The ICI published its monthly "Trends in Mutual Fund Investing" for November 2024, and its monthly "Month-End Portfolio Holdings of Taxable Money Funds" Monday. ICI's monthly Trends shows money fund totals rising $171.5 billion, or 2.6%, in November to $6.713 trillion. MMFs have increased by $832.3 billion, or 14.2%, over the past 12 months (through 11/30/24). Money funds' November asset increase follows an increase of $117.4 billion in October, $158.6 billion in September, $124.8 billion in August, $46.6 billion in July, $13.0 billion in June, $90.9 billion in May and $4.3 billion in April. They decreased $73.0 billion in March, but increased $55.1 billion in February, $82.4 billion in January and $34.9 billion last December. Bond fund assets increased $69.0 billion to $5.124 trillion, and bond ETF assets increased to $1.78 trillion. (Note: Thank you for your support in 2024 and best of luck in 2025. Happy New Year!)
The monthly release states, "The combined assets of the nation's mutual funds increased by $971.36 billion, or 3.4 percent, to $29.14 trillion in November, 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 inflow of $14.33 billion in November, compared with an inflow of $34.15 billion in October.... Money market funds had an inflow of $156.85 billion in November, compared with an inflow of $101.61 billion in October. In November funds offered primarily to institutions had an inflow of $129.87 billion and funds offered primarily to individuals had an inflow of $26.98 billion."
The Institute's latest statistics show that Taxable MMFs and Tax Exempt MMFs were both higher from last month. Taxable MMFs increased by $169.5 billion in November to $6.578 trillion. Tax-Exempt MMFs increased $2.1 billion to $135.8 billion. Taxable MMF assets increased year-over-year by $819.1 billion (14.2%), and Tax-Exempt funds rose by $13.3 billion over the past year (10.9%). Bond fund assets increased by $69.0 billion (after decreasing by $55.6 billion in October) to $5.124 trillion; they've increased by $515.2 billion (11.2%) over the past year.
Money funds represent 23.0% of all mutual fund assets (down 0.2% from the previous month), while bond funds account for 17.6%, according to ICI. The total number of money market funds was 259, down 1 from the prior month and down from 275 a year ago. Taxable money funds numbered 216 funds, and tax-exempt money funds numbered 43 funds.
ICI's "Month-End Portfolio Holdings" confirms a jump in Treasuries and a drop in Repo last month. Treasury holdings in Taxable money funds remained the largest composition segment last month, they increased $177.7 billion, or 6.5%, to $2.899 trillion, or 44.1% of holdings. Treasury securities have increased by $812.3 billion, or 38.9%, over the past 12 months. (See our Dec. 11 News, "Dec. Money Fund Portfolio Holdings: Treasuries Jump Again, Repo Dips.")
Repurchase Agreements were the second largest composition segment this past month, decreasing $41.5 billion, or -1.8%, to $2.235 trillion, or 34.0% of holdings. Repo holdings have decreased $196.9 billion, or -8.1%, over the past year. U.S. Government Agency securities were the third largest segment; they decreased $7.7 billion, or -1.0%, to $800.2 billion, or 12.2% of holdings. Agency holdings have increased by $138.7 billion, or 21.0%, over the past 12 months.
Certificates of Deposit (CDs) remained in fourth place; they increased by $28.1 billion, or 8.9%, to $345.0 billion (5.2% of assets). CDs held by money funds rose by $28.7 billion, or 9.1%, over 12 months. Commercial Paper remained in fifth place, up $4.3 billion, or 1.5%, to $287.6 billion (4.4% of assets). CP increased $48.8 billion, or 20.4%, over one year. Other holdings increased to $21.9 billion (0.3% of assets), while Notes (including Corporate and Bank) decreased to $26.3 billion (0.4% of assets).
The Number of Accounts Outstanding in ICI's series for taxable money funds increased to 74.176 million, while the Number of Funds was down 1 at 216. Over the past 12 months, the number of accounts rose by 11.043 million and the number of funds decreased by 13. The Average Maturity of Portfolios was 37 days, up 1 day from October. Over the past 12 months, WAMs of Taxable money have increased by 3.
