{"id":10778,"date":"2026-09-22T06:00:00","date_gmt":"2026-09-21T21:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fi-lm13\/"},"modified":"2026-09-22T07:03:12","modified_gmt":"2026-09-21T22:03:12","slug":"cfa-l1-fi-lm13","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fi-lm13\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L1 Fixed Income LM13\u3011Curve-Based and Empirical Fixed-Income Risk Measures \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u5b9f\u52b9\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u30fb\u5b9f\u52b9\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\u30fb\u30ad\u30fc\u30ec\u30fc\u30c8\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u30fb\u5b9f\u8a3c\u7684\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3"},"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 13\u300cCurve-Based and Empirical Fixed-Income Risk Measures\uff08\u30ab\u30fc\u30d6\u30fb\u30d9\u30fc\u30b9\u3068\u5b9f\u8a3c\u7684\u30ea\u30b9\u30af\u6307\u6a19\uff09\u300d\u306f\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u4ed8\u304d\u50b5\u5238\u306e\u91d1\u5229\u30ea\u30b9\u30af\u6307\u6a19\u3068\u3057\u3066\u306e\u5b9f\u52b9\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3068\u5b9f\u52b9\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\u3001\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u30fb\u30a4\u30fc\u30eb\u30c9\u30fb\u30ab\u30fc\u30d6\u306e\u5909\u5316\u306b\u5bfe\u3059\u308b\u4fa1\u683c\u5909\u5316\u7387\u306e\u63a8\u5b9a\u3001\u30ad\u30fc\u30ec\u30fc\u30c8\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3001\u305d\u3057\u3066\u5b9f\u8a3c\u7684\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3068\u5206\u6790\u7684\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u306e\u9055\u3044\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>LM13\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\u3002LM13\u306b\u306f4\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u7d44\u8fbc\u30aa\u30d7\u30b7\u30e7\u30f3\u4ed8\u304d\u50b5\u5238\u306e\u91d1\u5229\u30ea\u30b9\u30af\u306e\u5c3a\u5ea6\u3068\u3057\u3066\u3001\u5b9f\u52b9\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3068\u5b9f\u52b9\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\u304c\u6700\u3082\u9069\u5207\u3067\u3042\u308b\u7406\u7531\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain why effective duration and effective convexity are the most appropriate measures of interest rate risk for bonds with embedded options<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u50b5\u5238\u306e\u5b9f\u52b9\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3068\u5b9f\u52b9\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\u304c\u4e0e\u3048\u3089\u308c\u305f\u3068\u304d\u3001\u6240\u5b9a\u306e\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u5229\u56de\u308a\u306e\u5909\u5316\u306b\u5bfe\u3059\u308b\u50b5\u5238\u4fa1\u683c\u306e\u5909\u5316\u7387\u3092\u8a08\u7b97\u3059\u308b<\/span><span class=\"en\">calculate the percentage price change of a bond for a specified change in benchmark yield, given the bond\u2019s effective duration and convexity<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u30ad\u30fc\u30ec\u30fc\u30c8\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3092\u5b9a\u7fa9\u3057\u3001\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u30fb\u30a4\u30fc\u30eb\u30c9\u30fb\u30ab\u30fc\u30d6\u306e\u5909\u5316\u306b\u5bfe\u3059\u308b\u78ba\u5b9a\u5229\u4ed8\u5546\u54c1\u306e\u4fa1\u683c\u611f\u5fdc\u5ea6\u306e\u6e2c\u5b9a\u3078\u306e\u5229\u7528\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">define key rate duration and describe its use to measure price sensitivity of fixed-income instruments to benchmark yield curve changes<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u5b9f\u8a3c\u7684\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3068\u5206\u6790\u7684\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u306e\u9055\u3044\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe the difference between empirical duration and analytical duration<\/span><\/li>\n<\/ol>\n<h2>LM13\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>\u30a4\u30fc\u30eb\u30c9\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3068\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\u306b\u3088\u308b\u91d1\u5229\u30ea\u30b9\u30af\u306e\u63a8\u5b9a\u306f\u5229\u56de\u308a\u5909\u5316\u304c\u5c0f\u3055\u3044\u5834\u5408\u306b\u306e\u307f\u6709\u52b9\u3067\u3001\u5b9f\u52b9\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3068\u5b9f\u52b9\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\u306f\u5c0f\u3055\u306a\u5909\u5316\u306b\u3082\u5927\u304d\u306a\u5909\u5316\u306b\u3082\u6709\u52b9<\/li>\n<li>\u5b9f\u52b9\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3068\u5b9f\u52b9\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\u306f\u3001\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u4e0d\u78ba\u5b9f\u306a\u50b5\u5238\u306e\u91d1\u5229\u30ea\u30b9\u30af\u3092\u6e2c\u308b\u306e\u306b\u5f79\u7acb\u3064<\/li>\n<li>\u5b9f\u52b9\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3068\u5b9f\u52b9\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\u3092\u4f7f\u3046\u3068\u3001\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u30fb\u30a4\u30fc\u30eb\u30c9\u30fb\u30ab\u30fc\u30d6\u306e\u4e00\u5b9a\u5e45\u306e\u30b7\u30d5\u30c8\u306b\u5bfe\u3059\u308b\u50b5\u5238\u306e\u30d5\u30eb\u30fb\u30d7\u30e9\u30a4\u30b9\u306e\u5909\u5316\u7387\u3092\u63a8\u5b9a\u3067\u304d\u308b<\/li>\n<li>\u30ad\u30fc\u30ec\u30fc\u30c8\uff08\u90e8\u5206\uff09\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u306f\u3001\u7279\u5b9a\u306e\u6e80\u671f\u306e\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u5229\u56de\u308a\u306e\u5909\u5316\u306b\u5bfe\u3059\u308b\u50b5\u5238\u306e\u611f\u5fdc\u5ea6\u3067\u3001\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u30fb\u30ab\u30fc\u30d6\u306e\u30b7\u30d5\u30c8\u4e88\u60f3\u3068\u7d44\u307f\u5408\u308f\u305b\u3066\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30d0\u30e9\u30f3\u30b9\u306b\u4f7f\u3048\u308b<\/li>\n<li>\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u5404\u50b5\u5238\u306e\u30ad\u30fc\u30ec\u30fc\u30c8\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u306e\u52a0\u91cd\u5408\u8a08\u306f\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u5168\u4f53\u306e\u5b9f\u52b9\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3068\u7b49\u3057\u3044<\/li>\n<li>\u5206\u6790\u7684\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u30fb\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\u306f\u6570\u5f0f\u3067\u63a8\u5b9a\u3057\u305f\u5024\u3001\u5b9f\u8a3c\u7684\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u30fb\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\u306f\u50b5\u5238\u4fa1\u683c\u306b\u5f71\u97ff\u3059\u308b\u3055\u307e\u3056\u307e\u306a\u8981\u56e0\u3092\u542b\u3080\u904e\u53bb\u30c7\u30fc\u30bf\u304b\u3089\u63a8\u5b9a\u3057\u305f\u5024<\/li>\n<li>\u5b9f\u8a3c\u7684\u6307\u6a19\u3068\u5206\u6790\u7684\u6307\u6a19\u306e\u3069\u3061\u3089\u3092\u4f7f\u3046\u304b\u306f\u3001\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u5229\u56de\u308a\u3068\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u76f8\u95a2\u3092\u8e0f\u307e\u3048\u3066\u5224\u65ad\u3059\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\u5b9f\u52b9\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u30fb\u5b9f\u52b9\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\u304c\u9069\u5207\u306a\u7406\u7531<\/h3>\n<p>\u30b3\u30fc\u30eb\u6761\u9805\u4ed8\u304d\u50b5\u5238\u3084MBS\u306e\u3088\u3046\u306b\u3001\u91d1\u5229\u6c34\u6e96\u306b\u3088\u3063\u3066<strong>\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u5909\u308f\u308b\u50b5\u5238<\/strong>\u3067\u306f\u3001YTM\u3092\u524d\u63d0\u306b\u3057\u305f\u30a4\u30fc\u30eb\u30c9\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u306f\u4f7f\u3048\u307e\u305b\u3093\u3002\u305d\u3053\u3067\u3001<strong>\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u30fb\u30a4\u30fc\u30eb\u30c9\u30fb\u30ab\u30fc\u30d6<\/strong>\u3092\u4e0a\u4e0b\u306b\u30b7\u30d5\u30c8\u3055\u305b\u305f\u3068\u304d\u306e\u4fa1\u683c\uff08\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u30e2\u30c7\u30eb\u3067\u7b97\u51fa\uff09\u304b\u3089\u6c42\u3081\u308b<strong>\u5b9f\u52b9\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3<\/strong>\u3068<strong>\u5b9f\u52b9\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3<\/strong>\u3092\u7528\u3044\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30ab\u30fc\u30d6\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\uff1a\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u30fb\u30ab\u30fc\u30d6\u306e\u5909\u5316\u306b\u5bfe\u3059\u308b\u611f\u5fdc\u5ea6<\/li>\n<li>\u30aa\u30d7\u30b7\u30e7\u30f3\u4ed8\u304d\u50b5\u5238\u306e\u4fa1\u683c\u306f\u30a4\u30fc\u30eb\u30c9\u30fb\u30ab\u30fc\u30d6\u3068\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u30e2\u30c7\u30eb\u3067\u7b97\u51fa<\/li>\n<li>\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5\uff1a\u91d1\u5229\u304c\u4f4e\u4e0b\u3057\u30b3\u30fc\u30eb\u306e\u53ef\u80fd\u6027\u304c\u9ad8\u307e\u308b\u3068\u5024\u4e0a\u304c\u308a\u304c\u6291\u3048\u3089\u308c\u3001\u5b9f\u52b9\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\u304c\u8ca0\u306b\u306a\u308a\u5f97\u308b<\/li>\n<li>\u30d7\u30c3\u30bf\u30d6\u30eb\u50b5\uff1a\u91d1\u5229\u4e0a\u6607\u6642\u306b\u30d7\u30c3\u30c8\u3067\u5024\u4e0b\u304c\u308a\u304c\u6291\u3048\u3089\u308c\u3001\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\u304c\u5927\u304d\u3044<\/li>\n<li>\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5\u306e\u5b9f\u52b9\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u306f\u30b9\u30c8\u30ec\u30fc\u30c8\u50b5\u4ee5\u4e0b\u3001\u30d7\u30c3\u30bf\u30d6\u30eb\u50b5\u3082\u30b9\u30c8\u30ec\u30fc\u30c8\u50b5\u4ee5\u4e0b<\/li>\n<li>\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u78ba\u5b9a\u3057\u305f\u50b5\u5238\u3067\u3082\u3001\u30ab\u30fc\u30d6\u5909\u5316\u306b\u5bfe\u3059\u308b\u611f\u5fdc\u5ea6\u3068\u3057\u3066\u4f7f\u3048\u308b<\/li>\n<\/ul>\n<div class=\"cfalm-f\">EffDur = (PV\u208b \u2212 PV\u208a) \/ (2 \u00d7 \u0394Curve \u00d7 PV\u2080)\u3001EffCon = (PV\u208b + PV\u208a \u2212 2 \u00d7 PV\u2080) \/ ((\u0394Curve)\u00b2 \u00d7 PV\u2080)<\/div>\n<h3>LOS 2\uff1a\u5b9f\u52b9\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u30fb\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\u306b\u3088\u308b\u4fa1\u683c\u5909\u5316\u306e\u63a8\u5b9a<\/h3>\n<p>\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u5229\u56de\u308a\u306e\u5909\u5316\u306b\u5bfe\u3059\u308b\u4fa1\u683c\u5909\u5316\u7387\u306f\u3001\u30a4\u30fc\u30eb\u30c9\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u306e\u5834\u5408\u3068\u540c\u3058\u5f62\u306e\u5f0f\u3067\u3001\u4fee\u6b63\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3068\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\u3092<strong>\u5b9f\u52b9\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3068\u5b9f\u52b9\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3<\/strong>\u306b\u7f6e\u304d\u63db\u3048\u3066\u63a8\u5b9a\u3057\u307e\u3059\u3002\u5b9f\u52b9\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\u304c\u8ca0\u306e\u50b5\u5238\u3067\u306f\u30012\u6b21\u306e\u9805\u304c\u4fa1\u683c\u5909\u5316\u3092\u62bc\u3057\u4e0b\u3052\u308b\u65b9\u5411\u306b\u50cd\u304d\u307e\u3059\u3002<\/p>\n<ul>\n<li>1\u6b21\u306e\u9805\uff1a\u2212\u5b9f\u52b9\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3 \u00d7 \u30d9\u30f3\u30c1\u30de\u30fc\u30af\u5229\u56de\u308a\u306e\u5909\u5316<\/li>\n<li>2\u6b21\u306e\u9805\uff1a\uff0b\u00bd \u00d7 \u5b9f\u52b9\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3 \u00d7\uff08\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u5229\u56de\u308a\u306e\u5909\u5316\uff09\u00b2<\/li>\n<li>\u63a8\u5b9a\u3055\u308c\u308b\u306e\u306f\u30d5\u30eb\u30fb\u30d7\u30e9\u30a4\u30b9\u306e\u5909\u5316\u7387<\/li>\n<li>\u8ca0\u306e\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\u306e\u5834\u5408\u3001\u5229\u56de\u308a\u4f4e\u4e0b\u6642\u306e\u5024\u4e0a\u304c\u308a\u306f\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3060\u3051\u306e\u63a8\u5b9a\u3088\u308a\u5c0f\u3055\u3044<\/li>\n<\/ul>\n<div class=\"cfalm-f\">%\u0394PV_Full \u2248 (\u2212EffDur \u00d7 \u0394Curve) + \u00bd \u00d7 EffCon \u00d7 (\u0394Curve)\u00b2<\/div>\n<h3>LOS 3\uff1a\u30ad\u30fc\u30ec\u30fc\u30c8\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3<\/h3>\n<p><strong>\u30ad\u30fc\u30ec\u30fc\u30c8\uff08\u90e8\u5206\uff09\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3<\/strong>\u306f\u3001\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u30fb\u30ab\u30fc\u30d6\u4e0a\u306e\u7279\u5b9a\u306e\u6e80\u671f\u306e\u5229\u56de\u308a\u3060\u3051\u3092\u5909\u5316\u3055\u305b\u305f\u3068\u304d\u306e\u4fa1\u683c\u611f\u5fdc\u5ea6\u3067\u3059\u3002\u5e73\u884c\u79fb\u52d5\u3092\u524d\u63d0\u3068\u3059\u308b\u5b9f\u52b9\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3067\u306f\u6349\u3048\u3089\u308c\u306a\u3044\u3001<strong>\u30ab\u30fc\u30d6\u306e\u5f62\u72b6\u5909\u5316\uff08\u30b9\u30c6\u30a3\u30fc\u30d7\u5316\u30fb\u30d5\u30e9\u30c3\u30c8\u5316\u306a\u3069\uff09<\/strong>\u306b\u5bfe\u3059\u308b\u30ea\u30b9\u30af\u3092\u6e2c\u308b\u306e\u306b\u4f7f\u3044\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u7279\u5b9a\u306e\u6e80\u671f\uff08\u30ad\u30fc\u30ec\u30fc\u30c8\uff09\u306e\u5229\u56de\u308a\u3060\u3051\u3092\u52d5\u304b\u3057\u3001\u4ed6\u306e\u6e80\u671f\u306f\u56fa\u5b9a<\/li>\n<li>\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ad\u30fc\u30ec\u30fc\u30c8\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u306e\u5408\u8a08\uff1d\u5b9f\u52b9\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3<\/li>\n<li>\u30ab\u30fc\u30d6\u306e\u975e\u5e73\u884c\u30b7\u30d5\u30c8\u306b\u5bfe\u3059\u308b\u30ea\u30b9\u30af\u306e\u628a\u63e1\u306b\u6709\u52b9<\/li>\n<li>\u30ab\u30fc\u30d6\u5909\u5316\u306e\u4e88\u60f3\u306b\u57fa\u3065\u304d\u3001\u6e80\u671f\u3054\u3068\u306e\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3092\u8abf\u6574\u3059\u308b\u30ea\u30d0\u30e9\u30f3\u30b9\u306b\u6d3b\u7528<\/li>\n<\/ul>\n<div class=\"cfalm-f\">KeyRateDur\u2096 = \u2212(1\/PV) \u00d7 (\u0394PV \/ \u0394r\u2096)<\/div>\n<h3>LOS 4\uff1a\u5b9f\u8a3c\u7684\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3068\u5206\u6790\u7684\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3<\/h3>\n<p><strong>\u5206\u6790\u7684\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3<\/strong>\u306f\u6570\u5f0f\u3084\u30e2\u30c7\u30eb\u3067\u7b97\u51fa\u3059\u308b\u5024\u3067\u3001<strong>\u5b9f\u8a3c\u7684\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3<\/strong>\u306f\u904e\u53bb\u306e\u4fa1\u683c\u3068\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u5229\u56de\u308a\u306e\u5b9f\u969b\u306e\u52d5\u304d\u304b\u3089\u56de\u5e30\u5206\u6790\u306a\u3069\u3067\u63a8\u5b9a\u3059\u308b\u5024\u3067\u3059\u3002\u56fd\u50b5\u306e\u3088\u3046\u306b\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u5f71\u97ff\u304c\u5c0f\u3055\u3044\u50b5\u5238\u3067\u306f\u4e21\u8005\u306f\u8fd1\u304f\u306a\u308a\u307e\u3059\u304c\u3001\u4fe1\u7528\u30ea\u30b9\u30af\u306e\u5927\u304d\u3044\u50b5\u5238\u3067\u306f\u4e56\u96e2\u304c\u751f\u3058\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u5206\u6790\u7684\uff1a\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u5229\u56de\u308a\u3068\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9\u304c\u72ec\u7acb\u306b\u52d5\u304f\u3053\u3068\u3092\u6697\u9ed9\u306e\u524d\u63d0\u3068\u3059\u308b<\/li>\n<li>\u5b9f\u8a3c\u7684\uff1a\u30b9\u30d7\u30ec\u30c3\u30c9\u3068\u91d1\u5229\u306e\u76f8\u95a2\u306a\u3069\u3001\u4fa1\u683c\u306b\u5f71\u97ff\u3059\u308b\u8907\u6570\u306e\u8981\u56e0\u3092\u904e\u53bb\u30c7\u30fc\u30bf\u3067\u53cd\u6620<\/li>\n<li>\u666f\u6c17\u5f8c\u9000\u5c40\u9762\u3067\u306f\u56fd\u50b5\u5229\u56de\u308a\u304c\u4f4e\u4e0b\u3057\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9\u304c\u62e1\u5927\u3057\u3084\u3059\u3044\uff08\u8ca0\u306e\u76f8\u95a2\uff09<\/li>\n<li>\u30cf\u30a4\u30fb\u30a4\u30fc\u30eb\u30c9\u50b5\u306f\u8ca0\u306e\u76f8\u95a2\u306b\u3088\u3063\u3066\u4fa1\u683c\u5909\u5316\u304c\u76f8\u6bba\u3055\u308c\u3001\u5b9f\u8a3c\u7684\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u304c\u5206\u6790\u7684\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3088\u308a\u5c0f\u3055\u304f\u306a\u308a\u3084\u3059\u3044<\/li>\n<li>\u56fd\u50b5\u306a\u3069\u4fe1\u7528\u30ea\u30b9\u30af\u306e\u5c0f\u3055\u3044\u50b5\u5238\u3067\u306f\u3001\u4e21\u8005\u306f\u307b\u307c\u4e00\u81f4<\/li>\n<\/ul>\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-fi-lm12\/\">LM12 Yield-Based Bond Convexity and Portfolio Properties\uff08\u5229\u56de\u308a\u30d9\u30fc\u30b9\u306e\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\u3068\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u7279\u6027\uff09<\/a><br \/>\n\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fi-lm14\/\">LM14 Credit Risk\uff08\u4fe1\u7528\u30ea\u30b9\u30af\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l1-fi\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 1 Fixed Income\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 1 Fixed Income LM13\u300cCurve-Based and Empirical Fixed-Income Risk Measures\uff08\u30ab\u30fc\u30d6\u30fb\u30d9\u30fc\u30b9\u3068\u5b9f\u8a3c\u7684\u30ea\u30b9\u30af\u6307\u6a19\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":11124,"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-10778","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\/10778","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=10778"}],"version-history":[{"count":1,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10778\/revisions"}],"predecessor-version":[{"id":10951,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10778\/revisions\/10951"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11124"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}