Crane Data's latest monthly Money Fund Market Share rankings show assets were again higher among the largest U.S. money fund complexes in July. Money market fund assets grew by $21.4 billion, or 0.4%, last month to a record $5.895 trillion. Total MMF assets have increased by $203.4 billion, or 3.6%, over the past 3 months, and they've increased by $854.5 billion, or 17.0%, over the past 12 months. The largest increases among the 25 largest managers last month were seen by JPMorgan, Allspring, SSGA, Schwab and Vanguard, which grew assets by $16.2 billion, $12.7B, $11.1B, $9.6B and $3.2B, respectively. Declines in July were seen by Invesco and Goldman Sachs, which decreased by $12.4 billion and $9.6B, 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 moved higher in July, below. (Note: Click here to see the replay of our recent Money Fund Wisdom Demo & Training, and register soon and make hotel reservations ASAP for our European Money Fund Symposium, which is Sept. 25-26, 2024 in Edinburgh.)
Over the past year through July 31, 2023, Schwab (up $229.2B, or 132.2%), Fidelity (up $215.2B, or 23.4%), JPMorgan (up $162.7B, or 37.8%), Vanguard (up $75.0B, or 16.6%) and Federated Hermes (up $64.9B, or 19.7%) were the `largest gainers. JPMorgan, Fidelity, Schwab, Allspring and Vanguard had the largest asset increases over the past 3 months, rising by $71.8B, $40.4B, $36.9B, $30.0B and $15.6B, respectively. The largest declines over 12 months were seen by: American Funds (down $43.5B), HSBC (down $26.3B), Morgan Stanley (down $11.3B), SSGA (down $8.5B) and BlackRock (down $4.7B). The largest decliners over 3 months included: Goldman Sachs (down $18.3B) and American Funds (down $15.9B).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $1.133 trillion, or 19.2% of all assets. Fidelity was up $2.9B in July, up $40.4 billion over 3 mos., and up $215.2B over 12 months. JPMorgan ranked second with $592.9 billion, or 10.1% market share (up $16.2B, up $71.8B and up $162.7B for the past 1-month, 3-mos. and 12-mos., respectively). Vanguard ranked in third place with $526.4 billion, or 8.9% of assets (up $3.2B, up $15.6B and up $75.0B). BlackRock ranked fourth with $494.9 billion, or 8.4% market share (down $4.0B, up $9.6B and down $4.7B), while Goldman Sachs was the fifth largest MMF manager with $420.5 billion, or 7.1% of assets (down $9.6B, down $18.3B and up $28.6B for the past 1-month, 3-mos. and 12-mos.).
Schwab was in sixth place with $402.5 billion, or 6.8% (up $9.6B, up $36.9B and up $229.2B), while Federated Hermes was in seventh place with $394.2 billion, or 6.7% of assets (down $104M, up $2.6B and up $64.9B). Morgan Stanley ($257.3B, or 4.4%) was in eighth place (down $5.9B, down $2.5B and down $11.3B), followed by Dreyfus ($253.2B, or 4.3%; down $4.5B, down $8.7B and up $12.1B). Allspring (formerly Wells Fargo) was in 10th place ($183.0B, or 3.1%; up $12.7B, up $30.0B and up $31.5B).
The 11th through 20th-largest U.S. money fund managers (in order) include: American Funds ($174.9B, or 3.0%), SSGA ($171.6B, or 2.9%), Northern ($157.7B, or 2.7%), Invesco ($157.6B, or 2.7%), First American ($132.6B, or 2.2%), UBS ($89.3B, or 1.5%), T. Rowe Price ($53.1B, or 0.9%), HSBC ($36.6B, or 0.6%), DWS ($35.0B, or 0.6%) and Western ($27.1B, 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 Allspring 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 ($1.143 trillion), JP Morgan ($807.1B), BlackRock ($707.4B), Goldman Sachs ($557.2B) and Vanguard ($526.4B). Schwab ($402.5B) was in sixth, Federated Hermes ($402.5B) was seventh, followed by Morgan Stanley ($329.9B), Dreyfus/BNY Mellon ($273.7B) and SSGA ($210.3B), 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 August issue of our Money Fund Intelligence and MFI XLS, with data as of 7/31/23, shows that yields increased again in July across the Crane Money Fund Indexes. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 751), rose to 4.94% (up 13 bps) for the 7-Day Yield (annualized, net) Average, the 30-Day Yield increased to 4.84% (up 5 bps). The MFA's Gross 7-Day Yield rose to 5.21% (up 11 bps), and the Gross 30-Day Yield also moved up to 5.12% (up 4 bps). (Gross yields will be revised Tuesday at noon, though, once we download the SEC's Form N-MFP data for 7/31/23.)
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 5.08% (up 16 bps) and an average 30-Day Yield at 4.92% (up 1 bp). The Crane 100 shows a Gross 7-Day Yield of 5.13% (up 12 bps), and a Gross 30-Day Yield of 5.00% (unchanged). Our Prime Institutional MF Index (7-day) yielded 5.11% (up 12 bps) as of July 31. The Crane Govt Inst Index was at 5.01% (up 12 bps) and the Treasury Inst Index was at 5.00% (up 14 bps). Thus, the spread between Prime funds and Treasury funds is 11 basis points, and the spread between Prime funds and Govt funds is 10 basis points. The Crane Prime Retail Index yielded 4.97% (up 13 bps), while the Govt Retail Index was 4.71% (up 11 bps), the Treasury Retail Index was 4.80% (up 17 bps from the month prior). The Crane Tax Exempt MF Index yielded 3.40% (down 17 bps) as of July.
Gross 7-Day Yields for these indexes to end July were: Prime Inst 5.31% (up 11 bps), Govt Inst 5.22% (up 20 bps), Treasury Inst 5.22% (up 13 bps), Prime Retail 5.26% (up 11 bps), Govt Retail 5.17% (up 10 bps) and Treasury Retail 5.04% (up 15 bps). The Crane Tax Exempt Index fell to 2.70% (down 10 bps). The Crane 100 MF Index returned on average 0.42% over 1-month, 1.23% over 3-months, 2.68% YTD, 3.93% over the past 1-year, 1.41% over 3-years (annualized), 1.48% over 5-years, and 0.92% over 10-years.
The total number of funds, including taxable and tax-exempt, was down 3 in July to 880. There are currently 751 taxable funds, down 2 from the previous month, and 129 tax-exempt money funds (down 1 from last month). (Contact us if you'd like to see our latest MFI XLS, Crane Indexes or Market Share report.)
