Norway's sovereign wealth fund steeply cut its stakes in the three largest U.S. gunmakers, but the oil fund had "not put these companies on a divestment route," the Financial Times reported.

In its annual report, Government Pension Fund Global reduced its stake in American Outdoor Brands by almost 90% and owned just 0.15% of the company as of Dec. 31, 2017. The fund's Sturm Ruger stake fell to 1%, and Vista Outdoor by 0.25%, to 0.7%. The $1.1 trillion fund noted that these reductions took place in 2017.

"We don't have a deliberate strategy with regards to gun use because this is not a sector that we are covering in our security selection strategies," the newspaper quoted Yngve Slyngstad, the fund's chief executive, as saying. "Our changing ownership in these companies will be an effect of quantitative strategies more than any specific analytics."

The report comes amid ongoing debate on how investors should react to mass shootings, sparked in part by the recent deadly incident in Florida, according to the Financial Times.