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The City of Milwaukee Pension Fund had a return of 4.6%, net of fees, in the second quarter of 2025. This return underperformed the Fund’s blended benchmark by approximately 0.1%. The quarter got off to a rocky start, as the “Liberation Day” tariff announcement on April 2nd caused the S&P 500 to fall over 12% in the subsequent five trading days. However, markets rebounded once the 90-day pause on implementation was announced, and stocks finished the quarter on a positive note. The Fund’s public equity allocation earned a return of 9.1%, net of fees, in the quarter. The Fund’s fixed income allocation was up 1.9%, net of fees, and the Fund’s absolute return allocation was up 3.2%, net of fees. As is typical because of the extra time it takes for private companies to complete their year-end reporting, both Q4 2024 and Q1 2025 private equity values were reflected this quarter, and the combined return was 2.3%. The Fund’s real estate allocation was up 0.9%, net of fees, in Q1 2025, which is the most recent data available. As of June 30, 2025, the Fund was outperforming its benchmark, net of fees, over numerous longer time periods, including the trailing 5, 10, 15, and 20-year time periods. The market value of the Fund on June 30, 2025 totaled approximately $6.18 billion.
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
ERS - 2025
ERS - 2024
ERS - 2023 Revised for Act 12
ERS - 2023
ERS - 2022
ERS - 2021
ERS - 2020
ERS - 2019
ERS - 2018
ERS - 2017 PABF - 2017
ERS - 2016 PABF - 2016
ERS - 2015 PABF - 2015
ERS - 2014 PABF - 2014
ERS - 2013 PABF - 2013
ERS - 2012 PABF - 2012
ERS - 2011 PABF - 2011
2025: 1Q 2Q
2024: 1Q 2Q 3Q 4Q
2023: 1Q 2Q 3Q 4Q
2022: 1Q 2Q 3Q 4Q
2021: 1Q 2Q 3Q 4Q
2020: 1Q 2Q 3Q 4Q
2019: 1Q 2Q 3Q 4Q
2018: 1Q 2Q 3Q 4Q
2017: 1Q 2Q 3Q 4Q
2016: 1Q 2Q 3Q 4Q
Note: Prior to 2018, GASB 67 Plan Reports were included as a part of our actuarial valuations.
2024
2025: 1Q
General Investment Policy
Real Estate Investment Policy
Private Equity Investment Policy