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The City of Milwaukee Pension Fund had a return of 4.6%, net of fees, in the second quarter of 2025. This return underperformed the Fund’s blended benchmark by approximately 0.1%. The quarter got off to a rocky start, as the “Liberation Day” tariff announcement on April 2nd caused the S&P 500 to fall over 12% in the subsequent five trading days. However, markets rebounded once the 90-day pause on implementation was announced, and stocks finished the quarter on a positive note. The Fund’s public equity allocation earned a return of 9.1%, net of fees, in the quarter. The Fund’s fixed income allocation was up 1.9%, net of fees, and the Fund’s absolute return allocation was up 3.2%, net of fees. As is typical because of the extra time it takes for private companies to complete their year-end reporting, both Q4 2024 and Q1 2025 private equity values were reflected this quarter, and the combined return was 2.3%. The Fund’s real estate allocation was up 0.9%, net of fees, in Q1 2025, which is the most recent data available. As of June 30, 2025, the Fund was outperforming its benchmark, net of fees, over numerous longer time periods, including the trailing 5, 10, 15, and 20-year time periods. The market value of the Fund on June 30, 2025 totaled approximately $6.18 billion.
There will be a free information session on Saturday, October 4th from 11a to 1p. All the details are here.
The City of Milwaukee’s Annual Open Enrollment period is Monday, October 20, 2025 through Tuesday, November 4, 2025.
The City will hold the following Open Enrollment Fairs:
You are a member of the ERS, and membership has its privileges. One of those privileges is access to the portion of our website that is all about you. We call it ERS Member Self Service. Click here for more details.
Other recent news can be found on the most recent newsletter.
Other important information can be found on our Frequently Asked Questions page.
Last Update: 8/26/2025