Financial Reports & Policies

Investment Update

The City of Milwaukee Pension Fund had a return of 0.2%, net of fees, in the first quarter of 2026. This return outperformed the Fund’s blended benchmark by approximately 0.3%. Markets were off to a strong start in January and February, before the launch of the war against Iran in March caused the reversal of essentially all gains. Against this backdrop, the Fund’s public equity allocation held up better than most, down -0.2%, net of fees, and outperforming its benchmark by 2.5%. The Fund’s fixed income allocation was also down -0.2%, net of fees, as interest rates rose on the expectation of elevated future budget deficits due to the war. The Fund’s absolute return allocation was up 0.9%, net of fees. The Fund’s real estate allocation was up 1.1%, net of fees, in Q4 2025, which is the most recent data available. The market value of the Fund on March 31, 2026 totaled approximately $6.48 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

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Investment Policies