A fund manager has a portfolio worth $50 million with a beta of 1.30. The manager is concerned about the performance of the market over the next two months and plans to use three-month futures contracts on the S&P 500 to hedge the risk. The current index level is 1100 and one futures contract is on 250 times the index (i.e., the index multiplier is 250). The risk-free rate is 4.0% per annum and the dividend yield on the index is 2.0% per annum. The current three-month futures price is $1150. Q1: What position should the fund manager take to hedge exposure to the market over the next two months? In other words, how many futures contract does the manager have to buy or sell? Specify whether It