Money Fund Assets Dip After Record
The Investment Company Institute published its latest weekly "Money Market Fund Assets" report Thursday, which shows money market mutual fund dipping lower to $6.144 trillion in the latest week after huge jump the prior week. Assets have risen in 10 of the last 12 weeks, increasing by $176.0 billion (or 2.9%) since April 24. MMF assets are up by $258 billion, or 5.4%, year-to-date in 2024 (through 7/10/24), with Institutional MMFs up $71 billion, or 7.3% and Retail MMFs up $187 billion, or 11.2%. Over the past 52 weeks, money funds have risen by $690 billion, or 12.7%, with Retail MMFs up by $455 billion (22.5%) and Inst MMFs rising by $235 billion (6.8%). The weekly release says, "Total money market fund assets decreased by $10.30 billion to $6.14 trillion for the eight-day period ended Wednesday, July 10, the Investment Company Institute reported.... Among taxable money market funds, government funds decreased by $19.02 billion and prime funds increased by $9.53 billion. Tax-exempt money market funds decreased by $815 million." ICI's stats show Institutional MMFs falling $14.0 billion and Retail MMFs rising $3.7 billion in the latest week. Total Government MMF assets, including Treasury funds, were $4.957 trillion (80.7% of all money funds), while Total Prime MMFs were $1.057 trillion (17.2%). Tax Exempt MMFs totaled $130.5 billion (2.1%). ICI explains, "Assets of retail money market funds increased by $3.74 billion to $2.48 trillion. Among retail funds, government money market fund assets decreased by $1.16 billion to $1.57 trillion, prime money market fund assets increased by $5.39 billion to $783.79 billion, and tax-exempt fund assets decreased by $493 million to $118.74 billion." Retail assets account for over a third of total assets, or 40.3%, and Government Retail assets make up 63.6% of all Retail MMFs. They add, "Assets of institutional money market funds decreased by $14.04 billion to $3.67 trillion. Among institutional funds, government money market fund assets decreased by $17.86 billion to $3.38 trillion, prime money market fund assets increased by $4.14 billion to $273.48 billion, and tax-exempt fund assets decreased by $322 million to $11.77 billion." Institutional assets accounted for 59.7% of all MMF assets, with Government Institutional assets making up 92.2% of all institutional MMF totals. According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have risen by $44.3 billion in July (through 7/10) to $6.533 trillion. They hit a record $6.551 trillion on 7/2 but have since eased off a bit. Assets rose by $15.7 billion in June and $91.4 billion in May, but they fell $15.8 billion in April and $68.8 billion in March. They rose $72.1 billion in February, $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.
