{"id":10802,"date":"2026-09-22T06:00:00","date_gmt":"2026-09-21T21:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-pc-lm1\/"},"modified":"2026-09-22T07:04:27","modified_gmt":"2026-09-21T22:04:27","slug":"cfa-l1-pc-lm1","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-pc-lm1\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L1 Portfolio Construction LM1\u3011Portfolio Risk and Return: Part I \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u30ea\u30b9\u30af\u56de\u907f\u30fb\u52b9\u7528\u30fb\u8cc7\u672c\u914d\u5206\u7dda\u30fb\u5206\u6563\u52b9\u679c\u30fb\u52b9\u7387\u7684\u30d5\u30ed\u30f3\u30c6\u30a3\u30a2"},"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 1\u300cPortfolio Risk and Return: Part I\uff08\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30b9\u30af\u3068\u30ea\u30bf\u30fc\u30f3 Part I\uff09\u300d\u306f\u3001\u4e3b\u8981\u8cc7\u7523\u30af\u30e9\u30b9\u306e\u7279\u5fb4\u3001\u30ea\u30b9\u30af\u56de\u907f\u3068\u52b9\u7528\u306b\u57fa\u3065\u304f\u6700\u9069\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u9078\u629e\u3001\u8cc7\u7523\u30ea\u30bf\u30fc\u30f3\u306e\u5e73\u5747\u30fb\u5206\u6563\u30fb\u5171\u5206\u6563\u3068\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u6a19\u6e96\u504f\u5dee\u3001\u76f8\u95a2\u306b\u3088\u308b\u5206\u6563\u52b9\u679c\u3001\u305d\u3057\u3066\u6700\u5c0f\u5206\u6563\u30d5\u30ed\u30f3\u30c6\u30a3\u30a2\u3068\u52b9\u7387\u7684\u30d5\u30ed\u30f3\u30c6\u30a3\u30a2\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>LM1\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\u3002LM1\u306b\u306f7\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u6295\u8cc7\u5bb6\u304c\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u69cb\u7bc9\u3059\u308b\u969b\u306b\u691c\u8a0e\u3059\u308b\u4e3b\u8981\u306a\u8cc7\u7523\u30af\u30e9\u30b9\u306e\u7279\u5fb4\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe characteristics of the major asset classes that investors consider in forming portfolios<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u30ea\u30b9\u30af\u56de\u907f\u3068\u3001\u305d\u308c\u304c\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u9078\u629e\u306b\u4e0e\u3048\u308b\u5f71\u97ff\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain risk aversion and its implications for portfolio selection<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u6295\u8cc7\u5bb6\u306e\u52b9\u7528\uff08\u307e\u305f\u306f\u30ea\u30b9\u30af\u56de\u907f\u5ea6\uff09\u3068\u8cc7\u672c\u914d\u5206\u7dda\u3092\u6240\u4e0e\u3068\u3057\u3066\u3001\u6700\u9069\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u9078\u629e\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain the selection of an optimal portfolio, given an investor\u2019s utility (or risk aversion) and the capital allocation line<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u904e\u53bb\u30c7\u30fc\u30bf\u306b\u57fa\u3065\u3044\u3066\u3001\u8cc7\u7523\u30ea\u30bf\u30fc\u30f3\u306e\u5e73\u5747\u3001\u5206\u6563\u3001\u5171\u5206\u6563\uff08\u307e\u305f\u306f\u76f8\u95a2\uff09\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">calculate and interpret the mean, variance, and covariance (or correlation) of asset returns based on historical data<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1a\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u6a19\u6e96\u504f\u5dee\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">calculate and interpret portfolio standard deviation<\/span><\/li>\n<li><span class=\"ja\">LOS 6\uff1a\u5b8c\u5168\u306b\u306f\u76f8\u95a2\u3057\u3066\u3044\u306a\u3044\u8cc7\u7523\u306b\u6295\u8cc7\u3059\u308b\u3053\u3068\u304c\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30b9\u30af\u306b\u4e0e\u3048\u308b\u5f71\u97ff\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe the effect on a portfolio\u2019s risk of investing in assets that are less than perfectly correlated<\/span><\/li>\n<li><span class=\"ja\">LOS 7\uff1a\u30ea\u30b9\u30af\u8cc7\u7523\u306e\u6700\u5c0f\u5206\u6563\u30d5\u30ed\u30f3\u30c6\u30a3\u30a2\u3068\u52b9\u7387\u7684\u30d5\u30ed\u30f3\u30c6\u30a3\u30a2\u3001\u304a\u3088\u3073\u30b0\u30ed\u30fc\u30d0\u30eb\u6700\u5c0f\u5206\u6563\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u8aac\u660e\u30fb\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">describe and interpret the minimum-variance and efficient frontiers of risky assets and the global minimum-variance portfolio<\/span><\/li>\n<\/ol>\n<h2>LM1\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>\u4fdd\u6709\u671f\u9593\u30ea\u30bf\u30fc\u30f3\u306f\u3001\u3042\u3089\u304b\u3058\u3081\u5b9a\u3081\u305f\u5358\u4e00\u306e\u4fdd\u6709\u671f\u9593\u306b\u6700\u3082\u9069\u3057\u305f\u6307\u6a19\u3067\u3001\u8907\u6570\u671f\u9593\u306e\u30ea\u30bf\u30fc\u30f3\u306f\u3055\u307e\u3056\u307e\u306a\u65b9\u6cd5\u3067\u96c6\u8a08\u3067\u304d\u3001\u305d\u308c\u305e\u308c\u306b\u9069\u3057\u305f\u7528\u9014\u304c\u3042\u308b<\/li>\n<li>\u30ea\u30b9\u30af\u56de\u907f\u7684\u306a\u6295\u8cc7\u5bb6\u306f\u3001\u540c\u3058\u30ea\u30b9\u30af\u306a\u3089\u30ea\u30bf\u30fc\u30f3\u3092\u6700\u5927\u306b\u3001\u540c\u3058\u30ea\u30bf\u30fc\u30f3\u306a\u3089\u30ea\u30b9\u30af\u3092\u6700\u5c0f\u306b\u3059\u308b\u3088\u3046\u3001\u30ea\u30b9\u30af\u3068\u30ea\u30bf\u30fc\u30f3\u306e\u30c8\u30ec\u30fc\u30c9\u30aa\u30d5\u306b\u57fa\u3065\u3044\u3066\u610f\u601d\u6c7a\u5b9a\u3059\u308b\u3002\u305f\u3060\u3057\u3001\u30ea\u30bf\u30fc\u30f3\u306e\u5206\u5e03\u306e\u975e\u6b63\u898f\u6027\u3084\u5e02\u5834\u306e\u904b\u7528\u4e0a\u306e\u975e\u52b9\u7387\u6027\u3082\u61f8\u5ff5\u6750\u6599<\/li>\n<li>\u6295\u8cc7\u5bb6\u306f\u30ea\u30b9\u30af\u56de\u907f\u7684\u3067\u3042\u308a\u3001\u904e\u53bb\u306e\u30c7\u30fc\u30bf\u3082\u91d1\u878d\u5e02\u5834\u304c\u30ea\u30b9\u30af\u56de\u907f\u7684\u306a\u6295\u8cc7\u5bb6\u3092\u524d\u63d0\u306b\u8cc7\u7523\u3092\u4fa1\u683c\u3065\u3051\u3066\u3044\u308b\u3053\u3068\u3092\u88cf\u4ed8\u3051\u308b<\/li>\n<li>2\u8cc7\u7523\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30b9\u30af\u306f\u3001\u5404\u8cc7\u7523\u306e\u6bd4\u7387\u3001\u6a19\u6e96\u504f\u5dee\u3001\u30ea\u30bf\u30fc\u30f3\u9593\u306e\u76f8\u95a2\uff08\u5171\u5206\u6563\uff09\u3067\u6c7a\u307e\u308a\u3001\u8cc7\u7523\u6570\u304c\u5897\u3048\u308b\u307b\u3069\u76f8\u95a2\u304c\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30b9\u30af\u306e\u91cd\u8981\u306a\u6c7a\u5b9a\u8981\u56e0\u3068\u306a\u308b<\/li>\n<li>\u76f8\u95a2\u306e\u4f4e\u3044\u8cc7\u7523\u3092\u7d44\u307f\u5408\u308f\u305b\u308b\u3053\u3068\u3067\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30b9\u30af\u3092\u5f15\u304d\u4e0b\u3052\u3089\u308c\u308b<\/li>\n<li>2\u30d5\u30a1\u30f3\u30c9\u5206\u96e2\u5b9a\u7406\u306b\u3088\u308a\u3001\u610f\u601d\u6c7a\u5b9a\u30922\u6bb5\u968e\u306b\u5206\u3051\u3089\u308c\u308b\u3002\u307e\u305a\u5168\u6295\u8cc7\u5bb6\u306b\u5171\u901a\u306e\u6700\u9069\u30ea\u30b9\u30af\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3068\u8cc7\u672c\u914d\u5206\u7dda\u3092\u7279\u5b9a\u3057\u3001\u6b21\u306b\u5404\u6295\u8cc7\u5bb6\u306e\u30ea\u30b9\u30af\u9078\u597d\u306b\u5fdc\u3058\u3066\u6700\u9069\u306a\u6295\u8cc7\u5bb6\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u6c7a\u3081\u308b<\/li>\n<li>\u7121\u30ea\u30b9\u30af\u8cc7\u7523\u3092\u52a0\u3048\u308b\u3068\u3001\u6700\u9069\u30ea\u30b9\u30af\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u4ee5\u5916\u306e\u3059\u3079\u3066\u306e\u30ea\u30b9\u30af\u8cc7\u7523\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3088\u308a\u512a\u4f4d\u306a\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u304c\u4f5c\u308c\u308b<\/li>\n<li>\u7121\u5dee\u5225\u66f2\u7dda\u3068\u8cc7\u672c\u914d\u5206\u7dda\u306e\u63a5\u70b9\u304c\u3001\u305d\u306e\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u306e\u6700\u9069\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa<\/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\u4e3b\u8981\u8cc7\u7523\u30af\u30e9\u30b9\u306e\u7279\u5fb4<\/h3>\n<p>\u4e3b\u8981\u306a\u8cc7\u7523\u30af\u30e9\u30b9\u306f\u3001\u30ea\u30b9\u30af\u3068\u30ea\u30bf\u30fc\u30f3\u306e\u9593\u306b<strong>\u30c8\u30ec\u30fc\u30c9\u30aa\u30d5<\/strong>\u306e\u95a2\u4fc2\u304c\u3042\u308a\u307e\u3059\u3002\u9577\u671f\u306e\u904e\u53bb\u30c7\u30fc\u30bf\u3067\u306f\u3001\u5c0f\u578b\u682a\u30fb\u5927\u578b\u682a\u306a\u3069\u306e\u682a\u5f0f\u304c\u6700\u3082\u9ad8\u3044\u30ea\u30bf\u30fc\u30f3\u3068\u9ad8\u3044\u30ea\u30b9\u30af\u3001\u56fd\u50b5\u3084\u77ed\u671f\u56fd\u50b5\uff08T-bill\uff09\u304c\u4f4e\u3044\u30ea\u30bf\u30fc\u30f3\u3068\u4f4e\u3044\u30ea\u30b9\u30af\u3092\u793a\u3057\u3066\u304d\u307e\u3057\u305f\u3002<\/p>\n<ul>\n<li>\u9577\u671f\u3067\u306f\u682a\u5f0f\u306e\u30ea\u30bf\u30fc\u30f3\u3068\u6a19\u6e96\u504f\u5dee\u304c\u50b5\u5238\u30fb\u77ed\u671f\u91d1\u878d\u5546\u54c1\u3088\u308a\u9ad8\u3044<\/li>\n<li>\u5c0f\u578b\u682a\u306f\u5927\u578b\u682a\u3088\u308a\u30ea\u30bf\u30fc\u30f3\u30fb\u30ea\u30b9\u30af\u304c\u3068\u3082\u306b\u9ad8\u3044\u50be\u5411<\/li>\n<li>\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\uff1a\u30ea\u30b9\u30af\u8cc7\u7523\u306e\u30ea\u30bf\u30fc\u30f3\u3068\u7121\u30ea\u30b9\u30af\u91d1\u5229\u306e\u5dee<\/li>\n<li>\u540d\u76ee\u30ea\u30bf\u30fc\u30f3\u3068\u5b9f\u8cea\u30ea\u30bf\u30fc\u30f3\uff08\u30a4\u30f3\u30d5\u30ec\u8abf\u6574\u5f8c\uff09\u306e\u533a\u5225<\/li>\n<li>\u30ea\u30bf\u30fc\u30f3\u306e\u5206\u5e03\u306f\u6b63\u898f\u5206\u5e03\u304b\u3089\u5916\u308c\u308b\uff08\u6b6a\u5ea6\u30fb\u5c16\u5ea6\uff09\u3053\u3068\u304c\u3042\u308b<\/li>\n<li>\u6d41\u52d5\u6027\u3082\u8cc7\u7523\u9078\u629e\u3067\u8003\u616e\u3059\u3079\u304d\u7279\u5fb4<\/li>\n<\/ul>\n<h3>LOS 2\uff1a\u30ea\u30b9\u30af\u56de\u907f\u3068\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u9078\u629e<\/h3>\n<p><strong>\u30ea\u30b9\u30af\u56de\u907f\u7684<\/strong>\u306a\u6295\u8cc7\u5bb6\u306f\u3001\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u304c\u540c\u3058\u306a\u3089\u4f4e\u3044\u30ea\u30b9\u30af\u3092\u9078\u3073\u3001\u30ea\u30b9\u30af\u3092\u53d6\u308b\u306b\u306f\u898b\u8fd4\u308a\u3068\u306a\u308b\u30ea\u30bf\u30fc\u30f3\u3092\u6c42\u3081\u307e\u3059\u3002\u305d\u306e\u9078\u597d\u306f<strong>\u52b9\u7528\u95a2\u6570<\/strong>\u3068<strong>\u7121\u5dee\u5225\u66f2\u7dda<\/strong>\u3067\u8868\u3055\u308c\u3001\u30ea\u30b9\u30af\u56de\u907f\u5ea6\u304c\u9ad8\u3044\u307b\u3069\u7121\u5dee\u5225\u66f2\u7dda\u306e\u50be\u304d\u306f\u6025\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30ea\u30b9\u30af\u56de\u907f\u7684\uff08A > 0\uff09\u3001\u30ea\u30b9\u30af\u4e2d\u7acb\u7684\uff08A = 0\uff09\u3001\u30ea\u30b9\u30af\u611b\u597d\u7684\uff08A < 0\uff09<\/li>\n<li>\u52b9\u7528\u306f\u30ea\u30bf\u30fc\u30f3\u3067\u5897\u3048\u3001\u5206\u6563\u3067\u6e1b\u308b<\/li>\n<li>\u7121\u5dee\u5225\u66f2\u7dda\uff1a\u540c\u3058\u52b9\u7528\u3092\u4e0e\u3048\u308b\u30ea\u30b9\u30af\u3068\u30ea\u30bf\u30fc\u30f3\u306e\u7d44\u307f\u5408\u308f\u305b<\/li>\n<li>\u30ea\u30b9\u30af\u56de\u907f\u7684\u306a\u6295\u8cc7\u5bb6\u306e\u7121\u5dee\u5225\u66f2\u7dda\u306f\u53f3\u4e0a\u304c\u308a\u3067\u4e0b\u306b\u51f8<\/li>\n<li>\u30ea\u30b9\u30af\u56de\u907f\u5ea6\u304c\u9ad8\u3044\u307b\u3069\u7121\u5dee\u5225\u66f2\u7dda\u306e\u50be\u304d\u304c\u6025<\/li>\n<\/ul>\n<div class=\"cfalm-f\">U = E(r) \u2212 \u00bdA\u03c3\u00b2<\/div>\n<h3>LOS 3\uff1a\u52b9\u7528\u3068\u8cc7\u672c\u914d\u5206\u7dda\u306b\u3088\u308b\u6700\u9069\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u9078\u629e<\/h3>\n<p><strong>\u8cc7\u672c\u914d\u5206\u7dda\uff08CAL\uff09<\/strong>\u306f\u3001\u7121\u30ea\u30b9\u30af\u8cc7\u7523\u3068\u30ea\u30b9\u30af\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u7d44\u307f\u5408\u308f\u305b\u3066\u5f97\u3089\u308c\u308b\u30ea\u30b9\u30af\u3068\u30ea\u30bf\u30fc\u30f3\u306e\u7d44\u307f\u5408\u308f\u305b\u3092\u8868\u3059\u76f4\u7dda\u3067\u3059\u3002\u6295\u8cc7\u5bb6\u306e<strong>\u7121\u5dee\u5225\u66f2\u7dda\u304cCAL\u306b\u63a5\u3059\u308b\u70b9<\/strong>\u304c\u3001\u305d\u306e\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u306e\u6700\u9069\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>CAL\u306e\u50be\u304d\uff1d\u30ea\u30b9\u30af\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30b7\u30e3\u30fc\u30d7\u30fb\u30ec\u30b7\u30aa<\/li>\n<li>\u6700\u9069\u30ea\u30b9\u30af\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\uff1aCAL\u306e\u50be\u304d\u3092\u6700\u5927\u306b\u3059\u308b\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa<\/li>\n<li>2\u30d5\u30a1\u30f3\u30c9\u5206\u96e2\u5b9a\u7406\uff1a\u6700\u9069\u30ea\u30b9\u30af\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u6c7a\u5b9a\u3068\u3001\u6295\u8cc7\u5bb6\u3054\u3068\u306e\u914d\u5206\u306e\u6c7a\u5b9a\u3092\u5206\u96e2<\/li>\n<li>\u30ea\u30b9\u30af\u56de\u907f\u5ea6\u304c\u9ad8\u3044\u6295\u8cc7\u5bb6\u307b\u3069\u7121\u30ea\u30b9\u30af\u8cc7\u7523\u306e\u6bd4\u7387\u304c\u5927\u304d\u3044<\/li>\n<li>\u6700\u9069\u30ea\u30b9\u30af\u8cc7\u7523\u6bd4\u7387 y* = [E(r_p) \u2212 r_f]\/(A\u03c3_p\u00b2)<\/li>\n<\/ul>\n<div class=\"cfalm-f\">E(R_p) = R_f + [(E(R_i) \u2212 R_f)\/\u03c3_i] \u00d7 \u03c3_p<\/div>\n<h3>LOS 4\uff1a\u5e73\u5747\u30fb\u5206\u6563\u30fb\u5171\u5206\u6563\uff08\u76f8\u95a2\uff09\u306e\u8a08\u7b97<\/h3>\n<p>\u904e\u53bb\u30c7\u30fc\u30bf\u304b\u3089\u3001\u30ea\u30bf\u30fc\u30f3\u306e<strong>\u5e73\u5747<\/strong>\u3001\u3070\u3089\u3064\u304d\u3092\u8868\u3059<strong>\u5206\u6563<\/strong>\u3068<strong>\u6a19\u6e96\u504f\u5dee<\/strong>\u30012\u8cc7\u7523\u306e\u30ea\u30bf\u30fc\u30f3\u304c\u9023\u52d5\u3059\u308b\u5ea6\u5408\u3044\u3092\u8868\u3059<strong>\u5171\u5206\u6563<\/strong>\u3068<strong>\u76f8\u95a2\u4fc2\u6570<\/strong>\u3092\u6c42\u3081\u307e\u3059\u3002\u6a19\u672c\u30c7\u30fc\u30bf\u3067\u306f\u5206\u6563\u30fb\u5171\u5206\u6563\u306e\u5206\u6bcd\u304c n \u2212 1 \u306b\u306a\u308b\u70b9\u304c\u30dd\u30a4\u30f3\u30c8\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u5e73\u5747\u30ea\u30bf\u30fc\u30f3\uff1a\u904e\u53bb\u30ea\u30bf\u30fc\u30f3\u306e\u7b97\u8853\u5e73\u5747<\/li>\n<li>\u6a19\u672c\u5206\u6563\uff1a\u03c3\u00b2 = \u03a3(R_t \u2212 R\u0304)\u00b2\/(n \u2212 1)<\/li>\n<li>\u5171\u5206\u6563\uff1aCov = \u03a3(R_1,t \u2212 R\u0304\u2081)(R_2,t \u2212 R\u0304\u2082)\/(n \u2212 1)<\/li>\n<li>\u76f8\u95a2\u4fc2\u6570 \u03c1 = Cov\/(\u03c3\u2081\u03c3\u2082)\u3001\u22121 \u304b\u3089 +1 \u306e\u7bc4\u56f2<\/li>\n<li>\u5171\u5206\u6563\u306f\u5358\u4f4d\u306b\u4f9d\u5b58\u3057\u3001\u76f8\u95a2\u4fc2\u6570\u306f\u57fa\u6e96\u5316\u3055\u308c\u305f\u6307\u6a19<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u03c1\u2081,\u2082 = Cov(R\u2081, R\u2082)\/(\u03c3\u2081\u03c3\u2082)<\/div>\n<h3>LOS 5\uff1a\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u6a19\u6e96\u504f\u5dee<\/h3>\n<p>2\u8cc7\u7523\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u5206\u6563\u306f\u3001\u5404\u8cc7\u7523\u306e\u6bd4\u7387\u3068\u5206\u6563\u306b\u52a0\u3048\u3066\u3001<strong>\u5171\u5206\u6563\uff08\u76f8\u95a2\uff09\u306e\u9805<\/strong>\u3067\u6c7a\u307e\u308a\u307e\u3059\u3002\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306f\u52a0\u91cd\u5e73\u5747\u3067\u3059\u304c\u3001\u6a19\u6e96\u504f\u5dee\u306f\u76f8\u95a2\u304c +1 \u672a\u6e80\u3067\u3042\u308c\u3070\u52a0\u91cd\u5e73\u5747\u3088\u308a\u5c0f\u3055\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\uff1aE(R_p) = w\u2081E(R\u2081) + w\u2082E(R\u2082)<\/li>\n<li>\u5206\u6563\u306b\u306f\u5404\u8cc7\u7523\u306e\u5206\u6563\u3068\u5171\u5206\u6563\u306e\u9805\u304c\u5165\u308b<\/li>\n<li>\u03c1 = +1 \u306e\u3068\u304d\u306e\u307f\u6a19\u6e96\u504f\u5dee\u306f\u52a0\u91cd\u5e73\u5747\u306b\u4e00\u81f4<\/li>\n<li>\u8cc7\u7523\u6570\u304c\u5897\u3048\u308b\u307b\u3069\u500b\u3005\u306e\u5206\u6563\u3088\u308a\u5171\u5206\u6563\u306e\u5f71\u97ff\u304c\u5927\u304d\u304f\u306a\u308b<\/li>\n<li>\u7b49\u52a0\u91cd N \u8cc7\u7523\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u5206\u6563\u306f\u3001N \u304c\u5927\u304d\u304f\u306a\u308b\u3068\u5e73\u5747\u5171\u5206\u6563\u306b\u8fd1\u3065\u304f<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u03c3_p\u00b2 = w\u2081\u00b2\u03c3\u2081\u00b2 + w\u2082\u00b2\u03c3\u2082\u00b2 + 2w\u2081w\u2082\u03c1\u2081,\u2082\u03c3\u2081\u03c3\u2082<\/div>\n<h3>LOS 6\uff1a\u76f8\u95a2\u3068\u5206\u6563\u52b9\u679c<\/h3>\n<p>\u76f8\u95a2\u304c<strong>+1 \u672a\u6e80<\/strong>\u306e\u8cc7\u7523\u3092\u7d44\u307f\u5408\u308f\u305b\u308b\u3068\u3001\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3092\u72a0\u7272\u306b\u305b\u305a\u306b\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30b9\u30af\u3092\u4e0b\u3052\u3089\u308c\u307e\u3059\u3002\u76f8\u95a2\u304c\u4f4e\u3044\u307b\u3069<strong>\u5206\u6563\u52b9\u679c<\/strong>\u306f\u5927\u304d\u304f\u3001\u76f8\u95a2\u304c \u22121 \u306a\u3089\u7406\u8ad6\u4e0a\u30ea\u30b9\u30af\u3092\u30bc\u30ed\u306b\u3067\u304d\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u03c1 = +1\uff1a\u5206\u6563\u52b9\u679c\u306a\u3057\uff08\u30ea\u30b9\u30af\u306f\u52a0\u91cd\u5e73\u5747\uff09<\/li>\n<li>\u03c1 < +1\uff1a\u6a19\u6e96\u504f\u5dee\u306f\u52a0\u91cd\u5e73\u5747\u3088\u308a\u5c0f\u3055\u3044<\/li>\n<li>\u03c1 = \u22121\uff1a\u9069\u5207\u306a\u6bd4\u7387\u3067\u30ea\u30b9\u30af\u3092\u30bc\u30ed\u306b\u3067\u304d\u308b<\/li>\n<li>\u76f8\u95a2\u304c\u4f4e\u3044\u307b\u3069\u30ea\u30b9\u30af\u30fb\u30ea\u30bf\u30fc\u30f3\u306e\u66f2\u7dda\u306f\u5de6\u306b\u81a8\u3089\u3080<\/li>\n<li>\u30b9\u30c8\u30ec\u30b9\u6642\u306b\u306f\u8cc7\u7523\u9593\u306e\u76f8\u95a2\u304c\u4e0a\u6607\u3057\u5206\u6563\u52b9\u679c\u304c\u5f31\u307e\u308a\u5f97\u308b<\/li>\n<\/ul>\n<h3>LOS 7\uff1a\u6700\u5c0f\u5206\u6563\u30d5\u30ed\u30f3\u30c6\u30a3\u30a2\u3068\u52b9\u7387\u7684\u30d5\u30ed\u30f3\u30c6\u30a3\u30a2<\/h3>\n<p><strong>\u6700\u5c0f\u5206\u6563\u30d5\u30ed\u30f3\u30c6\u30a3\u30a2<\/strong>\u306f\u3001\u5404\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306b\u5bfe\u3057\u3066\u5206\u6563\u304c\u6700\u5c0f\u3068\u306a\u308b\u30ea\u30b9\u30af\u8cc7\u7523\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u96c6\u5408\u3067\u3059\u3002\u305d\u306e\u5de6\u7aef\u306e\u70b9\u304c<strong>\u30b0\u30ed\u30fc\u30d0\u30eb\u6700\u5c0f\u5206\u6563\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa<\/strong>\u3067\u3001\u305d\u308c\u3088\u308a\u4e0a\u5074\u306e\u90e8\u5206\u304c<strong>\u52b9\u7387\u7684\u30d5\u30ed\u30f3\u30c6\u30a3\u30a2<\/strong>\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u6700\u5c0f\u5206\u6563\u30d5\u30ed\u30f3\u30c6\u30a3\u30a2\uff1a\u540c\u3058\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3067\u6700\u3082\u30ea\u30b9\u30af\u304c\u5c0f\u3055\u3044\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u96c6\u5408<\/li>\n<li>\u30b0\u30ed\u30fc\u30d0\u30eb\u6700\u5c0f\u5206\u6563\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\uff1a\u5168\u4f53\u3067\u6700\u3082\u30ea\u30b9\u30af\u306e\u5c0f\u3055\u3044\u30ea\u30b9\u30af\u8cc7\u7523\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa<\/li>\n<li>\u52b9\u7387\u7684\u30d5\u30ed\u30f3\u30c6\u30a3\u30a2\uff1a\u30b0\u30ed\u30fc\u30d0\u30eb\u6700\u5c0f\u5206\u6563\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3088\u308a\u4e0a\u306e\u90e8\u5206<\/li>\n<li>\u52b9\u7387\u7684\u30d5\u30ed\u30f3\u30c6\u30a3\u30a2\u4e0a\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306f\u4ed6\u306b\u652f\u914d\u3055\u308c\u306a\u3044<\/li>\n<li>\u7121\u30ea\u30b9\u30af\u8cc7\u7523\u3092\u52a0\u3048\u308b\u3068\u3001CAL\u3068\u52b9\u7387\u7684\u30d5\u30ed\u30f3\u30c6\u30a3\u30a2\u306e\u63a5\u70b9\u304c\u6700\u9069\u30ea\u30b9\u30af\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa<\/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\">\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-pc-lm2\/\">LM2 Portfolio Risk and Return: Part II\uff08\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30b9\u30af\u3068\u30ea\u30bf\u30fc\u30f3 Part II\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l1-pc\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 1 Portfolio Construction\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 1 Portfolio Construction LM1\u300cPortfolio Risk and Return: Part I\uff08\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30b9\u30af\u3068\u30ea\u30bf\u30fc\u30f3 Part I\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":11148,"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-10802","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\/10802","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=10802"}],"version-history":[{"count":1,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10802\/revisions"}],"predecessor-version":[{"id":10975,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10802\/revisions\/10975"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11148"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10802"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10802"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10802"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}