Tiger Global Sells Gun Stock

Feb 4 2013 | 1:54pm ET

Tiger Global Management has sold off its stake in a major firearms manufacturer in the wake of December's killing of 20 children at a Connecticut elementary school.

The hedge fund owned a 4.2% stake in Sturm, Ruger & Co. as of Sept. 30, but has since sold off the position. New York-based Tiger Global said it will no longer invest in gun stocks, Forbes reports.

It's unclear precisely when Tiger bought and sold the 800,000 Ruger shares, so it is unclear whether the hedge fund made or lost money on the trade. Ruger shares traded between $40.15 and $49.49 during the third quarter, and between $40.60 and almost $50 following the Newtown, Conn., shooting.

Tiger Global has been one of the most successful hedge funds in recent years. The firm did not say why it sold the shares; Tiger Global tends to avoid the spotlight, and some major public pension funds have threatened to divest from managers that own gun companies.


In Depth

Q&A: TCA Fund Management's Bob Press on Small-Cap Private Equity

Aug 25 2016 | 8:55pm ET

The emergence of private credit as a replacement for traditional bank financing...

Lifestyle

Kiawah: Island Reversal

Aug 24 2016 | 9:59pm ET

Looking for real estate investments but the typical real estate fare isn’t cutting...

Guest Contributor

Old Hill Partners: Embrace Illiquidity

Aug 9 2016 | 2:39pm ET

The age-old financial concept that higher yields are the result of higher risk and...