Calculating portfolio VaR after adding an option

[sydneystudent411]

Hi,

I have a 2 asset portfolio evenly weighted of stock A and stock B.

If I purchase a long put, written on just stock A, with a delta of -0.536, how would I calculate the appropriate option sizing and how much it would minimize my portfolio VaR?

Do I use the component VaR? Does the hedge only affect one component of the portfolio?

Thanks