The Investment Company Institute released its monthly "Trends in Mutual Fund Investing" and its latest monthly "Month-End Portfolio Holdings of Taxable Money Funds" reports yesterday. The latest numbers show money fund assets jumping $41.5 billion to $3.202 trillion in June. This follows increases of $89.3 billion in May, a decrease of $8.8 billion in April and $11.5 billion in March, and an increase of $45.5 billion in February. In the 12 months through June 30, 2019, money fund assets have increased by $381.0 billion, or 13.5%.

The release states, "The combined assets of the nation's mutual funds increased by $777.62 billion, or 4.1 percent, to $19.87 trillion in June, according to the Investment Company Institute's official survey of the mutual fund industry. In the survey, mutual fund companies report actual assets, sales, and redemptions to ICI."

It explains, "Bond funds had an inflow of $14.49 billion in June, compared with an inflow of $14.30 billion in May.... Money market funds had an inflow of $37.93 billion in June, compared with an inflow of $86.12 billion in May. In June funds offered primarily to institutions had an inflow of $24.10 billion and funds offered primarily to individuals had an inflow of $13.83 billion."

The latest statistics show that Taxable and Tax Exempt MMFs gained assets last month. Taxable MMFs increased by $40.8 billion in June to $3.065 trillion. Tax-Exempt MMFs increased $0.7 billion in June to $136.4 billion. Taxable MMF assets increased year-over-year by $380.4 (14.2%). Tax-Exempt funds rose by $0.7 billion over the past year (0.5%). Bond fund assets increased by $62.5 billion in June (1.4%) to $4.440 trillion; they've risen by $326.7 billion (7.9%) over the past year.

Money funds represent 16.1% of all mutual fund assets (down from 16.6% the previous month), while bond funds account for 22.3%, according to ICI. The total number of money market funds was 367, down one fund from May and down from 383 a year ago. Taxable money funds numbered 286 funds, and tax-exempt money funds remained at 81 funds.

ICI's "Month-End Portfolio Holdings" update show a jump in CDs and Repo last month. Repurchase Agreements remained in first place among composition segments; they increased by $10.7 billion, or 1.0%, to $1.134 trillion, or 37.0% of holdings. Repo holdings have risen by $225.3 billion, or 24.8%, over the past year.

Treasury holdings in Taxable money funds dropped by $5.4 billion, or -0.7%, to $742.7 billion, or 24.2% of holdings. Treasury securities have increased by $14.5 billion, or 2.0%, over the past 12 months. U.S. Government Agency securities were the third largest segment; they decreased $12.2 billion, or -1.8%, to $675.8 billion, or 22.0% of holdings. Agency holdings have risen by $12.5 billion, or 1.9%, over the past 12 months.

Certificates of Deposit (CDs) stood in fourth place; they increased by $20.2 billion, or 8.4%, to $260.5 billion (8.5% of assets). CDs held by money funds have grown by $80.8 billion, or 45.0%, over 12 months. Commercial Paper remained in fifth place, up $2.7 billion, or 1.2%, to $226.2 billion (7.4% of assets). CP has increased by $56.5 billion, or 33.3%, over one year. Notes (including Corporate and Bank) were up $1.7 billion, or 22.4%, to $9.2 billion (0.3% of assets), while Other holdings increased to $13.3 billion.

The Number of Accounts Outstanding in ICI's series for taxable money funds increased by 268.3 thousand to 35.119 million, while the Number of Funds decreased by one to 286. Over the past 12 months, the number of accounts rose by 2.775 million and the number of funds decreased by 13. The Average Maturity of Portfolios was 30 days, the same as May. Over the past 12 months, WAMs of Taxable money funds have decreased by 1 day.

In other news, Crane Data published its latest Weekly Money Fund Portfolio Holdings statistics and summary Tuesday. Our weekly holdings track a shifting subset of our monthly Portfolio Holdings collection, and the latest cut (with data as of July 26) includes Holdings information from 67 money funds (down from 81 last week), representing $1.328 trillion (down from $1.803 trillion a week ago) of the $3.402 trillion (39.0%) in total money fund assets tracked by Crane Data.

Our latest Weekly MFPH Composition summary again shows Government assets dominating the holdings list with Repurchase Agreements (Repo) totaling $551.6 billion (down from $718.9 billion a week ago), or 41.5%, Treasury debt totaling $393.0 billion (down from $513.8 billion) or 29.6%, and Government Agency securities totaling $224.2 billion (down from $301.3 billion), or 16.9%. Commercial Paper (CP) totaled $59.0 billion (down from $90.7 billion), or 4.4%, and Certificates of Deposit (CDs) totaled $55.3 billion (down from $87.0 billion), or 4.2%. A total of $27.3 billion or 2.1%, was listed in the Other category (primarily Time Deposits), and VRDNs accounted for $17.4 billion, or 1.3%.

The Ten Largest Issuers in our Weekly Holdings product include: the US Treasury with $393.0 billion (29.6% of total holdings), Federal Home Loan Bank with $158.8B (12.0%), Fixed Income Clearing Co with $70.2B (5.3%), BNP Paribas with $57.9 billion (4.4%), RBC with $44.2B (3.3%), Federal Farm Credit Bank with $43.2B (3.3%), JP Morgan with $33.0B (2.5%), Credit Agricole with $32.1B (2.4%), Barclays PLC with $28.3B (2.1%) and Societe Generale with $27.0B (2.0%).

The Ten Largest Funds tracked in our latest Weekly include: Fidelity Inv MM: Govt Port ($115.0B), Goldman Sachs FS Govt ($107.5B), BlackRock Lq FedFund ($97.8B), Wells Fargo Govt MMkt ($82.3B), BlackRock Lq T-Fund ($72.5B), Fidelity Inv MM: MMkt Port ($64.2B), Goldman Sachs FS Trs Instruments ($62.1B), Morgan Stanley Inst Liq Govt ($57.7B), Dreyfus Govt Cash Mgmt ($56.3B) and First American Govt Oblg ($47.7B). (Let us know if you'd like to see our latest domestic U.S. and/or "offshore" Weekly Portfolio Holdings collection and summary, or our Bond Fund Portfolio Holdings data series.)

Email This Article

Use a comma or a semicolon to separate

captcha image