The Investment Company Institute released its latest monthly "Trends in Mutual Fund Investing" and "Month-End Portfolio Holdings of Taxable Money Funds" for July 2022 Tuesday. ICI's "Trends" report shows that money fund assets increased $34.3 billion in July to $4.575 trillion. This follows an increase of $25.0 billion in June, 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 July 31, 2022, money fund assets increased by $65.5 billion, or 1.5%.
The monthly release states, "The combined assets of the nation's mutual funds increased by $1.07 trillion, or 4.8 percent, to $23.38 trillion in July, 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 $34.20 billion in July, compared with an outflow of $62.53 billion in June.... Money market funds had an inflow of $31.78 billion in July, compared with an inflow of $33.57 billion in June. In July funds offered primarily to institutions had an inflow of $12.85 billion and funds offered primarily to individuals had an inflow of $18.93 billion. "
The Institute's latest statistics show that Taxable funds and Tax Exempt MMFs were mixed last month. Taxable MMFs increased by $40.9 billion in July to $4.479 trillion. Tax-Exempt MMFs decreased $6.7 billion to $96.6 billion. Taxable MMF assets increased year-over-year by $60.1 billion (1.4%), and Tax-Exempt funds rose by $5.4 billion over the past year (5.9%). Bond fund assets increased by $84.5 billion (1.8%) in July to $4.879 trillion, and they've decreased by $694.1 billion (-12.5%) over the past year.
Money funds represent 19.6% of all mutual fund assets (down 0.8% from the previous month), while bond funds account for 20.9%, according to ICI. The total number of money market funds was 297, down 3 from the prior month and down from 314 a year ago. Taxable money funds numbered 238 funds, and tax-exempt money funds numbered 59 funds.
ICI's "Month-End Portfolio Holdings" confirm yet another decline in Treasuries and increase in Repo last month. Repurchase Agreements remained the largest composition segment in June, increasing $33.7 billion, or 1.4%, to $2.415 trillion, or 53.9% of holdings. Repo holdings have increased $777.3 billion, or 47.5%, over the past year. (See our August 10 News, "August Portfolio Holdings: Fed Repo Almost $2.1 Tril; T-Bills Dip Again.")
Treasury holdings in Taxable money funds fell again last month, though they remained the second largest composition segment. Treasury holdings decreased $31.6 billion, or -2.3%, to $1.353 trillion, or 30.2% of holdings. Treasury securities have decreased by $566.2 billion, or -29.5%, over the past 12 months. U.S. Government Agency securities were the third largest segment; they increased $15.5 billion, or 4.2%, to $381.5 billion, or 8.5% of holdings. Agency holdings have fallen by $108.3 billion, or -22.1%, over the past 12 months.
Certificates of Deposit (CDs) remained in fourth place; they jumped by $24.5 billion, or 15.9%, to $152.9 billion (4.0% of assets). CDs held by money funds fell by $7.4 billion, or -4.0%, over 12 months. Commercial Paper remained in fifth place, up $8.7 billion, or 7.4%, to $127.3 billion (2.8% of assets). CP has decreased by $23.4 billion, or -15.5%, over one year. Other holdings decreased to $15.6 billion (0.3% of assets), while Notes (including Corporate and Bank) inched up to $3.2 billion (0.1% of assets).
The Number of Accounts Outstanding in ICI's series for taxable money funds increased to 58.102 million, while the Number of Funds fell this past month to 238. Over the past 12 months, the number of accounts rose by 13.648 million and the number of funds decreased by 12. The Average Maturity of Portfolios was a record low 24 days, down 2 from June. Over the past 12 months, WAMs of Taxable money have decreased by 14.
Crane Data also published its latest Weekly Money Fund Portfolio Holdings statistics Tuesday, which track a shifting subset of our monthly Portfolio Holdings collection. The most recent cut (with data as of Aug. 26) includes Holdings information from 73 money funds (up 10 from two weeks ago), which represent $2.585 trillion (up from $2.135 trillion) of the $5.034 trillion (51.4%) in total money fund assets tracked by Crane Data. (Our Weekly MFPH are e-mail only and aren't available on the website, and note that we didn't publish last week due to vacations.)
Our latest Weekly MFPH Composition summary again shows Government assets dominating the holdings list with Repurchase Agreements (Repo) totaling $1.355 trillion (up from $1.104 trillion two weeks ago), or 52.4%; Treasuries totaling $914.5 billion (up from $747.8 billion two weeks ago), or 35.4%, and Government Agency securities totaling $136.2 billion (up from $117.3 billion), or 5.3%. Commercial Paper (CP) totaled $58.2 billion (up from two weeks ago at $52.1 billion), or 2.3%. Certificates of Deposit (CDs) totaled $40.3 billion (up from $38.7 billion two weeks ago), or 1.6%. The Other category accounted for $55.3 billion or 2.1%, while VRDNs accounted for $25.7 billion, or 1.0%.
The Ten Largest Issuers in our Weekly Holdings product include: the Federal Reserve Bank of New York with $1.027 trillion (39.7%), the US Treasury with $914.5 billion (35.4% of total holdings), Federal Home Loan Bank with $83.5B (3.2%), Federal Farm Credit Bank with $46.6B (1.8%), Fixed Income Clearing Corp with $41.7B (1.6%), BNP Paribas with $39.1B (1.5%), RBC with $35.6B (1.4%), JP Morgan with $22.0B (0.9%), Barclays PLC with $20.9B (0.8%) and Citi with $17.6B (0.7%).
The Ten Largest Funds tracked in our latest Weekly include: JPMorgan US Govt MM ($232.6B), Goldman Sachs FS Govt ($205.9B), BlackRock Lq FedFund ($152.7B), Morgan Stanley Inst Liq Govt ($149.6B), Fidelity Inv MM: Govt Port ($122.2B), Dreyfus Govt Cash Mgmt ($122.1B), BlackRock Lq Treas Tr ($112.9B), State Street Inst US Govt ($109.2B), Allspring Govt MM ($104.0B) and Goldman Sachs FS Treas Instruments ($102.5B). (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.)
