As we wrote earlier this month (and reprint here), our January MFI issue recognized the top performing money funds, ranked by total returns, for calendar year 2024, as well as the top funds for the past 5-year and 10-year periods. We present the funds below with our annual Money Fund Intelligence Awards. These are given to the No. 1‐ranked funds based on 1-year, 5-year and 10-year returns, through Dec. 31, 2024, in each of our major fund categories -- Prime Institutional, Government Institutional, Treasury Institutional, Prime Retail, Government Retail, Treasury Retail and Tax‐Exempt. (Let us know if you'd like to see our latest Money Fund Intelligence issue with the MFI Awards article or our latest MFI XLS product with the performance data and rankings behind the awards.)
The Top-Performing Prime Institutional fund (and fund overall) was BlackRock Cash Inst MMF SL (BISXX), which returned 5.43%. Among Prime Retail funds, Schwab Value Adv MF Ultra (SNAXX) had the best return in 2024 (5.36%). (Our Crane 100 Money Fund Index returned 5.08% in 2024.)
The Top‐Performing Govt Institutional funds in 2024 were JPMorgan Sec Lending MM Agency SL (VSLXX) and Dreyfus Inst Pref Govt Plus MF (DRF03), which returned 5.37% and 5.35% respectively. Vanguard Variable Insurance MM Fund (VMRXX) was the Top Government Retail fund with a 5.36% return. JPMorgan US Trs Plus MM IM (MJPXX) and North Capital Treasury MMkt Inst (NCGXX) tied to rank No. 1 in the Treasury Institutional class with returns of 5.33%. Vanguard Treasury Money Market (VUSXX) was No. 1 among Treasury Retail, returning 5.24%.
For the 5‐year period through Dec. 31, 2024, BlackRock Cash Inst MMF SL (BISXX) took top honors for the best performing Prime Institutional money fund with a return of 2.67%. Allspring MMF Premium (WMPXX) ranked No. 1 among Prime Retail with an annualized return of 2.59%.
JPMorgan Sec Lending MM Agency SL (VSLXX) ranked No. 1 among Govt Institutional funds with a return of 2.62%, while Vanguard Variable Insurance MM Fund (VAN03) ranked No. 1 among Govt Retail funds over the past 5 years with a return of 2.55%. BlackRock Cash Treas MMF SL (BRC03) ranked No. 1 in 5-year performance among Treasury Inst funds with a return of 2.44%. Vanguard Treasury Money Market (VUSXX) ranks No. 1 among Treasury Retail funds with a return of 2.43%.
The highest performers of the past 10 years and No. 1 among Prime Inst MMFs was BlackRock Cash Inst MMF SL (BISXX), which returned 1.99%. Morgan Stanley Inst Liq MMP Wealth (MWMXX), which returned 1.89%, was best among Prime Retail. ` JPMorgan Federal MM Institution <b:>`_ (JFMXX) returned 1.86% and ranked No. 1 among Govt Inst funds. Vanguard Cash Reserves Federal MM Adm (VMRXX) ranked No. 1 among Govt Retail funds, returning 1.84%.
BlackRock Cash Treas MMF SL (BRC03) returned the most among Treasury Inst funds over the past 10 years at 1.73%. Vanguard Treasury Money Market (VUSXX) ranked No. 1 among Treasury Retail money market funds at 1.71%.
We're also giving out awards for the best-performing Tax-Exempt MMFs. Federated Hermes Muni Obligs WS (MOFXX) ranked No. 1 among T-E funds over 1-year with a return of 3.53%. Federated Hermes Muni Obligs WS (MOFXX) also ranked No. 1 over 5-years ended Dec. 31, 2024 with a return of 1.75%. Federated Hermes Muni Obligs WS (MOFXX) also ranked No. 1 for the 10-year period with a return of 1.28%.
See the MFI Award Winner listings on page 6 of MFI, and see our latest Money Fund Intelligence XLS for more detailed rankings. The tables on page 6 show the No. 1 ranked money fund for each category based on 1‐year, 5‐year, and 10‐year annualized total returns.
In other news, ICI published its latest "Money Market Fund Assets" report Thursday, which shows money fund assets rebounding to break back above $6.9 trillion for just the second time ever. (The first was two weeks ago.) They rose $41.6 billion to $6.903 trillion, after falling $54.9 billion the week prior. Money fund assets have risen in 18 of the last 25, and 29 of the last 40, weeks, increasing by $599.7 billion (or 9.5%) since the Fed cut on 9/18/24 and increasing by $925.8 billion (or 15.5%) since 4/24/24. MMF assets are up by $944 billion, or 15.8%, in the past 52 weeks (through 1/22/25), with Institutional MMFs up $519 billion, or 14.3% and Retail MMFs up $425 billion, or 18.2%. Year-to-date, MMF assets are up by $53 billion, or 0.8%, with Institutional MMFs up $25 billion, or 0.6% and Retail MMFs up $28 billion, or 1.0%.
ICI's weekly release says, "Total money market fund assets increased by $41.65 billion to $6.90 trillion for the week ended Wednesday, January 22, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $34.90 billion and prime funds increased by $8.17 billion. Tax-exempt money market funds decreased by $1.43 billion." ICI's stats show Institutional MMFs increasing $36.0 billion and Retail MMFs increasing $5.6 billion in the latest week. Total Government MMF assets, including Treasury funds, were $5.667 trillion (82.1% of all money funds), while Total Prime MMFs were $1.101 trillion (16.0%). Tax Exempt MMFs totaled $134.6 billion (1.9%).
It explains, "Assets of retail money market funds increased by $5.60 billion to $2.76 trillion. Among retail funds, government money market fund assets increased by $4.23 billion to $1.76 trillion, prime money market fund assets increased by $3.12 billion to $879.32 billion, and tax-exempt fund assets decreased by $1.75 billion to $122.49 billion." Retail assets account for over a third of total assets, or 40.0%, and Government Retail assets make up 63.7% of all Retail MMFs.
They add, "Assets of institutional money market funds increased by $36.04 billion to $4.14 trillion. Among institutional funds, government money market fund assets increased by $30.67 billion to $3.91 trillion, prime money market fund assets increased by $5.05 billion to $221.98 billion, and tax-exempt fund assets increased by $320 million to $12.05 billion." Institutional assets accounted for 60.0% of all MMF assets, with Government Institutional assets making up 94.3% of all institutional MMF totals.
According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have risen by $64.5 billion in January through 1/22/25 to $7.238 trillion. (They hit a record high on 1/7 at $7.266 trillion before falling 2 weeks ago and rebounding this week.) Assets rose by $110.9 billion in December, $200.5 trillion in November, $97.5 billion in October, $149.8 billion in September, $109.7 billion in August, $16.6 billion in July, $15.7 billion in June and $91.4 billion in May. They declined by $15.8 billion in April and $68.8 billion in March. They rose $72.1 billion in February and $93.9 billion last January. Note that ICI's asset totals don't include a number of funds tracked by the SEC and Crane Data, so they're about $340 billion lower than Crane's asset series.
