Crane Data's February Money Fund Portfolio Holdings, with data as of Jan. 31, 2025, show that holdings of Treasuries jumped sharply last month while Repo declined. Money market securities held by Taxable U.S. money funds (tracked by Crane Data) increased by $84.1 billion to $7.173 trillion in January, after increasing $88.0 billion in December, $190.8 billion in November, $82.8 billion in October, $233.8 billion in September, $57.2 billion in August and $90.4 billion in July. Taxable holdings decreased by $0.4 billion in June, increased $105.6 billion in May, and decreased $61.4 billion in April. Treasuries, the largest segment, increased $92.1 billion in January after decreasing $69.5 billion in December, but increasing $188.3 billion in November. Repo, the second largest portfolio composition segment, decreased by $67.8 billion. Agencies were the third largest segment, CP remained fourth, ahead of CDs, Other/Time Deposits and VRDNs. Below, we review our latest Money Fund Portfolio Holdings statistics. (Visit our Content center to download, or contact us to request our latest Portfolio Holdings reports.)
Among taxable money funds, Repurchase Agreements (repo) decreased $67.8 billion (-2.6%) to $2.544 trillion, or 35.5% of holdings, in January, after increasing $211.3 billion in December, but decreasing $26.3 billion in November and $242.8 billion in October. Treasury securities increased $92.1 billion (3.1%) to $3.078 trillion, or 42.9% of holdings, after decreasing $69.5 billion in December, but increasing $188.3 billion in November and $236.2 billion in October. Government Agency Debt was up $7.1 billion, or 0.8%, to $887.0 billion, or 12.4% of holdings. Agencies increased $33.0 billion in December, decreased $2.4 billion in November, and increased $70.3 billion in October. Repo, Treasuries and Agency holdings now total $6.509 trillion, representing a massive 90.7% of all taxable holdings.
Money fund holdings of Other (Time Deposits), CP and CDs all rose in January. Commercial Paper (CP) increased $11.4 billion (4.0%) to $300.5 billion, or 4.2% of holdings. CP holdings decreased $7.3 billion in December, but increased $2.6 billion in November and $12.2 billion in October. Certificates of Deposit (CDs) increased $2.8 billion (1.5%) to $195.4 billion, or 2.7% of taxable assets. CDs increased $4.9 billion in December, $0.5 billion in November and $2.1 billion in October. Other holdings, primarily Time Deposits, increased $38.9 billion (33.8%) to $154.0 billion, or 2.1% of holdings, after decreasing $84.6 billion in December, but increasing $27.6 billion in November and $3.9 billion in October. VRDNs decreased to $14.3 billion, or 0.2% of assets. (Note: This total is VRDNs for taxable funds only. We will post our Tax Exempt MMF holdings separately Wednesday around noon.)
Prime money fund assets tracked by Crane Data increased to $1.209 trillion, or 16.9% of taxable money funds' $7.173 trillion total. Among Prime money funds, CDs represent 16.2% (down from 16.4% a month ago), while Commercial Paper accounted for 24.8% (up from 24.6% a month ago). The CP totals are comprised of: Financial Company CP, which makes up 16.2% of total holdings, Asset-Backed CP, which accounts for 6.6%, and Non-Financial Company CP, which makes up 2.0%. Prime funds also hold 0.4% in US Govt Agency Debt, 3.9% in US Treasury Debt, 22.5% in US Treasury Repo, 1.0% in Other Instruments, 9.2% in Non-Negotiable Time Deposits, 8.3% in Other Repo, 11.4% in US Government Agency Repo and 0.9% in VRDNs.
Government money fund portfolios totaled $3.921 trillion (54.7% of all MMF assets), up from $3.900 trillion in December, while Treasury money fund assets totaled another $2.043 trillion (28.5%), up from $2.014 trillion the prior month. Government money fund portfolios were made up of 22.5% US Govt Agency Debt, 15.3% US Government Agency Repo, 36.7% US Treasury Debt, 24.7% in US Treasury Repo, 0.5% in Other Instruments. Treasury money funds were comprised of 77.4% US Treasury Debt and 22.2% in US Treasury Repo. Government and Treasury funds combined now total $5.964 trillion, or 83.1% of all taxable money fund assets.
European-affiliated holdings (including repo) increased by $189.6 billion in January to $749.7 billion; their share of holdings rose to 10.5% from last month's 7.9%. Eurozone-affiliated holdings increased to $504.0 billion from last month's $393.2 billion; they account for 7.0% of overall taxable money fund holdings. Asia & Pacific related holdings fell to $294.9 billion (4.1% of the total) from last month's $302.1 billion. Americas related holdings fell to $6.120 trillion from last month's $6.223 trillion, and now represent 85.3% of holdings.
The overall taxable fund Repo totals were made up of: US Treasury Repurchase Agreements (down $70.2 billion, or -4.0%, to $1.693 trillion, or 23.6% of assets); US Government Agency Repurchase Agreements (down $0.7 billion, or -0.1%, to $741.4 billion, or 10.3% of total holdings), and Other Repurchase Agreements (up $3.0 billion, or 2.8%, from last month to $109.8 billion, or 1.5% of holdings). The Commercial Paper totals were comprised of Financial Company Commercial Paper (down $0.8 billion to $196.0 billion, or 2.7% of assets), Asset Backed Commercial Paper (up $4.8 billion at $80.3 billion, or 1.1%), and Non-Financial Company Commercial Paper (up $7.4 billion to $24.2 billion, or 0.3%).
The 20 largest Issuers to taxable money market funds as of Jan. 31, 2025, include: the US Treasury ($3.078T, 42.9%), Fixed Income Clearing Corp ($901.7B, 12.6%), Federal Home Loan Bank ($660.3B, 9.2%), JP Morgan ($242.4B, 3.4%), Citi ($164.3B, 2.3%), Federal Farm Credit Bank ($158.5B, 2.2%), the Federal Reserve Bank of New York ($148.1B, or 2.1%), BNP Paribas ($146.2B, 2.0%), RBC ($128.7B, 1.8%), Barclays ($110.0B, 1.5%), Bank of America ($106.9B, 1.5%), Goldman Sachs ($100.2B, 1.4%), Wells Fargo ($72.4B, 1.0%), Mitsubishi UFJ Financial Group ($66.2B, 0.9%), Credit Agricole ($64.8B, 0.9%), Sumitomo Mitsui Banking Corp ($61.2B, 0.9%), Canadian Imperial Bank of Commerce ($58.1B, 0.8%), Toronto-Dominion Bank ($54.4B, 0.8%), Societe Generale ($51.3B, 0.7%), and Bank of Montreal ($42.4B, 0.6%).
In the repo space, the 10 largest Repo counterparties (dealers) with the amount of repo outstanding and market share (among the money funds we track) include: Fixed Income Clearing Corp ($901.7B, 34.4%), JP Morgan ($232.7B, 9.1%), Citi ($151.2B, 5.9%), the Federal Reserve Bank of New York ($148.1B, 5.8%), BNP Paribas ($135.4B, 5.3%), Goldman Sachs ($99.5B, 3.9%), RBC ($96.0B, 3.8%), Barclays PLC ($94.8B, 3.7%), Bank of America ($85.1B, 3.3%) and Wells Fargo ($71.5B, 2.8%).
The largest users of the $148.1 billion in Fed RRP include: Vanguard Federal Money Mkt Fund ($39.8B), Fidelity Cash Central Fund ($20.2B), Vanguard Market Liquidity Fund ($9.2B), Vanguard Cash Reserves Federal MM ($9.0B), Fidelity Sec Lending Cash Central Fund ($7.0B), Schwab Treasury Oblig MF ($6.8B), Columbia Short-Term Cash Fund ($6.1B), Federated Hermes Govt Obl ($5.5B), Goldman Sachs FS Treas Sol ($5.5B) and Schwab Government MF ($4.8B).
The 10 largest issuers of "credit" -- CDs, CP and Other securities (including Time Deposits and Notes) combined -- include: Toronto-Dominion Bank ($35.0B, 6.0%), RBC ($32.7B, 5.6%), Mizuho Corporate Bank Ltd ($27.2B, 4.7%), Fixed Income Clearing Corp ($25.3B, 4.4%), Australia & New Zealand Banking Group Ltd ($24.1B, 4.2%), Mitsubishi UFJ Financial Group Inc ($22.9B, 3.9%), Bank of America ($21.8B, 3.8%), Canadian Imperial Bank of Commerce ($20.4B, 3.5%), ING Bank ($19.5B, 3.4%), and Sumitomo Mitsui Banking Corp ($18.2B, 3.1%).
The 10 largest CD issuers include: Sumitomo Mitsui Banking Corp ($17.0B, 8.7%), Mizuho Corporate Bank Ltd ($16.4B, 8.4%), Mitsubishi UFJ Financial Group Inc ($16.2B, 8.3%), Sumitomo Mitsui Trust Bank ($14.3B, 7.3%), Bank of America ($14.1B, 7.2%), Toronto-Dominion Bank ($12.2B, 6.2%), Credit Agricole ($11.5B, 5.9%), Canadian Imperial Bank of Commerce ($10.0B, 5.1%), Mitsubishi UFJ Trust and Banking Corporation ($8.6B, 4.4%) and Bank of Nova Scotia ($6.2B, 3.2%).
The 10 largest CP issuers (we include affiliated ABCP programs) include: Toronto-Dominion Bank ($21.2B, 7.7%), RBC ($20.7B, 7.5%), Barclays PLC ($12.7B, 4.6%), Bank of Montreal ($11.7B, 4.2%), BPCE SA ($10.8B, 3.9%), JP Morgan ($9.7B, 3.5%), Citi ($9.5B, 3.4%), National Australia Bank Ltd ($9.5B, 3.4%), Northcross Capital Management ($9.2B, 3.3%) and DNB ASA ($8.4B, 3.0%).
The largest increases among Issuers include: US Treasury (up $92.1B to $3.078T), JP Morgan (up $64.3B to $242.4B), Barclays PLC (up $50.1B to $110.0B), Fixed Income Clearing Corp (up $45.9B to $901.7B), BNP Paribas (up $45.7B to $146.2B), Citi (up $25.8B to $164.3B), ING Bank (up $16.8B to $31.8B), Bank of America (up $14.0B to $106.9B), Skandinaviska Enskilda Banken AB (up $9.9B to $18.1B) and Erste Group Bank AG (up $9.6B to $10.9B).
The largest decreases among Issuers of money market securities (including Repo) in January were shown by: Federal Reserve Bank of New York (down $234.0B to $148.1B), RBC (down $71.9B to $128.7B), Goldman Sachs (down $43.7B to $100.2B), Canadian Imperial Bank of Commerce (down $9.2B to $58.1B), Sumitomo Mitsui Banking Corp (down $7.7B to $61.2B), Mitsubishi UFJ Financial Group Inc (down $6.7B to $66.2B), Mizuho Corporate Bank Ltd (down $4.1B to $42.4B), Federal Home Loan Mortgage Corp (down $3.8B to $36.2B), Bank of Nova Scotia (down $3.6B to $27.5B) and Toronto-Dominion Bank (down $3.1B to $54.4B).
The United States remained the largest segment of country-affiliations; it represents 80.8% of holdings, or $5.798 trillion. Canada (4.5%, $322.2B) was in second place, while France (4.3%, $311.5B) was No. 3. Japan (3.7%, $266.0B) occupied fourth place. The United Kingdom (2.6%, $189.0B) remained in fifth place. Australia (0.8%, $59.1B) was in sixth place, followed by Netherlands (0.7%, $52.6B), Germany (0.7%, $49.1B), Sweden (0.5%, $34.4B), and Spain (0.4%, $27.5B). (Note: Crane Data attributes Treasury and Government repo to the dealer's parent country of origin, though money funds themselves "look-through" and consider these U.S. government securities. All money market securities must be U.S. dollar-denominated.)
As of Jan. 31, 2025, Taxable money funds held 44.6% (down from 47.5%) of their assets in securities maturing Overnight, and another 11.8% maturing in 2-7 days (up from 9.4%). Thus, 56.4% in total matures in 1-7 days. Another 11.1% matures in 8-30 days, while 12.4% matures in 31-60 days. Note that over three-quarters, or 79.9% of securities, mature in 60 days or less, the dividing line for use of amortized cost accounting under SEC regulations. The next bucket, 61-90 days, holds 7.6% of taxable securities, while 8.7% matures in 91-180 days, and just 3.9% matures beyond 181 days.
