For Immediate Release - December 21, 2012

State Pension Fund Releases Findings Related to Firearms Holdings

Approximately $27.8 Million of $51 Billion Fund is Connected to Gun Industry

Treasurer Steven Grossman and the Pension Reserves Investment Management (PRIM) Board has released the results of a review to determine the extent to which the Commonwealth’s $51 billion pension fund has investments in companies related to the firearms industry.

Approximately $27.8 million in PRIM investments were found to be related to the gun industry, or about .05 percent overall.  The complete review, which was conducted in response to the tragic events in Newtown, Connecticut on December 14th, is attached.

“Massachusetts citizens, public employees, state retirees, and our elected representatives need to know what the pension fund is invested in, and in light of the unspeakable violence in Connecticut, we wanted to provide them with a comprehensive list of the fund’s firearms-related holdings,” said Grossman.  “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.”

“I completely support the Treasurer’s effort to determine the level of investments related to the firearms industry,” PRIM Executive Director and Chief Investment Officer Michael G. Trotsky, CFA, said. “The investments represent a small portion of PRIM holdings, but identifying them is important and appropriate.”

While no decisions have been made on divestment or other measures aimed at influencing gun manufacturers related to these investments, Grossman reiterated his support for the reinstatement of the federal ban on assault weapons that was allowed to expire in 2004.


PRIM investments, as of Nov. 30, 2012, in firearm producers and retailers.

Active Investments: 266,083 shares with a market value of $20.52 million.

Passive investments (index funds):  458,877 shares with a market value of $7.26 million.

The total value of related investments as of Nov. 30 was $27.79 million.

The total value of PRIM investments as of Nov. 30 was about $51 billion.



The stocks held and their market value as of Nov. 30, 2012, were:

Alliant Techsystems Inc., $1.5 million.

Daicel Corp., $462,617.

Polimetal Participacoes, $8,751.

IMI PLC, $1.94 million.

Metallicao Inc., $49,938.

NOF Corp, $344,659.

Olin Corp., $1.23 million.

Poongsan Corp., $346,787.

Smith & Wesson Holding Corp., $475,993.

Sturm Ruger & Co. Inc., $906,036.

TOTAL PASSIVE: $7.26 million


PRIM held $20.52 million of shares in a company called Cie Financiere Richemont SA as of Nov. 30, 2012.

Searches were done for:

  1. Companies that manufacture firearms and small arms ammunitions for civilian markets. The research does not cover companies that cater to the military, government and law enforcement markets.
  2. Companies that derive 15 percent or more of total annual revenue from the distribution (wholesale or retail) of firearms or small arms ammunition intended for civilian use.