Crane Data's latest Money Fund Market Share rankings show assets jumped for almost every U.S. money fund complex in March. Money market fund assets skyrocketed $652.7 billion, or 14.1%, last month to $4.622 trillion. Assets have risen by $666.9 billion, or 16.9%, over the past 3 months, and they've increased by $1.317 trillion, or 39.8%, over the past 12 months through Mar. 31, 2020. The biggest increases among the 25 largest managers last month were seen by Fidelity, Goldman Sachs, Morgan Stanley, JP Morgan, BlackRock and Federated, which increased assets by $101.5 billion, $82.5B, $70.6B, $61.4B, $56.3B and $50.6B, respectively. Declines in assets among the largest complexes in March were seen by Schwab and DWS, which decreased by $1.3B and $481M, respectively. 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. We review the latest market share totals below, and we also look at money fund yields in March.
Over the past year through March 31, 2020, Fidelity (up $242.7B, or 36.2%), Federated (up $125.1B, or 51.3%), JP Morgan (up $121.3B, or 41.0%), Goldman Sachs (up $120.0B, or 59.9%), BlackRock (up $119.8B, or 42.4%), American Funds (up $100.1B, or 572.2%; this was inflated by the addition last year of the $108 billion American Funds Central Cash Fund) and Morgan Stanley (up $91.6B, or 82.2%) were the largest gainers. These complexes were followed by Vanguard (up $68.8B, or 18.5%), SSGA (up $58.5B, or 67.9%), Wells Fargo (up $57.9B, or 53.2%) and Schwab (up $43.4B, or 27.5%).
Fidelity, Morgan Stanley, Goldman Sachs, JP Morgan and BlackRock had the largest money fund asset increases over the past 3 months, rising by $118.2B, $66.6B, $64.8B, $59.9B and $49.9B, respectively. Decliners over 3 months included: American Funds (down $4.5B, or -3.7%), Franklin (down $2.2B, or -11.7%) and PGIM (down $1.8B, or -10.5%).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with a record $914.1 billion, or 19.8% of all assets. (Its flagship Fidelity Government Cash Reserves broke the $200 billion level, the first time ever for a money fund.) Fidelity was up a breathtaking $101.5 billion in March, up $118.2 billion over 3 mos., and up $242.7B over 12 months. Vanguard ranked second with $441.2 billion, or 9.5% market share (up $25.3B, up $37.9B and up $68.8B for the past 1-month, 3-mos. and 12-mos., respectively). JPMorgan was third with $416.8 billion, or 9.0% market share (up $61.4B, up $59.9B and up $121.3B). BlackRock ranked fourth with $402.6 billion, or 8.7% of assets (up $56.3B, up $49.9B and up $119.8B for the past 1-month, 3-mos. and 12-mos.), while Federated remained in fifth with $369.0 billion, or 8.0% of assets (up $50.6B, up $48.5B and up $125.1B).
Goldman Sachs remained in sixth place with $320.2 billion, or 6.9% of assets (up $82.5 billion, up $64.8B and up $120.0B), while Morgan Stanley was in seventh place with $203.1 billion, or 4.4% (up $70.6B, up $66.6B and up $91.6B). Schwab ($201.3B, or 4.4%) was in eighth place (down $1.3B, up $2.8B and up $43.4B), followed by Dreyfus ($187.3B, or 4.1%, up $28.0B, up $28.5B and up $30.3B). Wells Fargo was in 10th place ($166.7B, or 3.6%; up $36.3B, up $35.2B and up $57.9B).
The 11th through 20th-largest U.S. money fund managers (in order) include: Northern ($156.3B, or 3.4%), SSGA ($144.7B, or 3.1%), American Funds ($117.6B, or 2.5%), First American ($92.2B, or 2.0%), Invesco ($84.3B, or 1.8%), UBS ($70.4B, or 1.5%), T Rowe Price ($46.1B, or 1.0%), HSBC ($31.8B, or 0.7%), Western ($30.5B, or 0.7%) and DWS ($28.4B, or 0.6%). Crane Data currently tracks 67 U.S. MMF managers, the same as 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, Dreyfus moves ahead of Schwab and Northern moves ahead of Wells Fargo. 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 ($923.3 billion), J.P. Morgan ($590.0B), BlackRock ($572.2B), Vanguard ($441.2B) and Goldman Sachs ($439.8B). Federated ($379.6B) was sixth, Morgan Stanley ($235.0B) was in seventh, followed by Dreyfus/BNY Mellon ($215.5B), Schwab ($201.3B) and Northern ($182.7B) 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 April issue of our Money Fund Intelligence and MFI XLS, with data as of 3/31/20, shows that yields plunged in March for all of our Crane Money Fund Indexes, with the exception of Tax Exempts. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 753), fell 80 basis points to 0.47% for the 7-Day Yield (annualized, net) Average, and the 30-Day Yield decreased by 47 bps to 0.81%. The MFA's Gross 7-Day Yield was down 80 bps to 0.88%, while the Gross 30-Day Yield fell 47 bps 1.22%.
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 0.47% (down 94 bps) and an average 30-Day Yield that decreased by 57 bps to 0.85%. The Crane 100 shows a Gross 7-Day Yield of 0.74% (down 94 bps), and a Gross 30-Day Yield of 1.12% (down 57 bps). Our Prime Institutional MF Index (7-day) yielded 0.74% (down by 74 bps) as of March 31, while the Crane Govt Inst Index was 0.39% (down 97 bps) and the Treasury Inst Index was 0.32% (down 98 bps). Thus, the spread between Prime funds and Treasury funds is 42 basis points, while the spread between Prime funds and Govt funds is 35 basis points. The Crane Prime Retail Index yielded 0.77% (down 53 bps), while the Govt Retail Index was 0.46% (down 59 bps) and the Treasury Retail Index was 0.08% (down 97 bps). The Crane Tax Exempt MF Index yield jumped in March to 2.92% (up 2.18%).
Gross 7-Day Yields for these indexes in March were: Prime Inst 1.06% (down 74 bps), Govt Inst 0.66% (down 97 bps), Treasury Inst 0.64% (down 98 bps), Prime Retail 1.26 (down 53 bps), Govt Retail 1.05% (down 59 bps) and Treasury Retail 0.65% (down 97 bps). The Crane Tax Exempt Index increased 2.18% to 3.37%. The Crane 100 MF Index returned on average 0.07% over 1-month, 0.30% over 3-months, 0.30% YTD, 1.78% over the past 1-year, 1.55% over 3-years (annualized), 1.00% over 5-years, and 0.52% over 10-years. The total number of funds, including taxable and tax-exempt, increased by two to 934. There are currently 753 taxable funds, two more than the previous month, and 181 tax-exempt money funds (unchanged from last month). (Contact us if you'd like to see our latest MFI XLS, Crane Indexes or Market Share report.
