Money fund holdings of Repurchase Agreements plunged in March according to the Investment Company Institute's latest "Month-End Portfolio Holdings of Taxable Money Market Funds". ICI's monthly statistics showed jumps in Other Treasury Securities, U.S. Government Agency Securities and Cash Reserves, as well as increases CDs and Eurodollar CDs. ICI also released monthly asset figures for March, which showed a modest decline, weekly asset figures, which showed a jump in MMF assets in the latest week, and quarterly statistics on worldwide mutual funds which showed declines.
Repos held in taxable money funds declined by $51.3 billion, or 10.3%, in March to $448.1 billion, which represents 18.6% of funds' holdings. Certificates of Deposit remained the largest holding in money funds with $574.7 billion, or 23.8%. (This total includes $109.7 billion in Eurodollar CDs.) CD holdings grew by $11.2 billion in March. Commercial Paper remained the third largest segment (after Repo) in taxable money funds, accounting for $406.2 billion, or 16.8% of the $2.411 trillion total.
ICI's report shows that Government Agency holdings, the fourth largest sector in money funds, rose by $13.1 billion, or 3.6%, in March to $381.0 billion, or 15.8% of assets. U.S. Treasury Bills and Other Treasury Securities accounted for $344.6 billion, or 14.3% of assets. Treasury holdings increased by $12.1 billion, or 3.6%. Corporate Notes and Bank Notes in money funds added up to $156.8 billion, or 6.5%, and Other holdings totaled $85.2 billion, or 3.5%. (See Crane Data's latest Money Fund Portfolio Holdings series for information on individual securities held in money funds and look for next week's May Money Fund Intelligence XLS for April data on fund Portfolio Composition.)
ICI's March "Trends in Mutual Fund Investing" says, "The combined assets of the nation's mutual funds increased by $49.4 billion, or 0.4 percent, to $12.171 trillion in March.... Money market funds had an outflow of $14.62 billion in March, compared with an inflow of $11.92 billion in February. Funds offered primarily to institutions had an outflow of $7.13 billion. Funds offered primarily to individuals had an outflow of $7.48 billion." ICI continues to show "Liquid Assets of Stock Mutual Funds" near record low levels at 3.4%.
The Investment Company Institute's latest weekly "Money Market Mutual Fund Assets" report says, "Total money market mutual fund assets increased by $16.81 billion to $2.727 trillion for the week ended Wednesday, April 27.... Taxable government funds increased by $870 million, taxable non-government funds increased by $20.81 billion, and tax-exempt funds decreased by $4.88 billion."
Also, ICI's quarterly "Worldwide Mutual Fund Assets And Flows" shows total worldwide money fund assets at $4.531 trillion as of Q4 2010 and says, "Mutual fund assets worldwide increased 4.2 percent to $24.70 trillion at the end of the fourth quarter of 2010.... Outflows from money market funds were $56 billion in the fourth quarter, about on par with the $44 billion of outflows in the third quarter, but below the quarterly pace of $327 billion of outflows set in the first half of the year. For the full year, net outflows from money market funds in 2010 were $753 billion." The ICI's full worldwide totals may be seen here.
Finally, look for more statistics and news from the Investment Company Institute, which is the mutual fund industry's trade group, next week. ICI is expected to release its annual "Mutual Fund Fact Book" next week to coincide with the opening of the Institute's General Membership Meeting, the largest gathering of mutual fund professionals of the year. (We'll be covering in next week's Money Fund Intelligence.)
