European-domiciled MMFs we rate had mixed results during the first quarter of 2021 as euro- and sterling-denominated MMFs had negative flows of 20% and 8%, respectively, while U.S. dollar funds saw a 1% increase from Dec. 31, 2020. Comparatively, since the first quarter of 2020, the three currencies showed asset growth of 16% (euro), 7% (sterling), and 18% (U.S. dollar), continuing to emphasize the demand for MMFs, despite low and negative yielding investments.