A funds manager currently manages a diversified Australian share portfolio valued at $250 million. The manager decides to use the S&P/ASX 200 Index futures contract to manage an exposure to a forecast decline in share prices. The S&P/ASX 200 Index is currently at 5500. In three months time the S&P/ASX 200 is at 5150. a) Today: set up a hedging strategy to manage the risk exposure. b) In three months time: close out the open position c) Show the net valuation effect of the hedging strategy