Money market mutual fund assets paused their record run in the latest week inching lower by just $4.3 billion to $6.014 trillion. ICI's latest weekly "Money Market Fund Assets" report shows MMF assets roughly flat after jumping to break $6.0 trillion for the first time ever three weeks ago. Assets are up by $128 billion, or 2.7%, year-to-date in 2024, with Institutional MMFs up $55 billion, or 1.8% and Retail MMFs up $73 billion, or 4.3%. Over the past 52 weeks, money funds have risen a massive $1.199 trillion, or 24.9%, with Retail MMFs rising by $582 billion (32.7%) and Inst MMFs rising by $617 billion (20.3%).
The weekly release says, "Total money market fund assets decreased by $4.29 billion to $6.01 trillion for the week ended Wednesday, February 14, the Investment Company Institute reported.... Among taxable money market funds, government funds decreased by $11.07 billion and prime funds increased by $6.55 billion. Tax-exempt money market funds increased by $225 million." ICI's stats show Institutional MMFs dipping $5.3 billion and Retail MMFs rising $1.0 billion in the latest week. Total Government MMF assets, including Treasury funds, were $4.882 trillion (81.2% of all money funds), while Total Prime MMFs were $1.013 trillion (16.8%). Tax Exempt MMFs totaled $119.9 billion (2.0%).
ICI explains, "Assets of retail money market funds increased by $1.01 billion to $2.36 trillion. Among retail funds, government money market fund assets decreased by $2.30 billion to $1.53 trillion, prime money market fund assets increased by $3.63 billion to $722.79 billion, and tax-exempt fund assets decreased by $324 million to $108.99 billion." Retail assets account for over a third of total assets, or 39.3%, and Government Retail assets make up 64.8% of all Retail MMFs.
They add, "Assets of institutional money market funds decreased by $5.30 billion to $3.65 trillion. Among institutional funds, government money market fund assets decreased by $8.77 billion to $3.35 trillion, prime money market fund assets increased by $2.93 billion to $289.86 billion, and tax-exempt fund assets increased by $549 million to $10.86 billion." Institutional assets accounted for 60.7% of all MMF assets, with Government Institutional assets making up 91.8% of all Institutional MMF totals.
According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have risen by $12.83 billion in February to $6.407 trillion. (Assets hit a record $6.430 trillion on 2/13 but eased off by $22.7 billion on 2/14.) Assets rose $93.9 billion in January, $32.7 billion in December and $226.4 billion in November. MMF totals fell by $31.9 billion in October. They rose $93.9 billion in September, $98.3 billion in August and $34.7 billion in July. 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.
ICI also released its latest monthly "Money Market Fund Holdings" summary, which reviews the aggregate daily and weekly liquid assets, regional exposure, and maturities (WAM and WAL) for Prime and Government money market funds. This release says, "The Investment Company Institute (ICI) reports that, as of the final Friday in January, prime money market funds held 39.1 percent of their portfolios in daily liquid assets and 57.9 percent in weekly liquid assets, while government money market funds held 78.7 percent of their portfolios in daily liquid assets and 87.9 percent in weekly liquid assets." Prime DLA was down from 41.3% in December, and Prime WLA was up from 56.0%. Govt MMFs' DLA was down from 80.6% and Govt WLA decreased from 88.8% the previous month.
ICI explains, "At the end of January, prime funds had a weighted average maturity (WAM) of 33 days and a weighted average life (WAL) of 50 days. Average WAMs and WALs are asset-weighted. Government money market funds had a WAM of 38 days and a WAL of 83 days." Prime WAMs were 3 days shorter and WALs were 2 days shorter from the previous month. Govt WAMs were unchanged and WALs were 2 days longer from December.
Regarding Holdings by Region of Issuer, the release tells us, "Prime money market funds’ holdings attributable to the Americas declined from $562.39 billion in December to $481.38 billion in January. Government money market funds' holdings attributable to the Americas declined from $4,496.18 billion in December to $4,406.65 billion in January."
The Prime Money Market Funds by Region of Issuer table shows Americas-related holdings at $481.4 billion, or 48.8%; Asia and Pacific at $171.2 billion, or 17.4%; Europe at $316.4 billion, or 32.1%; and, Other (including Supranational) at $17.4 billion, or 1.8%. The Government Money Market Funds by Region of Issuer table shows Americas at $4.407 trillion, or 89.4%; Asia and Pacific at $129.0 billion, or 2.6%; Europe at $369.0 billion, 7.5%, and Other (Including Supranational) at $22.8 billion, or 0.5%.
