Charities including Nacro, Cancer Research UK, the MS Society, RNLI and Sue Ryder Care have been exposed as investing in the arms trade in a new report.
The Campaign Against Arms Trade has also named NHS trusts, churches, local authorities, trade unions and universities as holding shares in arms exporters.
A spokesman for the campaign said: "It is staggering that organisations committed to public welfare and health continue to hold shares in arms companies that sell weapons across the world."
The campaign also notes a trend for organisations to claim to have an ethical investment policy when holding shares in arms exporters.
The report highlights investment in the seven largest UK public companies with an involvement in arms - Alvis, BAE Systems, Cobham, GKN, Rolls-Royce, Smiths Group and VT Group.