The City of Milwaukee Pension Fund had a return of 1.2%, net of fees, in the third quarter of 2019. This outperformed the Fund’s blended benchmark by 0.2%. Public equity markets were slightly negative, weighed down by concerns over global economic growth, primarily due to trade tensions. The third-quarter return for the Fund’s public equity allocation was -0.1%, net of fees. Growth concerns led the U.S. Federal Reserve to cut interest rates by a quarter point in both July and September. The falling interest rates supported fixed income markets, and the Fund’s fixed income allocation was up 2.4%, net of fees. The Fund’s alternatives continued to perform well, with Private Equity up 6.4% and Absolute Return up 1.1%, respectively, net of fees. Real estate was up 1.6%, net of fees, in the second quarter of 2019, which is the most recent quarterly data available. The market value of the Fund on September 30, 2019, totaled approximately $5.34 billion, and the year-to-date return was 12.4%, net of fees.