Crane Data published its latest Weekly Money Fund Portfolio Holdings statistics Tuesday, which track a shifting subset of our monthly Portfolio Holdings collection. The most recent cut (with data as of March 14) includes Holdings information from 57 money funds (up 2 from two weeks ago), or $3.551 trillion (up from $3.133 trillion) of the $7.326 trillion in total money fund assets (or 48.5%) tracked by Crane Data. (Note: Our Weekly MFPH are e-mail only and aren't available on the website. See our latest Monthly Money Fund Portfolio Holdings here and our March 12 News, "March Money Fund Portfolio Holdings: Repo Surges, Treasuries Plunge.") (Please join us for next week's Bond Fund Symposium, which is March 27-28 in Newport Beach, Calif.)
Our latest Weekly MFPH Composition summary shows Government assets dominating the holdings list with Treasuries totaling $1.706 trillion (up from $1.466 trillion two weeks ago), or 48.0%; Repurchase Agreements (Repo) totaling $1.214 trillion (up from $1.140 trillion two weeks ago), or 34.2%, and Government Agency securities totaling $287.7 billion (up from $284.3 billion), or 8.1%. Commercial Paper (CP) totaled $139.2 billion (up from two weeks ago at $110.8 billion), or 3.9%. Certificates of Deposit (CDs) totaled $82.1 billion (up from $54.5 billion two weeks ago), or 2.3%. The Other category accounted for $86.6 billion or 2.4%, while VRDNs accounted for $36.0 billion, or 1.0%.
The Ten Largest Issuers in our Weekly Holdings product include: the US Treasury with $1.706 trillion (48.0% of total holdings), Fixed Income Clearing Corp with $332.8B (9.4%), the Federal Home Loan Bank with $187.7 billion (5.3%), JP Morgan with $121.0B (3.4%), Citi with $86.9B (2.4%), BNP Paribas with $81.7B (2.3%), RBC with $66.7B (1.9%), Federal Farm Credit Bank with $66.2B (1.9%), Wells Fargo with $62.0B (1.7%) and Bank of America with $46.3B (1.3%).
The Ten Largest Funds tracked in our latest Weekly include: JPMorgan US Govt MM ($299.3B), Goldman Sachs FS Govt ($276.4B), JPMorgan 100% US Treas MMkt ($259.3B), Fidelity Inv MM: Govt Port ($232.2B), Morgan Stanley Inst Liq Govt ($179.4B), BlackRock Lq FedFund ($171.3B), State Street Inst US Govt ($165.8B), BlackRock Lq Treas Tr ($154.0B), Fidelity Inv MM: MM Port ($153.1B) and Dreyfus Govt Cash Mgmt ($129.0B). (Let us know if you'd like to see our latest domestic U.S. and/or "offshore" Weekly Portfolio Holdings collection and summary.)
In related news, ICI also released its latest monthly "Money Market Fund Holdings" summary, which reviews the aggregate daily and weekly liquid assets, regional exposure, and maturities (WAM and WAL) for Prime and Government money market funds. It tells us, "The Investment Company Institute (ICI) reports that, as of the final Friday in February, prime money market funds held 45.0 percent of their portfolios in daily liquid assets and 60.8 percent in weekly liquid assets, while government money market funds held 76.3 percent of their portfolios in daily liquid assets and 87.3 percent in weekly liquid assets.." Prime DLA was up from 44.5% in January, and Prime WLA was up from 60.4%. Govt MMFs' DLA fell from 77.4% and Govt WLA was down from 88.0% for the previous month.
ICI explains, "At the end of February, prime funds had a weighted average maturity (WAM) of 30 days and a weighted average life (WAL) of 50 days. Average WAMs and WALs are asset-weighted. Government money market funds had a WAM of 37 days and a WAL of 91 days.” Prime WAMs and WALs were unchanged from the previous month. Govt WAMs were 3 days shorter and WALs were 2 days shorter from January.
Regarding Holdings by Region of Issuer, the release tells us, "Prime money market funds' holdings attributable to the Americas rose from $580.55 billion in January to $597.94 billion in February. Government money market funds' holdings attributable to the Americas rose from $5,228.15 billion in January to $5,232.25 billion in February."
The Prime Money Market Funds by Region of Issuer table shows Americas-related holdings at $597.9 billion, or 54.0%; Asia and Pacific at $186.6 billion, or 16.8%; Europe at $292.2 billion, or 26.4%; and, Other (including Supranational) at $30.5 billion, or 2.7%. The Government Money Market Funds by Region of Issuer table shows Americas at $5.232 trillion, or 91.0%; Asia and Pacific at $132.4 billion, or 2.3%; Europe at $363.2 billion, 6.3%, and Other (Including Supranational) at $22.3 billion, or 0.4%.
Finally, Bloomberg writes, "JPMorgan Sued Over Stable Value Fund in $44 Billion 401(k)," which says, "JPMorgan Chase Bank NA was sued Friday by a former employee who says the bank's $44 billion 401(k) plan improperly offers an in-house stable value fund that underperforms competitors. The lawsuit takes aim at the JPMorgan Stable Value Fund, which plaintiff Alexandro Gonzalez says provided significantly lower rates of return than similar options available from other companies while exposing workers to greater risk."
