Mumbai: FIIs have turned cumulatively net short stock futures in June after a 40-month gap, with markets at record highs. On Friday, they were net short 338 contracts, after first turning net sellers from June 7-9. Analysts cite three likely reasons for the shift — first, a repositioning of strategy near record high levels; second, hedging their cash portfolios by shorting stock futures, and third reducing their bullish bets on stock futures on expectation of a pullback or consolidation. On June 8, they were net short 10,427 contracts and a day before 5,873 contracts short. Prior to that, FIIs were cumulatively short 16,942 contracts on February 5, 2018. Until recently, they remained net long, taking positions of 6 lakh -plus contracts in June of last year.