Comptroller Thomas DiNapoli said today that the state’s $150 billion pension fund, one of the largest in the country, would review its holdings in gun manufacturers in the wake of the mass shootings in Newtown, Conn.
“In the wake of the Newtown shootings, we are accessing our holdings in gun manufacturers,” DiNapoli told reporters this morning. “That continues to be a review that’s ongoing.”
DiNapoli, the sole trustee of the state’s pension fund, said it’s unclear how much money the state has invested in gun manufacturers, estimating it could “tens of millions of dollars.” He said it’s mainly investments through index funds.
DiNapoli has used the fund to lean on certain industries. In 2009, the fund divested from companies linked to Iran and the Sudan. Last week, he sued Qualcomm because it hasn’t fully disclosed how its money is used in political activities.
On the gun issue, DiNapoli said, “It’s fair to say that like any reasonable thinking person, we have concerns about this issue and certainly as a public fund, we feel a particular responsibility to having a handle on where our money is. We always like to say that we want to do well for the fund, but for the larger community as well. With that as an overarching goal, it’s appropriate for us to review our holdings in this area.”