The Superannuation Fund has divested almost $20m from seven gun-producing companies

A man holds a Bushmaster AR-15, Model A2 semi-automatic assault rifle at the Rocky Mountain Gun Show in Sandy, Utah.

The Government's $41 billion sovereign wealth fund has ditched all its investments in companies which produce semi-automatic weapons.

The NZ Superannuation Fund now has no involvement with companies that manufacture automatic and semi-automatic firearms, magazines or parts prohibited under New Zealand's new gun laws.

This afternoon, the fund announced it would divest almost $20 million of investments in seven gun companies.

These include American Outdoor Brands Corporation, Daicel Corporation and Richemont – which, with $16 million invested, made up the bulk of the total figure.

Other fund managers are taking similar positions, including AMP which said today it was excluding direct investments in comapnies associated with the manufacturing of firearms and components banned under the amendment to the Firearms Bill.

Meanwhile Disarmament and Arms Control Minister Winston Peters said the criteria for the export of strategic goods will change from today.

"The Ministry of Foreign Affairs and Trade is likely to decline permits for the export of prohibited semi-automatic firearms, magazines and parts except in certain limited circumstances," Peters said.

"It will also no longer be permissible for weapons that are banned here to be imported for the purpose of re-export."

Mfat will continue to consider export applications by people who are permitted to possess such items under the new legislation, such as dealers, collectors and approved cullers.

"There will be transitional arrangements to align with the new legislation, including for dealers seeking to return stock to suppliers, items that are stuck at the border because they are now prohibited, personal transfers by people leaving the country, and certain items traded by existing manufacturers and suppliers."

The move comes just a day after the new gun law was given its Royal Assent.

Under the new law, most semi-automatic firearms and some pump action shotguns, as well as certain large-capacity magazines, have been banned.

The Super Fund's chief executive, Matt Whineray, said the fund moved swiftly to review its exclusion policy following the announcement of the Government's intention to introduce gun control legislation.

He said the Superfund had worked with its external service provider, MSCI ESG Research, to identify companies captured by the new exclusion category.

He said the fund's exclusion list is updated every six-months and, as such, "it is possible that more companies will be identified for exclusion in the future".

As well as the gun companies, the Superfund's exclusion list includes companies that make landmines, nuclear explosives, tobacco, recreational cannabis and whale meat.

Eight days after the March 15 terror attack in Christchurch, the Superfund announced it was reviewing its exposure to gun-related investments.

"We are working as quickly as possible to make this happen and expect that our internal processes will be complete by the time the Government's legislation is in place," a spokeswoman for the fund said at the time.

KiwiSaver providers also said they would check their exposure to the sector.