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The City of Milwaukee Pension Fund had a return of 1.2%, net of fees, in the first quarter of 2025. This return outperformed the Fund’s blended benchmark by approximately 0.2%. The US GDP declined -0.3%, the first contraction since Q1 of 2022. This was primarily due to a surge in imports in anticipation of increased tariffs. Business and consumer spending also decreased, as consumer confidence dropped to its lowest level in 12 years. Against this backdrop, the Fund’s public equity allocation held up better than most, up 0.3%, net of fees, and outperforming its benchmark by 1.9%. The Fund’s fixed income allocation was up 2.7%, net of fees, as interest rates declined. The Fund’s absolute return allocation was up 1.5%, net of fees. As of March 31, 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 March 31, 2025 totaled approximately $6.02 billion.