ICI Monthly Portfolio Composition
ICI recently 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. It tells us, "The Investment Company Institute (ICI) reports that, as of the final Friday in March, prime money market funds held 46.7 percent of their portfolios in daily liquid assets and 62.3 percent in weekly liquid assets, while government money market funds held 74.7 percent of their portfolios in daily liquid assets and 86.3 percent in weekly liquid assets." Prime DLA was up from 44.3% in February, and Prime WLA was up from 60.1%. Govt MMFs' DLA fell from 75.2% and Govt WLA was down from 86.8% for the previous month. ICI explains, "At the end of March, prime funds had a weighted average maturity (WAM) of 34 days and a weighted average life (WAL) of 56 days. Average WAMs and WALs are asset-weighted. Government money market funds had a WAM of 44 days and a WAL of 98 days." Prime WAMs and WALs were unchanged from the previous month. Govt WAMs and WALs were both up from the previous month, WAMs were 1 day longer and WALs were 2 days longer. Regarding Holdings by Region of Issuer, the release tells us, "Prime money market funds’ holdings attributable to the Americas rose from $783.80 billion in February to $813.99 billion in March. Government money market funds’ holdings attributable to the Americas rose from $5,918.15 billion in February to $5,935.68 billion in March." The Prime Money Market Funds by Region of Issuer table shows Americas-related holdings at $814.0 billion, or 66.2%; Asia and Pacific at $156.4 billion, or 12.7%; Europe at $245.4 billion, or 19.9%; and, Other (including Supranational) at $14.6 billion, or 1.2%. The Government Money Market Funds by Region of Issuer table shows Americas at $5.936 trillion, or 93.2%; Asia and Pacific at $101.7 or 1.6%; Europe at $302.2 billion, 4.7%, and Other (Including Supranational) at $28.6 billion, or 0.4%.
