Business

Mass. pension fund details gun investments

State Treasurer Steve Grossman says 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 the Dec. 14 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.

Advertisement

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, including Smith & Wesson Holding Corp. in Springfield, through passive index managers that invest on its behalf — about $1.4 million. The state is also invested in a Kohlberg Kravis Roberts & Co. private equity fund that owns privately held Academy Sports and Outdoors, a retailer that features guns.

Get Business Headlines in your inbox:
The Globe's latest business headlines delivered every morning, Monday through Friday.
Thank you for signing up! Sign up for more newsletters here

Academy sells firearms made by Freedom Group, the nation’s largest gun company, which is owned by Cerberus Capital Management. Cerberus, under pressure this week from clients, said it plans to sell Freedom.

Cerberus also owns the Steward Health Care chain of hospitals in the Boston area.

Beth Healy can be reached at bhealy@globe.com.
Loading comments...
You're reading  1 of 5 free articles.
Get UNLIMITED access for only 99¢ per week Subscribe Now >
You're reading1 of 5 free articles.Keep scrolling to see more articles recomended for you Subscribe now
We hope you've enjoyed your 5 free articles.
Continue reading by subscribing to Globe.com for just 99¢.
 Already a member? Log in Home
Subscriber Log In

We hope you've enjoyed your 5 free articles'

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com
Already a subscriber?
Your city. Your stories. Your Globe.
Yours FREE for two weeks.
Enjoy free unlimited access to Globe.com for the next two weeks.
Limited time only - No credit card required!
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.
Thanks & Welcome to Globe.com
You now have unlimited access for the next two weeks.
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.