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Friday, July 28, 2023

The $597B Half-Year

Reported by Neil Anderson, Managing Editor

Money fund inflows this year have dwarfed inflows into long-term funds by a factor of nearly 16.

Abigail "Abby" Pierrepont Johnson
FMR (dba Fidelity Investments)
Chair, President, CEO
This article draws from Morningstar Direct data on money market mutual fund flows in the U.S. in June 2023.

The 72 money market fund families tracked by the M* team had $5.457 trillion in combined AUM across 2,096 funds as of June 30, 2023. That compares with $5.429 trillion and 2,087 funds on May 31, 2023, and with $4.537 trillion and 2,081 funds on June 30, 2022.

27 of those money fund firms brought in net inflows last month, down month-over-month from 55 in May 2023 and down year-over-year from 46 in June 2022. 38 of those firms had net inflows in Q2 2023, and 44 had net inflows for the first half of 2023.

Fidelity leads the money fund pack so far in 2023, thanks to an estimated $142.536 billion in net year-to-date inflows as of June 30. Other big YTD inflows winners included: J.P. Morgan, $141.978 billion; Schwab, $107.225 billion; Vanguard, $46.112 billion; and Goldman Sachs, $31.795 billion.

Gamco's Gabelli leads the 2023 money fund by a different measure, thanks to net year-to-date inflows as of June 30 equivalent to 29.4 percent of its money fund AUM. Other big YTD inflows winners included: Thrivent, 29.1 percent; and Pimco, 27.4 percent.

Vanguard leads the pack by a third measure, thanks to an estimated $3.843 billion per fund in net money fund inflows YTD as of June 30. Other big YTD inflows winners included: Schwab, $2.681 billion per fund; and Fidelity, $1.345 billion per fund.

Last quarter, J.P. Morgan took the money fund inflows lead, thanks to an estimated $52.236 billion in net inflows for the second quarter of 2023. Other big Q2 2023 inflows winners included: Schwab, $31.191 billion; and Fidelity, $21.431 billion.

Morgan Stanley took the money fund inflows lead last month, thanks to an estimated $10.53 billion in net June 2023 inflows, up M/M from $8.557 billion in net May 2023 outflows but down Y/Y from 21.076 billion in June 2022 inflows. Other big June 2023 inflows winners included: Schwab, $9.328 billion (down M/M from $15.259 billion, down Y/Y from $11.755 billion); and Allspring, $9.048 billion (up M/M from $7.62 billion, up Y/Y from $11.163 billion in net outflows).

On the flip side, Franklin Templeton now leads the 2023 money fund outflows pack so far, thanks to an estimated $10.597 billion in net YTD outflows as of June 30. Other big YTD outflows sufferers included: BNY Mellon's Dreyfus, $7.69 billion; HSBC, $7.22 billion; Edward Jones, $2.392 billion; and DWS, $2.065 billion.

Yet Guggenheim's Rydex leads the 2023 money fund outflows pack by a different measure, thanks to net YTD outflows as of June 30 equivalent to 62.8 percent of its AUM. Other big YTD outflows sufferers included: Franklin, 27.3 percent; and HSBC, 20.4 percent.

And Edward Jones leads the 2023 money fund outflows pack by a third measure, thanks to net YTD outflows as of June 30 of $1.196 billion per fund. Other big YTD outflows sufferers included: Franklin, $196 million per fund; and HSBC, $164 million per fund.

Goldman led the money fund outflows pack last quarter, thanks to an estimated $13.332 billion in net Q2 2023 outflows. Other big Q2 2023 outflows sufferers included: Franklin, $7.906 billion; and Dreyfus, $4.702 billion.

Goldman also took the money fund outflows lead last month, thanks to an estimated $12.72 billion in net June 2023 outflows, down M/M from $3.401 billion in May 2023 inflows and down Y/Y from $11.233 billion in June 2022 inflows. Other big June 2023 outflows sufferers included: Franklin, $5.253 billion (down M/M from $320 million in net inflows, up Y/Y from $4.554 billion in net outflows); and RBC GAM, $4.034 billion (down M/M from $1.734 billion in net inflows, up Y/Y from $1.695 billion in net outflows).

As a group, money fund families brought in $597.134 billion in the first half of 2023. That's equivalent to 10.94 percent of their combined AUM and translates into $284.892 million per fund.

In Q2 2023, money fund families brought in $173.484 billion in net inflows. That's equivalent to 3.18 percent of their combined AUM and translates into $82.769 million per fund.

In June 2023, money fund families brought in $13.15 billion in net inflows, equivalent to 0.24 percent of their combined AUM and translating into $6.274 million per fund. That's down M/M from $153.13 billion, 2.82 percent of AUM, and $73 million per fund in May 2023, and down Y/Y from $17.573 billion, 0.39 percent of AUM, and $8.444 million per fund in June 2022. 

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