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NJ Division of Investment sells holdings in companies that manufacture automatic and semi-automatic guns for civilian use

The New Jersey Department of the Treasury has announced that the state’s Division of Investment has sold all of its holdings tied to manufacturers of automatic and semi-automatic weapons for civilian use.

At a bi-monthly meeting of the State Investment Council on Thursday, Chris McDonough, director of the New Jersey Department of the Treasury’s Division of Investment, announced that the investment policy committee voted to sell its remaining position in the manufacturer Vista Outdoor, which produces semi-automatic rifles as part of its Savage MSR product line. The State Investment Council also agreed that a subcommittee will explore further actions related to civilian firearm manufacturers and retailers. The council could seek, for example, to engage in discussions with firearms and ammunition companies in an attempt to change business practices.

“We are always evaluating investment risk in the pension fund. After the tragedy in Parkland, we examined our holdings to identify companies which might be adversely financially impacted by a changing landscape as it relates to certain types of firearms,” McDonough said. “Vista Outdoor was the only holding we identified that manufactures semi-automatic or automatic weapons for civilian use. We had already been reducing the position over time and, consistent with our fiduciary responsibility, we recently sold our remaining position based on the merits of the investment.”

The Division of Investment, under the supervision of the State Investment Council, is one of the largest pension fund managers in the United States. The pension fund supports the retirement plans of about 769,000 employees in seven public pension systems in New Jersey: the Consolidated Police and Firemen’s Pension Fund, the Judicial Retirement System, the Police and Firemen’s Retirement System, the Prison Officers Pension Fund, the Public Employees’ Retirement System, the State Police Retirement System and the Teachers’ Pension and Annuity Fund. Created by the New Jersey Legislature in 1950, the State Investment Council formulates policies governing the investment of funds by the director of the Division of Investment.

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8 comments
  • The sale of automatic weapons has been banned in all States, including NJ, since 1986. Semi-automatic weapons – which require a separate pull of the trigger for each round discharged – are legal in NJ. The requirements to own one are onerous – as they should be. One must first acquire a general firearm permit card. One must then make a separate application to purchase a hand gun, which among other things, requires background checks and two personal references. There is a waiting period and the hand gun permit is only good for a brief period of time. It’s amazing how little people know about these procedures, firearms and firearm laws. Doesn’t keep them from making an uninformed opinion though.

  • For clarification – personal attacks etc. WILL NOT be tolerated BUT challenges, opposing facts and alternative views WILL be tolerated?

  • LOL….But it pays for the salaries, benefits, rent, utilities and marketing for the teams of people who perform these horrific procedures – killing unborn children, harvesting and selling their body parts.

  • This is a red herring…NJ residents cannot buy automatic weapons! In addition, not one of the mass shootings carried out by these mentally deranged and over medicated kids used an automatic weapon. This act is a another feel good do nothing farce.

  • Good decision. The sale of these weapons are prohibited in New Jersey for good reason. A majority of NJ residents support a ban on ownership of automatic weapons by civilians.

  • And yet the state still gives over $7,000,000 to Planned Parenthood an agency responsible for killing over 40,000 unborn New Jersey children per year!

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