In January, a hedge fund manager bet that value stocks will make a comeback and perform better than growth stocks over the next three months. The fund manager used the Value Index and the Growth index to create his hedged position. The Value index has a contract multiplier of 500 and a beta of 1.7. The Growth index has a contract multiplier of 200 and a beta of 2.2.

Index values in January:

Value Index: 320 Growth Index: 100

Index values in April:

Value Index: 280 Growth Index: 80

What was the hedge fund's profit from this hedged position?