On Friday, April 3, 2020 JD bought shares of the following stocks and held this portfolio for a year: Beta Prices: 4,3,20 prices: 4,2.21 10,000 shares of IBM (IBM) b = 1.44 S = $112.51 S = $119.40 20,000 of CITIGP (C) b= 1.23 S = $41.80 S = $63.21 7,500 shares of BOING (BA) b = 1.61 S = $100.53 S = $212.33 15,000 shares of GENERAL MOTORS (GM) b = 1.15 S = $21.50 S = $59.60 10,000 shares of TEXASINSTRUMENTS (TXN) b = 1.67 S = $94.33 S = $195.12 All the betas are with the S&P5001. = - Q3. When JD bought the given portfolio she decided to hedge its value for one year in case the market will fall durng the year. JD used the S&P500 index futures (on CME) employing the minimum variance hedge ratio. The contract's dollar multiplier was $250 and the futures value was: F4,3,20; JUN21 = 2,912.43. When JD closed the futures position on 4,2, 21 the futures value was F4,2,21: JUN21 = 3,972.84. Using a complete time table show the entire hedge and describe the result of the hedge on 04.2.21