ICI: Money Fund Assets Rebound
Money market fund assets rebounded in the latest week, following last week's Tax Day plunge and a slide in June and July. Since the week ended May 20, assets have fallen by $200.9 billion, but this follows 15 straight weeks of inflows (during which time assets increased by $1.172 trillion). ICI's latest weekly "Money Market Fund Assets" report says, "Total money market fund assets increased by $20.17 billion to $4.59 trillion for the week ended Wednesday, July 22, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $17.42 billion and prime funds increased by $4.23 billion. Tax-exempt money market funds decreased by $1.48 billion." ICI's stats show Institutional MMFs increasing $22.8 billion and Retail MMFs decreasing $2.6 billion. Total Government MMF assets, including Treasury funds, were $3.703 trillion (80.7% of all money funds), while Total Prime MMFs were $762.7 billion (16.6%). Tax Exempt MMFs totaled $122.6 billion, 2.7%. Money fund assets are up an eye-popping $957 billion, or 26.3%, year-to-date in 2020, with Inst MMFs up $785 billion (34.7%) and Retail MMFs up $171 billion (12.5%). Over the past 52 weeks, ICI's money fund asset series has increased by $1.304 trillion, or 39.7%, with Retail MMFs rising by $288 billion (23.0%) and Inst MMFs rising by $1.016 trillion (50.0%). They explain, "Assets of retail money market funds decreased by $2.64 billion to $1.54 trillion. Among retail funds, government money market fund assets increased by $45 million to $980.49 billion, prime money market fund assets decreased by $1.42 billion to $451.11 billion, and tax-exempt fund assets decreased by $1.26 billion to $109.73 billion." Retail assets account for just over a third of total assets, or 33.6%, and Government Retail assets make up 63.7% of all Retail MMFs. ICI adds, "Assets of institutional money market funds increased by $22.81 billion to $3.05 trillion. Among institutional funds, government money market fund assets increased by $17.38 billion to $2.72 trillion, prime money market fund assets increased by $5.65 billion to $311.62 billion, and tax-exempt fund assets decreased by $215 million to $12.87 billion." Institutional assets accounted for 66.4% of all MMF assets, with Government Institutional assets making up 89.4% of all Institutional MMF totals. (Note: Crane Data has its own separate daily and monthly asset series.)
