New York (HedgeCo.Net) – Eight hedge funds and money managers have completely divested their gun holdings, valued at $150 million, just six months after Moms Demand Action for Gun Sense in America launched a national divestment campaign against manufacturers of assault weapons and high-capacity ammo clips. Fourteen more firms have scaled back their gun investments by 7.4 million shares—27 percent of their holdings.
“We weren’t going to let business-as-usual stand after Newtown. We put investors who were quietly propping up the gun lobby on notice, and we’ve proven that public pressure can be a game-changer,” Public Advocate Bill de Blasio, said. “This is by no means over. The NRA used its money and political influence to distort the debate in Washington. We need to break its stranglehold on the legislative process by continuing to bring pressure on its biggest financial backers.”
“There are many ways to address the epidemic of gun violence in America, including changing federal and state laws, and pressuring American businesses to put in place policies that protect their customers. By divesting from companies that profit from sales of assault weapons and high-capacity magazines, these companies are making an investment in the safety of American children,” said Shannon Watts, founder of Moms Demand Action For Gun Sense In America.
The number of hedge funds on de Blasio’s online watch list has been reduced to 14 and the number of money managers to 21. Each of the firms listed by de Blasio holds shares in at least one of three publicly traded gun manufacturers—Smith & Wesson Holding Company; Sturm, Ruger & Co; and Olin Corporation, according to the most recent SEC filings.
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