The Investment Company Institute published its latest "Trends in Mutual Fund Investing" for June 2024 and its monthly "Month-End Portfolio Holdings of Taxable Money Funds". ICI's monthly Trends shows money fund totals rising $13.0 billion in June to $6.092 trillion. MMFs have increased by $642.1 billion, or 11.8%, over the past 12 months (according to ICI's Trends through 6/30). Money funds' June asset increase follows an increase of $90.9 billion in May, $4.3 billion in April, a decrease of $73.0 billion in March, an increase of $55.1 billion in February, $82.4 billion in January, $34.9 billion in December, $213.9 billion in November, a decrease of $13.6 billion in October and gains of $74.1 billion in September, $123.9 billion in August and $31.4 billion last July. Bond fund assets increased $38.2 billion to $4.871 trillion, and bond ETF assets increased and still remain above the $1.5 trillion level (after passing it for the first time ever 6 months ago).
Money fund assets surpassed bond fund assets in September 2022 for the first time since 2010 and they continued to hold a sizeable lead last month. (The bond fund totals don't include bond ETFs, which total $1.593 trillion as of 6/30, according to ICI.) According to Crane Data's Money Fund Intelligence Daily, money funds have increased by $42.5 billion in July (through 7/29) month-to-date to $6.531 trillion. (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's monthly release states, "The combined assets of the nation's mutual funds increased by $302.96 billion, or 1.1 percent, to $27.09 trillion in June, according to the Investment Company Institute's official survey of the mutual fund industry. In the survey, mutual fund companies report actual assets, sales, and redemptions to ICI.... Bond funds had an outflow of $6.06 billion in June, compared with an inflow of $7.79 billion in May.... Money market funds had an outflow of $6.53 billion in June, compared with an inflow of $74.16 billion in May. In June funds offered primarily to institutions had an outflow of $14.97 billion and funds offered primarily to individuals had an inflow of $8.44 billion."
The Institute's latest statistics show that Taxable MMFs were higher while Tax Exempt MMFs were lower from last month. Taxable MMFs increased by $13.2 billion in June to $5.963 trillion. Tax-Exempt MMFs decreased $0.2 billion to $129.3 billion. Taxable MMF assets increased year-over-year by $628.3 billion (11.8%), and Tax-Exempt funds rose by $13.8 billion over the past year (11.9%). Bond fund assets increased by $38.2 billion (after increasing by $60.6 billion in May) to $4.871 trillion; they've increased by $235.2 billion (5.1%) over the past year.
Money funds represent 22.5% of all mutual fund assets (down 0.2% from the previous month), while bond funds account for 18.0%, according to ICI. The total number of money market funds was 276, unchanged from the prior month and down from 280 a year ago. Taxable money funds numbered 231 funds, and tax-exempt money funds numbered 45 funds.
ICI's "Month-End Portfolio Holdings" confirms a drop in CDs and Treasuries last month. Repurchase Agreements remain the largest composition segment, increasing $85.5 billion, or 3.6%, to $2.431 trillion, or 40.8% of holdings. Repo holdings have decreased $577.2 billion, or -19.2%, over the past year. (See our July 11 News, "July Money Fund Portfolio Holdings: Repo Jumps; TDs, Treasuries Down.")
Treasury holdings in Taxable money funds decreased $7.8 billion, or -0.3%, to $2.276 trillion, or 38.2% of holdings. Treasury securities have increased by $1.092 trillion, or 92.2%, over the past 12 months. U.S. Government Agency securities were the third largest segment; they decreased $13.9 billion, or -2.0%, to $687.9 billion, or 11.5% of holdings. Agency holdings have increased by $15.4 billion, or 2.3%, over the past 12 months.
Certificates of Deposit (CDs) remained in fourth place; they decreased by $61.9 billion, or -17.2%, to $298.8 billion (5.0% of assets). CDs held by money funds rose by $63.5 billion, or 27.0%, over 12 months. Commercial Paper remained in fifth place, up $3.4 billion, or 1.4%, to $253.1 billion (4.2% of assets). CP increased $71.1 billion, or 39.1%, over one year. Other holdings decreased to $17.1 billion (0.3% of assets), while Notes (including Corporate and Bank) decreased to $4.8 billion (0.1% of assets).
The Number of Accounts Outstanding in ICI's series for taxable money funds increased to 69.736 million, while the Number of Funds was unchanged at 231. Over the past 12 months, the number of accounts rose by 10.448 million and the number of funds decreased by 1. The Average Maturity of Portfolios was 34 days, down 2 from May. Over the past 12 months, WAMs of Taxable money have increased by 10.
