Assets Bounce Back to Record $5.47T
The Investment Company Institute's latest "Money Market Fund Assets" report shows MMF assets rebounding to record levels following 3 weeks of declines. (MMFs had hit records for 7 straight weeks, and in 13 weeks out of the past 15, prior to a mid-June swoon.) Assets have risen by $654 billion, or 13.6%, over the prior 19 weeks (breaking the $5.4 billion at the end of May). ICI shows assets up by $740 billion, or 15.6%, year-to-date in 2023, with Institutional MMFs up $400 billion, or 13.1% and Retail MMFs up $339 billion, or 20.2%. Over the past 52 weeks, money fund assets have risen $917 billion, or 20.1%, with Retail MMFs rising by $555 billion (38.0%) and Inst MMFs rising by $362 billion (11.7%). Their weekly release says, "Total money market fund assets increased by $43.70 billion to $5.47 trillion for the week ended Wednesday, July 5, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $28.79 billion and prime funds increased by $10.51 billion. Tax-exempt money market funds increased by $4.40 billion." ICI's stats show Institutional MMFs jumping $26.5 billion and Retail MMFs rising $17.3 billion in the latest week. Total Government MMF assets, including Treasury funds, were $4.524 trillion (82.6% of all money funds), while Total Prime MMFs were $832.3 billion (15.2%). Tax Exempt MMFs totaled $118.4 billion (2.2%). ICI explains, "Assets of retail money market funds increased by $17.25 billion to $2.02 trillion. Among retail funds, government money market fund assets increased by $10.18 billion to $1.35 trillion, prime money market fund assets increased by $4.87 billion to $563.32 billion, and tax-exempt fund assets increased by $2.20 billion to $106.13 billion." Retail assets account for over a third of total assets, or 36.8%, and Government Retail assets make up 66.8% of all Retail MMFs. They add, "Assets of institutional money market funds increased by $26.45 billion to $3.46 trillion. Among institutional funds, government money market fund assets increased by $18.61 billion to $3.18 trillion, prime money market fund assets increased by $5.63 billion to $269.00 billion, and tax-exempt fund assets increased by $2.20 billion to $12.31 billion." Institutional assets accounted for 63.2% of all MMF assets, with Government Institutional assets making up 91.9% of all Institutional MMF totals. (According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets rose by $20.7 billion in June through 6/30 and another $29.8 billion in July through 7/5 to $5.876 trillion. 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.)
