Crane Data's latest Money Fund Market Share rankings show assets were down for most of the largest U.S. money fund complexes in July. Money market fund assets decreased $44.2 billion, or -0.9%, last month to $4.988 trillion. Assets have fallen by $163.7 billion, or -3.2%, over the past 3 months, but they've increased by $1.284 trillion, or 34.7%, over the past 12 months through July 31, 2020. The only increases among the 25 largest managers last month were seen by SSGA, Goldman Sachs, Wells Fargo, HSBC and Western, which grew assets by $16.5 billion, $12.7B, $5.0B, $1.3B and $1.2B, respectively. The largest declines in assets in July were seen by Fidelity, Vanguard, JP Morgan, Schwab and Morgan Stanley, which decreased by $25.1 billion, $16.1B, $14.3B, $9.1B and $8.7B, 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 July.
Over the past year through July 31, 2020, Goldman Sachs (up $196.1B, or 89.4%), Fidelity (up $174.9B, or 23.6%), JP Morgan (up $118.7B, or 35.9%), Vanguard (up $104.1B, or 27.5%), BlackRock (up $102.8B, or 33.2%), Federated Hermes (up $93.3B, or 33.0%) and Wells Fargo (up $85.5B, or 69.8%) were the largest gainers. These complexes were followed by Morgan Stanley (up $79.3B, or 65.6%), SSGA (up $74.1B, or 71.2%), Northern (up $68.6B, or 56.6%) and Dreyfus/BNY Mellon (up $47.1B, or 29.8%). Wells Fargo, Northern, SSGA, Dreyfus and Western had the largest money fund asset increases over the past 3 months, rising by $12.7B, $8.8B, $4.5B, $4.1B and $4.0B, respectively. The largest decliners over 3 months included: Fidelity (down $46.2B, or -4.8%), JP Morgan (down $45.8B, or -9.2%), Morgan Stanley (down $24.4B, or -10.9%), Federated Hermes (down $21.8B, or -5.5%) and BlackRock (down $21.0B, or -4.8%).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $917.0 billion, or 18.4% of all assets. Fidelity was down $25.1 billion in July, down $46.2 billion over 3 mos., but up $174.9B over 12 months. Vanguard ranked second with $482.3 billion, or 9.7% market share (down $16.1B, up $1.8B and up $118.7B for the past 1-month, 3-mos. and 12-mos., respectively). JP Morgan was third with $449.5 billion, or 9.0% market share (down $14.3B, down $45.8B and up $118.7B). Goldman Sachs ranked fourth with $415.4 billion, or 8.3% of assets (up $12.7B, up $785M and up $196.1B for the past 1-month, 3-mos. and 12-mos.), while BlackRock took fifth place with $412.3 billion, or 8.3% of assets (down $1.2B, down $21.0B and up $102.8B).
Federated Hermes was in sixth place with $376.4 billion, or 7.5% of assets (down $3.4 billion, down $21.8B and up $93.3B), while Wells Fargo was in seventh place with $208.0 billion, or 4.2% (up $5.0B, up $12.7B and up $85.5B). Dreyfus ($205.5B, or 4.1%) was in eighth place (up $303M, up $4.1B and up $47.1B), followed by Morgan Stanley ($200.1B, or 4.0%, down $8.7B, down $24.4B and up $79.3B). Schwab was in 10th place ($200.0B, or 4.0%; down $9.1B, down $14.8B and up $20.9B).
The 11th through 20th-largest U.S. money fund managers (in order) include: Northern ($189.9B, or 3.8%), SSGA ($178.3B, or 3.6%), American Funds ($157.6B, or 3.2%), First American ($91.7B, or 1.8%), UBS ($78.0B, or 1.6%), Invesco ($76.6B, or 1.5%), T Rowe Price ($39.5B, or 0.8%), HSBC ($37.5B, or 0.8%), Western ($35.6B, 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 appear as Fidelity, JP Morgan, BlackRock, Goldman Sachs, Vanguard, Federated Hermes, Morgan Stanley, Dreyfus/BNY Mellon, Northern and Wells Fargo. JP Morgan moves ahead of Vanguard, BlackRock moves ahead of Goldman Sachs and Vanguard, Morgan Stanley moves ahead of Dreyfus, 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 ($927.3 billion), J.P. Morgan ($678.6B), BlackRock ($605.1B), Goldman Sachs ($556.2B) and Vanguard ($492.3B). Federated Hermes ($388.0B) was sixth, Morgan Stanley ($246.8B) was in seventh, followed by Dreyfus/BNY Mellon ($226.0B), Northern ($217.5B) and Wells Fargo ($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 August issue of our Money Fund Intelligence and MFI XLS, with data as of 7/31/20, 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 0.05% for the 7-Day Yield (annualized, net) Average, and the 30-Day Yield decreased by 2 bps to 0.06%. The MFA's Gross 7-Day Yield was down 2 bps to 0.28%, while the Gross 30-Day Yield fell 2 bps 0.29%.
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 0.08% (down 4 bps) and an average 30-Day Yield that decreased by 3 bps to 0.09%. The Crane 100 shows a Gross 7-Day Yield of 0.27% (down 4 bps), and a Gross 30-Day Yield of 0.29% (down 3 bps). Our Prime Institutional MF Index (7-day) yielded 0.11% (down by 7 bps) as of July 31, while the Crane Govt Inst Index was 0.05% (down 1 basis point) and the Treasury Inst Index was 0.04% (down 1 bps). Thus, the spread between Prime funds and Treasury funds is 7 basis points, while the spread between Prime funds and Govt funds is 6 basis point. The Crane Prime Retail Index yielded 0.06% (down 4 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 July to 0.04% (unchanged).
Gross 7-Day Yields for these indexes in July were: Prime Inst 0.35% (down 7 bps), Govt Inst 0.24% (down 1 basis point), Treasury Inst 0.24% (down 1 bps), Prime Retail 0.41% (down 4 bps), Govt Retail 0.23% (flat) and Treasury Retail 0.26% (unch. from the previous month). The Crane Tax Exempt Index was flat at 0.29%. The Crane 100 MF Index returned on average 0.01% over 1-month, 0.02% over 3-months, 0.32% YTD, 0.99% over the past 1-year, 1.33% over 3-years (annualized), 0.87 % over 5-years, and 0.46% over 10-years.
The total number of funds, including taxable and tax-exempt, was unchanged at 934. There are currently 751 taxable funds, unchanged from the previous month, and 183 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.
