Crane Data's latest monthly Money Fund Market Share rankings show assets were slightly higher among the largest U.S. money fund complexes in June. Money market fund assets inched up by $9.2 billion, or 0.2%, last month to a record $5.863 trillion. Total MMF assets increased by $234.7 billion, or 4.2%, over the past 3 months, and they've increased by $875.9 billion, or 17.6%, over the past 12 months. The largest increases among the 25 largest managers last month were seen by Morgan Stanley, Schwab, Allspring, First American and Invesco, which grew assets by $11.3 billion, $10.7B, $9.4B, $8.4B and $5.6B, respectively. Declines in June were seen by American Funds and Goldman Sachs, which decreased by $19.4 billion and $13.0B, respectively. Our domestic U.S. "Family" rankings are available in our MFI XLS product, our global rankings are available in our MFI International product. The combined "Family & Global Rankings" are available to Money Fund Wisdom subscribers. We review the latest market share totals, and look at money fund yields, which also inched higher in June, below. (Note: Please join us on July 27 at 2pm Eastern for a "Money Fund Wisdom Demo & Training" session, where we'll review Crane Data's product suite and database query system with a focus on our MFI Daily asset series.)
Over the past year through June 30, 2023, Schwab (up $233.7B, or 146.7%), Fidelity (up $212.4B, or 23.3%), JPMorgan (up $133.1B, or 30.0%), Vanguard (up $69.5B, or 15.5%) and Invesco (up $65.8B, or 63.1%) were the `largest gainers. JPMorgan, Schwab, Fidelity, Allspring and Invesco had the largest asset increases over the past 3 months, rising by $57.5B, $35.1B, $24.4B, $20.0B and $13.4B, respectively. The largest declines over 12 months were seen by: Morgan Stanley (down $38.0B), American Funds (down $22.1B), HSBC (down $19.0B), Northern (down $11.1B) and SSGA (down $10.3B). The largest decliners over 3 months included: Goldman Sachs (down $11.9B) and Western (down $6.0B).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $1.126 trillion, or 19.2% of all assets. Fidelity was down $3.0B in June, up $24.4 billion over 3 mos., and up $212.4B over 12 months. JPMorgan ranked second with $576.7 billion, or 9.8% market share (up $592M, up $57.5B and up $133.1B for the past 1-month, 3-mos. and 12-mos., respectively). Vanguard ranked in third place with $517.9 billion, or 8.8% of assets (up $2.1B, up $12.4B and up $69.5B). BlackRock ranked fourth with $498.9 billion, or 8.5% market share (down $2.5B, up $12.7B and down $3.9B), while Goldman Sachs was the fifth largest MMF manager with $430.1 billion, or 7.3% of assets (down $13.0B, down $11.9B and up $54.9B for the past 1-month, 3-mos. and 12-mos.).
Federated Hermes was in sixth place with $394.3 billion, or 6.7% (up $2.6B, up $5.6B and up $61.0B), while Schwab was in seventh place with $392.9 billion, or 6.7% of assets (up $10.7B, up $35.1B and up $233.7B). Morgan Stanley ($263.2B, or 4.5%) was in eighth place (up $11.3B, up $13.0B and down $38.0B), followed by Dreyfus ($257.7B, or 4.4%; down $2.1B, down $3.6B and up $22.8B). American Funds was in 10th place ($175.7B, or 3.0%; down $19.4B, up $8.2B and down $22.1B).
The 11th through 20th-largest U.S. money fund managers (in order) include: Allspring (formerly Wells Fargo) ($170.4B, or 2.9%), Invesco ($170.0B, or 2.9%), SSGA ($161.3B, or 2.8%), Northern ($157.2B, or 2.7%), First American ($133.9B, or 2.3%), UBS ($87.4B, or 1.5%), T. Rowe Price ($51.7B, or 0.9%), HSBC ($35.5B, or 0.6%), DWS ($34.7B, or 0.6%) and Western ($28.1B, or 0.5%). Crane Data currently tracks 60 U.S. MMF managers, unchanged from last month.
When European and "offshore" money fund assets -- those domiciled in places like Ireland, Luxembourg and the Cayman Islands -- are included, the top 10 managers are the same as the domestic list, except: BlackRock moves up to the No. 3 spot, Goldman Sachs moves up to No. 4 and Vanguard moves down to the No. 5 spot. Also, SSGA replaces American Funds at the No. 10 spot. Global Money Fund Manager Rankings include the combined market share assets of our MFI XLS (domestic U.S.) and our MFI International ("offshore") products.
The largest Global money market fund families include: Fidelity ($1.136 trillion), JP Morgan ($788.6B), BlackRock ($711.4B), Goldman Sachs ($573.7B) and Vanguard ($517.9B). Federated Hermes ($403.0B) was in sixth, Schwab ($392.9B) was seventh, followed by Morgan Stanley ($332.1B), Dreyfus/BNY Mellon ($278.6B) and SSGA ($198.3B), which round out the top 10. These totals include "offshore" U.S. Dollar money funds, as well as Euro and Pound Sterling (GBP) funds converted into U.S. dollar totals.
The July issue of our Money Fund Intelligence and MFI XLS, with data as of 6/30/23, shows that yields increased again in June across the Crane Money Fund Indexes. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 753), rose to 4.81% (up 4 bps) for the 7-Day Yield (annualized, net) Average, the 30-Day Yield increased to 4.79% (up 8 bps). The MFA's Gross 7-Day Yield rose to 5.10% (up 4 bps), and the Gross 30-Day Yield also moved up to 5.08% (up 8 bps). (Gross yields will be revised Tuesday at noon, though, once we download the SEC's Form N-MFP data for 6/30/23.)
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 4.94% (up 4 bps) and an average 30-Day Yield at 4.91% (up 8 bps). The Crane 100 shows a Gross 7-Day Yield of 5.02% (up 4 bps), and a Gross 30-Day Yield of 5.00% (up 7 bps). Our Prime Institutional MF Index (7-day) yielded 4.99% (up 3 bps) as of June 30. The Crane Govt Inst Index was at 4.89% (up 2 bps) and the Treasury Inst Index was at 4.86% (up 7 bps). Thus, the spread between Prime funds and Treasury funds is 13 basis points, and the spread between Prime funds and Govt funds is 10 basis points. The Crane Prime Retail Index yielded 4.84% (up 4 bps), while the Govt Retail Index was 4.60% (up 3 bps), the Treasury Retail Index was 4.64% (up 7 bps from the month prior). The Crane Tax Exempt MF Index yielded 3.55% (up 49 bps) as of June.
Gross 7-Day Yields for these indexes to end June were: Prime Inst 5.21% (up 3 bps), Govt Inst 5.12% (up 2 bps), Treasury Inst 5.11% (up 7 bps), Prime Retail 5.16% (up 5 bps), Govt Retail 5.07% (up 3 bps) and Treasury Retail 4.89% (up 7 bps). The Crane Tax Exempt Index rose to 2.79% (up 34 bps). The Crane 100 MF Index returned on average 0.40% over 1-month, 1.19% over 3-months, 2.17% YTD, 3.54% over the past 1-year, 1.22% over 3-years (annualized), 1.41% over 5-years, and 0.88% over 10-years.
The total number of funds, including taxable and tax-exempt, was unchanged in June at 883. There are currently 753 taxable funds, unchanged from the previous month, and 130 tax-exempt money funds (unchanged from last month). (Contact us if you'd like to see our latest MFI XLS, Crane Indexes or Market Share report.)
