Money Market News
J.P. Morgan Securities' latest "Short-Term Fixed Income" weekly features a section titled, "Corporates maintain large liquidity portfolios, and even larger cash balances." It states, "As expected, corporations continue to maintain large liquidity portfolios. Based on balance sheet data for S&P 500 non-financial companies, we estimate liquidity portfolio balances as of 4Q25 registered $2.6tn, an increase of $119bn QoQ and $257bn YoY. At these levels, they surpass even the prior peak of $2.5tn in the months after Covid in 2020." (Note: Please join us next week for our Bond Fund Symposium, March 19-20 in Boston. We're still taking registrations!)
Crane Data's March Money Fund Portfolio Holdings, with data as of Feb. 28, 2026, show that holdings of Treasuries and Repo both increased. Money market securities held by Taxable U.S. money funds (tracked by Crane Data) increased by $113.2 billion to $8.178 trillion in February, after decreasing $54.6 billion in January. They increased $231.8 billion in December, $134.3 billion in November, $158.4 billion in October, $56.1 billion in September, $166.6 billion in August, $17.6 billion in July, $84.0 billion in June and $72.0 billion in May. They decreased by $73.8 billion in April, and rose by $45.6 billion last March. Treasuries, the largest portfolio composition segment, increased by $26.8 billion. Repo, the second largest segment, increased $43.5 billion in February. Agencies were the third largest segment, and CP remained fourth, ahead of CDs, Other/Time Deposits and VRDNs. Below, we review our Money Fund Portfolio Holdings statistics. (Visit our Content center to download, or contact us to request our latest Portfolio Holdings reports.)
Crane Data's latest monthly Money Fund Portfolio Holdings statistics will be sent out Tuesday, and we'll be writing our regular monthly update on the new February data for Wednesday's News. But we also already uploaded a separate and broader Portfolio Holdings data set based on the SEC's Form N-MFP filings on Monday. (We continue to merge the two series, and the N-MFP version is now available via our Portfolio Holdings file listings to Money Fund Wisdom subscribers.) Our new N-MFP summary, with data as of February 28, includes holdings information from 993 money funds (up 11 from last month), representing assets of $8.327 trillion (up from $8.192 trillion a month ago). Prime MMFs rose to $1.263 trillion (up from $1.258 trillion), or 15.2% of the total. We review the new N-MFP data and we also look at our revised MMF expense data, which shows charged expenses were mostly flat and money fund revenues rose to $21.8 billion (annualized) in February. (Note: Please join us for our upcoming Bond Fund Symposium, which is March 19-20 in Boston. We hope to see you later next week!)
Crane Data's latest monthly Money Fund Market Share rankings show assets up among the largest U.S. money fund complexes in February, after being mixed in January, and jumping in November and December. Assets have increased in 19 of the past 20 months (only April 2025 saw declines). Money market fund assets rose by $94.0 billion, or 1.2%, last month to a record $8.244 trillion. Total MMF assets have increased by $256.0 billion, or 3.2%, over the past 3 months, and they've increased by $913.7 billion, or 12.5%, over the past 12 months. The largest increases among the 25 largest managers last month were seen by American Funds, SSIM, Fidelity, Invesco and Federated Hermes, which grew assets by $16.5 billion, $13.1B, $12.5B, $11.6B and $9.8B, respectively. Declines in February were seen by Allspring, JPMorgan, UBS, BNY Dreyfus, and Northern, which decreased by $5.3 billion, $4.7B, $2.7B, $2.5B and $23M, respectively. 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, and look at money fund yields, which were higher in February.
The March issue of our flagship Money Fund Intelligence newsletter, which was sent to subscribers Friday morning, features the articles: "More Tokenized MMFs But Stablecoin Growth Stalling," which discusses a new tokenized MMF entrant and stablecoin balances; "State Street Prime, ProShares Money Market ETFs Go Live," which reviews the latest launches of money market ETFs; and "Federated's Cunningham on Money Funds' New Normal," which looks at the continued strength in money fund assets. We also sent out our MFI XLS spreadsheet Friday a.m., and we've updated our Money Fund Wisdom database with 2/28/26 data. Our March Money Fund Portfolio Holdings are scheduled to ship on Tuesday, March 10, and our March Bond Fund Intelligence is scheduled to go out on Friday, March 13. (Note: Register ASAP for our upcoming Bond Fund Symposium, Crane Data's ultra-short bond fund conference. BFS will take place in just 2 weeks -- March 19-20 in Boston!)
Bloomberg writes, "Money Fund Assets Rise to Record $8.27 Trillion in Dash for Cash." The piece explains, "Investors are rushing into US money-market funds, lifting total assets to a record $8.271 trillion, as the war in Iran fuels a broad flight to safety. Some $49 billion flowed into money-market funds in the week ending March 3, according to the latest figures from Crane Data LLC. About $18.5 billion alone came in on Tuesday as the effects of the US-Israeli strikes on Iran reverberated across markets. The latest funds boosted this year's inflows to more than $162 billion." (Note: Register ASAP for our upcoming Bond Fund Symposium, Crane Data's ultra-short bond fund conference. BFS will take place in just 2 weeks -- March 19-20 in Boston. We hope to see you there!)
Crane Data published its latest Weekly Money Fund Portfolio Holdings statistics Tuesday, which track a shifting subset of our monthly Portfolio Holdings collection. The most recent cut (with data as of February 27) includes Holdings information from 54 money funds (down 20 from a week ago), or $3.593 trillion (down from $4.712 trillion) of the $8.241 trillion in total money fund assets (or 43.6%) tracked by Crane Data. (Note: Our Weekly MFPH are e-mail only and aren't available on the website. See our latest Monthly Money Fund Portfolio Holdings here and our February 11 News, "Feb. Portfolio Holdings: Assets Dip; Agencies Jump, Treasuries Plummet.")
A press release titled, "Northern Trust Asset Management Enters Digital Assets Market with Launch of Tokenized Money Market Share Class" tells us, "Northern Trust Asset Management, a leading global investment management firm with US$1.4 trillion in assets under management as of December 31, 2025, launched a tokenized share class for its NIF Treasury Instruments Portfolio. Marking the firm's entry into the digital assets market, the tokenized share class represents a digital mirror record of the fund's institutional share class using blockchain technology. This offering will initially be available to clients on BNY's market-leading LiquidityDirect platform, which utilizes Goldman Sachs Digital Asset Platform." (Note: Register soon for our upcoming Bond Fund Symposium, Crane Data's ultra-short bond fund conference, which will take place March 19-20 in Boston. We hope to see you in 2 1/2 weeks!)
Federated Hermes filed its latest "10-K Annual Report" with the SEC Friday, and the 103-page document contains a wealth of information on money market mutual funds, including a discussion on "EU and UK MMF Reforms". The report tells us, "Federated Hermes ... is a global leader in active investing with $902.6 billion in assets under management ... at December 31, 2025. Federated Hermes has been in the investment management business since 1955 and is one of the largest investment managers in the United States (U.S.).... Federated Hermes provides investment advisory services to 176 Federated Hermes Funds as of December 31, 2025.... Of the 176 Federated Hermes Funds, Federated Hermes' investment advisory subsidiaries managed as of December 31, 2025, 22 money market funds with $508.4 billion in AUM, 46 equity funds with $55.0 billion in AUM, 52 fixed-income funds with $46.0 billion in AUM, 51 alternative/private markets funds with $12.1 billion in AUM and five multi-asset funds with $2.9 billion in AUM." (Note: Register and make hotel reservations soon for Bond Fund Symposium, Crane Data's ultra-short bond fund conference, which will take place March 19-20 in Boston. We hope to see you next month!)
The Investment Company Institute published its weekly "Money Market Fund Assets" and its monthly "Trends in Mutual Fund Investing - January 2026" and "Month-End Portfolio Holdings of Taxable Money Funds" on Thursday. The former report shows money fund assets increasing by $5.7 billion to $7.797 trillion, after rising by $17.1 billion the previous week. Seven weeks ago, assets hit a record $7.804 trillion. Assets have risen in 18 of the last 23 weeks and 26 of the past 32 weeks. MMF assets are up by $822 billion, or 11.8%, over the past 52 weeks (through 2/25/26), with Institutional MMFs up $561 billion, or 13.5% and Retail MMFs up $262 billion, or 9.3%. Year-to-date in 2026, MMF assets are up by $63 billion, or 0.8%, with Institutional MMFs up $69 billion, or 1.5% and Retail MMFs down $6 billion, or -0.2%.
The Wall Street Journal writes that "Circle Internet's Quarterly Profit Surges on Stablecoin Demand." The piece says, "Circle Internet Group (CRCL) said its fourth-quarter profit jumped after crypto investors continued to flock to the company's stablecoin despite the late-2025 meltdown in digital-asset prices.... Circle, the issuer of the world's second-largest stablecoin, reported a net income from continuing operations of $133.4 million, or 43 cents a share, in the fourth quarter.... Circle had a blockbuster stock-market debut in June last year, with shares climbing far above the initial offering price. The shares have since tanked nearly 70% from their peak amid a crypto downturn that pummeled token prices and dampened investor sentiment." (Note: Please join us for our upcoming Bond Fund Symposium, which is March 19-20 in Boston!)
Crane Data published its latest Weekly Money Fund Portfolio Holdings statistics Tuesday, which track a shifting subset of our monthly Portfolio Holdings collection. The most recent cut (with data as of February 20) includes Holdings information from 74 money funds (up 12 from a week ago), or $4.712 trillion (up from $4.220 trillion) of the $8.214 trillion in total money fund assets (or 57.4%) tracked by Crane Data. (Note: Our Weekly MFPH are e-mail only and aren't available on the website. See our latest Monthly Money Fund Portfolio Holdings here and our February 11 News, "Feb. Portfolio Holdings: Assets Dip; Agencies Jump, Treasuries Plummet.")
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