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IH Management holds a value stock portfolio of 320M and wants to hedge its position using S&P500 futures. Given Futures price of S&P 500 is

IH Management holds a value stock portfolio of 320M and wants to hedge its position using S&P500 futures.

Given Futures price of S&P 500 is 1,000 Beta of portfolio is 0.83 One contract is on $250 times the index

What position in futures contracts on the S&P 500 is necessary to fully hedge the portfolio?

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