Daily Links Archives: July, 2025
Weekly Money Fund Portfolio Holdings
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 June 27) includes Holdings information from 73 money funds (up 12 from two weeks ago), or $4.069 trillion (up from $3.535 trillion) of the $7.405 trillion in total money fund assets (or 54.9%) tracked by Crane Data. (Note: Our Weekly MFPH are e-mail only and aren't available on the website. See our latest Monthly Money Fund Portfolio Holdings here and our June 11 News, "June Money Fund Portfolio Holdings: Repo Jumps to 40%, T-Bills Flat.") Our latest Weekly MFPH Composition summary shows Government assets dominating the holdings list with Treasuries totaling $1.691 trillion (up from $1.491 trillion two weeks ago), or 41.6%; Repurchase Agreements (Repo) totaling $1.598 trillion (up from $1.368 trillion two weeks ago), or 39.3%, and Government Agency securities totaling $371.6 billion (up from $331.9 billion), or 9.1%. Commercial Paper (CP) totaled $171.8 billion (up from two weeks ago at $143.4 billion), or 4.2%. Certificates of Deposit (CDs) totaled $104.6 billion (up from $79.5 billion two weeks ago), or 2.6%. The Other category accounted for $79.1 billion or 1.9%, while VRDNs accounted for $53.3 billion, or 1.3%. The Ten Largest Issuers in our Weekly Holdings product include: the US Treasury with $1.691 trillion (41.6% of total holdings), Fixed Income Clearing Corp with $540.3B (13.3%), the Federal Home Loan Bank with $233.8 billion (5.7%), JP Morgan with $128.5B (3.2%), RBC with $109.4B (2.7%), BNP Paribas with $93.8B (2.3%), Federal Farm Credit Bank with $93.8B (2.3%), Citi with $92.5B (2.3%), Wells Fargo with $73.7B (1.8%) and the Federal Reserve Bank of New York with $65.5B (1.6%). The Ten Largest Funds tracked in our latest Weekly include: JPMorgan US Govt MM ($286.0B), JPMorgan 100% US Treas MMkt ($248.9B), Goldman Sachs FS Govt ($245.3B), Fidelity Inv MM: Govt Port ($244.5B), BlackRock Lq FedFund ($177.9B), Federated Hermes Govt ObI ($168.1B), Morgan Stanley Inst Liq Govt ($159.0B), Fidelity Inv MM: MM Port ($156.4B), State Street Inst US Govt ($155.9B) and BlackRock Lq Treas Tr ($155.6B). (Let us know if you'd like to see our latest domestic U.S. and/or "offshore" Weekly Portfolio Holdings collection and summary.)
Crane 100 Index Up to 4.12%
Money fund yields (7-day, annualized, simple, net) increased 2 bps to 4.12% on average during the week ended Friday, June 27 (as measured by our Crane 100 Money Fund Index), after remaining unchanged the previous two weeks. Fund yields should stay relatively flat until the Fed moves rates again later this year. They've declined by 94 bps since the Fed first cut its Fed funds target rate by 50 bps on Sept. 18, 2024, and they've declined by 51 bps since the Fed last cut rates by 1/4 point on 11/7/24. Yields were 4.10% on 5/31, 4.13% on 4/30/25, 4.14% on 3/31/25, 4.16% on 2/28/25, 4.19% on 1/31/25, 4.28% on average on 12/31/24, 4.45% on 11/30/24, 4.65% on 10/31, 4.75% on 9/30, 5.10% on 8/31, 5.13% on 7/31 and 6/28, 5.14% on 3/31 and 5.20% on 12/31/23. The broader Crane Money Fund Average, which includes all taxable funds tracked by Crane Data (currently 674), shows a 7-day yield of 4.01%, up 1 bp in the week through Friday. Prime Inst money fund yields were up 1 bp at 4.26% in the latest week. Government Inst MFs were up 2 bps at 4.12%. Treasury Inst MFs were up 1 bp at 4.06%. Treasury Retail MFs currently yield 3.82%, Government Retail MFs yield 3.83%, and Prime Retail MFs yield 4.02%, Tax-exempt MF 7-day yields were down 41 bps to 2.29%. As-sets of money market funds rose by $38.0 billion last week to $7.405 trillion, according to Crane Data's Money Fund Intelligence Daily. Four weeks prior MMF assets hit a record high of $7.406 tril-lion (on June 3) after their previous high of $7.400 trillion set on May 30. For the month of June (MTD), MMF assets have increased $4.9 billion after increasing by $100.9 billion in May, decreasing $24.4 billion in April, increasing by $2.8 billion in March, $94.2 billion in February, $52.8 billion in January, $110.9 billion in December, $200.5 billion in November, $97.5 billion in October and $149.8 billion in September. Weighted average maturities were at 38 days for the Crane MFA and 38 days the Crane 100 Money Fund Index. According to Monday's Money Fund Intelligence Daily, with data as of Friday (6/27), 116 money funds (out of 786 total) yield under 3.0% with $144.9 billion in assets, or 2.0%; 247 funds yield be-tween 3.00% and 3.99% ($1.292 trillion, or 17.5%), 423 funds yield between 4.0% and 4.99% ($5.968 tril-lion, or 80.6%) and following the recent rate cut there continue to be zero funds yielding 5.0% or more. Our Brokerage Sweep Intelligence Index, an average of FDIC-insured cash options from major brokerages, was unchanged at 0.40%, after falling 1 bp six weeks prior. The latest Brokerage Sweep Intelligence, with data as of June 27, shows no changes over the past week. Three of the 10 major brokerages tracked by our BSI still offer rates of 0.01% for balances of $100K (and lower tiers). These in-clude: E*Trade, Merrill Lynch and Morgan Stanley.
