Select all the scenarios that represent a short hedge.

A: An investor has invested a substantial sum with a venture capital fund in Brazil. The money will be tied up for the next three years, during which the investor wishes to use futures to guard against adverse movements in the Brazilian Real exchange rate.

B: A company is preparing to conduct an equity offering in two weeks. It plans to hedge against adverse market movements in the meantime.

C: An American company importing from Japan pays quarterly for the shipped goods in Yen. The hedge will be for the Japanese Yen.

D: A company is expecting to repatriate profits from its foreign subsidiary in foreign currency at the end of the year. (The underlying of the futures is the foreign currency.)