Money Fund Assets Up a 3rd Week
ICI's latest weekly "Money Market Fund Assets" report shows assets rose for the third week in a row. Year-to-date, MMFs are down by $123 billion, or -2.6%, with Institutional MMFs down $130 billion, or -4.0% and Retail MMFs up $8 billion, or 0.5%. Over the past 52 weeks, money fund assets are up by $96 billion, or 2.1%, with Retail MMFs rising by $50 billion (3.5%) and Inst MMFs rising by $46 billion (1.5%). (For the month of July, MMF assets increased by $24.5 billion to $5.003 trillion according to Crane's MFI XLS, which tracks a broader universe of funds than ICI.) ICI's weekly release says, "Total money market fund assets increased by $9.03 billion to $4.58 trillion for the week ended Wednesday, July 20, the Investment Company Institute reported.... Among taxable money market funds, government funds decreased by $954 million and prime funds increased by $12.92 billion. Tax-exempt money market funds decreased by $2.94 billion." ICI's stats show Institutional MMFs decreasing $230 million and Retail MMFs increasing $9.26 billion in the latest week. Total Government MMF assets, including Treasury funds, were $4.020 trillion (87.7% of all money funds), while Total Prime MMFs were $461.6 billion (10.1%). Tax Exempt MMFs totaled $100.5 billion (2.2%). ICI explains, "Assets of retail money market funds increased by $9.26 billion to $1.48 trillion. Among retail funds, government money market fund assets increased by $3.97 billion to $1.15 trillion, prime money market fund assets increased by $7.65 billion to $238.49 billion, and tax-exempt fund assets decreased by $2.36 billion to $90.43 billion." Retail assets account for just under a third of total assets, or 32.2%, and Government Retail assets make up 77.7% of all Retail MMFs. They add, "Assets of institutional money market funds decreased by $228 million to $3.11 trillion. Among institutional funds, government money market fund assets decreased by $4.93 billion to $2.87 trillion, prime money market fund assets increased by $5.28 billion to $223.10 billion, and tax-exempt fund assets decreased by $578 million to $10.10 billion." Institutional assets accounted for 67.8% of all MMF assets, with Government Institutional assets making up 92.5% of all Institutional MMF totals. (Note that ICI's asset totals don't include a number of funds tracked by the SEC and Crane Data, so they're over $400 billion lower than Crane's asset series.)
