company CP, which makes up 16.8% of total holdings, Asset-Backed CP, which accounts for 6.4%, and Non-Financial Company CP, which makes up 1.4%. Prime funds also hold 0.4% in US Govt Agency Debt, 3.4% in US Treasury Debt, 26.6% in US Treasury Repo, 0.9% in Other Instruments, 6.4% in Non-Negotiable Time Deposits, 8.6% in Other Repo, 11.3% in US Government Agency Repo and 0.9% in VRDNs.
Government money fund portfolios totaled $3.900 trillion (55.0% of all MMF assets), up from $3.862 trillion in November, while Treasury money fund assets totaled another $2.014 trillion (28.4%), up from $1.969 trillion the prior month. Government money fund portfolios were made up of 22.4% US Govt Agency Debt, 15.6% US Government Agency Repo, 35.9% US Treasury Debt, 25.3% in US Treasury Repo, 0.5% in Other Instruments. Treasury money funds were comprised of 76.7% US Treasury Debt and 23.1% in US Treasury Repo. Government and Treasury funds combined now total $5.914 trillion, or 83.4% of all taxable money fund assets.
European-affiliated holdings (including repo) decreased by $203.9 billion in December to $560.1 billion; their share of holdings fell to 7.9% from last month's 10.9%. Eurozone-affiliated holdings decreased to $393.2 billion from last month's $507.4 billion; they account for 5.6% of overall taxable money fund holdings. Asia & Pacific related holdings fell to $302.1 billion (4.3% of the total) from last month's $313.9 billion. Americas related holdings rose to $6.223 trillion from last month's $5.930 trillion, and now represent 87.8% of holdings.
The overall taxable fund Repo totals were made up of: US Treasury Repurchase Agreements (up $220.9 billion, or 14.3%, to $1.763 trillion, or 24.9% of assets); US Government Agency Repurchase Agreements (down $11.8 billion, or -1.6%, to $742.1 billion, or 10.5% of total holdings), and Other Repurchase Agreements (up $2.1 billion, or 2.0%, from last month to $106.8 billion, or 1.5% of holdings). The Commercial Paper totals were comprised of Financial Company Commercial Paper (down $4.7 billion to $196.8 billion, or 2.8% of assets), Asset Backed Commercial Paper (down $1.0 billion at $75.5 billion, or 1.1%), and Non-Financial Company Commercial Paper (down $1.5 billion to $16.8 billion, or 0.2%).
The 20 largest Issuers to taxable money market funds as of Dec. 31, 2024, include: the US Treasury ($2.985T, 42.1%), Fixed Income Clearing Corp ($855.7B, 12.1%), Federal Home Loan Bank ($650.8B, 9.2%), the Federal Reserve Bank of New York ($382.1B, or 5.4%), RBC ($200.6B, 2.8%), JP Morgan ($178.1B, 2.5%), Federal Farm Credit Bank ($154.7B, 2.2%), Goldman Sachs ($143.9B, 2.0%), Citi ($138.4B, 2.0%), BNP Paribas ($100.6B, 1.4%), Bank of America ($92.9B, 1.3%), Mitsubishi UFJ Financial Group Inc ($72.8B, 1.0%), Wells Fargo ($72.3B, 1.0%), Sumitomo Mitsui Banking Corp ($68.9B, 1.0%), Canadian Imperial Bank of Commerce ($67.3B, 0.9%), Barclays PLC ($59.9B, 0.8%), Credit Agricole ($58.3B, 0.8%), Toronto-Dominion Bank ($57.6B, 0.8%), Mizuho Corporate Bank Ltd ($46.5B, 0.7%), and Bank of Montreal ($45.2B, 0.6%).
In the repo space, the 10 largest Repo counterparties (dealers) with the amount of repo outstanding and market share (among the money funds we track) include: Fixed Income Clearing Corp ($829.4B, 31.7%), the Federal Reserve Bank of New York ($382.1B, 14.6%), JP Morgan ($169.8B, 6.5%), RBC ($160.5B, 6.1%), Goldman Sachs ($143.1B, 5.5%), Citi ($125.5B, 4.8%), BNP Paribas ($90.0B, 3.4%), Bank of America ($72.0B, 2.8%), Wells Fargo ($71.0B, 2.7%) and Sumitomo Mitsui Banking Corp ($50.5B, 1.9%).
The largest users of the $382.1 billion in Fed RRP include: Vanguard Federal Money Mkt Fund ($47.7B), Fidelity Cash Central Fund ($43.0B), Schwab Value Adv MF ($24.0B), JPMorgan US Govt MM ($22.2B), Fidelity Inv MM: MM Port ($20.6B), Fidelity Sec Lending Cash Central Fund ($19.6B), Goldman Sachs FS Govt ($19.1B), Fidelity Money Market ($17.2B), JPMorgan Liquid Assets ($16.1B) and Vanguard Market Liquidity Fund ($13.7B).
The 10 largest issuers of "credit" -- CDs, CP and Other securities (including Time Deposits and Notes) combined -- include: RBC ($40.1B, 7.4%), Toronto-Dominion Bank ($38.0B, 7.0%), Mizuho Corporate Bank Ltd ($32.1B, 5.9%), Mitsubishi UFJ Financial Group Inc ($29.4B, 5.4%), Canadian Imperial Bank of Commerce ($26.5B, 4.9%), Fixed Income Clearing Corp ($26.3B, 4.9%), Australia & New Zealand Banking Group Ltd ($24.8B, 4.6%), Bank of America ($20.9B, 3.9%), Bank of Montreal ($19.8B, 3.7%), and Sumitomo Mitsui Trust Bank ($19.6B, 3.6%).
The 10 largest CD issuers include: Mitsubishi UFJ Financial Group Inc ($21.7B, 11.3%), Sumitomo Mitsui Banking Corp ($17.3B, 9.0%), Mizuho Corporate Bank Ltd ($16.9B, 8.8%), Sumitomo Mitsui Trust Bank ($15.6B, 8.1%), Bank of America ($12.8B, 6.6%), Toronto-Dominion Bank ($11.8B, 6.1%), Credit Agricole ($10.6B, 5.5%), Canadian Imperial Bank of Commerce ($9.6B, 5.0%), Mitsubishi UFJ Trust and Banking Corporation ($8.3B, 4.3%) and Bank of Nova Scotia ($6.3B, 3.3%).
The 10 largest CP issuers (we include affiliated ABCP programs) include: Toronto-Dominion Bank ($23.1B, 8.5%), RBC ($22.4B, 8.3%), Bank of Montreal ($14.4B, 5.3%), Citi ($10.4B, 3.8%), BPCE SA ($10.2B, 3.8%), National Australia Bank Ltd ($9.6B, 3.6%), Barclays PLC ($9.5B, 3.5%), Australia & New Zealand Banking Group Ltd ($9.5B, 3.5%), DNB ASA ($9.4B, 3.5%) and Canadian Imperial Bank of Commerce ($8.9B, 3.3%).
The largest increases among Issuers include: Federal Reserve Bank of New York (up $212.4B to $382.1B), Fixed Income Clearing Corp (up $77.7B to $855.7B), Goldman Sachs (up $34.8B to $143.9B), RBC (up $33.6B to $200.6B), Federal Home Loan Bank (up $23.2B to $650.8B), JP Morgan (up $12.3B to $178.1B), Sumitomo Mitsui Banking Corp (up $5.4B to $68.9B), Canadian Imperial Bank of Commerce (up $4.6B to $67.3B), Wells Fargo (up $4.6B to $72.3B) and Federal National Mortgage Association (up $4.5B to $30.0B).
The largest decreases among Issuers of money market securities (including Repo) in October were shown by: US Treasury (down $69.5B to $2.985T), BNP Paribas (down $49.7B to $100.6B), Barclays PLC (down $37.9B to $59.9B), ING Bank (down $20.4B to $14.9B), Citi (down $19.2B to $138.4B), DNB ASA (down $16.5B to $9.4B), Skandinaviska Enskilda Banken AB (down $15.1B to $8.2B), Credit Agricole (down $13.7B to $58.3B), Bank of America (down $8.3B to $92.9B) and ABN Amro Bank (down $8.3B to $7.7B).
The United States remained the largest segment of country-affiliations; it represents 82.0% of holdings, or $5.810 trillion. Canada (5.8%, $413.2B) was in second place, while Japan (4.0%, $280.6B) was No. 3. France (3.5%, $247.6B) occupied fourth place. The United Kingdom (1.8%, $128.3B) remained in fifth place. Australia (0.9%, $60.6B) was in sixth place, followed by Germany (0.5%, $32.0B), Netherlands (0.4%, $25.7B), Spain (0.3%, $23.7B), and Sweden (0.3%, $20.0B). (Note: Crane Data attributes Treasury and Government repo to the dealer's parent country of origin, though money funds themselves "look-through" and consider these U.S. government securities. All money market securities must be U.S. dollar-denominated.)
As of Dec. 31, 2024, Taxable money funds held 47.5% (up from 42.8%) of their assets in securities maturing Overnight, and another 9.4% maturing in 2-7 days (down from 12.3%). Thus, 57.0% in total matures in 1-7 days. Another 11.9% matures in 8-30 days, while 10.7% matures in 31-60 days. Note that over three-quarters, or 79.6% of securities, mature in 60 days or less, the dividing line for use of amortized cost accounting under SEC regulations. The next bucket, 61-90 days, holds 6.3% of taxable securities, while 10.6% matures in 91-180 days, and just 3.6% matures beyond 181 days.
