The City of Milwaukee Pension Fund had a return of -6.8%, net of fees, in the second quarter of 2022. This return outperformed the Fund’s blended benchmark by 1.5%. Markets focused on high inflation in the second quarter, which caused the Fed to raise interest rates, and increased market expectations of subsequent rate increases, leading to both falling bond prices, and a decline in risk assets such as stocks. The second quarter return for the Fund’s public equity allocation was -14.5%, net of fees. The Fund’s fixed income allocation had a return of -5.4%, net of fees. The Fund’s absolute return asset class was up 3.1%, net of fees. As is typical because of the extra time it takes for private companies to complete their year-end reporting, both Q4 2021 and the majority of Q1 2022 private equity values were reflected this quarter, and the combined return was 1.7%. The preliminary return for real estate was 8.8%, net of fees, in the first quarter of 2022, which is the most recent quarterly data available. The market value of the Fund on June 30, 2022 totaled approximately $5.63 billion, and the YTD return was -7.2%, net of fees.