The largest shareholder in America's largest gunmakers isn't a reclusive billionaire or a 2A rabble-rouser with a heavy Reddit presence. It's BlackRock, the investment giant that talks Wall Street's loudest game on social duty.

Why it matters: With great power comes little accountability.

Cap table: BlackRock holds a 16.18% stake in Sturm Ruger (NYSE: RGR), a 15.26% position in Vista Outdoor (NYSE: VSTO) and an 8.3% stake in Smith & Wesson (Nasdaq: SWBI).

What they've said: BlackRock regularly stresses the value of ESG and conscious capitalism, including specific comments about how gun manufacturers should do more to prevent their products from being misused. After Parkland, the firm said:

What they've done: Very little. The company did manage to eventually get some gunmaker engagement, but there's no evidence that any of the companies made policy or product changes to reduce gun violence. Nor does BlackRock claim that they did. Instead, the firm just seems content to have had the conversation and then let business continue as usual:

The bottom line: This isn't about my feelings about firearms manufacturers. Or yours. It's about BlackRock's, and how its actions don't match its rhetoric. And that matters because, as these companies' largest outside shareholder, it could have far more influence than you or I.