ICI: MMF Asset Winning Streak Ends
The Investment Company Institute's latest weekly "Money Market Fund Assets" report shows MMFs decreasing for the first time after 4 straight weeks of increases. The release says, "Total money market fund assets decreased by $6.90 billion to $4.61 trillion for the week ended Wednesday, June 9.... Among taxable money market funds, government funds decreased by $3.82 billion and prime funds decreased by $2.39 billion. Tax-exempt money market funds decreased by $698 million." ICI's weekly "Assets" release shows money fund assets up $308 billion, or 7.2%, year-to-date in 2021. Inst MMFs are up $400 billion (14.4%), while Retail MMFs are down $103 billion (-6.8%). ICI's stats show Institutional MMFs decreasing $4.3 billion and Retail MMFs decreasing $2.6 billion in the latest week. Total Government MMF assets, including Treasury funds, were $4.019 trillion (87.3% of all money funds), while Total Prime MMFs were $492.8 billion (10.7%). Tax Exempt MMFs totaled $93.4 billion (2.0%). Over the past 52 weeks, money fund assets have decreased by $113 billion, or -2.4%, with Retail MMFs falling by $138 billion (-8.8%) and Inst MMFs rising by $15 billion (0.5%). (Note that ICI's asset totals don't include a number of funds tracked by the SEC and Crane Data, so they're almost $400 billion lower than our asset series.) It explains, "Assets of retail money market funds decreased by $2.59 billion to $1.43 trillion. Among retail funds, government money market fund assets decreased by $990 million to $1.12 trillion, prime money market fund assets decreased by $1.08 billion to $232.93 billion, and tax-exempt fund assets decreased by $513 million to $82.09 billion." Retail assets account for just under a third of total assets, or 31.1%, and Government Retail assets make up 78.0% of all Retail MMFs. ICI adds, "Assets of institutional money market funds decreased by $4.31 billion to $3.17 trillion. Among institutional funds, government money market fund assets decreased by $2.83 billion to $2.90 trillion, prime money market fund assets decreased by $1.30 billion to $259.90 billion, and tax-exempt fund assets decreased by $185 million to $11.27 billion." Institutional assets accounted for 68.9% of all MMF assets, with Government Institutional assets making up 91.4% of all Institutional MMF totals.
