Gun-maker investments to be sold off by New Zealand pension fund

New Zealand's government-run pension fund on Friday said that it would sell its investments in gun manufacturers following the country's decision to ban most semiautomatic weapons.

"Companies involved in the manufacture of civilian automatic and semi-automatic firearms, magazines or parts prohibited under New Zealand law have been excluded from the $41 billion NZ Super Fund," the fund said in a statement Friday. 


The fund said it would divest NZ$19 million, which is about $13 million, according to Reuters, from weapons manufacturers. Companies including American Outdoor Brands Corporation, Sturm, Ruger & Co Inc. and NOF Corp. will be affected. 

"Decisions about ethical exclusions take account of New Zealand law," the statement said. 

New Zealand's governor general Patsy Reddy on Thursday signed major gun reforms into law. The became effective at midnight, according to The Associated Press

New Zealand officials introduced gun reform legislation following shootings at two mosques last month in which 50 people were killed.