The City of Milwaukee Pension Fund had a return of 7.4%, net of fees, in the first quarter of 2019. This return outperformed the Fund’s blended benchmark by 1.6%. First-quarter GDP growth in the U.S. came in at 3.2%, 0.9% above consensus expectations. Consumer confidence remains slightly below a ten-year high while unemployment was reported at 3.8%. Markets snapped back in Q1 2019 after bottoming out in late December 2018, driven by comments from Federal Reserve Chairman Jerome Powell easing concerns of the pace of future interest rate hikes. The first quarter return for the Fund’s public equity allocation was 12.4%, net of fees, while the Fund’s fixed income and absolute return asset class returns were 4.4% and 4.1% respectively, net of fees. Real estate was up 1.7%, net of fees, in the fourth quarter of 2018, which is the most recent quarterly data available. The market value of the Fund on March 31, 2019 totaled approximately $5.29 billion.