Crane Data's latest Money Fund Market Share rankings show assets were up sharply for most U.S. money fund complexes in May. Money fund assets increased by $91.1 billion, or 2.6%, last month to $3.510 trillion. Assets have climbed by $208.9 billion, or 6.3%, over the past 3 months, and they have increased by $452.0 billion, or 14.8%, over the past 12 months through May 31, 2019. The biggest increases among the 25 largest managers last month were seen by BlackRock, Goldman Sachs, Fidelity, Federated, Wells Fargo and Invesco, which increased assets by $16.7 billion, $16.2B, $15.1B, $9.9B, $9.7B and $8.4B respectively. We review the latest market share totals below, and we also look at money fund yields in May.
The only declines in assets among the largest complexes in May were seen by JP Morgan, whose MMF assets dropped by $6.3 billion, or -2.0%, and Northern, which declined $1.1 billion, or -1.0%. 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 May 31, 2019, American Funds (up $113.0B, or 680.9%; these were inflated by the addition last month of the $108 billion American Funds Central Cash Fund though), Fidelity (up $92.9B, or 15.8%), Vanguard (up $75.1B, or 24.2%), Federated (up $62.7B, or 32.7%), Schwab (up $24.3B, or 17.7%), Goldman Sachs (up $23.0B, or 12.4%) and JP Morgan (up $21.2B, or 7.5%) were the largest gainers. These complexes were followed by Northern (up $14.1B, or 14.2%), First American (up $13.2B, or 25.5%), UBS (up $12.6B, or 27.8%) and Wells Fargo (up $11.8B, or 10.8%).
American Funds, Vanguard, Fidelity, Federated, Invesco and BlackRock had the largest money fund asset increases over the past 3 months, rising by $111.5B, $24.5B, $16.8B, $14.4B, $8.9B and $8.0B, respectively. The only decliners over 3 months were: Northern (down $2.2B, or -1.9%), T Rowe Price (down $1.5B, or -4.3%), Western (down $1.3B, or -5.8%), DWS (down $708M, or -3.1%) and DFA (down $173M, or -0.8%).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $680.2 billion, or 19.4% of all assets. That was up $15.1 billion in May, up $16.8 billion over 3 mos., and up $92.9B over 12 months. Vanguard ranked second with $385.7 billion, or 11.0% market share (up $2.7B, up $24.5B, and up $75.1B for the past 1-month, 3-mos. and 12-mos., respectively). JPMorgan was third with $304.7 billion, or 8.7% market share (down $6.3B, up $2.6B, and up $21.2B). BlackRock ranked fourth with $293.6 billion, or 8.4% of assets (up $16.7B, up $8.0B, and down $5.5B for the past 1-month, 3-mos. and 12-mos.), while Federated remained in fifth with $254.5 billion, or 7.3% of assets (up $9.9B, up $14.4B, and up $62.7B).
Goldman Sachs remained in sixth place with $208.4 billion, or 5.9% of assets (up $16.2 billion, up $9.9B and up $23.0B), while Dreyfus held on to seventh place with $162.1 billion, or 4.6% (up $3.9B, up $2.3B and down $3.3B). Schwab ($161.4B, or 4.6%) was in eighth place (up $5.3B, up $5.5B and up $24.3B), followed by American Funds, which jumped up to ninth place the previous month with the launch of a massive new internal money fund ($129.6B, or 3.7%, down $1M, up $111.5B and up $113.0B). Wells jumped up to 10th place ($121.3B, or 3.5%; up $9.7B, up $5.8B and up $11.8B).
The 11th through 20th-largest U.S. money fund managers (in order) include: Morgan Stanley ($118.8B, or 3.4%), Northern ($113.2B, or 3.2%), SSgA ($92.0B, or 2.6%), Invesco ($68.5B, or 2.0%), First American ($64.8B, or 1.8%), UBS ($57.9B, or 1.6%), T Rowe Price ($34.2B, or 1.0%), Franklin ($23.0B, or 0.7%), DWS ($22.0B, or 0.6%) and DFA ($21.7B, or 0.6%). Crane Data currently tracks 67 U.S. MMF managers, one fewer than last month.
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 Morgan Stanley and Northern move ahead of American Funds. 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 ($688.7 billion), J.P. Morgan ($453.6B), BlackRock ($440.6B), Vanguard ($385.7B) and Goldman Sachs ($314.2B). Federated ($264.3B) was sixth, Dreyfus/BNY Mellon ($180.5B) was in seventh, followed by Schwab ($161.4B), Morgan Stanley ($153.0B) and Northern ($137.7B) 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 June issue of our Money Fund Intelligence and MFI XLS, with data as of 5/31/19, shows lower yield in May across most of our taxable Crane Money Fund Indexes. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 748), fell 4 basis points to 2.07% for the 7-Day Yield (annualized, net) Average, and the 30-Day Yield decreased by 2 to 2.08%. The MFA's Gross 7-Day Yield decreased to 2.49%, while the Gross 30-Day Yield inched lower 2 bps to 2.50%.
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 2.22% (down 5 bps) and an average 30-Day Yield that decreased to 2.23%. The Crane 100 shows a Gross 7-Day Yield of 2.48% (down 5 bps), and a Gross 30-Day Yield of 2.49%. For the 1-year return through 5/31/19, our Crane MF Average returned 1.87% and our Crane 100 returned 2.04%. The total number of funds, including taxable and tax-exempt, increased by 1 to 933. There are currently 748 taxable, up by 1, and 185 tax-exempt money funds, unchanged.
Our Prime Institutional MF Index (7-day) yielded 2.28% (down by 3) as of May 31 while the Crane Govt Inst Index was 2.15% (down 4 bps) and the Treasury Inst Index was 2.11% (down 5 bps). Thus, the spread between Prime funds and Treasury funds is 17 basis points, while the spread between Prime funds and Govt funds is 13 basis points. The Crane Prime Retail Index yielded 2.10% (down 5 basis points), while the Govt Retail Index was 1.85% (down 4 bps) and the Treasury Retail Index was 1.86% (down 4 bps). The Crane Tax Exempt MF Index yield had a big drop in May to 1.09% (down 64 bps).
Gross 7-Day Yields for these indexes in May were: Prime Inst 2.60% (down 4 bps), Govt Inst 2.45% (down 4 bps), Treasury Inst 2.42% (down 5 bps), Prime Retail 2.60% (down 5 bps), Govt Retail 2.45% (down 3 bps) and Treasury Retail 2.44% (down 4 bps). The Crane Tax Exempt Index decreased 67 basis points to 1.55%. The Crane 100 MF Index returned on average 0.19% over 1-month, 0.57% over 3-months, 0.92% YTD, 2.04% over the past 1-year, 1.16% over 3-years (annualized), 0.72% over 5-years, and 0.39% over 10-years. (Contact us if you'd like to see our latest MFI XLS, Crane Indexes or Market Share report.)
