ICI: MMFs Inch Up Towards Record
The Investment Company Institute published its latest weekly "Money Market Fund Assets" report Thursday, which shows money market mutual fund rising higher to $6.154 trillion in the latest week after a dip the prior week and a huge jump two weeks prior. Assets have risen in 11 of the last 13 weeks, increasing by $186.0 billion (or 3.1%) since April 24. MMF assets are up by $268 billion, or 5.6%, year-to-date in 2024 (through 7/17/24), with Institutional MMFs up $73 billion, or 2.4% and Retail MMFs up $195 billion, or 11.6%. Over the past 52 weeks, money funds have risen by $696 billion, or 12.7%, with Retail MMFs up by $455 billion (22.4%) and Inst MMFs rising by $240 billion (7.0%). The weekly release says, "Total money market fund assets increased by $9.61 billion to $6.15 trillion for the week ended Wednesday, July 17, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $6.83 billion and prime funds increased by $4.66 billion. Tax-exempt money market funds decreased by $1.88 billion." ICI's stats show Institutional MMFs rising $2.3 billion and Retail MMFs rising $7.4 billion in the latest week. Total Government MMF assets, including Treasury funds, were $4.963 trillion (80.7% of all money funds), while Total Prime MMFs were $1.062 trillion (17.3%). Tax Exempt MMFs totaled $128.6 billion (2.1%). ICI explains, "Assets of retail money market funds increased by $7.36 billion to $2.48 trillion. Among retail funds, government money market fund assets increased by $5.54 billion to $1.58 trillion, prime money market fund assets increased by $3.59 billion to $787.38 billion, and tax-exempt fund assets decreased by $1.77 billion to $116.97 billion." Retail assets account for over a third of total assets, or 40.4%, and Government Retail assets make up 63.6% of all Retail MMFs. They add, "Assets of institutional money market funds increased by $2.25 billion to $3.67 trillion. Among institutional funds, government money market fund assets increased by $1.29 billion to $3.38 trillion, prime money market fund assets increased by $1.07 billion to $274.56 billion, and tax-exempt fund assets decreased by $108 million to $11.66 billion." Institutional assets accounted for 59.6% 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 $47.7 billion in July (through 7/17) to $6.537 trillion. They hit a record $6.559 trillion on 7/11 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 and $98.3 billion in August. 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.
