Strange Bedfellows

To be sure, the amount of assets in the largest firearms retirement plans are a rounding error to a mutual fund industry that manages about $17 trillion in assets. Three Vanguard funds offered in the 401(k) plan for Smith & Wesson workers, for example, managed about $16.2 million assets, according to the plan's latest annual report. Management fees for Vanguard on that account would be less than $100,000 a year.

On a similar scale, BlackRock Inc.'s Equity Dividend I Fund manages about 5 percent of the $68 million in assets in the NRA's 401(k) plan. But BlackRock, the world's largest asset manager, is one of a handful of big investors that has said publicly it will talk to gunmakers “to understand their response” to the deadly shooting on Valentine's Day.

U.S. asset manager State Street Corp. also said it plans to seek details from gunmakers on how they will support the “safe and responsible use of their products,” adding to pressure on the industry.

Funds managed by T. Rowe Price are the largest holdings in an Olin Corpretirement plan with about $690 million in assets, according to the latest Department of Labor disclosure. Olin makes Winchester ammunition and specialty chemicals.

Joe Keefe, president of Impax Asset Management, which runs funds focused on socially responsible investing, said he does not think it is likely any of his firms would end up in the 401(k) plan of a firearms company.

"I think they would be unlikely to include funds in their 401(k) line-up that expressly forbid investing in weapons manufacturers," Keefe said.

But the 401(k) plan for Glock offers such a fund. The Domini Impact Equity Fund, which has screened out gun stocks for more than two decades, is one of many investment options in the retirement plan for Glock workers. The fund managed about $34,000 of the Glock plan’s $7.8 million in assets, according to the latest Department of Labor report.

How the Domini fund became an investment option is not known. Glock did not return messages seeking comment.

"I guess there is someone at Glock who prefers to invest in funds that wouldn't buy a gun manufacturer," said Amy Domini, a founder of the Domini Impact Funds. "I'm a big believer that individuals should have choice."