ICI published its latest weekly "Money Market Fund Assets" report, as well as its monthly "Trends in Mutual Fund Investing" for January 2025 and its monthly "Month-End Portfolio Holdings of Taxable Money Funds" Thursday. The weekly series shows money fund assets rising $60.5 billion to a record $6.974 trillion, after falling $9.6 billion the week prior and rising $5.5 billion two weeks prior. Money fund assets have risen in 21 of the last 30, and 32 of the last 45 weeks, increasing by $670.7 billion (or 10.6%) since the Fed cut on 9/18/24 and increasing by $996.8 billion (or 16.7%) since 4/24/24. MMF assets are up by $916 billion, or 15.2%, in the past 52 weeks (through 2/26/25), with Institutional MMFs up $475 billion, or 13.0% and Retail MMFs up $441 billion, or 18.6%. Year-to-date, MMF assets are up by $124 billion, or 1.8%, with Institutional MMFs up $49 billion, or 1.2% and Retail MMFs up $75 billion, or 2.7%.
ICI's weekly release says, "Total money market fund assets increased by $60.54 billion to $6.97 trillion for the week ended Wednesday, February 26, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $52.97 billion and prime funds increased by $5.84 billion. Tax-exempt money market funds increased by $1.72 billion." ICI's stats show Institutional MMFs increasing $47.2 billion and Retail MMFs increasing $13.4 billion in the latest week. Total Government MMF assets, including Treasury funds, were $5.720 trillion (82.0% of all money funds), while Total Prime MMFs were $1.119 trillion (16.0%). Tax Exempt MMFs totaled $134.8 billion (2.0%).
It explains, "Assets of retail money market funds increased by $13.36 billion to $2.81 trillion. Among retail funds, government money market fund assets increased by $6.79 billion to $1.79 trillion, prime money market fund assets increased by $5.10 billion to $898.98 billion, and tax-exempt fund assets increased by $1.47 billion to $123.20 billion." Retail assets account for over a third of total assets, or 40.3%, and Government Retail assets make up 63.6% of all Retail MMFs.
They add, "Assets of institutional money market funds increased by $47.17 billion to $4.16 trillion. Among institutional funds, government money market fund assets increased by $46.18 billion to $3.93 trillion, prime money market fund assets increased by $742 million to $220.21 billion, and tax-exempt fund assets increased by $250 million to $11.62 billion." Institutional assets accounted for 59.7% of all MMF assets, with Government Institutional assets making up 94.4% of all institutional MMF totals.
According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have risen by $88.0 billion in February through 2/26/25 to a record high $7.315 trillion. Assets rose by $52.8 billion in January, $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, $68.8 billion in March but rose $72.1 billion last February. 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.
ICI's monthly Trends shows money fund totals rising $31.9 billion, or 0.5%, in January to a record $6.884 trillion. MMFs have increased by $882.6 billion, or 14.7%, over the past 12 months (through 1/31/25). Money funds' January asset increase follows an increase of $139.3 billion in December, $171.5 billion in November, $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 last February. Bond fund assets increased $39.3 billion to $5.107 trillion, and bond ETF assets increased to $1.81 trillion.
The monthly release states, "The combined assets of the nation's mutual funds increased by $567.95 billion, or 2.0 percent, to $29.11 trillion in January, 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 $8.35 billion in January, compared with an inflow of $6.62 billion in December.... Money market funds had an inflow of $18.80 billion in January, compared with an inflow of $126.26 billion in December. In January funds offered primarily to institutions had an inflow of $6.70 billion and funds offered primarily to individuals had an inflow of $12.09 billion."
The Institute's latest statistics show that Taxable MMFs were higher from last month while Tax Exempt MMFs were lower. Taxable MMFs increased by $34.3 billion in January to $6.751 trillion. Tax-Exempt MMFs decreased $2.4 billion to $133.5 billion. Taxable MMF assets increased year-over-year by $868.1 billion (14.8%), and Tax-Exempt funds rose by $14.4 billion over the past year (12.1%). Bond fund assets increased by $39.3 billion (after decreasing by $54.7 billion in December) to $5.107 trillion; they've increased by $329.1 billion (6.9%) over the past year.
Money funds represent 23.7% of all mutual fund assets (down 0.3% from the previous month), while bond funds account for 17.5%, according to ICI. The total number of money market funds was 258, unchanged from the prior month and down from 274 a year ago. Taxable money funds numbered 217 funds, and tax-exempt money funds numbered 41 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 $67.7 billion, or 2.4%, to $2.920 trillion, or 43.3% of holdings. Treasury securities have increased by $696.7 billion, or 31.3%, over the past 12 months. (See our Feb. 13 News, "Feb. Money Fund Portfolio Holdings: Treasuries Higher, Fed Repo Plunges.")
Repurchase Agreements were the second largest composition segment this past month, decreasing $80.2 billion, or -3.3%, to $2.385 trillion, or 35.3% of holdings. Repo holdings have increased $15.8 billion, or 0.7%, over the past year. U.S. Government Agency securities were the third largest segment; they increased $11.3 billion, or 1.4%, to $843.6 billion, or 12.5% of holdings. Agency holdings have increased by $139.9 billion, or 19.9%, over the past 12 months.
Certificates of Deposit (CDs) moved up to fourth place, up $39.9 billion, or 15.3%, to $300.6 billion (4.5% of assets). CDs decreased $43.1 billion, or -12.6%, over one year. Commercial Paper moved down to fifth place; they increased by $11.8 billion, or 4.2%, to $292.1 billion (4.3% of assets). CP held by money funds rose by $41.8 billion, or 16.7%, over 12 months. Other holdings decreased to $22.4 billion (0.3% of assets), while Notes (including Corporate and Bank) increased to $37.0 billion (0.5% of assets).
The Number of Accounts Outstanding in ICI's series for taxable money funds increased to 76.461 million, while the Number of Funds was unchanged at 217. Over the past 12 months, the number of accounts rose by 11.235 million and the number of funds decreased by 12. The Average Maturity of Portfolios was 38 days, up 1 day from December. Over the past 12 months, WAMs of Taxable money are up 1 day.
