Money Fund Intelligence XLS Archives
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| 11/01/2008 (3/11) |
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| 10/01/2008 (3/10) |
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| 09/01/2008 (3/9) |
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9/12
Below, we list the largest managers of U.S. money market mutual funds along with their their asset gains over the past year. According to Crane Data's statistics, money funds as a whole have increased by $744 billion, or 28.6%, in the 12 months ended Aug. 31, 2008. While practically everyone was a winner in this environment, some of the increases are particularly notable. We display the Fund Family, their total money fund assets (tracked by Crane, in billions of dollars), the 12-month asset change in dollars (bils), and the 12-month change in percent. Fidelity had by far the largest dollar increase, growing $105.3 billion (32.9%) to $425.6 billion, followed by No. 3-ranked BlackRock, which grew by $86.8 (50.2%) billion to $259.8 billion, and by No. 5-ranked Dreyfus, which grew by $85.9 billion (75.9%) to $199.1 billion. Big dollar increases were also seen by JPMorgan (up $64.6 billion to $267.9 billion), Goldman Sachs (up $64.5 billion to $183.6), and Federated (up $52.9 billion to $231.1 billion). The largest percentage gain among the 25 largest fund families was seen by The Reserve, which was up 113% to $84.0 billion. Big percentage gains were also seen by Dreyfus, HSBC (up 57.4% to $32.8 billion), Goldman Sachs (up 54.1% to $183.6 billion), UBS (up 53.5% to $56.7 billion), and BlackRock (50.2%). The 25 Largest Money Fund Families (total assets, 12-mo chg, % chg) are: 1) Fidelity ($425.7, $105.3, 32.9%); 2) JPMorgan ($267.9, $64.6, 31.7%); 3) BlackRock ($259.8, $86.8, 50.2%); 4) Federated ($231.1, $52.9, 29.7%); 5) Dreyfus ($199.1, $85.9, 75.9%); 6) Schwab ($194.5, $36.1, 22.8%); 7) Vanguard ($191.5, $20.6, 12.1%); 8) Goldman Sachs ($183.6, $64.5, 54.1%); 9) Columbia ($146.8, -0.4, -0.3%); 10) Morgan Stanley ($112.6, $25.4, 29.2%); 11) Western ($110.6, $19.4, 21.3%); 12) Wells Fargo ($103.9, $18.6, 21.8%); 13) Reserve ($84.0, $44.6, 113.0%); 14) AIM ($70.9, $16.4, 30.0%); 15) First American ($59.8, $12.8, 27.2%); 16) DWS ($64.9, $11.1, 20.7%); 17) Northern ($63.4, $10.2, 19.3%); 18) UBS ($56.7, $19.7, 53.5%); 19) Evergreen ($56.1, $7.6, 15.6%); 20) SSgA ($43.6, $11.6, 36.4%); 21) HSBC ($32.8, $12.0, 57.4%); 22) Ridgeworth ($23.5, $1.4, 6.5%); 23) TDAM ($22.6, $6.0, 36.2%); 24) Barclays ($21.4, $3.7, 21.2%); and, 25) Lehman/NB ($21.0, $0.0, 0.3%). See the latest issue of Money Fund Intelligence XLS for a full listing of fund families. |
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9/9
Taxable money market mutual fund yields were flat in August and will remain remain flat for the foreseeable future. Tax-exempt money fund yields, however, plunged in August after jumping in July. Our Crane Money Fund Average, which is comprised of 900 taxable money market mutual funds, yielded 1.96% (7-day simple) as of Aug. 31, 2008, unchanged from the prior month. The Crane Tax Exempt MF Index, which is comprised of 455 municipal and tax-free money funds, yielded 1.35% at the end of August vs. 1.82% as of July 31. The Crane 100 Money Fund Index, a benchmark of the 100 largest taxable funds, remained flat at 2.24% in August. A year ago, the Crane 100 was 5.01%, and at the start of 2008 the index was 4.49%. Through August 31, 2008, the Crane 100 shows the following unannualized returns: 0.19% for 1-month 0.55% for 3 months; and 1.88% for YTD. For the pasy 1-year it returned 3.50%. Average annualized returns for money fund investors were 4.29% over 3 years, 3.16% for 5 years, and 3.48% for 10 years. All of these returns are net of fees. Expense ratios for money funds declined slightly in August. The average expense ratio among the largest money funds, as measured by the Crane 100, was 0.37% (annualized) for the latest month. The broader Crane Money Fund Average shows taxable money fund expenses at 0.47%, while Tax Exempt funds averaged 0.54%. Money fund portfolio maturities extended slightly. Our Crane MF Average remained at a 40 day AM (average maturity), but our Crane 100 Index's AM rose from 45 to 47 days. Tax exempt AMs went from 29 days to 30 days. Average maturity measures the duration of fund investments and the length of time, in days, it takes a portfolio to turn over. As you can see, money fund portfolios have an extremely short lifespan. For more on our Crane Money Fund Indexes and Averages, see the latest issue of Crane Index, Money Fund Intelligence, Money Fund Intelligence XLS, or Money Fund Intelligence Daily. Crane Indexes are also available on Bloomberg Professional -- enter 'ALLX CRNI' for a listing. |
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| 08/01/2008 (3/8) |
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| 07/01/2008 (3/7) |
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| 06/01/2008 (3/6) |
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| 05/01/2008 (3/5) |
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| 04/01/2008 (3/4) |
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| 03/01/2008 (3/3) |
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3/10
The March 2008 issue of Crane Data's flagship Money Fund Intelligence is now available for download by subscribers. The latest newsletter features the articles: "Corporate Safety Thrust Benefiting Money Funds", which describes the huge shift in cash balances from active to passive investments; "Evergreen Perpetually Tops in Muni Money Market", a profile of the top-ranked (5-year and 10-year) Evergreen Institutional Municipal Money Market Fund; and, "Canadian Money Funds: Preparing for Takeoff?", a discussion of money funds in Canada. We also update subscribers on the latest SIV and support action news, as well as a number of personnel changes in the money fund industry. MFI is now 30 pages and tracks 1,300 funds, representing 93% of all money market fund assets. The lead article examines Treasury Strategies recent results showing a flight away from all liquidity and short-term investment options save money funds and bank deposits/sweep accounts. We also look at other recent statistics showing a massive shift away from complexity and direct market investment, which has powered the $1 trillion cash buildup in money market funds over the past 52 weeks. Our latest Money Fund Intelligence XLS, which contains data, rankings and percentiles by fund type, has also been posted to http://www.cranedata.com. Our money "Fund Family" asset rankings now show that No. 1-ranked Fidelity Investments has surpassed $400 billion in assets! The Boston-based company increased its money fund totals by $12.8 billion in February and has increased by a stunning $143.2 billion, or 55%, over the past 12 months. To request a look at the latest copy, e-mail us at: sales@cranedata.us. |
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| 02/01/2008 (3/2) |
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| 01/01/2008 (3/1) |
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| 12/01/2007 (2/12) |
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12/31
Janus, Morgan Stanley, BGI, CS, Lehman, Putnam Top Ranked in '07. Crane Data's preliminary rankings for 2007 show that Janus Institutional Cash Management Inst will rank No. 1 among all taxable money market funds for calendar 2007 with a return of 5.35%. Morgan Stanley Inst Liquidity MMP Inst should place a close second with a 5.34% return, and four funds -- Barclays Inst MMF Inst, Credit Suisse Inst MMF Prime A, Lehman Brothers ILF MMP Inst, and Putnam Prime Money Market I -- all should return 5.33%, putting them in a tie for third place. Note that DWS Daily Assets Fund Institutional would have ranked No. 1 with a projected 5.40% return, but we didn't start tracking this previously-restricted fund until last month. Among individual, or "retail" funds, we project a three-way tie for No. 1 between DWS Cash Reserves Prime Series Inst, Fidelity Inst MM Port II, and Vanguard Prime MMF with returns of 5.14%. The average money market mutual fund, as measured by our Crane 100, returned 4.99% for 2007, the highest level since 2000's 6.18% return. The pending January issue of Money Fund Intelligence will feature full performance rankings for 2007, as well as our usual current yield rankings, where we will cite the official No. 1 ranked funds by category. |
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| 11/01/2007 (2/11) |
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| 10/01/2007 (2/10) |
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| 09/01/2007 (2/9) | |||||||||||||||||||
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9/12
Top-Performing MM Funds Ranked by 1-Year Returns Through 8/31/07. Today, we list the top-performing money funds tracked by Crane Data and ranked in Money Fund Intelligence XLS) by 1-year total return as of 8/31/07. The No. 1 Prime Institutional Money Fund is Janus Institutional Cash Mgmt with a return of 5.45%. JCAXX also holds the current No. 1-ranked 7-day yield spot (see table above). The top-performing fund in our Prime Individual category is Fidelity Inst MM: MM Port II (FCIXX) with a return of 5.30%. Alpine Municipal MMF Y ranks No. 1 among Tax-Free Individual funds with a 3.63% return, while Lehman Bros Nat Muni MF Res (LBMXX) ranked first among Tax-Free Institutional with a 3.68% return through Aug. 31. No. 1 Institutional Treasury funds included Barclays Treasury Inst and MS Inst Liq Treas (both 5.28%), and the No. 1 Institutional Government was Janus Inst Govt MM (5.36%). The top Government Individual fund was Vanguard Federal MMF (5.17%) and the top Treasury Individual fund was First American Treas Oblig Inv (5.02%). |
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| 08/01/2007 (2/8) |
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| 07/01/2007 (2/7) |
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7/15
Three-Way Tie for Year-to-Date Leader Among Money Mkt Fund Returns. According to the latest Money Fund Intelligence XLS rankings, three funds are tied for 1st place in YTD (year-to-date) total returns through June 30, 2007. At the half-year mark, Barclays Institutional MMF Inst, Credit Suisse Inst MMF Prime A, and Morgan Stanley Inst Liq MMP Inst all have returned 2.65%. American Beacon MM Select, Janus Inst Cash Mgmt Inst, Lehman Bros ILF MMP Inst (and LB Prime Inst), MS IL Prime Inst, Putnam Prime MM I, and DWS MM Series Inst all trail the leaders by a mere 1 basis point with 2.64% returns. Our Crane Money Fund Average has returned 2.42% (724 taxable funds), while the Crane 100 Money Fund Index has returned 2.49%. Money market funds have thoroughly outperformed bond funds year-to-date in 2007 (see Sunday's "Link of the Day", and are on course to return over 5% in 2007. |
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| 06/01/2007 (2/6) |
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| 05/01/2007 (2/5) |
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| 04/01/2007 (2/4) |
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4/10
The Money Fund Intelligence April 2007 Issue is available. Feature stories include: "Cash Supermarket Shopping: Comparing MM Portals", "Best of Western: Citi Institutional Liquid Reserves", and "Regulatory Proposals May Help Money Funds". We've also tweaked the look-and-feel and added inception dates and gross yield rankings. MFI contains extensive performance statistics and rankings on money market mutual funds, bank savings, brokerage sweep accounts, and cash investments. |
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Link of the Day
more links »Money Fund Assets Hit Record $3.68 Tril.
ICI's latest weekly "Money Market Mutual Fund Assets" report show that assets increased by $43.88 billion to a record $3.681 trillion the week ended Wednesday, Nov. 19. Money fund assets rose for the ninth consecutive week, following two weeks of declines due to Reserve Primary's "breaking the buck" and have increased by $225 billion since Sept. 24. Retail assets rose by $8.41 billion to $1.273 trillion, while Institutional assets rose by $35.47 billion to $2.408 billion. Prime Institutional assets increased by over 2% for the second consecutive week, gaining $24.5 billion to $1.098 trillion. In other news, see WSJ' "Treasury Will Help Liquidate Reserve Fund".
"SEC puts off vote on rules for rating agencies"
The Associate Press writes "SEC puts off vote on rules for rating agencies", saying, "The Securities and Exchange Commission on Wednesday delayed a plan to adopt new rules aimed at stemming conflicts of interest in Wall Street's credit rating industry." The SEC will next discuss the issue at a public meeting Dec. 3. Regarding money funds, AP says, "The SEC also proposed another set of rules that could reduce the influence of the credit rating industry by, among other things, making it possible for money-market funds to buy short-term debt without the current requirement that it be highly rated by the agencies. The SEC will consider all the proposals at next month's meeting, though the conflict-of-interest rules may be the only ones adopted." Another link to check today is the Federal Reserve's H.4.1 "Factors Affecting Reserve Balances" Series, which discloses weekly totals in the Fed's "Asset-backed commercial paper money market mutual fund liquidity facility" (currently $80.2 billion, down $11.5 billion from last week) and its "Net portfolio holdings of Commercial Paper Funding Facility LLC" (which total $249.9 billion). They will also post the MMIFF numbers once the program goes live next week.
Fitch Publishes Presale on 5 Money Mkt Investor Funding Facility ABCP Programs
"Fitch Publishes Presale on 5 Money Mkt Investor Funding Facility Related ABCP Programs," says a press release on MarketWatch via Businesswire. The release says, "Fitch Ratings has published a pre-sale report on 5 money market investor funding facility related (MMIFF) asset-backed commercial paper (ABCP) programs. As detailed in the report, Fitch expects to assign an 'F1' [First Tier] rating to each of five ABCP programs that have been created in conjunction with the MMIFF. This Federal Reserve Board initiative is designed to provide liquidity to U.S. money market investors by facilitating the sales of money market instruments in the secondary market. The five programs are structurally identical and differ only with respect to each one's unique list of approved obligors." ABCP will be issued by the following programs: Hadrian Funding, $220 billion; Trajan Funding, $150 billion; Aurelius Funding, $140 billion; Antoninus Funding, $70 billion; and Nerva Funding, $20 billion. The MMIFF program is expected to go live next week. Also, see Bloomberg's "ABCPMMMFLF Spells Fed Relief for JPMorgan, Citi Shadow Banking", which says, "The U.S. Federal Reserve's emergency lending programs, intended to thaw commercial paper and money markets, are also helping banks limit losses from some of their $4 trillion in off-the-books guarantees and loan commitments," and Bloomberg's "Citi Agrees to Acquire SIV Assets for $17.4 Billion". Finally, see Reserve Yield Plus Update and "Joseph T. Monagle, Jr. Hired to Advise on [Reserve] Money Fund Liquidation."