Financial Reports & Policies

Investment Update

The City of Milwaukee Pension Fund had a return of 2.2%, net of fees, in the second quarter of 2023. This return underperformed the Fund’s blended benchmark by approximately 0.9%. Despite continued interest rate increases from the Federal Reserve, falling inflation and enthusiasm for artificial intelligence led to strong returns for stocks. Against this backdrop, the Fund’s public equity allocation was up 5.0%, net of fees, for the quarter. The Fund’s fixed income allocation was down -0.7%, net of fees, as interest rates rose. The Fund’s absolute return allocation was up 1.0%, net of fees. As is typical because of the extra time it takes for private companies to complete their year-end reporting, both Q4 2022 and Q1 2023 private equity values were reflected this quarter, and the combined return was 2.6%. The Fund’s real estate allocation was down -2.1%, net of fees, in Q1 2023, which is the most recent data available. As of June 30, 2023, the Fund was outperforming its benchmark, net of fees, over numerous longer time periods, including the trailing 3, 5, 10, 15, and 20-year time periods. The market value of the Fund on June 30, 2023 totaled approximately $5.65 billion.

Financial Reports & Policies

Investment Update

Financial Reports

Annuity & Pension Board's Report

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GASB 67 Plan Reports

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Report on Internal Controls

Kuhns' Survey of Large Pension Funds

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