The recent tragedy in Newtown, Conn. has shed light on investors in gun manufacturers, including some hedge funds. Shares of manufacturers like Smith & Wesson and Sturm, Ruger & Co., which are publicly traded, have come under the microscope and seen stock prices fall. On Monday, Smith & Wesson’s stock fell 5.2% while Sturm, Ruger & Co. saw a 3.45% share-price decline.

According to third quarter data, Renaissance Technologies, Steelhead Partners, Columbia Partners, Bogle Investment Management, Route One Investment Company and Millennium Management were among the hedge funds with largest stakes in Smith & Wesson. Renaissance Technologies, James Investment Research, Tiger Global Management, South Point Capital Advisors, Valinor Management and Route One Investment Company were among the hedge funds with the highest investments in Sturm, Ruger & Co.

We’re curious to see if the hedge funds will keep their investments. With all the scrutiny on the companies their stocks will likely keep falling. And one wonders how their investors would feel—regardless of their position on guns—if the hedge funds bailed out at a loss. This could be interesting.