Accessible Version
Investor Composition of Money Market Funds and Its Implications for Flow Dynamics, Accessible Data
Figure 1. Composition of Investors in Institutional Prime MMFs
| Date | Investor Type | Investor Share (%) |
|---|---|---|
| 6/28/2024 | Dealer | 27.72518078 |
| 6/28/2024 | Bank | 35.14858716 |
| 6/28/2024 | Firm | 14.03550293 |
| 6/28/2024 | Other | 23.96874949 |
| 7/31/2024 | Dealer | 35.41247745 |
| 7/31/2024 | Bank | 37.77168513 |
| 7/31/2024 | Firm | 14.83668769 |
| 7/31/2024 | Other | 12.62194864 |
| 8/30/2024 | Dealer | 28.79014586 |
| 8/30/2024 | Bank | 32.17083413 |
| 8/30/2024 | Firm | 13.50109038 |
| 8/30/2024 | Other | 26.26231612 |
| 9/30/2024 | Dealer | 29.36080861 |
| 9/30/2024 | Bank | 33.49613277 |
| 9/30/2024 | Firm | 14.06969001 |
| 9/30/2024 | Other | 23.58462194 |
| 10/31/2024 | Dealer | 28.94244004 |
| 10/31/2024 | Bank | 33.20973465 |
| 10/31/2024 | Firm | 15.53794501 |
| 10/31/2024 | Other | 22.94677077 |
| 11/29/2024 | Dealer | 29.54323579 |
| 11/29/2024 | Bank | 34.31470326 |
| 11/29/2024 | Firm | 14.77401363 |
| 11/29/2024 | Other | 21.98599836 |
| 12/31/2024 | Dealer | 29.9590098 |
| 12/31/2024 | Bank | 32.98467073 |
| 12/31/2024 | Firm | 15.11334305 |
| 12/31/2024 | Other | 22.37911569 |
| 1/31/2025 | Dealer | 29.61288618 |
| 1/31/2025 | Bank | 34.00797263 |
| 1/31/2025 | Firm | 15.86724109 |
| 1/31/2025 | Other | 21.12043247 |
| 2/28/2025 | Dealer | 31.27276751 |
| 2/28/2025 | Bank | 33.64737834 |
| 2/28/2025 | Firm | 15.2938647 |
| 2/28/2025 | Other | 20.27769129 |
| 3/31/2025 | Dealer | 34.65530318 |
| 3/31/2025 | Bank | 32.86953307 |
| 3/31/2025 | Firm | 15.7785291 |
| 3/31/2025 | Other | 17.23967509 |
| 4/30/2025 | Dealer | 32.86329135 |
| 4/30/2025 | Bank | 34.2994874 |
| 4/30/2025 | Firm | 16.62196762 |
| 4/30/2025 | Other | 16.75133659 |
| 5/30/2025 | Dealer | 34.68100862 |
| 5/30/2025 | Bank | 30.6862575 |
| 5/30/2025 | Firm | 18.15835829 |
| 5/30/2025 | Other | 16.99530742 |
| 6/30/2025 | Dealer | 35.14925838 |
| 6/30/2025 | Bank | 29.95121441 |
| 6/30/2025 | Firm | 19.45041217 |
| 6/30/2025 | Other | 15.93256744 |
| 7/31/2025 | Dealer | 34.30286045 |
| 7/31/2025 | Bank | 30.24183646 |
| 7/31/2025 | Firm | 19.01873538 |
| 7/31/2025 | Other | 16.87417646 |
| 8/29/2025 | Dealer | 33.22386687 |
| 8/29/2025 | Bank | 31.98296769 |
| 8/29/2025 | Firm | 19.68425077 |
| 8/29/2025 | Other | 15.55387423 |
Note: “Bank” = depository institutions; “Dealer” = broker/dealers; “Firm” = nonfinancial firms; “Other” includes registered investment companies, insurance companies, municipalities, nonprofits, pension funds, private funds, sovereign funds, and “other investors” as reported in Form N-MFP. The legend identifies series in order from top to bottom.
Figure 2. Principal-Investor Type and MMF Liquidity
Panel 1. Weekly Liquid Assets by Principal Investor Type
| Investor Type | WLA (%) |
|---|---|
| Dealer | 54.93380952 |
| Bank | 74.92239669 |
| Firm | 56.02823529 |
| Other | 58.42397959 |
| None | 52.83224719 |
Panel 2. Weighted Average Maturity of Assets by Principal Investor Type
| Investor Type | WLA (Days) |
|---|---|
| Dealer | 68.01687076 |
| Bank | 32.37882325 |
| Firm | 73.69265024 |
| Other | 59.93005972 |
| None | 59.96743886 |
Note: “Bank” is defined as the principal-investor type if banks account for more than 50% of a share class’s investments; other principal-investor types are defined analogously. “None” indicates that no single investor type accounts for more than half of total investments.
Figure 3. Principal-Investor Type and Portfolio Riskiness
Panel 1. Yield Ranking by Principal Investor Type
| Investor Type | Yield Ranking (%) |
|---|---|
| Dealer | 72.89664903 |
| Bank | 45.365779 |
| Firm | 83.76180102 |
| Other | 86.33333333 |
| None | 50.88389513 |
Panel 2. Share of Risky Assets by Principal Investor Type
| Investor Type | Risky Share (%) |
|---|---|
| Dealer | 54.19861615 |
| Bank | 46.47157402 |
| Firm | 47.38929806 |
| Other | 53.60453732 |
| None | 69.21787907 |
Note: “Bank” is defined as the principal-investor type if banks account for more than 50% of a share class’s investments; other principal-investor types are defined analogously. “None” indicates that no single investor type accounts for more than half of total investments.