The City of Milwaukee Pension Fund had a flat return of 0.0%, net of fees, in the first quarter of 2018. This return outperformed the Fund’s blended benchmark by 0.3%. First-quarter GDP growth in the U.S. came in at 2.3%, marking the fourth consecutive quarter of growth greater than 2.0%. Consumer confidence remains near a ten-year high while unemployment was reported at 4.1%, which in part allowed the Federal Reserve to continue on its recent path to raise short-term interest rates in March. Although the markets exhibited very strong equity returns in January, volatility started in February due to inflation fears and heightened concern of possible trade friction among U.S. trading partners. The first quarter return for the Fund’s public equity allocation was unchanged, net of fees, while the Fund’s fixed income and absolute return asset class returns were -1.2% and -0.1% respectively, net of fees. Real estate was up 2.3%, net of fees, in the fourth quarter of 2017, which is the most recent quarterly data available. The market value of the Fund on March 31, 2018 totaled approximately $5.36 billion.