U.S. investors seeking to divest firearm and ammunition manufacturers may need to dig deep into their portfolios, as some mutual fund companies classify firearm manufacturers' securities as investments in healthcare providers and services, according to a Reuters investigation.
A Reuters analysis of recent U.S. Securities and Exchange Commission filings demonstrated many mutual funds classify investments in firearm and ammunition providers across a wide array of industries, including healthcare, aerospace and defense, and consumer goods, among others.
For example, the Oppenheimer Global High Yield Fund listed debt guaranteed by Remington, a firearms manufacturer, as an investment in "healthcare providers & services," according to the company's SEC filings obtained by Reuters. The fund has similarly listed senior notes issued by FGI Operating Co., a Remington subsidiary, alongside securities issued by Dallas-based Tenet Healthcare and Birmingham, Ala.-based HealthSouth since 2014, the report states.
While the Oppenheimer Global High Yield Fund re-categorized the senior notes issued by FGI Operating Co. as investments in the "aerospace and defense sector" last month, other mutual funds continue to list debt guaranteed by gun and ammunition makers alongside debt issued by companies such as Hasbro, Mattel, and American Greetings, one of the largest greeting card companies in the world, Reuters reports.
It is unclear why the Oppenheimer fund re-classified FGI Operating Co.'s guaranteed debt, according to the report.
To read the full report, click here.
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