Money market mutual fund assets tracked by Crane Data's Money Fund Intelligence Daily rose by $17.6 billion to $2.655 trillion in the week ended July 9. On Friday, however, assets declined by $2.1 billion. Yields continued to claw their way higher. Our Crane 100 Money Fund Index rose by one basis point to 0.09% last week. Yields rose by 0.01% in June too reports our latest Money Fund Intelligence monthly, but assets declined by $27.9 billion during June.
Prime Institutional money funds accounted for all of the inflows on the week, rising $19.6 billion to $902.1 billion. On Friday, the Prime Inst inflows reversed and assets fell by $839 million. The Crane Prime Institutional MF Index, an average of 163 general purpose funds sold to corporations and large investors, rose by one basis point to 0.14% on the week. (This is the indexes' annualized 7-day net yield as of July 9; the 30-day yield, or average annualized return over the past 30 days, was 0.13%.)
Treasury and Government Institutional funds continued to see outflows, falling by $3.0 billion and $1.6 billion, respectively, last week. The Crane Treasury Inst MF Index continued to yield (7-day annualized) a mere 0.01%, while the Crane Government Inst MF Index yielded 0.04%, up 0.01% from the prior week. Our MFI Daily Treasury Inst Index includes 91 funds with $261.9 billion, while our MFI Govt Inst Index includes 92 funds with $368.3 billion in assets.
The Crane Prime Retail MF Index added $2.26 billion to $600.1 billion last week and averaged a yield of 0.02% (unchanged on the week). The Crane Treasury Retail MF Index added $288 million to $80.2 billion and averaged a yield of 0.01%, while the Crane Government Retail MF Index added $948 million to $103.5 billion and averaged a yield of 0.01%. Our Crane Tax Exempt MF Index saw assets decline by $881 million to $338.5 billion; the average tax-exempt money funds' yield fell slightly to 0.04%.
In June, our Crane 100 Money Fund Index saw its yield inch higher to 0.08%. On the month, the Crane 100, an average of the 100 largest taxable money funds, returned 0.01% (unannualized). For 3 months, the Crane 100 returned 0.02%; YTD it returned 0.03%. Over 1 year, the index returned 0.09%; over 3 years it returned 1.76% (average annualized); over 5 years it returned 2.85%; and over 10 years the Crane 100 returned 2.61%.
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