Crane Data's latest Money Fund Market Share rankings show assets increased for almost every U.S. money fund complex in April. Money market fund assets jumped $417.9 billion, or 8.2%, last month to a record $5.075 trillion. Assets have risen by $1.124 billion, or 28.4%, over the past 3 months, and they've increased by $1.657 trillion, or 48.5%, over the past 12 months through April 30, 2020. The biggest increases among the 25 largest managers last month were seen by Goldman Sachs, JP Morgan, Fidelity, BlackRock, Vanguard and SSGA, which increased assets by $63.5 billion, $62.2B, $44.1B, $42.8B, $32.1B and $28.4B, respectively. The only decline in assets among the largest complexes in April was seen by T Rowe Price, which decreased by $917M. 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 April.
Over the past year through April 30, 2020, Fidelity (up $294.1B, or 44.2%), Goldman Sachs (up $191.2B, or 99.5%), BlackRock (up $170.0B, or 61.4%), JP Morgan (up $168.5B, or 54.2%), Federated (up $151.0B, or 61.8%), Morgan Stanley (up $113.7B, or 100.2%) and Vanguard (up $90.1B, or 23.5%) were the largest gainers. These complexes were followed by SSGA (up $84.3B, or 93.5%), Wells Fargo (up $75.7B, or 67.8%), Northern (up $56.0B, or 49.0%) and Schwab (up $53.8B, or 34.5%).
Fidelity, Goldman Sachs, JP Morgan, BlackRock and Morgan Stanley had the largest money fund asset increases over the past 3 months, rising by $164.6B, $138.4B, $127.2B, $99.3B and $98.4B, respectively. Decliners over 3 months included: T Rowe Price (down $7.1B, or -16.8%), Columbia (down $1.1B, or -6.6%) and Franklin (down $890M, or -4.9%).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with a record $959.1 billion, or 18.9% of all assets. Fidelity was up $44.1 billion in April, up $164.6 billion over 3 mos., and up $294.1B over 12 months. JP Morgan ranked second with $479.5 billion, or 9.4% market share (up $62.2B, up $127.2B and up $168.5B for the past 1-month, 3-mos. and 12-mos., respectively). Vanguard was third with $473.2 billion, or 9.3% market share (up $32.1B, up $62.5B and up $90.1B). BlackRock ranked fourth with $447.0 billion, or 8.8% of assets (up $42.8B, up $99.3B and up $170.0B for the past 1-month, 3-mos. and 12-mos.), while Federated remained in fifth with $395.5 billion, or 7.8% of assets (up $26.5B, up $81.0B and up $151.0B).
Goldman Sachs remained in sixth place with $383.4 billion, or 7.6% of assets (up $63.5 billion, up $138.4B and up $191.2B), while Morgan Stanley was in seventh place with $227.1 billion, or 4.5% (up $24.0B, up $98.4B and up $113.7B). Schwab ($209.9B, or 4.1%) was in eighth place (up $8.5B, up $8.9B and up $53.8B), followed by Dreyfus ($209.6B, or 4.1%, up $22.3B, up $49.2B and up $51.4B). Wells Fargo was in 10th place ($187.2B, or 3.7%; up $20.5B, up $56.9B and up $75.7B).
The 11th through 20th-largest U.S. money fund managers (in order) include: SSGA ($174.4B, or 3.4%), Northern ($170.4B, or 3.4%), American Funds ($150.8B, or 3.0%), First American ($94.6B, or 1.9%), Invesco ($86.0B, or 1.7%), UBS ($80.5B, or 1.6%), HSBC ($39.2B, or 0.8%), T Rowe Price ($35.1B, or 0.7%), Western ($33.0B, or 0.7%) and DWS ($29.0B, 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 BlackRock and Goldman move ahead of Vanguard, Goldman moves ahead of Federated, Dreyfus moves ahead of Schwab and SSGA moves ahead of Wells Fargo. 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 ($968.3 billion), J.P. Morgan ($677.9B), BlackRock ($622.4B), Goldman Sachs ($509.5B) and Vanguard ($473.2B). Federated ($406.6B) was sixth, Morgan Stanley ($261.5B) was in seventh, followed by Dreyfus/BNY Mellon ($234.3B), Schwab ($209.9B) and SSGA ($199.0B) 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 May issue of our Money Fund Intelligence and MFI XLS, with data as of 4/30/20, shows that yields plunged in April for all of our Crane Money Fund Indexes with the exception of Tax Exempt gross yields. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 753), fell 19 basis points to 0.20% for the 7-Day Yield (annualized, net) Average, and the 30-Day Yield decreased by 42 bps to 0.25%. The MFA's Gross 7-Day Yield was down 20 bps to 0.54%, while the Gross 30-Day Yield fell 42 bps 0.59%.
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 0.26% (down 18 bps) and an average 30-Day Yield that decreased by 51 bps to 0.30%. The Crane 100 shows a Gross 7-Day Yield of 0.50% (down 18 bps), and a Gross 30-Day Yield of 0.55% (down 51 bps). Our Prime Institutional MF Index (7-day) yielded 0.46% (down by 26 bps) as of April 30, while the Crane Govt Inst Index was 0.16% (down 16 bps) and the Treasury Inst Index was 0.12% (down 17 bps). Thus, the spread between Prime funds and Treasury funds is 34 basis points, while the spread between Prime funds and Govt funds is 30 basis points. The Crane Prime Retail Index yielded 0.39% (down 35 bps), while the Govt Retail Index was 0.05% (down 15 bps) and the Treasury Retail Index was 0.01% (down 6 bps). The Crane Tax Exempt MF Index yield dropped in April to 0.11% (down 2.92%).
Gross 7-Day Yields for these indexes in March were: Prime Inst 0.74% (down 26 bps), Govt Inst 0.41% (down 16 bps), Treasury Inst 0.40% (down 18 bps), Prime Retail 0.84 (down 38 bps), Govt Retail 0.49% (down 15 bps) and Treasury Retail 0.46% (down 6 bps). The Crane Tax Exempt Index increased 0.56% to 3.43%. The Crane 100 MF Index returned on average 0.04% over 1-month, 0.21% over 3-months, 0.34% YTD, 1.62% over the past 1-year, 1.54% over 3-years (annualized), 1.00% over 5-years, and 0.52% over 10-years. The total number of funds, including taxable and tax-exempt, increased by two to 934. There are currently 753 taxable funds, unchanged from the previous month, and 181 tax-exempt money funds (unchanged from last month). (Contact us if you'd like to see our latest MFI XLS, Crane Indexes or Market Share report.
