More from ICI's 2014 Fact Book
As we mentioned Friday, the ICI released its "2014 Investment Company Fact Book" in PDF form last week, ahead of today's ICI General Membership Meeting (GMM) in Washington. (Note: our Peter Crane will be in attendance.) We excerpted from the text in our "News" already, but today we mention some of the data tables and figures. On page 46, the Fact Book shows "Net New Cash to Money Market Funds," which breaks out the flows by month and which shows the huge cash inflows in November and December of 2012 (up $68 and $76 billion, respectively). In March 2013, money fund assets declined by $58 billion, and they increased by $46 billion in Sept. and by $44 billion in Dec. 2013. On page 48, the Fact Book shows how "Net New Cash Flow to Taxable Retail Money Market Funds Is Related to Interest Rate Spread." This chart shows that money fund yields minus bank rates on average have been negative from 2009 through 2013, and that retail money fund assets suffered big outflows in 2009 with smaller negatives in 2010 and 2012. Assets have inched positive in late 2012 and 2013, however. Finally, ICI also shows that "Money Market Funds Managed 20 Percent of U.S. Businesses' Short-Term Assets in 2013." (Crane Data believes that this 20% is a record low; ICI's chart shows that it is the lowest level since 2000, the earliest year shown.) The percent businesses' held in money funds reached a record level of 37% in 2008, then declined to 31% in 2009, 24% in 2010, 23% in 2011, and 22% in 2012. The prior peak was back in 2001 and 2002, when money fund use by businesses reached 28%, but MMFs then dropped to a prior low of 21% in 2004 and 2005 before climbing in '06, '07 and '08. Finally, ICI shows the "Prime MMF Holdings of Treasury and Agency Securities and Repurchase Agreements" on page 51. This chart shows the percent in Treasury, Agencies and Repo combined rising from a low of 12% in 2007 to about 30% in 2009, dipping to around 25% in 2010-2011, then rising to a high of 36% in 2012 (and dropping off to 28% in 2013) <b:>`_.
