CH 6. (10 points) Mr. Hill, a U.S. portfolio manager, has invested GBP 4 million in a U.K. mutual fund. He feels very comfortable with the medium and long-run perspectives of the U.K. stock market, but he forecast that the U.K. market will not do very well in the next four months. He decides to hedge the U.K. position using a FTSE 100 index futures contract. The current index futures price is GBP 6,510 and the B of his portfolio is 1.3. The size of one futures contract is GBP 10 times the current index futures price. He wants to fully hedge his position. What position should he take in the FTSE futures and how many contracts should he buy or sell