Crane Data 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 Sept 15) includes Holdings information from 71 money funds (up 17 from two weeks ago), or $2.989 trillion (up from $2.307 trillion) of the $5.998 trillion in total money fund assets (or 49.8%) tracked by Crane Data. (Our Weekly MFPH are e-mail only and aren't available on the website. See our latest Monthly Money Fund Portfolio Holdings here.)
Our latest Weekly MFPH Composition summary again shows Government assets dominating the holdings list with Repurchase Agreements (Repo) totaling $1.552 billion (up from $1.188 trillion two weeks ago), or 51.9%; Treasuries totaling $960.5 billion (up from $743.7 billion two weeks ago), or 32.1%, and Government Agency securities totaling $238.9 billion (up from $186.1 billion), or 8.0%. Commercial Paper (CP) totaled $79.3 billion (up from two weeks ago at $61.9 billion), or 2.7%. Certificates of Deposit (CDs) totaled $73.0 billion (up from $54.8 billion two weeks ago), or 2.4%. The Other category accounted for $58.1 billion or 1.9%, while VRDNs accounted for $27.4 billion, or 0.9%.
The Ten Largest Issuers in our Weekly Holdings product include: the US Treasury with $960.5 billion (32.1% of total holdings), the Federal Reserve Bank of New York with $686.1 billion (23.0%), Fixed Income Clearing Corp with $234.8B (7.9%), Federal Home Loan Bank with $176.1B (5.9%), RBC with $55.0B (1.8%), Federal Farm Credit Bank with $53.2B (1.8%), JP Morgan with $51.8B (1.7%), Barclays PLC with $51.2B (1.7%), BNP Paribas with $50.3B (1.7%) and Citi with $49.6B (1.7%).
The Ten Largest Funds tracked in our latest Weekly include: JPMorgan US Govt MM ($251.1B), Goldman Sachs FS Govt ($251.0B), Fidelity Inv MM: Govt Port ($183.6B), JPMorgan 100% US Treas MMkt ($154.7B), Morgan Stanley Inst Liq Govt ($152.9B), BlackRock Lq FedFund ($139.1B), State Street Inst US Govt ($125.8B), Allspring Govt MM ($116.5B), Dreyfus Govt Cash Mgmt ($112.0B) and Fidelity Inv MM: MM Port ($110.8B). (Let us know if you'd like to see our latest domestic U.S. and/or "offshore" Weekly Portfolio Holdings collection and summary.)
In related news, ICI also released its latest monthly "Money Market Fund Holdings" summary, which reviews the aggregate daily and weekly liquid assets, regional exposure, and maturities (WAM and WAL) for Prime and Government money market funds. This release says, "The Investment Company Institute (ICI) reports that, as of the final Friday in August, prime money market funds held 39.9 percent of their portfolios in daily liquid assets and 58.3 percent in weekly liquid assets, while government money market funds held 81.8 percent of their portfolios in daily liquid assets and 88.4 percent in weekly liquid assets." Prime DLA was down from 41.9% in July, and Prime WLA was down from 59.5%. Govt MMFs' DLA was down from 82.0% and Govt WLA decreased from 88.8% the previous month.
ICI explains, "At the end of August, prime funds had a weighted average maturity (WAM) of 25 days and a weighted average life (WAL) of 51 days. Average WAMs and WALs are asset-weighted. Government money market funds had a WAM of 24 days and a WAL of 65 days." Prime WAMs were 3 days longer and WALs were 5 days longer from the previous month. Govt WAMs were unchanged and WALs were 1 day longer from July.
Regarding Holdings by Region of Issuer, the release tells us, "Prime money market funds’ holdings attributable to the Americas rose from $432.67 billion in July to $450.36 billion in August. Government money market funds’ holdings attributable to the Americas rose from $4,150.11 billion in July to $4,205.05 billion in August."
The Prime Money Market Funds by Region of Issuer table shows Americas-related holdings at $450.4 billion, or 51.7%; Asia and Pacific at $134.9 billion, or 15.5%; Europe at $271.7 billion, or 31.2%; and, Other (including Supranational) at $14.9 billion, or 1.7%. The Government Money Market Funds by Region of Issuer table shows Americas at $4.205 trillion, or 90.5%; Asia and Pacific at $103.2 billion, or 2.2%; Europe at $326.9 billion, 7.0%, and Other (Including Supranational) at $13.7 billion, or 0.3%.
Finally, another recent release from the Investment Company Institute tells us that, "Retirement Assets Total $36.7 Trillion in Second Quarter 2023." It includes data tables showing that money market funds held in retirement accounts rose to $666 billion (up from $632 billion) in total, or 12% of the total $5.450 trillion in money funds. MMFs represent just 6.0% of the total $11.167 trillion of mutual funds in retirement accounts.
This release says, "Total US retirement assets were $36.7 trillion as of June 30, 2023, up 3.1 percent from March 31, 2023. Retirement assets accounted for 31 percent of all household financial assets in the United States at the end of June 2023. Assets in individual retirement accounts (IRAs) totaled $13.0 trillion at the end of the second quarter of 2023, an increase of 3.9 percent from the end of the first quarter of 2023. Defined contribution (DC) plan assets were $10.2 trillion at the end of the second quarter, up 4.1 percent from March 31, 2023. Government defined benefit (DB) plans—including federal, state, and local government plans—held $8.0 trillion in assets as of the end of June 2023, a 0.8 percent increase from the end of March 2023. Private-sector DB plans held $3.2 trillion in assets at the end of the second quarter of 2023, and annuity reserves outside of retirement accounts accounted for another $2.3 trillion."
The ICI tables also show money funds accounting for $482 billion, or 9%, of the $5.470 trillion in IRA mutual fund assets and $184 billion, or 3%, of the $5.697 trillion in defined contribution plan holdings. (Money funds in 401k plans totaled $123 billion, or 3% of the $4.497 trillion of mutual funds in 401k's.)
