{"id":10609,"date":"2026-09-22T04:59:49","date_gmt":"2026-09-21T19:59:49","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-quants-lm3\/"},"modified":"2026-09-22T07:45:13","modified_gmt":"2026-09-21T22:45:13","slug":"cfa-l1-quants-lm3","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-quants-lm3\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L1 Quants LM3\u3011Benchmarking Returns \u3092\u8981\u70b9\u89e3\u8aac\uff5cMWR\u3068TWR\u30fb\u682a\u4fa1\u6307\u6570\u306e\u30a6\u30a7\u30a4\u30c8\u65b9\u5f0f\u3068\u8a08\u7b97"},"content":{"rendered":"<style>\n.cfalm-los{counter-reset:los;list-style:none;padding:0!important;margin:1em 0!important}\n.cfalm-los li{border:1px solid #d5d9e3;border-left:4px solid #172152;border-radius:4px;padding:.8em 1em!important;margin:0 0 .8em!important;background:#fff}\n.cfalm-los li::before{display:none!important;content:none!important}\n.cfalm-los .ja{display:block;font-weight:bold;color:#172152;line-height:1.6}\n.cfalm-los .en{display:block;font-size:.85em;color:#667;margin-top:.3em;line-height:1.5;word-break:normal!important;overflow-wrap:anywhere}\n.cfalm-sum{background:#f6f7fb;border-radius:6px;padding:1em 1.2em!important;margin:1em 0!important;list-style:none!important}\n.cfalm-sum li{position:relative;margin:.4em 0!important;padding:0 0 0 1.1em!important;line-height:1.7;list-style:none!important}.cfalm-sum li::before{content:\"\"!important;display:block!important;position:absolute!important;left:0!important;top:.7em!important;width:6px!important;height:6px!important;border-radius:50%!important;background:#172152!important;border:none!important;transform:none!important}\n.cfalm-f{background:#f6f7fb;border-left:4px solid #172152;padding:.7em 1em;margin:.8em 0;font-family:\"Menlo\",\"Consolas\",monospace;font-size:.95em;overflow-x:auto}\n.cfalm-nav{background:#f6f7fb;padding:1em 1.2em;border-radius:6px;margin:1em 0;word-break:normal;overflow-wrap:anywhere}\n<\/style>\n<div class=\"box05\">\n<p>Learning Module 3\u300cBenchmarking Returns\uff08\u30ea\u30bf\u30fc\u30f3\u306e\u30d9\u30f3\u30c1\u30de\u30fc\u30af\uff08MWR\u30fbTWR\u30fb\u6307\u6570\uff09\uff09\u300d\u306f\u3001\u904b\u7528\u6210\u7e3e\u3092\u6e2c\u308b2\u3064\u306e\u53ce\u76ca\u7387\uff08MWR\u3068TWR\uff09\u306e\u9055\u3044\u3068\u3001\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3068\u306a\u308b\u6307\u6570\u306e\u4f5c\u308a\u65b9\u30fb\u30a6\u30a7\u30a4\u30c8\u65b9\u5f0f\u30fb\u8a08\u7b97\u65b9\u6cd5\u3092\u6271\u3046\u5358\u5143\u3067\u3059\u3002<\/p>\n<p>\u672c\u8a18\u4e8b\u3067\u306f\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306eLOS\uff08Learning Outcome Statement\uff09\u3068\u3001\u3053\u306e\u5358\u5143\u306e\u91cd\u8981\u8ad6\u70b9\u3092\u65e5\u672c\u8a9e\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n<\/div>\n<h2>LM3\u306eLOS\uff08\u5b66\u7fd2\u76ee\u6a19\uff09<\/h2>\n<p>LOS\u306f\u3001\u3053\u306e\u5358\u5143\u3067\u300c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3079\u304d\u3053\u3068\u300d\u3068\u3057\u3066\u793a\u3055\u308c\u3066\u3044\u308b\u5b66\u7fd2\u76ee\u6a19\u3067\u3059\u3002LM3\u306b\u306f2\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u91d1\u984d\u52a0\u91cd\u53ce\u76ca\u7387\u3068\u6642\u9593\u52a0\u91cd\u53ce\u76ca\u7387\u3092\u8a08\u7b97\u30fb\u6bd4\u8f03\u3059\u308b<\/span><span class=\"en\">calculate and compare money-weighted and time-weighted rates of return<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u6307\u6570\u306e\u69cb\u7bc9\u30fb\u7ba1\u7406\u3067\u4f7f\u308f\u308c\u308b\u30a6\u30a7\u30a4\u30c8\u65b9\u5f0f\u306e\u9078\u629e\u3068\u305d\u306e\u5f71\u97ff\u3092\u8aac\u660e\u3057\u3001\u6307\u6570\u306e\u5024\u3068\u30ea\u30bf\u30fc\u30f3\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u30fb\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe the choices and the implications of the different weighting methods used in index construction and management, and calculate, interpret, and explain the value and the returns of an index<\/span><\/li>\n<\/ol>\n<h2>LM3\u306e\u307e\u3068\u3081<\/h2>\n<p>\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u3092\u307e\u3068\u3081\u308b\u3068\u3001\u6b21\u306e\u3068\u304a\u308a\u3067\u3059\u3002<\/p>\n<ul class=\"cfalm-sum\">\n<li>MWR\u306f\u8cc7\u91d1\u306e\u51fa\u3057\u5165\u308c\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u3068\u91d1\u984d\u3092\u53cd\u6620\u3057\u305fIRR\u3002TWR\u306f\u5165\u51fa\u91d1\u306e\u5f71\u97ff\u3092\u9664\u3044\u305f\u53ce\u76ca\u7387\u3067\u3001\u5165\u51fa\u91d1\u3092\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u3067\u304d\u306a\u3044\u904b\u7528\u8005\u306e\u8a55\u4fa1\u306b\u4f7f\u3046<\/li>\n<li>\u6307\u6570\u306f\u3001\u5bfe\u8c61\u5e02\u5834\u30fb\u69cb\u6210\u9298\u67c4\u306e\u9078\u5b9a\u30fb\u30a6\u30a7\u30a4\u30c8\u65b9\u5f0f\u30fb\u8a08\u7b97\u65b9\u6cd5\u306a\u3069\u3067\u6c7a\u307e\u308b<\/li>\n<li>\u4fa1\u683c\u52a0\u91cd\u6307\u6570\u306f\u682a\u4fa1\u306e\u9ad8\u3044\u9298\u67c4\u3001\u6642\u4fa1\u7dcf\u984d\u52a0\u91cd\u6307\u6570\u306f\u6642\u4fa1\u7dcf\u984d\u306e\u5927\u304d\u3044\u9298\u67c4\u306e\u5f71\u97ff\u304c\u5927\u304d\u304f\u3001\u7b49\u91d1\u984d\u52a0\u91cd\u6307\u6570\u3067\u306f\u3059\u3079\u3066\u306e\u9298\u67c4\u304c\u540c\u3058\u3060\u3051\u5f71\u97ff\u3059\u308b<\/li>\n<li>\u30a6\u30a7\u30a4\u30c8\u65b9\u5f0f\u306e\u9055\u3044\u306f\u3001\u6307\u6570\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3068\u305d\u308c\u3092\u4f7f\u3063\u305f\u904b\u7528\u8a55\u4fa1\u306b\u5927\u304d\u304f\u5f71\u97ff\u3059\u308b<\/li>\n<li>\u6307\u6570\u306f\u5b9a\u671f\u7684\u306a\u30ea\u30d0\u30e9\u30f3\u30b9\uff08\u30a6\u30a7\u30a4\u30c8\u306e\u518d\u8abf\u6574\uff09\u3068\u9298\u67c4\u5165\u308c\u66ff\u3048\uff08\u30ea\u30b3\u30f3\u30b9\u30c6\u30a3\u30c6\u30e5\u30fc\u30b7\u30e7\u30f3\uff09\u3067\u7ba1\u7406\u3055\u308c\u308b<\/li>\n<\/ul>\n<p>\u4ee5\u4e0b\u3001LOS\u3054\u3068\u306b\u91cd\u8981\u8ad6\u70b9\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n<h3>LOS 1\uff1a\u91d1\u984d\u52a0\u91cd\u53ce\u76ca\u7387\u3068\u6642\u9593\u52a0\u91cd\u53ce\u76ca\u7387\u3092\u8a08\u7b97\u30fb\u6bd4\u8f03\u3059\u308b<\/h3>\n<p><strong>MWR<\/strong>\u306f\u8cc7\u91d1\u306e\u51fa\u3057\u5165\u308c\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u3068\u91d1\u984d\u3092\u53cd\u6620\u3057\u305f<strong>IRR\uff08\u5185\u90e8\u53ce\u76ca\u7387\uff09<\/strong>\u3067\u3059\u3002<strong>TWR<\/strong>\u306f\u671f\u9593\u3054\u3068\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u5e7e\u4f55\u7684\u306b\u3064\u306a\u3044\u3060\u3082\u306e\u3067\u3001\u5165\u51fa\u91d1\u306e\u5f71\u97ff\u3092\u53d7\u3051\u307e\u305b\u3093\u3002<strong>\u5165\u51fa\u91d1\u3092\u904b\u7528\u8005\u304c\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u3067\u304d\u306a\u3044\u306a\u3089\u904b\u7528\u8005\u306e\u8a55\u4fa1\u306fTWR<\/strong>\u3001\u904b\u7528\u8005\u304c\u8cc7\u91d1\u306e\u51fa\u3057\u5165\u308c\u306b\u88c1\u91cf\u3092\u6301\u3064\u306a\u3089MWR\u304c\u9069\u5207\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u8ffd\u52a0\u6295\u8cc7\u306e\u76f4\u5f8c\u306b\u4e0b\u843d\u3059\u308b\u3068 MWR \uff1c TWR \u306b\u306a\u308b<\/li>\n<li>MWR \u306f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e IRR\uff08\u91d1\u878d\u96fb\u5353\u306e CF\u30fbIRR \u6a5f\u80fd\u3067\u89e3\u304f\uff09<\/li>\n<li>TWR = [(1+R\u2081)(1+R\u2082)\u2026(1+R\u2099)]^(1\/n) \u2212 1\uff08\u5e74\u7387\u306e\u5834\u5408\uff09<\/li>\n<\/ul>\n<h3>LOS 2\uff1a\u6307\u6570\u306e\u30a6\u30a7\u30a4\u30c8\u65b9\u5f0f\u306e\u9078\u629e\u3068\u305d\u306e\u5f71\u97ff\u3092\u7406\u89e3\u3057\u3001\u6307\u6570\u306e\u5024\u3068\u30ea\u30bf\u30fc\u30f3\u3092\u8a08\u7b97\u3059\u308b<\/h3>\n<p>\u6307\u6570\u306f<strong>\u2460\u5bfe\u8c61\u5e02\u5834 \u2461\u69cb\u6210\u9298\u67c4\u306e\u9078\u3073\u65b9 \u2462\u30a6\u30a7\u30a4\u30c8\u65b9\u5f0f \u2463\u8a08\u7b97\u65b9\u6cd5<\/strong>\u3067\u6c7a\u307e\u308a\u307e\u3059\u3002\u30a6\u30a7\u30a4\u30c8\u65b9\u5f0f\u306b\u306f<strong>\u4fa1\u683c\u52a0\u91cd\u30fb\u7b49\u91d1\u984d\u52a0\u91cd\u30fb\u6642\u4fa1\u7dcf\u984d\u52a0\u91cd\uff08\u6d6e\u52d5\u682a\u8abf\u6574\u3092\u542b\u3080\uff09\u30fb\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u52a0\u91cd<\/strong>\u304c\u3042\u308a\u3001\u3069\u308c\u3092\u9078\u3076\u304b\u3067\u6307\u6570\u306e\u52d5\u304d\u3068\u504f\u308a\u304c\u5909\u308f\u308a\u307e\u3059\u3002\u682a\u5f0f\u5206\u5272\u306a\u3069\u3067\u4fa1\u683c\u52a0\u91cd\u6307\u6570\u304c\u4e0d\u9023\u7d9a\u306b\u306a\u3089\u306a\u3044\u3088\u3046<strong>\u9664\u6570\uff08\u30c7\u30a3\u30d0\u30a4\u30b6\u30fc\uff09<\/strong>\u3092\u8abf\u6574\u3057\u3001\u5b9a\u671f\u7684\u306a<strong>\u30ea\u30d0\u30e9\u30f3\u30b9<\/strong>\u3068<strong>\u9298\u67c4\u5165\u308c\u66ff\u3048\uff08\u30ea\u30b3\u30f3\u30b9\u30c6\u30a3\u30c6\u30e5\u30fc\u30b7\u30e7\u30f3\uff09<\/strong>\u3067\u6307\u6570\u3092\u7ba1\u7406\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u4fa1\u683c\u52a0\u91cd\uff1a\u682a\u4fa1\u306e\u9ad8\u3044\u9298\u67c4\u307b\u3069\u5f71\u97ff\u5927\u3002\u682a\u5f0f\u5206\u5272\u3067\u9664\u6570\u3092\u8abf\u6574<\/li>\n<li>\u7b49\u91d1\u984d\u52a0\u91cd\uff1a\u5c0f\u578b\u682a\u306e\u5f71\u97ff\u304c\u76f8\u5bfe\u7684\u306b\u5927\u304d\u304f\u3001\u983b\u7e41\u306a\u30ea\u30d0\u30e9\u30f3\u30b9\u304c\u5fc5\u8981<\/li>\n<li>\u6642\u4fa1\u7dcf\u984d\u52a0\u91cd\uff1a\u5927\u578b\u682a\u306e\u5f71\u97ff\u5927\u3002\u682a\u4fa1\u4e0a\u6607\u3067\u81ea\u52d5\u7684\u306b\u30a6\u30a7\u30a4\u30c8\u304c\u4e0a\u304c\u308b\uff08\u30e2\u30e1\u30f3\u30bf\u30e0\u7684\u306a\u504f\u308a\uff09<\/li>\n<li>\u6d6e\u52d5\u682a\u8abf\u6574\uff1a\u5e02\u5834\u3067\u5b9f\u969b\u306b\u58f2\u8cb7\u3067\u304d\u308b\u682a\u6570\u3060\u3051\u3067\u6642\u4fa1\u7dcf\u984d\u3092\u8a08\u7b97<\/li>\n<li>\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u52a0\u91cd\uff1a\u58f2\u4e0a\u30fb\u5229\u76ca\u30fb\u914d\u5f53\u306a\u3069\u306e\u898f\u6a21\u3067\u30a6\u30a7\u30a4\u30c8\u4ed8\u3051<\/li>\n<li>\u4fa1\u683c\u6307\u6570\u306f\u5024\u4e0a\u304c\u308a\u3060\u3051\u3001\u30c8\u30fc\u30bf\u30eb\u30fb\u30ea\u30bf\u30fc\u30f3\u6307\u6570\u306f\u914d\u5f53\u306e\u518d\u6295\u8cc7\u3082\u542b\u3080<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u4fa1\u683c\u52a0\u91cd\u6307\u6570 = \u03a3\u682a\u4fa1 \u00f7 \u9664\u6570<\/div>\n<h2>\u52b9\u7387\u3088\u304f\u5b66\u3076\u306b\u306f FA-Academy<\/h2>\n<p>CFA\u00ae\ufe0e\u306e\u5354\u4f1a\u30c6\u30ad\u30b9\u30c8\u306f\u82f1\u8a9e\u3067\u5206\u91cf\u3082\u591a\u304f\u30011\u3064\u3072\u3068\u3064\u306e\u5358\u5143\u3092\u82f1\u8a9e\u3060\u3051\u3067\u7406\u89e3\u3057\u3066\u3044\u304f\u306e\u306f\u5927\u304d\u306a\u8ca0\u62c5\u3067\u3059\u3002<\/p>\n<p>FA-Academy\uff08Financial Analyst Academy\uff09\u306f\u3001<strong>\u65e5\u672c\u8a9e\u3067\u5b66\u3079\u308b\u6570\u5c11\u306a\u3044CFA\u00ae\ufe0e\u8a66\u9a13\u30b5\u30dd\u30fc\u30c8<\/strong>\u3067\u3059\u3002\u3053\u308c\u307e\u3067 Level 1 \u304b\u3089 Level 3 \u307e\u3067\u591a\u304f\u306e\u5408\u683c\u8005\u3092\u8f29\u51fa\u3057\u3066\u304a\u308a\u3001\u5408\u683c\u8005\u306e\u65b9\u3005\u3068\u306e\u5bfe\u8ac7\u3082\u6570\u591a\u304f\u516c\u958b\u3057\u3066\u3044\u307e\u3059\u3002\u3069\u3093\u306a\u65b9\u304c\u3001\u3069\u306e\u3088\u3046\u306b\u5408\u683c\u3055\u308c\u305f\u306e\u304b\u306f<a href=\"https:\/\/triumphmind.com\/cfa\/category\/gokaku\/\" target=\"_blank\" rel=\"noopener\">\u5408\u683c\u8005\u5bfe\u8ac7\u30fb\u5408\u683c\u4f53\u9a13\u8ac7\u306e\u4e00\u89a7<\/a>\u304b\u3089\u3054\u89a7\u3044\u305f\u3060\u3051\u307e\u3059\u3002<\/p>\n<ul>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/present1\/\" target=\"_blank\" rel=\"noopener\">Level 1 \u65e5\u672c\u8a9e\u8981\u70b9\u96c6\u306e\u7121\u6599\u30b5\u30f3\u30d7\u30eb\u3092\u53d7\u3051\u53d6\u308b\uff087\u65e5\u9593\u30e1\u30fc\u30eb\u8b1b\u5ea7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/timerex.net\/s\/cfa.tips.slack_2a23\/e72e883e\/\" target=\"_blank\" rel=\"noopener\">\u7121\u6599\u500b\u5225\u9762\u8ac7\u3092\u4e88\u7d04\u3059\u308b\uff08\u5b66\u7fd2\u8a08\u753b\u306e\u3054\u76f8\u8ac7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/course\/\" target=\"_blank\" rel=\"noopener\">\u53d7\u8b1b\u6848\u5185\uff08\u30b3\u30fc\u30b9\u4e00\u89a7\u30fb\u53d7\u8b1b\u6599\uff09\u3092\u898b\u308b<\/a><\/li>\n<\/ul>\n<div class=\"cfalm-nav\">\u524d\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-quants-lm2\/\">LM2 Types of Financial Returns\uff08\u91d1\u878d\u30ea\u30bf\u30fc\u30f3\u306e\u7a2e\u985e\uff09<\/a><br \/>\n\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-quants-lm4\/\">LM4 The Time Value of Money in Finance\uff08\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306b\u304a\u3051\u308b\u8ca8\u5e63\u306e\u6642\u9593\u4fa1\u5024\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l1-quants\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 1 Quantitative Methods\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 1 Quantitative Methods LM3\u300cBenchmarking Returns\uff08\u30ea\u30bf\u30fc\u30f3\u306e\u30d9\u30f3\u30c1\u30de\u30fc\u30af\uff08MWR\u30fbTWR\u30fb\u6307\u6570\uff09\uff09\u300d\u306eLOS\uff08\u5b66\u7fd2\u76ee\u6a19\uff09\u3068\u91cd\u8981\u8ad6\u70b9\u3092\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306b\u57fa\u3065\u3044\u3066\u65e5\u672c\u8a9e\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n","protected":false},"author":1,"featured_media":10664,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[98],"tags":[],"class_list":["post-10609","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-level1-topics"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10609","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/comments?post=10609"}],"version-history":[{"count":9,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10609\/revisions"}],"predecessor-version":[{"id":11339,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10609\/revisions\/11339"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/10664"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10609"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}