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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.