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You are managing an equity portfolio, currently valued at $100 million. You are concerned about the volatile market condition and decide to hedge your position

You are managing an equity portfolio, currently valued at $100 million. You are concerned about the volatile market condition and decide to hedge your position using the S&P 500 stock index futures contract. The beta of your portfolio is 0.6 and the S&P 500 index is currently at 1200. How many S&P 500 index futures contracts should you buy or sell to fully hedge your equity portfolio? Show your work.

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