The Investment Company Institute released its latest weekly and monthly statistics on money market mutual funds yesterday afternoon. The September totals showed the largest decline in money fund assets since September 2008, $126.7 billion, while the latest weekly numbers showed assets declining marginally, down $2.27 billion to $3.370 trillion, in the week ended October 28. ICI also released its "Portfolio Holdings of Taxable Money Funds" statistics, which show that CDs were the only segment to show growth during September while Repo holdings plunged.
Certificates of Deposit (CD), including Eurodollar CD, holdings rose $11.4 billion to $650.4 billion, or 21.6%, becoming the largest holding in money funds for the first time ever. U.S. Government Agency Securities, at $648.7 billion, or 21.6%, ranked a close second in holdings among the $3.008 trillion in taxable money market funds as of Sept. 30. Government Agency holdings have fallen by $124.8 billion year-to-date, but they remain $118.7 billion above their level of a year ago. CD holdings are $172.0 billion higher than their year ago level.
Commercial Paper ranks third among taxable money fund holdings categories with $523.7 billion, or 17.4%, which represents approximately 40.9% of the $1.280 trillion CP market (see Fed statistics here). Holdings of Repurchase Agreements (Repo) plunged in September, falling $82.3 billion to $505.3 billion, or 16.8% (4th place) of money funds. Treasury Bills and Securities totalled $435.4 billion, or 14.5% of holdings (5th), while Corporate and Bank Notes ($121.7 billion and $49.9 billion, or 4.0% and 1.7%, respectively), and Other securities rounded out the totals.
Year-to-date through Sept. 30, ICI's monthly stats show money fund assets have declined by $406.9 billion, or 10.6%, while YTD through Oct. 28, Crane Data's calculations on ICI's stats show money funds down by $460 billion, or 12%. Institutional assets have declined by $212 billion, or 8.5%, while Retail assets have declined by $258 billion, or 19.1%. ICI's monthly statistics also show that "Liquid Assets of Stock Mutual Funds, which track the percent of "cash", has returned to near record lows at 3.8% of assets.
