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 August 22) includes Holdings information from 74 money funds (up 12 from a week ago), or $4.250 trillion (up from $3.764 trillion) of the $7.540 trillion in total money fund assets (or 56.4%) 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 August 12 News, "August Money Fund Portfolio Holdings: Repo Plummets, T-Bills Surge.")
Our latest Weekly MFPH Composition summary shows Government assets dominating the holdings list with Treasuries totaling $1.953 trillion (up from $1.768 trillion a week ago), or 46.0%; Repurchase Agreements (Repo) totaling $1.518 trillion (up from $1.341 trillion a week ago), or 35.7%, and Government Agency securities totaling $362.8 billion (up from $326.5 billion a week ago), or 8.5%. Commercial Paper (CP) totaled $183.2 billion (up from $148.0 billion a week ago), or 4.3%. Certificates of Deposit (CDs) totaled $99.9 billion (up from $79.9 billion a week ago), or 2.4%. The Other category accounted for $78.8 billion or 1.9%, while VRDNs accounted for $54.0 billion or 1.3%.
The Ten Largest Issuers in our Weekly Holdings product include: the US Treasury with $1.953 trillion (46.0% of total holdings), Fixed Income Clearing Corp with $488.3B (11.5%), the Federal Home Loan Bank with $224.8B (5.3%), JP Morgan with $130.0B (3.1%), BNP Paribas with $108.9B (2.6%), Citi with $104.2B (2.5%), RBC with $95.6B (2.2%), Federal Farm Credit Bank with $91.6B (2.2%), Wells Fargo with $81.2B (1.9%) and Bank of America with $61.1B (1.4%).
The Ten Largest Funds tracked in our latest Weekly include: JPMorgan US Govt MM ($301.2B), JPMorgan 100% US Treas MMkt ($266.6B), Fidelity Inv MM: Govt Port ($266.1B), Goldman Sachs FS Govt ($238.1B), BlackRock Lq FedFund ($184.0B), Federated Hermes Govt ObI ($181.0B), Morgan Stanley Inst Liq Govt ($169.6B), State Street Inst US Govt ($162.8B), Fidelity Inv MM: MM Port ($161.3B) and BlackRock Lq Treas Tr ($156.7B). (Let us know if you'd like to see our latest domestic U.S. and/or "offshore" Weekly Portfolio Holdings collection and summary.)
In other news, a press release, entitled, "FDIC-Insured Institutions Reported Return on Assets of 1.13 Percent and Net Income of $69.9 Billion in Second Quarter 2025," comments, "The Federal Deposit Insurance Corporation (FDIC) today released the results of its latest Quarterly Banking Profile, a comprehensive summary of financial results based on reports from 4,421 insured commercial banks and savings institutions. In second quarter 2025, insured depository institutions reported a return on assets (ROA) ratio of 1.13 percent and aggregate net income of $69.9 billion, a decrease of $677.3 million (1 percent) from the prior quarter. Net income for the industry would have increased absent an increase in provision expenses related to a large bank acquisition."
It says, "The Deposit Insurance Fund Reserve Ratio Increased Five Basis Points to 1.36 Percent: In the second quarter, the Deposit Insurance Fund balance increased $4.4 billion to $145.3 billion. The reserve ratio increased 5 basis points during the quarter to 1.36 percent. As of June 30, 2025, the reserve ratio exceeded the statutory minimum and, beginning with third quarter 2025, the FDIC will no longer be operating under the Restoration Plan."
The release continues, "The industry reported a quarterly increase in net interest income (up $2.9 billion, or 1.6 percent) as interest income increased more than interest expense. The net interest margin (NIM) was relatively flat, up by one basis point to 3.26 percent, which is above the pre-pandemic average of 3.25 percent. The community bank NIM of 3.62 percent increased 16 basis points from the prior quarter, increasing for the fifth consecutive quarter and approaching the pre-pandemic average of 3.63 percent."
It adds, "Domestic deposits increased $101.5 billion (0.6 percent) from first quarter 2025, rising for a fourth consecutive quarter. Estimated uninsured domestic deposits increased $186.4 billion (2.4 percent), offsetting a $87.3 billion (0.8 percent) decline in insured domestic deposits.... The total number of FDIC-insured institutions declined by 41 during the second quarter to 4,421. During the quarter, two banks opened, one bank failed, five banks were sold to non-FDIC-insured institutions, and 37 institutions merged with other banks."
Finally, one year ago, we wrote the August 27, 2024 Crane Data News piece, "Prime Inst Exits Take Effect: Allspring, DWS, UBS; NY Fed RRP Updates." It says, "While we haven't seen any more SEC filings announcing exits from the Prime Institutional money fund sector since early this month (see our Aug. 6, 2024 News, "DFA Short-Term Investment Fund Converts to Ultra-Short; FT on Flows"), we have seen a number of previously announced exits and mergers take place over the past 2 weeks. On Friday, the Prime Institutional UBS Select Prime Money Mkt Inst (SELXX, $5.196B) merged into the Prime Retail UBS Prime Reserves Fund and the Prime Inst UBS Select Prime Money Mkt Pref (SPPXX, $3.215B) merged into the Prime Retail UBS Prime Preferred Fund. Earlier in August, DWS ESG Liquidity Cap (ESIXX), DWS ESG Liquidity Inst (ESGXX) and DWS Liquidity Inst Res (ESRXX) all liquidated on 8/14/2024. Also, on 8/16, Allspring Heritage Adm (SHMXX) merged into Allspring Govt MM Adm (WGAXX), Allspring Heritage I (SHIXX) merged into Allspring Govt MM Inst (GVIXX), Allspring Heritage Sel (WFJXX) merged into Allspring Govt MM Sel (WFFXX) and Allspring Heritage Svc (WHTXX) merged into Allspring Govt MM Svc (NWGXX). We've made these changes in our Money Fund Intelligence Daily product, and they will also be reflected in the upcoming MFI XLS monthly when it ships in early September [2024]. Later this week, we'll see Invesco Liquid Assets Institutional (LAPXX), Invesco STIC Prime Institutional (SRIXX) and UBS Limited Purpose Cash Inv Fund (UBS03) liquidate.
The article from a year ago continues, "One way to monitor the exits and changes (besides watching our products) is to watch the Federal Reserve Bank of New York's list of "Reverse Repo Counterparties." Their most recent statement says, "Prime Master Fund managed by UBS Asset Management is no longer a reverse repo counterparty, effective August 26." They wrote about previous changes, "Allspring Heritage Money Market Fund is no longer a reverse repo counterparty, effective August 19," "DFA Short Term Investment Fund of The DFA Investment Trust Company is no longer a reverse repo counterparty, effective August 1," and "Federated Hermes Institutional Prime Value Obligations Fund is no longer a reverse repo counterparty, effective July 29."
It adds, "For more, see the Crane Data News updates, "First American Inst Prime Obligations to Invest Solely in Liquid Assets" (7/23/24), "Schwab, JPM, Meeder Announce Prime Inst Conversions to Government" (7/18/24), "Invesco Files to Liquidate Prime Inst MMFs; UBS MF Converting to Retail" (6/13/24), "BlackRock Liquidates TempFund, LEAF" (6/10/24), "Federated Hermes Merging Prime Inst Money Funds; Prime Value To POF" (6/6/24), "Allspring to Merge Heritage MMF Into Govt MMF; UBS Converting Fund" (6/3/24), "DWS Liquidating ESG Liquidity Fund, 7th Prime Inst to Exit" (5/22/24), "Dreyfus Files to Liquidate Cash Management Prime Inst MMF, Tax Exempt" (5/13/24), "Goldman Files to Liquidate Prime Inst MMFs; Barron's: MMFs Tempting" (4/22/24), "Federated Liquidating Money Mkt Trust" (4/1/24), "Vanguard Market Liquidity Fund Files to Go Government, Joins American" (3/20/24) and "American Funds Central Cash to Convert to Govt to Avoid Liquidity Fees" (2/6/24).
