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You are managing an equity portfolio with a current market value of $120 million and a beta of 0.85. Convinced the market is poised for

You are managing an equity portfolio with a current market value of $120 million and a beta of 0.85. Convinced the market is poised for a significant upward movement, you would like to increase the beta of the portfolio by 30 percent, using SEP 500 futures currently trading at 1,100. The index multiplier is 200. 


What is the number of futures contracts, rounded up to the nearest whole number, that will be needed to achieve your objective? 

Long or short?

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