Crane Data's latest Money Fund Market Share rankings show assets were mixed for most U.S. money fund complexes in April, with the exception of American Funds, who saw assets jump $108 billion with the addition of the new American Funds Central Cash Fund. Money fund assets increased by $105.7 billion, or 3.1%, last month to $3.411 trillion. Assets have climbed by $164.9 billion, or 5.1%, over the past 3 months, and they have increased by $406.9 billion, or 13.5%, over the past 12 months through April 30, 2019. The biggest increases among the 25 largest managers last month were seen by American Funds, JP Morgan, Dreyfus, SSGA and Wells Fargo, which increased assets by $108.1 billion, $15.4B, $3.7B, $2.8B and $2.7B, respectively. We review the latest market share totals below, and we also look at money fund yields in April.
The most noticeable declines in assets among the largest complexes in April were seen by Goldman Sachs, whose MMF assets dropped by $8.0 billion, or -4.0%, Fidelity, which fell $6.5 billion, or -1.0%, BlackRock, which decreased $5.9 billion, or -2.1%, and Northern, which declined $4.7 billion, or -4.0%. Our domestic U.S. "Family" rankings are available in our MFI XLS product, our global rankings are available in our MFI International product. The combined "Family & Global Rankings" are available to Money Fund Wisdom subscribers.
Over the past year through April 30, 2019, American Funds (up $109.1B, or 662.1%), Fidelity (up $83.9B, or 14.4%), Vanguard (up $61.9B, or 19.9%), Federated (up $53.4B, or 27.9%), JP Morgan (up $52.6B, or 20.4%) Northern (up $18.3B, or 19.0%) and Goldman Sachs (up $18.2B, or 10.5%) were the largest gainers. These complexes were followed by Schwab (up $17.2B, or 12.4%), UBS (up $13.6B, or 30.0%), First American (up $10.3B, or 19.9%) and Wells Fargo (up $10.1B, or 10.0%).
American Funds, Vanguard, JP Morgan, Federated and SSgA had the largest money fund asset increases over the past 3 months, rising by $107.6B, $20.7B, $18.9B, $12.8B, and $4.4B, respectively. The biggest decliners over 3 months include: Goldman Sachs (down $5.1B, or -2.6%), Northern (down $3.7B, or -3.1%), Wells Fargo (down $2.7B, or -2.3%), DWS (down $2.6B, or -11.1%) and Dreyfus (down $1.7B, or -1.1%).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $664.8 billion, or 19.5% of all assets. That was down $6.5 billion in March, up $1.9 billion over 3 mos., and up $83.9B over 12 months. Vanguard ranked second with $372.2 billion, or 10.9% market share (down $164M, up $20.7B, and up $61.9B for the past 1-month, 3-mos. and 12-mos., respectively). JPMorgan was third with $310.9 billion, or 9.1% market share (up $15.4B, up $18.9B, and up $52.6B). BlackRock ranked fourth with $276.9 billion, or 8.1% of assets (down $5.9B, up $429M, and down $20.4B for the past 1-month, 3-mos. and 12-mos.), while Federated remained in fifth with $244.5 billion, or 7.2% of assets (up $618M, up $12.8B, and up $53.4B).
Goldman Sachs remained in sixth place with $192.2 billion, or 5.6% of assets (down $8.0 billion, down $5.2B, and up $18.2B), while Dreyfus moved up to seventh place with $160.7 billion, or 4.7% (up $3.7B, down $1.7B and down $6.9B). Schwab ($156.1B, or 4.6%) was in eighth place (down $1.8B, down $1.2B and up $17.2B), followed by American Funds, which jumped up to ninth place with the launch of a massive new internal money fund ($125.6B, or 3.7%, up $108.1B, up $107.6B, and up $109.1B). Northern was in 10th place ($14.5B, or 3.4%, down $4.7B, down $3.7B, and up $18.3B).
The 11th through 20th-largest U.S. money fund managers (in order) include: Morgan Stanley ($113.4B, or 3.5%), Wells Fargo ($111.5B, or 3.3%), SSgA ($88.9B, or 2.6%), First American ($61.7B, or 1.8%), Invesco ($60.2B, or 1.8%), UBS ($59.0B, or 1.7%), T Rowe Price ($35.8B, or 1.1%), Franklin ($24.2B, or 0.7%), DFA ($22.7B, or 0.7%), and DWS ($20.8B, or 0.6%). Crane Data currently tracks 68 U.S. MMF managers.
When European and "offshore" money fund assets -- those domiciled in places like Ireland, Luxembourg, and the Cayman Islands -- are included, the top 10 managers match the U.S. list, except JPMorgan and BlackRock move ahead of Vanguard, Goldman moves ahead of Federated, and Dreyfus/BNY Mellon moves ahead of Schwab. Our Global Money Fund Manager Rankings include the combined market share assets of our MFI XLS (domestic U.S.) and our MFI International ("offshore") products.
The largest Global money market fund families include: Fidelity ($673.4 billion), J.P. Morgan ($465.9B), BlackRock ($419.8B), Vanguard ($372.2B) and Goldman Sachs ($295.9B). Federated ($254.1B) was sixth, Dreyfus/BNY Mellon ($179.0B) was in seventh, followed by Schwab ($156.1B), Morgan Stanley ($144.3B), and Northern ($137.9B) which round out the top 10. These totals include "offshore" U.S. Dollar money funds, as well as Euro and Pound Sterling (GBP) funds converted into U.S. dollar totals.
The May issue of our Money Fund Intelligence and MFI XLS, with data as of 4/30/19, shows little changes in yield in April across most of our taxable Crane Money Fund Indexes. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 747), remained at 2.10% for the 7-Day Yield (annualized, net) Average, and the 30-Day Yield increased by one to 2.09%. The MFA's Gross 7-Day Yield decreased to 2.52%, while the Gross 30-Day Yield inched up one bp to 2.52%.
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 2.26% (down one bp) and an average 30-Day Yield that increased to 2.26%. The Crane 100 shows a Gross 7-Day Yield of 2.53% (down 1), and a Gross 30-Day Yield of 2.52%. For the 1-year return through 4/30/19, our Crane MF Average returned 1.81% and our Crane 100 returned 1.99%. The total number of funds, including taxable and tax-exempt, decreased by 14 to 932. There are currently 747 taxable, down by 8, and 185 tax-exempt money funds, down by 6.
Our Prime Institutional MF Index (7-day) yielded 2.31% (up by 5) as of April 30 while the Crane Govt Inst Index was 2.19% (unchanged) and the Treasury Inst Index was down by 2 at 2.15%. Thus, the spread between Prime funds and Treasury funds is 16 basis points, while the spread between Prime funds and Govt funds is 12 basis points. The Crane Prime Retail Index yielded 2.15% (up 2 basis point), while the Govt Retail Index remained unchanged at 1.86% and the Treasury Retail Index was 1.91% (down 1 bp). The Crane Tax Exempt MF Index yield had a big jump in April to 1.72% (up 63 bps).
Gross 7-Day Yields for these indexes in April were: Prime Inst 2.65% (unchanged), Govt Inst 2.48% (down 1 bp), Treasury Inst 2.46% (down 2 bps), Prime Retail 2.64% (up 1 bp), Govt Retail 2.46% (up 2 bps), and Treasury Retail 2.47% (down 1 bp). The Crane Tax Exempt Index increased 19 basis points to 1.83%. The Crane 100 MF Index returned on average 0.19% over 1-month, 0.55% over 3-months, 0.74% YTD, 1.99% over the past 1-year, 1.10% over 3-years (annualized), 0.68% over 5-years, and 0.37% over 10-years. (Contact us if you'd like to see our latest MFI XLS, Crane Indexes or Market Share report.)
