ICI's latest "Trends in Mutual Fund Investing, May 2013" was released late yesterday, showing that money fund assets increased by $28.3 billion in May, after falling $24.5 billion in April, $57.6 billion in March, $31.7 billion in February, and $9.1 billion in January. YTD through 5/31, ICI shows money fund assets down by $93.9 billion, or 3.5%. ICI also released its latest "Month-End Portfolio Holdings of Taxable Money Funds," which showed a surge in holdings of Certificates of Deposits during May. (See Crane Data's June 14 News, "Time Deposits, CDs, and CP Jump in May; France No. 2 Country Again.") Money fund assets are down slightly in June. Month-to-date through 6/26, our MFI Daily shows assets declining by $9.8 billion, or 0.4%, though Taxable Retail assets are up by $23.6 billion, or 3.1% in June (likely due to bond fund outflows).
ICI's May "Trends" says, "The combined assets of the nation's mutual funds increased by $89.1 billion, or 0.6 percent, to $13.947 trillion in May, according to the Investment Company Institute's official survey of the mutual fund industry. In the survey, mutual fund companies report actual assets, sales, and redemptions to ICI. Bond funds had an inflow of $11.70 billion in May, compared with an inflow of $12.03 billion in April.... Money market funds had an inflow of $27.81 billion in May, compared with an outflow of $24.43 billion in April. Funds offered primarily to institutions had an inflow of $23.51 billion. Funds offered primarily to individuals had an inflow of $4.30 billion."
The latest weekly "Money Market Mutual Fund Assets" from ICI says, "Total money market mutual fund assets increased by $7.66 billion to $2.594 trillion for the week ended Wednesday, June 26, the Investment Company Institute reported today. Taxable government funds increased by $5.29 billion, taxable non-government funds increased by $3.54 billion, and tax-exempt funds decreased by $1.18 billion. Assets of retail money market funds increased by $4.74 billion to $923.83 billion. Taxable government money market fund assets in the retail category increased by $1.70 billion to $198.90 billion, taxable non-government money market fund assets increased by $3.72 billion to $533.66 billion, and tax-exempt fund assets decreased by $670 million to $191.26 billion.... Assets of institutional money market funds increased by $2.92 billion to $1.671 trillion."
ICI's Portfolio Holdings for May 2013 show that Repos fell by $5.8 billion, or 1.1%, to $523.4 billion (22.3% of assets) after rebounding strongly in April (up $49.9B); they retained their lead as the largest segment of taxable money fund portfolio holdings (after being in a 3-way tie with CDs and Treasuries in March). Holdings of Certificates of Deposits, the second largest position, surged by $35.3 billion to $488.3 billion (20.8%). Treasury Bills & Securities, the third largest segment, decreased by $8.4 billion to $428.5 billion (18.3%).
Commercial Paper remained the fourth largest segment ahead of U.S. Government Agency Securities; CP holdings rose by $3.7 billion to $379.5 billion (16.2% of assets) and Agencies rose by $5.8 billion to $323.0 billion (13.8% of taxable assets). Notes (including Corporate and Bank) fell fractionally again (down $3.7 billion) to $98.4 billion (4.2% of assets), and Other holdings rose by $2.3 billion to $88.7 billion (3.8%).
The Number of Accounts Outstanding in ICI's Holdings series for taxable money funds decreased by 50,984 to 24.530 million, while the Number of Funds fell by 1 to 393. The Average Maturity of Portfolios remained flat for the fourth month in a row at 49 days in May. Over the past year, WAMs of Taxable money funds have lengthened by 3 days.
