The September issue of Crane Data's Money Fund Intelligence newsletter gets e-mailed to subscribers this morning along with our August 31 performance data, rankings and indexes. The latest publication includes the articles, "Assets Rebound in August, But Worries Remain," which discusses the rebound in assets in August; "Waddell & Reed's Stevovich & Saxer," our monthly fund "profile" and manager interview; and, "SEC Taking 'Deliberative Approach' on Reforms," which reviews the recent exchange between Mary Schapiro and a Congressional subcommittee over the floating NAV.
The lead article says, "After getting beaten up by Europe concerns in June and debt ceiling concerns in July, money market mutual funds had a surprisingly positive August, at least as far as asset flows were concerned. Money market mutual fund assets increased by $58.2 billion during the month, the largest increase since January 2009. Money funds recovered just over half of their $106.7 billion July decline when concerns over the U.S. Treasury defaulting caused large outflows from Treasury and Government funds."
The September issue also interview Waddell & Reed Portfolio Manager Mira Stevovich and Assistant Portfolio Manager Sabrina Saxer. It says, "Waddell, founded in 1937, is one of the oldest mutual fund complexes in the United States. The advisor introduced its first money market fund in 1979."
Finally, we write, "SEC Chairman Mary Schapiro wrote a letter last Friday responding to a recent House Subcommittee's questions over the SEC's continued discussion of the floating NAV as a possible regulatory change for money market mutual funds. Schapiro wrote to The Honorable Scott Garrett, Chairman of the Subcommittee on Capital Markets and Government Sponsored Enterprises in the U.S. House of Representatives, saying, "Thank you for your letter dated August 12, 2011, regarding the Commission's continuing review of the regulation of money market funds, including the Commission's consideration of whether to require money market funds to use "floating" net asset values."
Our monthly Money Fund Intelligence XLS, which contains a host of performance statistics on money funds, rankings and our Crane Indexes, will be uploaded to the website and e-mailed to clients shortly, and our Money Fund Wisdom database has been updated with August 31, 2011 data. Note that our August 31 Money Fund Portfolio Holdings data set will be available to subscribers next Thurday, Sept. 15.
