Please join us for Crane's Money Fund University, which takes place online Thursday and Friday afternoon (1/20-21) from 1-4pm EST. MFU is a "basic training" course in the money markets that includes access to the live webinar, handouts and a number of pre-recorded sessions. Money Fund University is designed for those new to the money market fund industry or those in need of a concentrated refresher on the basics. The event also focuses on hot topics like money market fund regulations, money fund alternatives, offshore markets, and other recent industry trends. Registrations ($250) are still being taken, and the agenda is available here. (Note: Crane Data Subscribers and MFU Attendees may access conference materials and recordings via our "Money Fund University 2022 Download Center.")
Money Fund University offers a 2-day crash course on money market mutual funds, educating attendees on the history of money funds, the Fed, interest rates, ratings, rankings, and money market instruments such as commercial paper, Treasury bills, CDs and repo. We also cover portfolio construction and credit analysis. Our educational conference features a faculty of the money fund industry's top lawyers, strategists, and portfolio managers. New portfolio managers, analysts, investors, issuers, service providers, and anyone interested in expanding their knowledge of "cash" investing should benefit from our comprehensive program. Even experienced professionals may enjoy a refresher course and the opportunity to interact with peers in an informal setting.
We'd like to thank our current and past MFU sponsors -- BlackRock, S&P Global Ratings, TD Securities, Fitch Ratings, Dreyfus CIS, J.P. Morgan Asset Management, Dechert LLP, Fidelity Investments, State Street and Federated Hermes -- for their support, and we look forward to seeing you online later today! E-mail Pete Crane (pete@cranedata.com) for the latest brochure or visit www.moneyfunduniversity.com for more details.
Crane Data is also preparing for our next Bond Fund Symposium, which will be held March 28-29, 2022, at the Hyatt Regency in Newport Beach, Calif. We're making plans for our next "big show," Money Fund Symposium, too, which will be held June 20-22, 2022, at the Hyatt Regency in Minneapolis. Finally, mark your calendars for our next European Money Fund Symposium, which will be held Sept. 27-28, 2022, in Paris, France. Watch for more details on these shows in coming weeks and months, and note that the recordings and materials from our past events are available to Crane Data subscribers at the bottom of our "Content" page.
In other news, ICI also released its latest monthly "Money Market Fund Holdings" summary, which reviews the aggregate daily and weekly liquid assets, regional exposure, and maturities (WAM and WAL) for Prime and Government money market funds. (For more, see our Jan. 12 News, "` Jan. MF Portfolio Holdings: Repo Soars to Almost 50%, Led by Fed RRP <i:https://cranedata.com/archives/all-articles/9085/>`_."
The MMF Holdings release says, "The Investment Company Institute (ICI) reports that, as of the final Friday in December, prime money market funds held 34.6 percent of their portfolios in daily liquid assets and 47.9 percent in weekly liquid assets, while government money market funds held 84.6 percent of their portfolios in daily liquid assets and 92.2 percent in weekly liquid assets." Prime DLA was up from 29.2% in November, and Prime WLA was up from 47.7%. Govt MMFs' DLA increased from 84.3% in November and Govt WLA increased from 92.1% the previous month.
ICI explains, "At the end of December, prime funds had a weighted average maturity (WAM) of 41 days and a weighted average life (WAL) of 59 days. Average WAMs and WALs are asset-weighted. Government money market funds had a WAM of 36 days and a WAL of 80 days." Prime WAMs were four days shorter than November, while WALs were one day lower than the previous month. Govt WAMs were one day shorter and WALs were two days shorter than November, respectively.
Regarding Holdings by Region of Issuer, the release tells us, "Prime money market funds' holdings attributable to the Americas rose from $169.25 billion in November to $235.59 billion in December. Government money market funds' holdings attributable to the Americas rose from $3,760.31 billion in November to $3,972.38 billion in December."
The Prime Money Market Funds by Region of Issuer table shows Americas-related holdings at $235.6 billion, or 53.6%; Asia and Pacific at $92.2 billion, or 21.0%; Europe at $108.3 billion, or 24.6%; and, Other (including Supranational) at $3.6 billion, or 0.9%. The Government Money Market Funds by Region of Issuer table shows Americas at $3.972 trillion, or 93.5%; Asia and Pacific at $116.4 billion, or 2.7%; Europe at $152.9 billion, 3.6%, and Other (Including Supranational) at $7.3 billion, or 0.2%.
In related news, Crane Data published its latest Weekly Money Fund Portfolio Holdings statistics Wednesday, which track a shifting subset of our monthly Portfolio Holdings collection. The most recent cut (with data as of Jan. 14) includes Holdings information from 62 money funds (down from 78 two weeks ago), which represent $2.147 trillion (down from $2.498 trillion) of the $4.971 trillion (50.3%) in total money fund assets tracked by Crane Data. (Our Weekly MFPH are e-mail only and aren't available on the website.)
Our latest Weekly MFPH Composition summary again shows Government assets dominating the holdings list with Repurchase Agreements (Repo) totaling $1.017 trillion (down from $1.223 trillion two weeks ago), or 47.4%; Treasuries totaling $843.0 billion (down from $951.0 billion two weeks ago), or 39.3%, and Government Agency securities totaling $112.8 billion (down from $145.8 billion), or 5.3%. Commercial Paper (CP) totaled $59.7 billion (up from two weeks ago at $68.9 billion), or 2.8%. Certificates of Deposit (CDs) totaled $39.4 billion (down from $45.3 billion two weeks ago), or 1.8%. The Other category accounted for $55.9 billion or 2.6%, while VRDNs accounted for $19.3 billion, or 0.9%.
The Ten Largest Issuers in our Weekly Holdings product include: the US Treasury with $843.0 billion (39.3% of total holdings), the Federal Reserve Bank of New York with $611.2B (28.5%), RBC with $54.2B (2.5%), Fixed Income Clearing Corp with $52.0B (2.4%), BNP Paribas with $51.9B (2.4%), Federal Home Loan Bank with $45.3B (2.1%), Federal Farm Credit Bank with $37.3B (1.7%), Federal National Mortgage Association with $20.5B (1.0%), Canadian Imperial Bank of Commerce with $20.1B (0.9%) and Mitsubishi UFJ Financial Group Inc with $19.3B (0.9%).
The Ten Largest Funds tracked in our latest Weekly include: JPMorgan US Govt MM ($246.3B), Goldman Sachs FS Govt ($225.2B), Morgan Stanley Inst Liq Govt ($151.4B), Allspring Govt MM ($132.7B), Fidelity Inv MM: Govt Port ($127.2B), Dreyfus Govt Cash Mgmt ($126.5B), Goldman Sachs FS Treas Instruments ($112.2B), JPMorgan 100% US Treas MMkt ($100.0B), First American Govt Oblg ($92.7B) and State Street Inst US Govt ($88.1B). (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.)
