The City of Milwaukee Pension Fund earned a return of 3.6%, net of fees, in the second quarter of 2017. This return outperformed the Fund’s blended benchmark by 0.4%. GDP growth in the U.S. was sluggish, but still positive, and unemployment remained low. The Fund reported positive returns for all asset classes. Public equity markets across the globe continued their strong performance, with the Fund’s public equity allocation returning 4.5%, net of fees. The Fund’s fixed income return was 1.8%, net of fees – outperforming the benchmark return of 1.5%. The Fund’s alternative asset classes continued to perform well. Strong private equity reports came in, resulting in an 8.3% return. Absolute return was up 1.6%, net of fees, in the quarter, and real estate was up 1.1%, net of fees, in the first quarter of 2017, which is the most recent quarterly data available. The market value of the Fund on June 30, 2017 totaled approximately $5.14 billion.