The portfolio will comprise four Australian stocks: NCM, NST, EVN and PRU Hedge your portfolio of Australian stocks with ASX SPI 200 Index futures over the same three months period. (9 marks) Assessment criteria: o Rationale for using the hedge ratio o Calculation of the hedge ratio o Correct implementation of hedge, showing full details of transactions in a table with appropriate narrative of all relevant transactions that may occur in real world investment o Correct liquidation of positions and calculations of profit/loss o Effectiveness of the hedge and reasons why the hedge strategy worked/failed to work as you expect o Discuss how the hedge can be improved taking into account the shortcomings you identified above (Gold commodity pricing).