MMF Assets Dip at Month End
ICI's latest weekly "Money Market Fund Assets" report shows assets down modestly in the latest week approaching month-end and roughly flat for the month of June. Year-to-date, MMFs are down by $174 billion, or -3.7%, with Institutional MMFs down $157 billion, or -4.9% and Retail MMFs down $17 billion, or -1.2%. Over the past 52 weeks, money fund assets are up by $4 billion, or 0.1%, with Retail MMFs rising by $21 billion (1.5%) and Inst MMFs falling by $18 billion (-0.6%). (For the month of June, through 6/29, MMF assets have increased by $12.5 billion to $4.972 trillion according to Crane's MFI Daily, which tracks a broader universe of funds than ICI.) ICI's weekly release says, "Total money market fund assets decreased by $11.83 billion to $4.53 trillion for the week ended Wednesday, June 29, the Investment Company Institute reported.... Among taxable money market funds, government funds decreased by $14.29 billion and prime funds increased by $1.85 billion. Tax-exempt money market funds increased by $610 million." ICI's stats show Institutional MMFs falling $19.0 billion and Retail MMFs increasing $7.2 billion in the latest week. Total Government MMF assets, including Treasury funds, were $4.000 trillion (88.3% of all money funds), while Total Prime MMFs were $428.0 billion (9.4%). Tax Exempt MMFs totaled $103.3 billion (2.3%). ICI explains, "Assets of retail money market funds increased by $7.15 billion to $1.45 trillion. Among retail funds, government money market fund assets increased by $911 million to $1.14 trillion, prime money market fund assets increased by $5.68 billion to $218.96 billion, and tax-exempt fund assets increased by $555 million to $93.36 billion." Retail assets account for just under a third of total assets, or 32.0%, and Government Retail assets make up 78.5% of all Retail MMFs. They add, "Assets of institutional money market funds decreased by $18.98 billion to $3.08 trillion. Among institutional funds, government money market fund assets decreased by $15.20 billion to $2.86 trillion, prime money market fund assets decreased by $3.83 billion to $208.99 billion, and tax-exempt fund assets increased by $55 million to $9.89 billion." Institutional assets accounted for 68.0% of all MMF assets, with Government Institutional assets making up 92.9% of all Institutional MMF totals. (Note that ICI's asset totals don't include a number of funds tracked by the SEC and Crane Data, so they're over $400 billion lower than Crane's asset series.)
