You are the manager of a stock portfolio. On October 1, your holdings consist of the eight stocks listed in the following table, which you intend to sell on December 31. You are concerned about a market decline over the next three months. The number of shares, their prices, and the betas are shown, as well as the prices on December 31.

On October 1, you decide to execute a hedge using a particular stock index futures contract, which has a $500 multiplier. The March contract price is 376.20. On December 31, the March contract price is 424.90. Determine the outcome of the hedge.