The City of Milwaukee Pension Fund had a return of 1.9%, net of fees, in the third quarter of 2021. This return outperformed the Fund’s blended benchmark by 1.1%. Public equity markets cooled slightly, as the rise of the delta variant of COVID-19, concerns about inflation, and a default scare in the Chinese real estate market led to negative returns in September. The third quarter return for the Fund’s public equity allocation was -0.9%, net of fees. Bond markets ended the quarter roughly flat, leading to a 0.1% net of fee return for the Fund’s fixed income allocation. Outperformance this quarter was primarily due to the Fund’s alternative asset classes. The Fund’s absolute return allocation was up 3.0%, net of fees. Because they consist of private assets, private equity and real estate returns come in on a one-quarter lag. Private equity had a return of 13.5%, net of fees, and real estate was up 4.8%, net of fees, in the second quarter of 2021, the most recent quarterly data available. The market value of the Fund on September 30, 2021 totaled approximately $6.03 billion, and the YTD return was 13.4%, net of fees.