Crane Data's latest Money Fund Market Share rankings show assets decreased for the vast majority of U.S. money fund complexes in June. Money market fund assets decreased $104.6 billion, or -2.1%, last month to $5.047 trillion. Assets have fallen by $81.7 billion, or -1.6%, over the past 3 months, but they've increased by $1.426 trillion, or 39.4%, over the past 12 months through June 30, 2020. The biggest increases among the 25 largest managers last month were seen by Vanguard, Northern, Wells Fargo, Dreyfus, DWS and Western, which increased assets by $17.9 billion, $7.9B, $7.7B, $3.9B, $3.7B and $2.8B, respectively. The largest declines in assets among the largest complexes in June were seen by JP Morgan, Fidelity, BlackRock, Federated Hermes, Morgan Stanley and Goldman Sachs, which decreased assets by $31.1 billion, $22.1B, $20.4B, $18.4B, $15.7B and $12.4B, 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 June.
Over the past year through June 30, 2020, Fidelity (up $230.0B, or 32.3%), Goldman Sachs (up $193.7B, or 92.9%), JP Morgan (up $145.9B, or 45.8%), Vanguard (up $118.1B, or 31.1%), Federated Hermes (up $109.2B, or 40.3%), BlackRock (up $102.9B, or 33.2%) and Morgan Stanley (up $93.9B, or 81.7%) were the largest gainers. These complexes were followed by Wells Fargo (up $80.8B, or 66.2%), Northern (up $72.9B, or 62.8%), SSGA (up $66.3B, or 69.1%) and Dreyfus/BNY Mellon (up $43.3B, or 26.7%). Vanguard, Goldman Sachs, Walls Fargo, Northern and Western had the largest money fund asset increases over the past 3 months, rising by $25.6B, $18.7B, $15.8B, $15.0B and $1.4B, respectively. The largest decliners over 3 months included: BlackRock (down $43.1B, or -9.5%), Fidelity (down $20.5B, or -2.1%), Morgan Stanley (down $18.3B, or -8.0%), First American (down $16.6B, or -15.4%) and JP Morgan (down $16.2B, or -3.4%).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $941.1 billion, or 18.6% of all assets. Fidelity was down $22.1 billion in June, down $20.5 billion over 3 mos., but up $229.9B over 12 months. Vanguard ranked second with $498.4 billion, or 9.9% market share (up $17.9B, up $25.6B and up $118.1B for the past 1-month, 3-mos. and 12-mos., respectively). JP Morgan was third with $464.2 billion, or 9.2% market share (down $31.1B, down $16.2B and up $145.9B). BlackRock ranked fourth with $412.9 billion, or 8.2% of assets (down $20.4B, down $43.1B and up $102.9B for the past 1-month, 3-mos. and 12-mos.), while Goldman Sachs took fifth place with $402.1 billion, or 8.0% of assets (down $12.4B, up $18.7B and up $193.7B).
Federated Hermes was in sixth place with $379.9 billion, or 7.5% of assets (down $18.4 billion, down $15.7B and up $109.2B), while Schwab was in seventh place with $209.0 billion, or 4.1% (down $5.7B, down $860M and up $36.5B). Morgan Stanley ($208.8B, or 4.1%) was in eighth place (down $15.7B, down $18.3B and up $93.9B), followed by Dreyfus ($205.2B, or 4.1%, up $3.9B, down $942M and up $43.3B). Wells Fargo was in 10th place ($203.0B, or 4.0%; up $7.7B, up $15.8B and up $80.8B).
The 11th through 20th-largest U.S. money fund managers (in order) include: Northern ($189.0B, or 3.7%), American Funds ($168.1B, or 3.3%), SSGA ($162.3B, or 3.2%), First American ($91.2B, or 1.8%), UBS ($80.7B, or 1.6%), Invesco ($79.7B, or 1.6%), T Rowe Price ($40.7B, or 0.8%), HSBC ($39.2B, or 0.7%), Western ($34.4B, or 0.7%) and DWS ($27.8B, 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 JP Morgan, BlackRock and Goldman move ahead of Vanguard, Morgan Stanley and Dreyfus move 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 ($951.2 billion), J.P. Morgan ($682.8B), BlackRock ($599.6B), Goldman Sachs ($539.5B) and Vanguard ($498.4B). Federated Hermes ($391.6B) was sixth, Morgan Stanley ($251.3B) was in seventh, followed by Dreyfus/BNY Mellon ($227.0B), Northern ($213.7B) and Schwab ($209.0B) 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 July issue of our Money Fund Intelligence and MFI XLS, with data as of 6/30/20, shows that yields dropped in July for almost all of our Crane Money Fund Indexes. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 751), fell 2 basis points to 0.07% for the 7-Day Yield (annualized, net) Average, and the 30-Day Yield decreased by 3 bps to 0.08%. The MFA's Gross 7-Day Yield was down 2 bps to 0.33%, while the Gross 30-Day Yield fell 3 bps 0.34%.
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 0.11% (down 3 bps) and an average 30-Day Yield that decreased by 4 bps to 0.12%. The Crane 100 shows a Gross 7-Day Yield of 0.32% (down 3 bps), and a Gross 30-Day Yield of 0.33% (down 4 bps). Our Prime Institutional MF Index (7-day) yielded 0.18% (down by 8 bps) as of June 30, while the Crane Govt Inst Index was 0.06% (down 1 basis point) and the Treasury Inst Index was 0.05% (down a basis point). Thus, the spread between Prime funds and Treasury funds is 13 basis points, while the spread between Prime funds and Govt funds is 12 basis points. The Crane Prime Retail Index yielded 0.11% (down 6 bps), while the Govt Retail Index was 0.02% (unchanged) and the Treasury Retail Index was 0.01% (unchanged from the month prior). The Crane Tax Exempt MF Index yield dropped in June to 0.04% (down 2 bps).
Gross 7-Day Yields for these indexes in June were: Prime Inst 0.45% (down 8 bps), Govt Inst 0.27% (down 1 basis point), Treasury Inst 0.26% (down 1 bps), Prime Retail 0.56% (down 6 bps), Govt Retail 0.27% (flat) and Treasury Retail 0.28% (unch. from the previous month). The Crane Tax Exempt Index decreased 0.04% to 0.35%. The Crane 100 MF Index returned on average 0.01% over 1-month, 0.06% over 3-months, 0.36% YTD, 1.27% over the past 1-year, 1.51% over 3-years (annualized), 1.01% 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 751 taxable funds, up one from the previous month, and 182 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.
