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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.
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
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
2023: 1Q 2Q
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.
General Investment Policy
Real Estate Investment Policy
Private Equity Investment Policy