A fund manager has a portfolio worth $$50$ million with a beta of $0,87.$ The manager is concerned about the performance of the market over the next two months and plans to use index futures contracts on a well$-$diversified index to hedge its risk. The current level of the index is $1250,$ one contract is on $250$ times the index, the risk$-$free rate is $6\%$ per annum, and the dividend yield on the index is $3\%$ per annum. The current $2$ month futures price is $1259.$ In two months, assume the index price is $1000,$ and the index futures prices is $1002\mathrm{.}5.$

Suppose you sold short $138$ contracts to hedge.

What is the combine gain or loss on the index futures and the manager's portfolio?