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Money Fund Intelligence XLS

Money Fund Intelligence XLS Sample

Money Fund Intelligence XLS has all the numbers a money market mutual fund or cash investment professional will ever need. The monthly Excel workbook, a complement to our flagship Money Fund Intelligence, contains:

  • Extensive Performance Statistics - Yield (7-day), return (1-mo, 3-mo, YTD, 1-yr, 3-yr, 5-yr, 10-yr, since inception), plus gross yield and returns.
  • Calendar Returns - Ten years of annual returns, straight from the fund's prospectuses, as well as a decade of Crane Indexes.
  • Profile Information - Inception dates, phone numbers, ratings, minimums, managers, advisors, and more, as well as a breakout of expenses.
  • Fund and Family Rankings - By Type rankings and listings of funds, a Top 10 rankings page, and a "league table" ranking of fund families by total assets.
  • Crane Money Fund Indexes - Our benchmark money market averages by fund type on every performance data point.

Whether you''re creating a custom peer group, producing a short-list of funds on a selected criteria, or looking for a way to differentiate your fund, Money Fund Intelligence XLS is the answer. E-mail us for the latest issue!


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Money Fund Intelligence XLS News

Nov 11
 

Crane Data published its latest Money Fund Intelligence Family & Global Rankings Tuesday, which rank the asset totals and market share of managers of money market mutual funds in the U.S. and globally. The November edition, with data as of October 31, shows asset increases for about half of money fund complexes in the latest month, as well as modest gains over the past three months. After a sizable increase in overall assets in September, assets flattened out in October, increasing only slightly. Over the last 12 months, assets overall are relatively flat, down 1.4%. Below, we review the latest market share changes and figures. (These "Family" rankings are available to our Money Fund Wisdom subscribers.)

J.P. Morgan, BlackRock, BofA, Wells Fargo, Northern, and First American were the biggest gainers in October, rising by $8.4 billion, $5.8 billion, $3.7 billion, $1.8 billion, $1.1 billion, and $1.1 billion respectively. BlackRock, J.P. Morgan, Federated, Goldman Sachs, Dreyfus, Morgan Stanley, and BofA led the increases over the 3 months through October 31, 2014, rising by $15.6B, $15.2B, $10.5B, $7.9B, $7.8B, $7.5B, and $6.4 billion, respectively. Money fund assets overall jumped by $10.2 billion in October, increased by $80.0 billion over the last three months, and decreased by $34.8 billion over the past 12 months (according to our Money Fund Intelligence XLS).

Our latest domestic U.S. money fund Family Rankings show that Fidelity Investments remained the largest money fund manager with $403.9 billion, or 15.9% of all assets (down $808 million in October, down $743M over 3 mos. and down $24.3B over 12 months), followed by JPMorgan's $246.5 billion, or 9.7% (up $8.4B, up $15.2B, and down $5.6B for the past 1-month, 3-months and 12-months, respectively). Federated Investors ranks third with $207.4 billion, or 8.2% of assets (up $922M, up $10.5B, and down $13.1B), BlackRock ranks fourth with $197.1 billion, or 7.8% of assets (up $5.8B, up $15.6B, and up $5.7B), and Vanguard ranks fifth with $172.2 billion, or 6.8% (down $97M, up $812M, and down $3.2B).

The sixth through tenth largest U.S. managers include: Schwab ($163.6B, 6.4%), which moved ahead of Dreyfus ($161.1B, or 6.3%), followed by Goldman Sachs ($142.9B, or 5.6%), Wells Fargo ($111.4B, or 4.4%), and Morgan Stanley ($108.9B, or 4.3%). The eleventh through twentieth largest U.S. money fund managers (in order) include: SSgA ($80.5B, or 3.2%), Northern ($75.9B, or 3.0%), Invesco ($58.7B, or 2.3%), BofA ($54.7B, or 2.2%), Western Asset ($44.1B, or 1.7%), First American ($39.0B, or 1.5%), UBS ($36.4B, or 1.4%), Deutsche ($32.4B, or 1.3%), Franklin ($21.1B, or 0.8%), and RBC ($17.8B, or 0.7%). Crane Data currently tracks 72 managers, one less than last month.

Over the past year, Goldman Sachs showed the largest asset increase (up $12.5B, or 9.7%; followed by Morgan Stanley (up $11.8B, or 12.0%), BofA (up $6.3B, or 13.7%), and BlackRock (up $5.7B, or 3.9%). Other gainers since October 31, 2013, include: American Funds (up $2.9B, or 21.5%), Franklin (up $2.9B, or 16.2%), First American (up $2.8B, or 7.6%), Western (up $2.4B, or 5.9%), and Schwab (up $1.7B, or 1.0%). The biggest declines over 12 months include: Fidelity (down $24.3B, or -5.6%), Federated (down $13.1B, or -5.8%), Wells Fargo (down $9.0B, or -7.4%), UBS (down $8.7B, or -19.2%), and Invesco (down $6.6B, or -10.1%). (Note that money fund assets are very volatile month to month.)

When European and "offshore" money fund assets -- those domiciled in places like Dublin, Luxembourg, and the Cayman Islands -- are included, the top 10 managers match the U.S. list, except for BlackRock moving up to No. 3, Goldman moving up to No. 4, and Western Asset appearing on the list at No. 9. (displacing Wells Fargo from the Top 10). Looking at these largest Global Money Fund Manager Rankings, the combined market share assets of our MFI XLS (domestic U.S.) and our MFI International ("offshore"), we show these largest families: Fidelity ($411.0 billion), JPMorgan ($378.0 billion), BlackRock ($324.3 billion), Goldman Sachs ($227.7 billion), and Federated ($216.3 billion). Dreyfus ($184.4B), Vanguard ($172.2B), Schwab ($163.6B), Western ($138.4B), and Morgan Stanley ($127.7B) round out the top 10. These totals include offshore US Dollar funds, as well as Euro and Pound Sterling (GBP) funds converted into US dollar totals.

In other news, our November 2014 Money Fund Intelligence and MFI XLS show that both net and gross yields remained at record lows for the month ended October 31, 2014. Our Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 845), remained at a record low of 0.01% for both the 7-Day and 30-Day Yield (annualized, net) averages. (The Gross 7-Day Yield was also unchanged at 0.13%.) Our Crane 100 Money Fund Index shows an average yield (7-Day and 30-Day) of 0.02%, also a record low. (The Gross 7- and 30-Day Yields for the Crane 100 remained unchanged at 0.16%.) For the 12 month return through 10/31/14, our Crane MF Average returned a record low of 0.01% and our Crane 100 returned 0.02%.

Our Prime Institutional MF Index yielded 0.03% (7-day), the Crane Govt Inst Index, Crane Treasury Inst, Treasury Retail, Govt Retail and Prime Retail Indexes all yielded 0.01%. The Crane Tax Exempt MF Index also yielded 0.01%. (The Gross Yields for these indexes were: Prime 0.19%, Govt 0.10%, Treasury 0.06%, and Tax Exempt 0.11% in October.) The Crane 100 MF Index returned on average 0.00% for 1-month, 0.00% for 3-month, 0.02% for YTD, 0.02% for 1-year, 0.04% for 3-years (annualized), 0.05% for 5-year, and 1.59% for 10-years.

Nov 07
 

The November issue of Crane Data's Money Fund Intelligence was sent out to subscribers Friday morning. The latest edition of our flagship monthly newsletter features the articles: "Assets Up 3rd Straight Month; New Products for New Rules?," a look at recent MMF fund flows and the post-reform product landscape; "Invesco's Katz on Adapting to a Changing Liquidity Market," an interview with Invesco's Head of Global Liquidity, Lu Ann Katz; and, "Ultra-Short Bond Funds Attracting Interest, Not Assets," which explores trends and looks at the largest funds in the ultra-short bond fund universe. We also updated our Money Fund Wisdom database query system with October 31, 2014, performance statistics, and sent out our MFI XLS spreadsheet early this morning. (MFI, MFI XLS and our Crane Index products are available to subscribers via our Content center.) Our October Money Fund Portfolio Holdings are scheduled to go out on Tuesday, Nov. 11.

The latest MFI newsletter's "Assets Up 3rd Straight Month; New Products for New Rules?" article comments, "Money market fund reform became "effective" on October 14, which means that funds may now begin to start complying with the new rules before the major stipulations take effect on Oct. 14, 2016. It's the beginning of what will be a period of change in the industry as money fund companies begin exploring, and introducing, new products that will not only comply with the new rules, but thrive in the new environment."

It continues, "Surprisingly, interest in money market funds has not waned since the SEC approved the new rules on July 23. In fact, MMF assets have steadily increased over the last few months. In October, assets increased for the third straight month, rising by $10.2 billion to $2.539 trillion. In September, assets climbed $29.0 billion, after jumping $40.9 billion in August. In the 3 months since the SEC approved its Money Fund Reforms on July 23, assets have increased by $80.0 billion, 3.3%."

In our monthly MFI profile, we discussed a range of topics with Invesco's Lu Ann Katz. She spoke about money fund reforms, the company's veteran 60-day maturity money fund, new fund launches, global and European issues, and the space beyond money market funds. On Invesco's experience managing money funds, she said, "We have deep roots in this industry and launched our first money market fund in 1980. That portfolio is called the Invesco STIC Prime Portfolio [previously AIM STIC Prime] and was launched as an institutionally priced product with a 60-day maximum maturity. Invesco STIC Prime is still in existence today [and maintains its 60-day maturity limit]. We have nearly 35 years managing prime, U.S. Treasury, government, and municipal funds, as well as separately managed accounts. We also manage offshore assets in multiple currencies."

On her background, Katz said, "I came to Invesco in 1992 as a senior analyst after having worked in research and commercial banking. I've been in portfolio management and research for 35 years. I have primarily worked in the U.S., but did spend four years in London overseeing our global investment grade research efforts as well as our offshore fixed income products. In late 2012, I began overseeing what was then our Cash Management business. We have since changed our name to Invesco Global Liquidity as we saw the changing environment and our investor's desire for more comprehensive liquidity management solutions. Additionally, we experienced demand for longer maturity portfolios in Europe as well as in the U.S., so we really felt the market was beginning to move in that direction. We also saw liquidity management going more global -- the disintermediation of money across boundaries. Invesco currently manages fund in nine currencies including three renminbi money funds in China and rupee money funds in India through our joint ventures."

The November MFI article on ultra-short bond funds says, "Ultra-short bond funds have gotten a lot of press over the last few years as investors search for any yield in the near zero interest rate environment, but the buzz continues to outstrip actual asset growth. In the first half of 2014, ultra short bond funds saw net inflows of a mere $2.5 billion, according to a recent article in The Wall Street Journal. That's after inflows of just $10.7 billion in 2013 and $9.5 billion in 2012 (according to Morningstar data)."

It explains, "Given the lack of standardization in the space beyond money funds' strict Rule 2a-7 definitions, the differences among various ultra-short bond funds, and even among "enhanced cash" vehicles, are immense. Though the changing landscape created by money fund reform may lead to faster growth in this space, the threat of rising rates later in 2015 could also cause an untimely end to the ultra-short sector.... While it remains to be seen whether there will be substantial demand for ultra-short products, we've nonetheless decided to expand our coverage beyond MMFs. We plan to track ultra-short bond funds and ETFs first, but hope to add separate account information in coming months. We currently estimate the ultra-short bond fund market to be around $100 billion (when you include ultra-short ETFs) and the separately managed account market to be over $300 billion."

Crane Data's November MFI with October 31, 2014, data shows total assets increasing for the third straight month in October, rising $10.2 billion after jumping $27.5 billion in September and climbing $34 billion in August. As of October 31, total money market fund assets stood at $2.538 trillion with 1,235 funds, 12 less than last month. Our broad Crane Money Fund Average 7-Day Yield and 30-Day Yield remained at a record low 0.01% while our Crane 100 Money Fund Index (the 100 largest taxable funds) yielded 0.02% (7-day and 30-day). On a Gross Yield Basis (before expenses were taken out), funds averaged 0.13% (Crane MFA, unchanged) and 0.16% (Crane 100) on an annualized basis for both the 7-day and 30-day yield averages. (Charged Expenses averaged 0.12% and 0.14% for the two main taxable averages.) The average WAM for the Crane MFA and the Crane 100 were 44 and 47 days, respectively. The Crane MFA WAM is up 3 days from last month while the Crane 100 WAM is up 2 days from the prior month. (See our Crane Index or craneindexes.xlsx history file for more on our averages.)

Oct 23
 

Crane Data has released the preliminary agenda for its fifth annual Money Fund University conference, which will be held at The Stamford Marriott in Stamford, CT, January 22-23, 2015. Crane's Money Fund University is designed for those new to the money market fund industry or those in need of a concentrated refresher on the basics. But the event also focuses on hot topics like money market reforms and other recent industry trends. The conference features a faculty of the money fund industry's top lawyers, strategists, and portfolio managers. MFU offers attendees an affordable ($500) and comprehensive one and a half day, "basic training" course on money market mutual funds, educating attendees on the history of money funds, the Fed, interest rates, ratings, rankings, money market instruments such as commercial paper, CDs and repo, plus portfolio construction and credit analysis. At our Stamford event, we will also take a deep dive into the SEC's new money market reforms, with several sessions on the topic.

The morning of Day One of the 2015 MFU agenda includes: History & Current State of Money Market Mutual Funds with Peter Crane, President & Publisher, Crane Data; The Federal Reserve & Money Markets with Brian Smedley, U.S. rates, Bank of America Merrill Lynch; Interest Rate Basics & Money Fund Math with Phil Giles, Adjunct Professor, Columbia University; and, Ratings, Monitoring & Performance with Greg Fayvilevich, Director, Fitch Ratings and Barry Weiss, Director, Standard & Poor's Ratings Services, and Crane Data's Peter Crane.

Day One's afternoon agenda includes: Instruments of the Money Markets Intro with Alex Roever, Managing Director, J.P. Morgan Securities; Repurchase Agreements with Alex Roever and Shaina Negron, Associate, J.P. Morgan Securities; Treasuries & Govt Agencies with Sue Hill, Senior Portfolio Manager, Federated Investors; Commercial Paper & ABCP with Rob Crowe, Director, Citi Global Markets and Jean-Luc Sinniger, Director, Money Markets, Citi Global Markets; CDs, TDs & Bank Debt with Garrett Sloan, Fixed Income Strategist, Wells Fargo Securities and Marian Trano, senior Vice President and Treasurer, Bank Hapoalim; Instruments of the Money Markets: Tax-Exempt Securities, VRDNs, TOBs & Muni Bonds (Speaker TBD); and, Credit Analysis & Portfolio Management with Adam Ackermann, VP & Portfolio Manager, J.P. Morgan Asset Management.

Day Two's agenda includes: Money Fund Regulations: 2a-7 Basics & History with John Hunt, Partner, Nutter, McClennan & Fish LLP and Joan Swirsky, Of Counsel, Stradley Ronon; Regulations II: New MMF Reforms with Stephen Keen, Partner, Reed Smith and Jack Murphy, Partner, Dechert LLP; Regulations III: More Reforms, Hot Topics with Steven Keen and Jack Murphy; and Money Fund Data and Wisdom Demo with Peter Crane. The conference ends with its annual MFU "Graduation" ceremony (where diplomas are given to attendees).

New portfolio managers, analysts, investors, issuers, service providers, and anyone interested in expanding their knowledge of "cash" investing should benefit from our comprehensive program. Even experienced professionals may enjoy a refresher course and the opportunity to interact with peers in an informal setting. Attendee registration for Crane's Money Fund University is just $500, exhibit space is $2,000, and sponsorship opportunities are $3K, $4K, and $5K. A block of rooms has been reserved at the Stamford Marriott. The conference negotiated rate of $159 plus tax is available through December 20th.

We'd like to thank our MFU sponsors -- G.X. Clarke & Co., Fitch Ratings, Fidelity Investments, Dreyfus/BNY Mellon CIS, J.P. Morgan Asset Management, Invesco, BofA Global Capital, Standard & Poor's Ratings Services, and State Street -- for their support, and we look forward to seeing you in Stamford in January. E-mail Pete Crane (pete@cranedata.com) for the latest brochure or visit www.moneyfunduniversity.com) to register or for more details.

Crane Data is also preparing to publish the preliminary agenda for its big show, Money Fund Symposium, which will be held June 24-26, 2015, at the Minneapolis Hilton in Minneapolis, Minn. Finally, we're also making preparations for our 3rd European Money Fund Symposium. Our "offshore" money fund event is tentatively scheduled for Sept. 17-18, 2015, in Dublin, Ireland. Let us know if you'd like more information on any of our upcoming conferences, and watch for more information in coming weeks.

Oct 09
 

Crane Data published its latest Money Fund Intelligence Family & Global Rankings Wednesday, which ranks the asset totals and market share of managers of money market mutual funds in the U.S. and globally. The October edition, with data as of Sept. 30, shows asset increases for the majority of money fund complexes in the latest month, as well as modest gains over the past three months. September marked the second straight month of sizeable increases in assets, after several months of decreases. Over the last 12 months, assets overall are flat. Below, we review the latest market share changes and figures. (These "Family" rankings are available to our Money Fund Wisdom subscribers.)

Goldman Sachs, Dreyfus, Federated, Western, Morgan Stanley, and BlackRock were the biggest gainers in September, rising by $9.9 billion, $7.6 billion, $4.1 billion, $3.4 billion, $3.0 billion, and $2.9 billion respectively. Dreyfus, BlackRock, Schwab, Morgan Stanley, Federated, and Goldman Sachs led the increases over the 3 months through September 30, 2014, rising by $10.4B, $7.0B, $4.9B, $4.8B, $4.5B, and $4.5 billion respectively. Money fund assets overall jumped by $32.0 billion in September, increased by $48.0 billion over the last three months, and decreased by $171 million over the past 12 months (according to our Money Fund Intelligence XLS).

Our latest domestic U.S. money fund Family Rankings show that Fidelity Investments remained the largest money fund manager with $404.7 billion, or 16.0% of all assets (down $5.2B in Sept., down $375M over 3 mos. and down $27.9B over 12 months), followed by JPMorgan's $238.0 billion, or 9.4% (down $507M, down $253M, and down $6.7B for the past 1-month, 3-months and 12-months, respectively). Federated Investors ranks third with $206.4 billion, or 8.2% of assets (up $4.1B, up $4.5B, and down $20.0B), BlackRock ranks fourth with $191.3 billion, or 7.6% of assets (up $2.9B, down $7.0B, and up $45.2B), and Vanguard ranks fifth with $172.2 billion, or 6.8% (up $317M, up $1.4B, and down $3.7B).

The sixth through tenth largest U.S. managers include: Dreyfus ($164.6B, or 6.5%), Schwab ($163.0B, 6.4%), Goldman Sachs ($143.2B, or 5.7%), Wells Fargo ($109.6B, or 4.3%), and Morgan Stanley ($109.1B, or 4.3%). The eleventh through twentieth largest U.S. money fund managers (in order) include: SSgA ($83.4B, or 3.3%), Northern ($74.8B, or 3.0%), Invesco ($60.4B, or 2.4%), BofA ($51.0B, or 2.0%), Western Asset ($44.1B, or 1.7%), First American ($37.9B, or 1.5%), UBS ($36.3B, or 1.4%), Deutsche ($34.7B, or 1.4%), Franklin ($22.2B, or 0.9%), and RBC ($18.0B, or 0.7%). Crane Data currently tracks 73 managers, one less than last month.

Over the past year, BlackRock showed the largest asset increase (up $45.2B, or 30.7%; note that most of this though is due to the addition of securities lending shares to our collections), followed by Goldman Sachs (up $14.8B, or 12.3%), and Morgan Stanley (up $11.2B, or 11.9%). Other gainers since September 30, 2013, include: BofA (up $5.5B, or 13.2%), Franklin (up $4.5B, or 22.3%), American Funds (up $2.8B, or 20.7%), Western (up $2.7B, or 6.6%), SSgA (up $2.5B, or 3.2%), and Dreyfus (up $2.4B, or 1.5%). The biggest declines over 12 months include: Fidelity (down $27.9B, or -6.5%), Federated (down $20.0B, or -9.0%), Wells Fargo (down $11.7B, or -10.0%), UBS (down $9.3B, or -19.6%), and Invesco (down $4.7B, or -7.5%). (Note that money fund assets are very volatile month to month.)

When "offshore" money fund assets -- those domiciled in places like Dublin, Luxembourg, and the Cayman Islands -- are included, the top 10 managers match the U.S. list, except for BlackRock moving up to No. 3, Goldman moving up to No. 4, and Western Asset appearing on the list at No. 9. (displacing Wells Fargo from the Top 10). Looking at these largest Global Money Fund Manager Rankings, the combined market share assets of our MFI XLS (domestic U.S.) and our MFI International ("offshore), we show these largest families: Fidelity ($411.0 billion), JPMorgan ($363.7 billion), BlackRock ($313.4 billion), Goldman Sachs ($226.3 billion), and Federated ($215.2 billion). Dreyfus ($191.3B), Vanguard ($172.3B), Schwab ($16308B), Western ($147.4B), and Morgan Stanley ($127.7B) round out the top 10. These totals include offshore US Dollar funds, as well as Euro and Sterling funds converted into US dollar totals.

In other news, our October 2014 Money Fund Intelligence and MFI XLS show that both net and gross yields remained at record lows for the month ended September 30, 2014. Our Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 851), remained at a record low of 0.01% for both the 7-Day and 30-Day Yield (annualized, net) averages. (The Gross 7-Day Yield was also unchanged at 0.13%.) Our Crane 100 Money Fund Index shows an average yield (7-Day and 30-Day) of 0.02%, also a record low, down from 0.03% a year ago. (The Gross 7- and 30-Day Yields for the Crane 100 remained unchanged at 0.16%.) For the 12 month return through 9/30/14, our Crane MF Average returned a record low of 0.01% and our Crane 100 returned 0.02%.

Our Prime Institutional MF Index yielded 0.02% (7-day), the Crane Govt Inst Index yielded 0.01%, and the Crane Treasury Inst, Treasury Retail, Govt Retail and Prime Retail Indexes all yielded 0.01%. The Crane Tax Exempt MF Index also yielded 0.01%. (The Gross Yields for these indexes were: Prime 0.19%, Govt 0.10%, Treasury 0.06%, and Tax Exempt 0.12% in September.) The Crane 100 MF Index returned on average 0.00% for 1-month, 0.00% for 3-month, 0.02% for YTD, 0.02% for 1-year, 0.04% for 3-years (annualized), 0.05% for 5-year, and 1.60% for 10-years.