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The City of Milwaukee Pension Fund had a return of 4.8%, net of fees, in the third quarter of 2024. This return underperformed the Fund’s blended benchmark by approximately 0.1%. Cooling inflation data and a softening, though still strong, labor market led to falling interest rates during the quarter, culminating with the Federal Reserve lowering its policy rate by 50 basis points in September. This was a good environment for both stocks and bonds. The Fund’s public equity allocation was up 7.3%, net of fees, for the quarter. The Fund’s fixed income allocation gained 5.3%, net of fees, mainly driven by falling interest rates. The Fund’s absolute return allocation was up 2.5%, net of fees. As of September 30, 2024, the Fund was outperforming its benchmark, net of fees, over numerous longer time periods, including the trailing 3, 5, 10, 15, and 20-year time periods. The market value of the Fund on September 30, 2024 totaled approximately $6.06 billion.