ICI: Money Funds Lower on Week
The Investment Company Institute published its latest weekly "Money Market Fund Assets" report Thursday, which shows money market mutual fund lower to $6.142 trillion in the latest week after hitting a record early in July. Assets have risen in 11 of the last 14 weeks, increasing by $173.8 billion (or 2.9%) since April 24. MMF assets are up by $256 billion, or 5.4%, year-to-date in 2024 (through 7/24/24), with Institutional MMFs up $65 billion, or 2.1% and Retail MMFs up $191 billion, or 11.4%. Over the past 52 weeks, money funds have risen by $655 billion, or 11.9%, with Retail MMFs up by $448 billion (22.0%) and Inst MMFs rising by $208 billion (6.0%). The weekly release says, "Total money market fund assets decreased by $11.81 billion to $6.14 trillion for the week ended Wednesday, July 24, the Investment Company Institute reported.... Among taxable money market funds, government funds decreased by $7.73 billion and prime funds decreased by $2.86 billion. Tax-exempt money market funds decreased by $1.22 billion." ICI's stats show Institutional MMFs falling $8.1 billion and Retail MMFs falling $3.7 billion in the latest week. Total Government MMF assets, including Treasury funds, were $4.956 trillion (80.7% of all money funds), while Total Prime MMFs were $1.059 trillion (17.2%). Tax Exempt MMFs totaled $127.4 billion (2.1%). ICI explains, "Assets of retail money market funds decreased by $3.72 billion to $2.48 trillion. Among retail funds, government money market fund assets decreased by $4.42 billion to $1.58 trillion, prime money market fund assets increased by $2.03 billion to $789.40 billion, and tax-exempt fund assets decreased by $1.32 billion to $115.65 billion." Retail assets account for over a third of total assets, or 40.4%, and Government Retail assets make up 63.5% of all Retail MMFs. They add, "Assets of institutional money market funds decreased by $8.09 billion to $3.66 trillion. Among institutional funds, government money market fund assets decreased by $3.31 billion to $3.38 trillion, prime money market fund assets decreased by $4.88 billion to $269.68 billion, and tax-exempt fund assets increased by $100 million to $11.76 billion." Institutional assets accounted for 59.6% of all MMF assets, with Government Institutional assets making up 92.3% of all institutional MMF totals. According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have risen by $23.6 billion in July (through 7/24) to $6.512 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.
