The Investment Company Institute released its latest weekly "Money Market Fund Assets" report, as well as its monthly "Trends in Mutual Fund Investing" and "Month-End Portfolio Holdings of Taxable Money Funds" for June 2022 Thursday. Their weekly update shows assets rising for the fourth week in a row, up $59 billion since June 29. Year-to-date, MMFs are down by $115 billion, or -2.4%, with Institutional MMFs down $123 billion, or -3.8% and Retail MMFs up $8 billion, or 0.6%. Over the past 52 weeks, money fund assets are up by $88 billion, or 2.0%, with Retail MMFs rising by $54 billion (3.8%) and Inst MMFs rising by $34 billion (1.1%). (For the month of July, MMF assets increased by $37.5 billion to $5.017 trillion according to Crane's MFI XLS, which tracks a broader universe of funds than ICI.)
ICI's weekly release says, "Total money market fund assets increased by $7.44 billion to $4.59 trillion for the week ended Wednesday, July 27, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $5.41 billion and prime funds increased by $5.08 billion. Tax-exempt money market funds decreased by $3.04 billion." ICI's stats show Institutional MMFs increasing $7.3 billion and Retail MMFs increasing $0.15 billion in the latest week. Total Government MMF assets, including Treasury funds, were $4.026 trillion (87.7% of all money funds), while Total Prime MMFs were $466.7 billion (10.2%). Tax Exempt MMFs totaled $97.5 billion (2.1%).
ICI explains, "Assets of retail money market funds increased by $149 million to $1.48 trillion. Among retail funds, government money market fund assets decreased by $1.66 billion to $1.15 trillion, prime money market fund assets increased by $4.26 billion to $242.75 billion, and tax-exempt fund assets decreased by $2.45 billion to $87.98 billion." Retail assets account for just under a third of total assets, or 32.2%, and Government Retail assets make up 77.6% of all Retail MMFs.
They add, "Assets of institutional money market funds increased by $7.29 billion to $3.11 trillion. Among institutional funds, government money market fund assets increased by $7.06 billion to $2.88 trillion, prime money market fund assets increased by $817 million to $223.92 billion, and tax-exempt fund assets decreased by $586 million to $9.52 billion." Institutional assets accounted for 67.8% of all MMF assets, with Government Institutional assets making up 92.5% 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.)
ICI's "Trends" report shows that money fund assets increased $25.0 billion in June to $4.541 trillion. This follows a decrease of $8.0 billion in May, a decrease of $71.0 billion in April, an increase of $9.6 billion in March, a decrease of $38.3 billion in February, a decrease of $136.1 billion in January and an increase of $136.1 billion in December (coincidentally the exact same size as January's decline). For the 12 months through June 30, 2022, money fund assets increased by $6.8 billion, or 0.0%.
The monthly release states, "The combined assets of the nation's mutual funds decreased by $1.33 trillion, or 5.6%, to $22.30 trillion in June, according to the Investment Company Institute's official survey of the mutual fund industry. In the survey, mutual fund companies report actual assets, sales, and redemptions to ICI.... Bond funds had an outflow of $62.49 billion in June, compared with an outflow of $85.70 billion in May.... Money market funds had an inflow of $33.57 billion in June, compared with an outflow of $8.04 billion in May. In June funds offered primarily to institutions had an inflow of $1.75 billion and funds offered primarily to individuals had an inflow of $31.82 billion."
The Institute's latest statistics show that Taxable funds and Tax Exempt MMFs both increased last month. Taxable MMFs increased by $21.5 billion in June to $4.438 trillion. Tax-Exempt MMFs increased $3.5 billion to $103.3 billion. Taxable MMF assets decreased year-over-year by $3.1 billion (-0.0%), and Tax-Exempt funds rose by $9.8 billion over the past year (10.5%). Bond fund assets decreased by $174.9 billion (-3.5%) in June to $4.795 trillion, and they've decreased by $717.7 billion (-13.0%) over the past year.
Money funds represent 20.4% of all mutual fund assets (up 1.3% from the previous month), while bond funds account for 21.5%, according to ICI. The total number of money market funds was 300, unchanged from the prior month and down from 316 a year ago. Taxable money funds numbered 241 funds, and tax-exempt money funds numbered 59 funds.
ICI's "Month-End Portfolio Holdings" confirm yet another plunge in Treasuries and jump in Repo last month. Repurchase Agreements remained the largest composition segment in June, increasing $153.4 billion, or 6.9%, to $2.381 trillion, or 53.7% of holdings. Repo holdings have increased $792.7 billion, or 49.9%, over the past year. (See our July 13 News, "July Portfolio Holdings: Fed Repo in MMFs Breaks $2.0 Tril; T-Bills Down.)
Treasury holdings in Taxable money funds fell sharply again last month, though they remained the second largest composition segment. Treasury holdings decreased $65.4 billion, or -4.5%, to $1.385 trillion, or 31.2% of holdings. Treasury securities have decreased by $720.4 billion, or -34.2%, over the past 12 months. U.S. Government Agency securities were the third largest segment; they decreased $19.5 billion, or -5.1%, to $366.0 billion, or 8.2% of holdings. Agency holdings have fallen by $132.4 billion, or -26.6%, over the past 12 months.
Certificates of Deposit (CDs) remained in fourth place; they dropped by $16.2 billion, or -9.6%, to $152.9 billion (3.4% of assets). CDs held by money funds rose by $4.8 billion, or 3.2%, over 12 months. Commercial Paper remained in fifth place, down $10.3 billion, or -8.0%, to $118.3 billion (2.7% of assets). CP has decreased by $23.9 billion, or -16.8%, over one year. Other holdings decreased to $18.1 billion (0.4% of assets), while Notes (including Corporate and Bank) dropped to $3.0 billion (0.1% of assets).
The Number of Accounts Outstanding in ICI's series for taxable money funds increased to 57.908 million, while the Number of Funds were unchanged this past month to 241. Over the past 12 months, the number of accounts rose by 13.333 million and the number of funds decreased by 10. The Average Maturity of Portfolios was a record low 26 days, down 2 from May. Over the past 12 months, WAMs of Taxable money have decreased by 12.
