ICI Viewpoints
Prime Money Market Funds’ Holdings Update—Eurozone Holdings Drop Close to December Levels
Prime money market funds reduced their holdings of eurozone issuers to 12.2 percent of assets in June from 15.5 percent of assets in May (chart). The decline of more than 3 percentage points puts eurozone holdings close to the trough of 12.0 percent seen in December 2011. The June decline was driven primarily by reductions in French, German, and Dutch holdings (table), and 80 percent of French holdings mature in 30 days or less.
U.S. Prime Money Market Funds’ Holdings of Eurozone Issuers
Percentage of prime funds’ total assets, end of month
Note: Data exclude prime money market funds not registered under the Securities Act of 1933.
Source: Investment Company Institute tabulation of data provided by Crane Data
Prime Money Market Funds’ Holdings by Home Country of Issuer
June 30, 2012
| Country | Billions of dollars | Percentage of total assets |
| World Total | $1,350.2 | 100% |
| Europe | 413.0 | 30.5 |
| Eurozone | 165.1 | 12.2 |
| France | 57.5 | 4.3 |
| Germany | 55.3 | 4.1 |
| Netherlands | 45.2 | 3.3 |
| Belgium | 1.7 | 0.1 |
| Austria | 3.9 | 0.3 |
| Spain | 1.0 | 0.1 |
| Luxembourg | 0.3 | 0.0 |
| Italy | 0.2 | 0.0 |
| Non-eurozone | 247.9 | 18.3 |
| UK | 90.9 | 6.7 |
| Sweden | 67.9 | 5.0 |
| Switzerland | 69.2 | 5.1 |
| Norway | 19.9 | 1.5 |
| Americas | 666.1 | 49.3 |
| USA | 513.0 | 38.0 |
| Canada | 152.3 | 11.3 |
| Chile | 0.7 | 0.1 |
| Venezuela | 0.1 | 0.0 |
| Asia and Pacific | 262.1 | 19.4 |
| Japan | 145.5 | 10.8 |
| AUS/NZ | 107.6 | 8.0 |
| Singapore | 7.9 | 0.6 |
| India | 0.4 | 0.0 |
| China | 0.6 | 0.0 |
| Korea | 0.1 | 0.0 |
| Supranational | 1.1 | 0.1 |
| Unclassified | 7.9 | 0.6 |
Note: Calculations are based on a sample of 111 funds, representing an estimated 97.0 percent of prime funds’ assets.
Source: Investment Company Institute tabulation of data provided by Crane Data
For more on money market funds, please visit ICI’s Money Market Funds Resource Center.
Emily Gallagher is an ICI assistant economist.
Chris Plantier is a senior economist in ICI’s Research Department.