Unfortunately, we're officially cancelling this year's Money Fund Symposium, which had been scheduled for October 26-28, 2020 at The Hyatt Regency Minneapolis. We'd been hoping for business travel to resume this summer, but alas we ran out of runway. We're in the process of scheduling our next big show for 2021 (tentatively June 23-25, 2021 in Philadelphia), but we'll let you know once we have an official date and location. We will refund or credit any registration or sponsor fees (watch for an e-mail with options), and we hope we're able to resume our physical conference schedule as we get into 2021. In the meantime, Crane Data continues to ramp up its webinar and virtual event offerings. On Wednesday, August 26, we'll be hosting Crane's Money Fund Webinar: Mini Fund Symposium from 1-4pm ET. Please join us! (Register here: https://register.gotowebinar.com/register/1205347726948255245. If you can't make it, we'll have the recorded sessions, materials and coverage available on www.cranedata.com later this week.)
Today's Mini Fund Symposium features Crane Data's Peter Crane hosting a 3-hour series of sessions involving money market mutual funds and money market securities. Segments will include: "The State of the Money Fund Industry" (1-1:30pm); "Strategists Speak: Treasury, Fed & Repo" (1:30-2:15), with BofA's Mark Cabana and Barclays' Joe Abate; "Regulatory & ESG Money Funds Update" (2:30-3pm) with Dechert's Stephen Cohen; and, "Major Money Fund Issues 2020" (3-3:45pm), with BNY Mellon/Dreyfus' Tracy Hopkins, Goldman Sachs Asset Management's Andrew Lontai and J.P. Morgan Asset Management's John Tobin. A virtual "cocktail party" will follow (3:45-4:30).
Also, mark your calendars for our future online events: "Crane's Bond Fund Webinar: Ultra-Shorts & Alt-Cash" on Sept. 24 from 1-2pmET, where Crane Data's Peter Crane and a panel of ultra-short bond fund managers will give a brief update on the space; "Crane's Money Fund Symposium Online" on Oct. 27 from 1-4:30pmET, which will feature another afternoon of money fund discussions; and, "European Money Fund Symposium Online" on Nov. 19 from 10am-12pmET. (More details to follow in coming days.)
As a reminder too, we'd already cancelled our European Money Fund Symposium, which had been scheduled for Nov. 19-20, 2020, in Paris, France. We'll hold our next European MFS on October 21-22, 2021 in Paris. Also, mark your calendars for our next Money Fund University, scheduled for Jan. 21-22, 2021 in Pittsburgh, Pa., and our next Bond Fund Symposium, scheduled for March 25-26, 2021, in Newport Beach, Calif. Crane Data Subscribers or Attendees may access past conference and webinar materials at the bottom of our "Content" page or see links to our latest events from the "Conferences" menu option. Let us know if you'd like more information about any of our shows, and we hope to see you out on the road again in 2021!
In other news, Crane Data published its latest Weekly Money Fund Portfolio Holdings statistics Tuesday, which track a shifting subset of our monthly Portfolio Holdings collection. The most recent cut (with data as of August 21) includes Holdings information from 85 money funds (up 8 from a week ago), which represent $2.477 trillion (up from $2.415 trillion) of the $4.879 trillion (50.8%) in total money fund assets tracked by Crane Data. (Note that our Weekly MFPH are e-mail only and aren't available on the website. For our latest monthly Holdings, see our August 12 News, "August MF Portfolio Holdings: Treasury Bender Ends; Repo, TDs Jump.")
Our latest Weekly MFPH Composition summary again shows Government assets dominating the holdings list with Treasury totaling $1.273 trillion (down from $1.309 trillion a week ago), or 51.4%, Repurchase Agreements (Repo) totaling $564.5 billion (up from $545.6 billion a week ago), or 22.8% and Government Agency securities totaling $361.5 billion (up from $350.3 billion), or 14.6%. Commercial Paper (CP) totaled $92.4 billion (up from $65.7 billion), or 3.7%, and Certificates of Deposit (CDs) totaled $87.3 billion (up from $75.3 billion), or 3.5%. The Other category accounted for $60.8 billion or 2.5%, while VRDNs accounted for $36.9 billion, or 1.5%.
The Ten Largest Issuers in our Weekly Holdings product include: the US Treasury with $1.273 trillion (51.4% of total holdings), Federal Home Loan Bank with $206.8B (8.3%), Fixed Income Clearing Corp with $71.4B (2.9%), BNP Paribas with $70.9B (2.9%), Federal Farm Credit Bank with $63.2B (2.5%), Federal National Mortgage Association with $53.5B (2.2%), RBC with $49.4B (2.0%), Credit Agricole with $36.8B (1.5%), Federal Home Loan Mortgage Co. with $35.6B (1.4%) and JP Morgan with $34.9B (1.4%).
The Ten Largest Funds tracked in our latest Weekly include: Goldman Sachs FS Govt ($254.4B), JP Morgan US Govt MM ($180.2B), Fidelity Inv MM: Govt Port ($160.3B), Wells Fargo Govt MM ($147.0B), Federated Hermes Govt Obl ($136.0B), JP Morgan 100% US Treas MMkt ($112.8B), Goldman Sachs FS Treas Instruments ($91.8B), Morgan Stanley Inst Liq Govt ($88.6B), JP Morgan Prime MM ($86.8B) and Dreyfus Govt cash Mgmt ($86.4B). (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.)
Finally, a press release entitled, "Trovata, ICD Launch Integrated Corporate Treasury Workflow with Bandwidth, Inc," and subtitled, "Unlocks Data and Powers Decision-Making for Cash Forecasting, Short-Term Investing," explains, "Trovata, an emerging enterprise fintech automating cash reporting and forecasting with its multi-bank API data aggregation platform, and ICD, corporate treasury's trusted independent portal provider of money market funds and other short-term investments, announced today that they have launched an integrated workflow for corporate cash forecasting and investing. Bandwidth Inc., a software company focused on communications for the enterprise, is the first corporation to use the integrated solution."
Bandwidth Treasurer Scott Taylor comments, "This new workflow makes our jobs faster, easier and smarter. We're thrilled with the integration between Trovata and ICD, which allows us to get out from under the time-consuming task of piecing together investment balances and global cash reports. We're able to put money to work, and do it with confidence.... This automation will become even more advantageous as Bandwidth continues to grow."
The release continues, "The integration between Trovata's cash automation platform and ICD Portal establishes a straight-through process for the free flow of data across platforms. Trovata's API platform is pre-integrated so it aggregates, normalizes and delivers bank balances and transactions in real time to automate cash reporting, cash flow analysis, and forecasting, with no implementation. With richer and faster intel, treasury enters ICD Portal to invest its excess cash with greater confidence and precision. Through ICD Portal, teams access and research over 300 funds, analyze underlying credit and bank exposures, and execute trades across 30 fund families using a single ticket. Investment data then flows back into Trovata to automatically update forecasts."
Trovata Founder and CEO Brett Turner tells us, "Speed and automation are becoming a requirement to proactively manage liquidity and risk in today's environment.... Treasurers and CFOs can't afford to get caught flat footed these days with how fast things can change, and the pandemic has been a devastating wake-up call for all of us that digital transformation in finance and treasury is paramount."
Finally, ICD CEO Tory Hazard adds, "Our common clients are the big winners in this integration effort. The beauty of the workflow between ICD Portal and Trovata's API platform is that clients don't have to do anything to gain these efficiencies -- it's turnkey."
