Crane Data's latest Money Fund Market Share rankings show assets were up again for the majority of U.S. money fund complexes in November. Money fund assets increased by $40.9 billion, or 1.0%, last month to $3.915 trillion. Assets have climbed by $211.7 billion, or 5.7%, over the past 3 months, and they've increased by $742.7 billion, or 23.4%, over the past 12 months through Nov. 30, 2019. The biggest increases among the 25 largest managers last month were seen by Goldman Sachs, Fidelity, Morgan Stanley, Vanguard, JP Morgan, BlackRock and Schwab, which increased assets by $21.0 billion, $11.3B, $8.8B, $8.6B, $7.7B, $5.6B and $4.9B, respectively. Declines in assets among the largest complexes in November were seen by UBS, Dreyfus, Invesco, First American and DWS, which decreased by $8.1B, $5.8B, $5.7B, $3.3B and $2.6B. Our domestic U.S. "Family" rankings are available in our MFI XLS product, our global rankings are available in our MFI International product. The combined "Family & Global Rankings" are available to Money Fund Wisdom subscribers. We review the latest market share totals below, and we also look at money fund yields in November.
Over the past year through Nov. 30, 2019, Fidelity (up $141.7B, or 22.0%), American Funds (up $120.B, or 707.5%; this was inflated by the addition earlier this year of the $108 billion American Funds Central Cash Fund), Federated (up $81.2B, or 36.8%), Vanguard (up $73.9B, or 22.0%), Schwab (up $59.3B, or 43.0%), BlackRock (up $57.3B, or 20.5%) and JP Morgan (up $52.3B, or 17.6%) were the largest gainers. These complexes were followed by Goldman Sachs (up $40.0B, or 19.8%), SSGA (up $38.3B, or 45.6%), Morgan Stanley (up $26.8B, or 25.0%) and Wells Fargo (up $21.3B, or 19.6%). Fidelity, Vanguard, BlackRock, Goldman Sachs and JP Morgan had the largest money fund asset increases over the past 3 months, rising by $44.4B, $31.0B, $27.8B, $22.2B and $18.4B, respectively. Decliners over 3 months included: Invesco (down $9.8B, or -13.6%), DFA (down $3.2B, or -16.4%), UBS (down $3.0B, or -4.5%), First American (down $1.3B, or -$1.9) and Dreyfus (down $1.2B, or -0.7%).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $786.5 billion, or 20.1% of all assets. That was up $11.3 billion in November, up $44.4 billion over 3 mos., and up $141.7B over 12 months. Vanguard ranked second with $409.2 billion, or 10.5% market share (up $8.6B, up $31.0B and up $73.9B for the past 1-month, 3-mos. and 12-mos., respectively). JPMorgan was third with $349.2 billion, or 8.9% market share (up $7.7B, up $18.4B and up $52.3B). BlackRock ranked fourth with $337.3 billion, or 8.6% of assets (up $5.6B, up $27.8B and up $57.3B for the past 1-month, 3-mos. and 12-mos.), while Federated remained in fifth with $301.5 billion, or 7.7% of assets (up $1.9B, up $18.4B and up $81.2B).
Goldman Sachs remained in sixth place with $241.5 billion, or 6.2% of assets (up $21.0 billion, up $22.2B and up $40.0B), while Schwab was in seventh place with $197.2 billion, or 5.0% (up $4.9B, up $18.3B and up $59.3B). Dreyfus ($157.2B, or 4.0%) was in eighth place (down $5.8B, down $1.2B and down $11.0B), followed by American Funds ($137.1B, or 3.5%, unchanged, up $9.2B and up $120.1B). Morgan Stanley was in 10th place ($134.0B, or 3.4%; up $8.8B, up $13.2B and up $26.8B).
The 11th through 20th-largest U.S. money fund managers (in order) include: Wells Fargo ($129.7B, or 3.3%), Northern ($124.1, or 3.2%), SSGA ($122.3B, or 3.1%), First American ($69.5B, or 1.8%), UBS ($63.8B, or 1.6%), Invesco ($62.0B, or 1.6%), T Rowe Price ($39.2B, or 1.0%), DWS ($24.3B, or 0.6%), Franklin ($22.3B, or 0.6%) and Western ($22.1B, or 0.6%). Crane Data currently tracks 67 U.S. MMF managers, the same as last month.
When European and "offshore" money fund assets -- those domiciled in places like Ireland, Luxembourg and the Cayman Islands -- are included, the top 10 managers match the U.S. list, except JPMorgan and BlackRock move ahead of Vanguard, Goldman moves ahead of Federated, and Morgan Stanley, SSGA and Northern move ahead of Wells Fargo and American Funds. Our Global Money Fund Manager Rankings include the combined market share assets of our MFI XLS (domestic U.S.) and our MFI International ("offshore") products.
The largest Global money market fund families include: Fidelity ($796.9 billion), J.P. Morgan ($514.3B), BlackRock ($500.4B), Vanguard ($409.2B) and Goldman Sachs ($364.7B). Federated ($311.2B) was sixth, Schwab ($197.2B) was in seventh, followed by Dreyfus/BNY Mellon ($175.7B), Morgan Stanley ($170.3B) and Northern ($149.3B) which round out the top 10. These totals include "offshore" U.S. Dollar money funds, as well as Euro and Pound Sterling (GBP) funds converted into U.S. dollar totals.
The November issue of our Money Fund Intelligence and MFI XLS, with data as of 11/30/19, shows lower yields in November across all of our taxable Crane Money Fund Indexes. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 745), fell 15 basis points to 1.36% for the 7-Day Yield (annualized, net) Average, and the 30-Day Yield decreased by 17 bps to 1.38%. The MFA's Gross 7-Day Yield decreased by 15 bps to 1.76%, while the Gross 30-Day Yield fell 17 bps to 1.78%.
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 1.50% (down 17 bps) and an average 30-Day Yield that decreased to 1.52%. The Crane 100 shows a Gross 7-Day Yield of 1.76% (down 17 bps), and a Gross 30-Day Yield of 1.79%. Our Prime Institutional MF Index (7-day) yielded 1.57% (down by 17 bps) as of November 30, while the Crane Govt Inst Index was 1.44% (down 13 bps) and the Treasury Inst Index was 1.38% (down 16 bps). Thus, the spread between Prime funds and Treasury funds is 19 basis points, while the spread between Prime funds and Govt funds is 13 basis points. The Crane Prime Retail Index yielded 1.41% (down 17 bps), while the Govt Retail Index was 1.15% (down 14 bps) and the Treasury Retail Index was 1.13% (down 16 bps). The Crane Tax Exempt MF Index yield fell in November to 0.72% (down 8 bps).
Gross 7-Day Yields for these indexes in November were: Prime Inst 1.89% (down 17 bps), Govt Inst 1.72% (down 13 bps), Treasury Inst 1.69% (down 16 bps), Prime Retail 1.90 (down 17 bps), Govt Retail 1.72% (down 14 bps) and Treasury Retail 1.69% (down 16 bps). The Crane Tax Exempt Index decreased 8 basis points to 1.17%. The Crane 100 MF Index returned on average 0.13% over 1-month, 0.43% over 3-months, 1.90% YTD, 2.09% over the past 1-year, 1.45% over 3-years (annualized), 0.92% over 5-years, and 0.49% over 10-years. The total number of funds, including taxable and tax-exempt, decreased by ten to 927. There are currently 745 taxable funds, ten less than the previous month, and 182 tax-exempt money funds (the same as last month). (Contact us if you'd like to see our latest MFI XLS, Crane Indexes or Market Share report.
