Hillary Clinton has been depicting her 2016 opponent Sen. Bernie Sanders as too close to the gun industry, and picking up endorsements from gun-safety groups in the process.

But the leading Democrats’ image as staunch opponents of the gun industry isn’t the whole story. Some of Obama’s and Clinton’s biggest political benefactors are firms with a financial stake in the sale of guns and ammunition. And neither Obama nor Clinton has joined the growing push —backed by New York City Mayor Bill de Blasio — to pressure institutional investors to divest from firearms firms.

According to Nasdaq records, campaign finance reports and Securities and Exchange Commission filings reviewed by International Business Times, executives at the financial firms and hedge funds that hold some of the largest ownership stakes in firearms and ammo manufacturers have donated more than $15 million to the Democratic National Committee as well as to Obama and Clinton’s respective reelection campaigns and super PAC. Those firms have also spent $4.1 million on donations to the Clinton Foundation and speaking fees to the Clinton family.

Some of the firms’ executives have been among the biggest donors to the Democrats’ and their political machine:

In 2012, executives at Renaissance Technologies — which owns stakes in Sturm & Ruger, Olin Corporation and Smith & Wesson Corp. — gave $6 million to Priorities USA, the super PAC then supporting Obama’s reelection campaign and now supporting Clinton’s 2016 campaign.

Executives at Goldman Sachs have collectively been among Clinton and Obama’s top Senate contributors, as has Morgan Stanley in Clinton’s case. Those two firms were both among the top 10 institutional shareholders of gunmaker Smith & Wesson in September. Goldman is also listed as the single largest shareholder for ammunition company Vista Outdoors, and Morgan Stanley is also listed as a top shareholder of Sturm & Ruger and the Olin Corporation.

While Clinton has received campaign donations and political support from the financial firms betting big on guns, her family has also been paid a combined $1.5 million in speaking fees by Goldman Sachs, Morgan Stanley and the Vanguard Group.