MF Assets Up, Biggest Gain Since May
ICI's weekly "Money Market Fund Assets" report shows that money fund assets increased in the latest week, just the 2nd increase in the past 19 weeks and the biggest increase since May. Assets have fallen $446 billion since May 20, when they were at a record $4.789 trillion. ICI says, "Total money market fund assets increased by $22.90 billion to $4.34 trillion for the week ended Wednesday, December 9.... Among taxable money market funds, government funds increased by $25.58 billion and prime funds decreased by $1.41 billion. Tax-exempt money market funds decreased by $1.28 billion." ICI's stats show Institutional MMFs increasing $29.8 billion and Retail MMFs decreasing $6.9 billion. Total Government MMF assets, including Treasury funds, were $3.672 trillion (84.5% of all money funds), while Total Prime MMFs were $562.6 billion (13.0%). Tax Exempt MMFs totaled $108.2 billion (2.5%). (Note that ICI's asset totals don't include a number of funds tracked by the SEC and Crane Data.) ICI shows money fund assets up a still massive $711 billion, or 19.6%, year-to-date in 2020, with Inst MMFs up $558 billion (24.7%) and Retail MMFs up $153 billion (11.2%). Over the past 52 weeks, ICI's money fund asset series has increased by $724 billion, or 20.6%, with Retail MMFs rising by $169 billion (12.6%) and Inst MMFs rising by $556 billion (25.6%). (Crane Data's separate and broader Money Fund Intelligence Daily data series shows total MF assets are up $8.2 billion in December, as of 12/9, to $4.727 trillion.) They explain, "Assets of retail money market funds decreased by $6.88 billion to $1.52 trillion. Among retail funds, government money market fund assets decreased by $2.98 billion to $1.14 trillion, prime money market fund assets decreased by $3.12 billion to $284.36 billion, and tax-exempt fund assets decreased by $778 million to $96.92 billion. Retail assets account for just over a third of total assets, or 35.1%, and Government Retail assets make up 75.0% of all Retail MMFs. ICI adds, "Assets of institutional money market funds increased by $29.78 million to $2.82 trillion. Among institutional funds, government money market fund assets increased by $28.56 billion to $2.53 trillion, prime money market fund assets increased by $1.71 billion to $278.20 billion, and tax-exempt fund assets decreased by $500 million to $11.30 billion. Institutional assets, which broke below the $3.0 trillion level for the first time since April 22 at the end of August, accounted for 64.9% of all MMF assets, with Government Institutional assets making up 89.7% of all Institutional MMF totals.
