Should Pennsylvania follow California, Philadelphia and other communities where leaders want to dump gun-related stocks after the Newtown, Conn. school massacre?
The $25 billion State Employees' Retirement System says its exposure to gunmakers is "de minimis" so it doesn't need to do anything.
Says spokeswoman Heather Tyler: "SERS has conducted research into our portfolio to look for exposure to known gun-related investments... We identified less than $2 million (of a $25.2 billion portfolio). Here is what we found:
• Cerberus Capital Management – $1.9 million exposed to Freedom Group (private equity)
• Sturm, Ruger & Co. – none apparent (publicly traded)
• Smith & Wesson Holding Corp. – none apparent (publicly traded)
• New Enterprise Associates 11 – $25 thousand exposed to MidOcean Partners II (we understand to have an ownership stake in Bushnell Outdoor Products) – (private equity)
• Sciens Capital (we understand to have an ownership stake in Colt Defense) – none apparent (private equity)
• Olin Corp (we understand that they manufacture Winchester ammunition)– none apparent (publicly traded)