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Calpers to sell investments
in two gun makers...

Quote:SACRAMENTO, California (Reuters) - The biggest U.S. pension fund's investment committee voted on Tuesday to sell its stakes in two manufacturers of guns and high-capacity ammunition clips after the massacre at an elementary school in Connecticut.

The move affects about $5 million in investments in Smith & Wesson Holding Corp and Sturm, Ruger & Co at the $254 billion California Public Employees' Retirement System, best known at Calpers.

The mass shooting in Newtown, Connecticut, where 20 children and six adults were killed in December, has sparked a national debate regarding gun control, with some other pension funds also flexing their financial clout to weigh in on the issue.

The vote on Tuesday follows a divestment motion by Calpers board member, investment committee member and California State Treasurer Bill Lockyer stemming from the shooting at Sandy Hook Elementary School in Newtown.

Lockyer said divestment by Calpers would be largely symbolic given the amount of money involved but argued to fellow investment committee members that it would hold "special meaning" for school faculty and employees who are members of the pension fund.

Lockyer also sits on the board of the California State Teachers' Retirement System, which decided last month to divest its holdings in makers of firearms and high-capacity ammunition clips illegal in California.

It is now official, California has divested itself of holdings in the firearms industry.

Full story here.
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