Massachusetts pension fund has about $28 million invested in the US gun industry
State treasurer Steve Grossman said the Massachusetts pension fund has about $27.8 million invested in the gun industry.
The Globe reported earlier this week that Grossman had asked for an accounting of gun-related investments following last Friday’s mass shooting at Sandy Hook Elementary School in Newtown, Conn.
“Given recent events, we’re engaged in a serious conversation on gun violence in America, and I hope that the timely release of this information will make that as comprehensive a discussion as possible,” Grossman said in a statement Friday.
He also said he supports reinstating a federal ban on assault weapons that was allowed to expire in 2004.
The $51 billion state pension fund has relatively small holdings in two publicly traded gun makers, through passive index managers that invest on its behalf -- about $1.4 million. The state also is invested in a KKR private equity fund that owns privately-held Academy Sports, a retailer that features guns.
Academy sells weapons made by Freedom Group, the nation’s largest gun company, which is owned by Cerberus Capital. Cerberus, under pressure this week from clients, said it plans to sell Freedom.Beth Healy can be reached at firstname.lastname@example.org.