On Friday, Crane Data published the August issue of its flagship Money Fund Intelligence newsletter. The latest edition features the articles: "MFI Subs See Low Rates as Biggest Challenge," which reveals a survey of readers' opinions on the SEC's Money Market Fund Reform Proposals; "DB Advisors Meets Thirst for Liquidity, Knowledge," which interviews Deutsche's Joe Benevento and Joe Sarbinowski; and "Online Portal Share Inches Up, Growth Stalls," which discusses recent statistics on money market fund trading "portals."
Every issue of Money Fund Intelligence also features news, indexes, and performance information on over 1,300 money market mutual funds. Statistics include: assets, average maturity, expense ratio, 7-day yield, 30-day yield, 1-month return, 3-mo, YTD, 1-year, 3-yr, 5-yr, 10-yr, and since inception returns. MFI also contains tables of the top-yielding and largest money funds, top-yielding bank deposits, brokerage sweep rates, and our benchmark Crane Money Fund Indexes.
Our latest monthly statistics show the Crane Money Fund Average, our broadest measure of taxable money funds, declining to a record low 0.09% (7-day simple annualized yield) as of July 31, 2009. The Crane 100 Money Fund Index, an average of the largest money funds, saw its 7-day yield decline to 0.16% at month-end, down from 2.24% a year ago and 5.00% two years ago. The Crane Institutional MF Index ended the month with a yield (7-day) of 0.14% while the Crane Retail MF Index fell to 0.04%. The Crane Tax-Exempt MF Index ended the month yielding 0.14%.
The Crane 100 MF Index had a 30-day yield (annualized) of 0.18% as of July 31, 2009. This average's 1-month return (unannualized) was 0.02%; its 3-month return was 0.07%; and its year-to-date return was 0.27%. Over the past year, the Crane 100 returned, on average, 1.08%, over 3 years its annualized return was 3.28%, over 5 years 3.21%, and over 10 years it was 3.11%. The Gross 7-Day Yield, which estimates the average yields before expenses are deducted, of the Crane 100 was 0.51% at the latest month-end.
The lead article in the August MFI says, "Crane Data recently surveyed MFI subscribers and readers of our website at www.cranedata.com about the SEC's recent Money Market Fund Reform Proposals and issues facing money funds. The responses indicate that ultra-low interest rates have surpassed regulatory changes as the most important issue facing money funds, and that the proposals overall are rated relatively favorably." Look for more excerpts from MFI in coming days, or e-mail Pete to request the latest issue.
