SAN FRANCISCO Feb 12 CalPERS has approximately
$5 million in exposure to firearms manufacturers whose guns are
banned in California, according to a report released on Tuesday
by the biggest U.S. pension fund's investment staff.
The report stemmed from a request for a review of the matter
by a board member after a mass shooting in Newtown, Connecticut.
The board member, California State Treasurer Bill Lockyer,
is pressing for the fund, the $254 billion California Public
Employees' Retirement System, to sell off investments in
manufacturers of firearms banned in California, like the assault
rifle used in the Newtown school massacre in December.
Lockyer also sits on the board of the California State
Teachers' Retirement System, which decided last month to divest
its holdings in such manufacturers and to divest from makers of
high-capacity ammunition clips illegal in California.
Investment staff at the state employees' pension fund said
in their report that the fund's exposure to firearms
manufacturers is in publicly traded equity securities and that
divestment costs are considered minor.
CalPERS board members will take up the report at its Feb. 19