Crane Data's March Money Fund Portfolio Holdings, with data as of Feb. 28, 2025, show that holdings of Repo jumped sharply last month while Treasuries plummeted. Money market securities held by Taxable U.S. money funds (tracked by Crane Data) increased by $53.7 billion to $7.227 trillion in February, after increasing $84.1 billion in January, $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, still the largest segment, decreased $118.3 billion in February after increasing $92.1 billion in January and decreasing $69.5 billion in December. Repo, the second largest portfolio composition segment, increased by $173.9 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) increased $173.9 billion (6.8%) to $2.718 trillion, or 37.6% of holdings, in February, after decreasing $67.8 billion in January but increasing $211.3 billion in December. MMFs decreased $26.3 billion in November and $242.8 billion in October. Treasury securities decreased $118.3 billion (-3.9%) to $2.959 trillion, or 40.9% of holdings, after increasing $92.1 billion in January and decreasing $69.5 billion in December. T-bills increased $188.3 billion in November and $236.2 billion in October. Government Agency Debt was down $6.5 billion, or -0.7%, to $880.5 billion, or 12.2% of holdings. Agencies increased $7.1 billion in January and $33.0 billion in December. Agencies decreased $2.4 billion in November, but increased $70.3 billion in October. Repo, Treasuries and Agency holdings now total $6.558 trillion, representing a massive 90.7% of all taxable holdings.
Money fund holdings of Other (Time Deposits) and CP rose in February while CDs fell. Commercial Paper (CP) increased $4.4 billion (1.5%) to $304.9 billion, or 4.2% of holdings. CP holdings increased $11.4 billion in January, decreased $7.3 billion in December, but increased $2.6 billion in November. Certificates of Deposit (CDs) decreased $5.0 billion (-2.6%) to $190.4 billion, or 2.6% of taxable assets. CDs increased $2.8 billion in January, $4.9 billion in December and $0.5 billion in November. Other holdings, primarily Time Deposits, increased $5.0 billion (3.3%) to $159.0 billion, or 2.2% of holdings, after increasing $38.9 billion in January, decreasing $84.6 billion in December, and increasing $27.6 billion in November. VRDNs increased to $14.5 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 $1.219 trillion, or 16.9% of taxable money funds' $7.227 trillion total. Among Prime money funds, CDs represent 15.6% (down from 16.2% a month ago), while Commercial Paper accounted for 25.0% (up from 24.8% a month ago). The CP totals are comprised of: Financial Company CP, which makes up 15.9% of total holdings, Asset-Backed CP, which accounts for 7.0%, and Non-Financial Company CP, which makes up 2.1%. Prime funds also hold 0.4% in US Govt Agency Debt, 6.7% in US Treasury Debt, 21.1% in US Treasury Repo, 1.1% in Other Instruments, 9.6% in Non-Negotiable Time Deposits, 8.3% in Other Repo, 11.1% in US Government Agency Repo and 1.0% in VRDNs.
Government money fund portfolios totaled $3.943 trillion (54.6% of all MMF assets), up from $3.921 trillion in January, while Treasury money fund assets totaled another $2.065 trillion (28.6%), up from $2.043 trillion the prior month. Government money fund portfolios were made up of 22.2% US Govt Agency Debt, 17.6% US Government Agency Repo, 33.4% US Treasury Debt, 26.1% in US Treasury Repo, 0.5% in Other Instruments. Treasury money funds were comprised of 75.6% US Treasury Debt and 24.3% in US Treasury Repo. Government and Treasury funds combined now total $6.008 trillion, or 83.1% of all taxable money fund assets.
European-affiliated holdings (including repo) decreased by $8.2 billion in February to $741.5 billion; their share of holdings fell to 10.3% from last month's 10.5%. Eurozone-affiliated holdings increased to $519.6 billion from last month's $504.0 billion; they account for 7.2% of overall taxable money fund holdings. Asia & Pacific related holdings rose to $311.9 billion (4.3% of the total) from last month's $294.9 billion. Americas related holdings rose to $6.164 trillion from last month's $6.120 trillion, and now represent 85.3% of holdings.
The overall taxable fund Repo totals were made up of: US Treasury Repurchase Agreements (up $95.2 billion, or 5.6%, to $1.788 trillion, or 24.7% of assets); US Government Agency Repurchase Agreements (up $86.3 billion, or 11.6%, to $827.8 billion, or 11.5% of total holdings), and Other Repurchase Agreements (down $7.6 billion, or -6.9%, from last month to $102.2 billion, or 1.4% of holdings). The Commercial Paper totals were comprised of Financial Company Commercial Paper (down $2.2 billion to $193.8 billion, or 2.7% of assets), Asset Backed Commercial Paper (up $5.4 billion at $85.6 billion, or 1.2%), and Non-Financial Company Commercial Paper (up $1.3 billion to $25.5 billion, or 0.4%).
The 20 largest Issuers to taxable money market funds as of Feb. 28, 2025, include: the US Treasury ($2.959T, 42.0%), Fixed Income Clearing Corp ($871.0B, 12.4%), Federal Home Loan Bank ($649.0B, 9.2%), JP Morgan ($276.7B, 3.9%), the Federal Reserve Bank of New York ($201.7B, or 2.9%), RBC ($180.0B, 2.6%), Citi ($173.5B, 2.5%), Federal Farm Credit Bank ($158.7B, 2.3%), BNP Paribas ($152.0B, 2.2%), Bank of America ($126.9B, 1.8%), Goldman Sachs ($97.8B, 1.4%), Barclays ($92.5B, 1.3%), Wells Fargo ($91.5B, 1.3%), Sumitomo Mitsui Banking Corp ($71.0B, 1.0%), Credit Agricole ($70.4B, 1.0%), Mitsubishi UFJ Financial Group ($69.0B, 1.0%), Canadian Imperial Bank of Commerce ($60.1B, 0.9%), Toronto-Dominion Bank ($51.5B, 0.7%), Bank of Montreal ($51.4B, 0.7%), and Societe Generale ($51.2B, 0.7%).
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 ($847.6B, 31.2%), JP Morgan ($264.9B, 9.7%), the Federal Reserve Bank of New York ($201.7B, 7.4%), Citi ($161.2B, 5.9%), RBC ($145.4B, 5.3%), BNP Paribas ($142.2B, 5.2%), Bank of America ($105.6B, 3.9%), Goldman Sachs ($97.1B, 3.6%), Wells Fargo ($91.1B, 3.4%), and Barclays PLC ($79.2B, 2.9%).
The largest users of the $201.7 billion in Fed RRP include: Fidelity Cash Central Fund ($38.6B), Vanguard Federal Money Mkt Fund ($33.6B), Fidelity Sec Lending Cash Central Fund ($19.3B), JPMorgan US Govt MM ($15.0B), Vanguard Market Liquidity Fund ($10.8B), Fidelity Inv MM: Treas Port ($8.9B), JPMorgan Liquid Assets ($8.0B), JPMorgan Prime MM ($7.2B), Vanguard Cash Reserves Federal MM ($7.0B) and Fidelity Treasury Fund ($6.9B).
The 10 largest issuers of "credit" -- CDs, CP and Other securities (including Time Deposits and Notes) combined -- include: RBC ($34.6B, 5.9%), Toronto-Dominion Bank ($33.3B, 5.7%), Mitsubishi UFJ Financial Group Inc ($27.2B, 4.6%), Mizuho Corporate Bank Ltd ($24.4B, 4.2%), ING Bank ($23.4B, 4.0%), Fixed Income Clearing Corp ($23.3B, 4.0%), Bank of America ($21.3B, 3.6%), Australia & New Zealand Banking Group Ltd ($20.9B, 3.5%), Canadian Imperial Bank of Commerce ($20.8B, 3.5%) and Bank of Montreal ($19.8B, 3.4%).
The 10 largest CD issuers include: Mitsubishi UFJ Financial Group Inc ($17.0B, 8.9%), Sumitomo Mitsui Banking Corp ($15.4B, 8.1%), Sumitomo Mitsui Trust Bank ($14.1B, 7.4%), Credit Agricole ($14.0B, 7.4%), Bank of America ($13.5B, 7.1%), Mizuho Corporate Bank Ltd ($13.1B, 6.9%), Toronto-Dominion Bank ($11.8B, 6.2%), Canadian Imperial Bank of Commerce ($10.2B, 5.3%), Mitsubishi UFJ Trust and Banking Corporation ($9.0B, 4.8%) and Bank of Nova Scotia ($5.8B, 3.0%).
The 10 largest CP issuers (we include affiliated ABCP programs) include: Toronto-Dominion Bank ($21.0B, 7.5%), RBC ($20.3B, 7.3%), Bank of Montreal ($15.4B, 5.5%), BPCE SA ($12.1B, 4.3%), JP Morgan ($11.8B, 4.2%), Barclays PLC ($11.2B, 4.0%), Northcross Capital Management ($9.3B, 3.4%), Citi ($8.7B, 3.1%), National Australia Bank Ltd ($8.6B, 3.1%) and ING Bank ($8.3B, 3.0%).
The largest increases among Issuers include: the Federal Reserve Bank of New York (up $53.6B to $201.7B), RBC (up $51.3B to $180.0B), JP Morgan (up $34.3B to $276.7B), Bank of America (up $20.0B to $126.9B), Wells Fargo (up $19.1B to $91.5B), Sumitomo Mitsui Banking Corp (up $9.8B to $71.0B), Citi (up $9.2B to $173.5B), Bank of Montreal (up $8.9B to $51.4B), BNP Paribas (up $5.8B to $152.0B) and Credit Agricole (up $5.7B to $70.4B).
The largest decreases among Issuers of money market securities (including Repo) in February were shown by: US Treasury (down $118.3B to $2.959T), Fixed Income Clearing Corp (down $30.7B to $871.0B), Barclays PLC (down $17.5B to $92.5B), Federal Home Loan Bank (down $11.4B to $649.0B), Toronto-Dominion Bank (down $3.0B to $51.5B), Australia & New Zealand Banking Group Ltd (down $3.0B to $31.9B), Goldman Sachs (down $2.4B to $97.8B), RBS (down $1.8B to $9.2B), Mizuho Corporate Bank Ltd (down $1.7B to $40.7B) and HSBC (down $1.2B to $29.3B).
The United States remained the largest segment of country-affiliations; it represents 80.0% of holdings, or $5.779 trillion. Canada (5.3%, $384.3B) was in second place, while France (4.5%, $324.7B) was No. 3. Japan (3.9%, $280.8B) occupied fourth place. The United Kingdom (2.4%, $170.4B) remained in fifth place. Australia (0.8%, $55.8B) was in sixth place, followed by Netherlands (0.8%, $55.5B), Germany (0.7%, $51.7B), Sweden (0.5%, $35.3B), and Spain (0.4%, $28.2B). (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 Feb. 28, 2025, Taxable money funds held 47.1% (up from 44.6%) of their assets in securities maturing Overnight, and another 11.8% maturing in 2-7 days (down from 11.8%). Thus, 58.9% in total matures in 1-7 days. Another 9.9% matures in 8-30 days, while 12.5% matures in 31-60 days. Note that over three-quarters, or 81.3% 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 7.5% of taxable securities, while 7.0% matures in 91-180 days, and just 4.1% matures beyond 181 days.
