Financial Reports & Policies

Investment Update

The City of Milwaukee Pension Fund had a return of 4.0%, net of fees, in the third quarter of 2025. This return underperformed the Fund’s blended benchmark by approximately 1.0%. Markets continued their strong performance, driven in large part by enthusiasm around artificial intelligence investments. The Fund’s public equity allocation earned a return of 6.8%, net of fees, in the quarter. The Fund’s fixed income allocation was up 2.2%, net of fees, and the Fund’s absolute return allocation was up 2.1%, net of fees. Because of the lagged nature of reporting, Q2 2025 private equity values were reflected this quarter, with a return of 3.7%. The Fund’s real estate allocation was up 0.7%, net of fees, in Q2 2025, which is the most recent data available. As of September 30, 2025, the year-to-date return for the Fund was 10.1%, net of fees, and the market value of the Fund totaled approximately $6.31 billion.

Financial Reports & Policies

Investment Update

Financial Reports

Annuity & Pension Board's Report

Actuarial Valuations

Capital Market Summaries

GASB 67 Plan Reports

Annual Comprehensive Financial Reports / Financial Statements

Schedules of Employer Allocations and Pension Amounts

Report on Internal Controls

Kuhns' Survey of Large Pension Funds

Performance Reports

Investment Policies