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Cash havens with $4.8 trillion fret about the unthinkable: negative returns
By Maria Elena Vizcaino, Alex Harris, and Emily Barrett
Bloomberg News
Friday, May 8, 2020
Money-market mutual funds, the ultimate havens for investors looking to preserve capital, once again are trying to maneuver in a zero interest-rate environment. The problem this time? They're sitting on twice as much cash.
Assets in money-market funds have soared to a record $4.77 trillion amid a flight to safety by investors this year. More than three-quarters of that is parked in Treasury-only and other government funds perceived to be the least risky, Investment Company Institute data show, in part because of regulatory reforms in 2016 that triggered an exodus from prime funds.
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Giants of the industry like Vanguard Group and Fidelity Investments already have done what's known as "soft closes," or shutting down some funds to new investors.
Speculation is swirling that management fees may be waived eventually by some companies in the industry. And managers are getting creative with their investments.
It's all an effort to preserve some sort of positive return for clients, a task that may get more difficult as traders start to bet on a negative Federal Reserve benchmark rate. ...
... For the remainder of the report:
https://www.bloomberg.com/news/articles/2020-05-08/cash-havens-with-4-8-...
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