On November 1, a fund manager overseeing a USD 60 million US mid-to-large cap equity portfolio is considering ways to safeguard the recent gains following a market uptrend. At this time, the S&P 500 Index stands at 2,110, and the S&P 500 Index futures, which have a multiplier of 250, are priced at 2,120. To avoid selling off the portfolio holdings, the fund manager aims to hedge two-thirds of the portfolio's market risk over the next 2 months. Given a correlation coefficient of 0.89 between the equity portfolio and the S&P 500 Index futures, as well as annual volatilities of 0.51 for the equity portfolio and 0.48 for the S&P 500 futures, what trading strategy should the fund manager employ to achieve this hedging objective?