Amidst what the Bulletin of Atomic Scientists calls “an exceedingly dangerous nuclear situation” facing humanity today, the largest U.S. mutual funds — which manage the retirement and other savings of tens of millions of Americans — are profiting from investments in nuclear weapons, cluster munitions and other banned or controversial arms, an analysis by a leading shareholder advocacy group has revealed.
Measured by dollars invested, the top 25 U.S. asset managers “all earn a D grade or worse, with significant investments in arms manufacturers and major military contractors, including companies involved with nuclear weapons and controversial weapons like cluster munitions, anti-personnel landmines, incendiary weapons, and depleted uranium,” Berkeley, California-based As You Sow said in its new report.
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Some of the largest corporate 401(k)s like American Funds, John Hancock Funds and Franklin Templeton Investments were among the most heavily invested in these armaments, while “fund managers that focus on sustainable investing have less exposure to military weapons, on average.”
Seven funds profiled in the analysis — Eventide Funds, Ecofin, New Alternatives, Vert Asset Management, Aspiration Funds, Thrivent, and Kayne Anderson — held no investments in the controversial weapons.
“Many investors, given a choice, would not want to profit from companies that manufacture weapons of mass destruction,” As You Sow CEO Andrew Behar said in a statement.
Hellbound and Down 