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Crane Data's latest MFI International shows total assets in "offshore" money market mutual funds, U.S.-style funds domiciled in Ireland or Luxemburg and denominated in USD and Euro remain down year-to-date, though they've recently trimmed their losses. Through 7/12/19, overall MFII assets are down $11.5 billion to $834.5 billion. (They rose $15.2 billion in 2018.) Offshore USD money funds are down $3.4 billion YTD (they rose $28.8B last year). Euro funds are still feeling the pain of negative rates and recent European MMF reforms; they're down E7.9 billion YTD (following 2 flat years). GBP funds are up, however, by L5.6 billion. U.S. Dollar (USD) money funds (173) account for over half ($450.6 billion, or 54.0%) of our "European" money fund total, while Euro (EUR) money funds (76) total E91.1 billion (11.0%) and Pound Sterling (GBP) funds (103) total L215.0 billion (26.0%). We summarize our latest "offshore" money fund statistics and our Money Fund Intelligence International Portfolio Holdings (which went out to subscribers Monday), below, and we also give an update on our European Money Fund Symposium conference, which will take place Sept. 23-24 in Dublin.

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The July issue of our Bond Fund Intelligence, which was sent out to subscribers Monday morning, features the lead story, "Bond ETFs Break $700 Billion (Not $1 Trillion Like WSJ Says)," which discusses the rapid but exaggerated growth of Bond ETFs, and "Pope, Martucci & Carroll on Ultra-Shorts at Symposium," which highlights what the three had to say at their "SMA Ultra-Short Update; Bond Fund Reg talk at Crane's recent Money Fund Symposium conference. BFI also recaps the latest Bond Fund News and includes our Crane BFI Indexes, which show lower bond fund yields and higher returns (again) in June. We excerpt from the new issue below. (Contact us if you'd like to see our Bond Fund Intelligence and BFI XLS spreadsheet, or our Bond Fund Portfolio Holdings data.)

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Money fund assets rose for the 12th week in a row and broke back above the $3.25 trillion level for the first time since January 2010. The Investment Company Institute's latest "Money Market Fund Assets" series shows that MMF assets have increased by $209.6 billion, or 6.9%, since April 17, and they've increased by $205 billion, or 6.7%, year-to-date. Over the past 52 weeks, ICI's money fund asset series has increased by $402 billion, or 14.1%, with Retail MMFs rising by $206 billion (19.8%) and Inst MMFs rising by $196 billion (10.8%). We review the latest asset totals and also quote from a new article on Robinhood's ill-fated entry into the checking and savings marketplace, below.

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Crane Data released its July Money Fund Portfolio Holdings Wednesday, and our most recent collection of taxable money market securities, with data as of June 30, 2019, shows another big jump in Repo, which broke the $1.2 trillion level, and another big drop in Treasuries. Money market securities held by Taxable U.S. money funds (tracked by Crane Data) increased by $18.7 billion to $3.402 trillion last month, after increasing $77.2 billion in May, increasing by $88.9 billion in April and decreasing by $8.2 billion in March. (Note that the April figures were inflated by the addition of massive $108 billion American Funds Central Cash Fund to our collections.) Repo continued to be the largest portfolio segment -- it broke $1.2 trillion this month -- followed by Treasury securities, then Agencies. CP remained fourth ahead of CDs, Other/Time Deposits and VRDNs. Below, we review our latest Money Fund Portfolio Holdings statistics. (Visit our Content center to download the latest files, or contact us to see our latest Portfolio Holdings reports.)

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A press release entitled, "ICD Survey Indicates 88% of Corporates Plan on Increasing or Maintaining Money Market Fund Investments in 2019" tells us, "ICD, the leading independent trading and investment risk management platform ... released its '2019 ICD Client Survey Results.' Survey invitations were sent to all ICD clients globally, with 141 participants offering valuable insights into the global corporate outlook for 2019 on trading, investment trends and technology preferences."

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Crane Data's latest Money Fund Market Share rankings show assets were up again for most U.S. money fund complexes in June. Money fund assets increased by $40.0 billion, or 1.7%, last month to $3.540 trillion. Assets have climbed by $234.5 billion, or 7.1%, over the past 3 months, and they have increased by $531.8 billion, or 17.7%, over the past 12 months through June 30, 2019. The biggest increases among the 25 largest managers last month were seen by Fidelity, JPMorgan, Federated, BlackRock, Schwab and Vanguard, which increased assets by $10.9 billion, $9.8B, $5.8B, $5.7B, $4.7B and $4.1B respectively. We review the latest market share totals below, and we also look at money fund yields in June.

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The July issue of our flagship Money Fund Intelligence newsletter, which was sent out to subscribers Monday morning, features the articles: "Money Funds Gain vs Deposits Again: AFP Liquidity Survey," which reviews corporate investors shift from banks to MMFs; "Liquidity Flowing at 11th Money Fund Symposium," which reviews coverage of our recent big show; and, "Worldwide MMFs Break $6.1T: China, U.S. Lead Gains," which discusses the latest numbers on money funds outside the U.S. We've also updated our Money Fund Wisdom database with June 30 statistics, and sent out our MFI XLS spreadsheet Monday a.m. (MFI, MFI XLS and our Crane Index products are all available to subscribers via our Content center.) Our July Money Fund Portfolio Holdings are scheduled to ship on Wednesday, July 10, and our July Bond Fund Intelligence is scheduled to go out Monday, July 15.

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Money fund assets blasted through the $3.2 trillion level as Institutional MMFs surged to $2.0 trillion in the latest week. The Investment Company Institute’s new "Money Market Fund Assets" series shows that MMF assets rose for the 11th week in a row. They’ve increased by $195.5 billion, or 6.4%, since April 17. Money fund assets have increased by $145 billion, or 4.8%, year-to-date, according to ICI's weekly series, MMFs' highest level since February 2010. Over the past 52 weeks, ICI's money fund asset series has increased by $417 billion, or 14.8%, with Retail MMFs rising by $206 billion (20.0%) and Inst MMFs rising by $210 billion (11.8%).

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A press release entitled, "State Street Global Advisors Launches Its First ESG Money Market Fund," tells us, "State Street Global Advisors, the asset management business of State Street Corporation (STT), today announced the launch of the State Street ESG Liquid Reserves Fund (the 'Fund') which seeks to apply financially material environmental, social, and governance (ESG) scores to the management of the Fund. The Fund is the first money market fund to offer a portfolio composed entirely of investments that meet ESG criteria at the time of purchase." (See our April 25 Crane Data News, "State Street Files to Launch ESG Liquid Reserves Fund; LEAF Now Live.")

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It's been two months since the market collectively and suddenly decided rates were going lower and not higher. While the Federal Reserve has yet to officially cut interest rates, brokerage, bank and money market fund money market fund yields have all inched lower since April 30. Money market mutual fund yields, as measured by our Crane 100 Money Fund Index, have moved down from 2.25% to 2.18% over the past month and a half, and some of the highest-yielding bank deposit options cut rates last week. (See Monday's Link of the Day, "WSJ Says Marcus, Ally Cut Rates.") The latest move lower comes from Charles Schwab, who just lowered brokerage sweep rates. Schwab reduced rates for balances under $1 million from 0.30% to 0.26% in the latest week, according to our Brokerage Sweep Intelligence, and they trimmed rates for balances over $1 million to 0.65% from 0.67%.

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The Investment Company Institute released its "Worldwide Regulated Open-Fund Assets and Flows, First Quarter 2019" last week. The most recent data collection on mutual funds in other countries (as well as the U.S.) shows that money fund assets globally rose by $83.7 billion, or 1.4%, in Q1'19, to break above the $6.1 trillion level ($6.160T). The increase was led by big gains in Chinese and U.S.-based money funds. Money fund assets in Ireland fell. MMF assets worldwide have increased by $62.1 billion, or 1.0%, the past 12 months, and money funds in the U.S. continue to represent exactly 50.0% of worldwide assets. We review the latest Worldwide Money Market Fund totals, below.

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The Investment Company Institute, the trade group representing the mutual fund industry, released its latest weekly "Money Market Fund Assets," its latest monthly "Trends in Mutual Fund Investing," and its latest monthly "Month-End Portfolio Holdings of Taxable Money Funds" reports yesterday. The first shows that MMF assets rose for the 10th week in a row, increasing by $149.3 billion, or 4.9%, since April 17, while the second release show money fund assets rising strongly in May. Money fund assets have increased by $145 billion, or 4.8%, year-to-date, according to ICI's weekly series, MMFs' highest level since February 2010. Over the past 52 weeks, ICI's money fund asset series has increased by $367 billion, or 13.0%, with Retail MMFs rising by $202 billion (19.7%) and Inst MMFs rising by $165 billion (9.2%).

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