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Ditching Gun Funds

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Sacramento, CA – The Associated Press reports The California State Teachers’ Retirement System is ditching some of its gun stocks. The group says it will sell about $3 million worth of stock from gun companies.

CALSTRS is the state retirement system for teachers and educators. Its Investment Committee Chairman Harry Keiley says the fund’s decision to sell holdings in Sturm, Ruger & Co. and Smith & Wesson Holding Corp. is the “appropriate response” in the wake of the high profile shootings in Connecticut and Colorado.

In January, CALSTRS Board of Directors voted unanimously to no longer invest in companies that make firearms or ammunition that are illegal to purchase in the State of California. This includes assault rifles and high capacity magazines.