{"id":10855,"date":"2026-09-22T06:00:00","date_gmt":"2026-09-21T21:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-pc-lm2\/"},"modified":"2026-09-22T07:07:17","modified_gmt":"2026-09-21T22:07:17","slug":"cfa-l2-pc-lm2","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-pc-lm2\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L2 Portfolio Construction LM2\u3011Analysis of Active Portfolio Management \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u4ed8\u52a0\u4fa1\u5024\u30fb\u30a4\u30f3\u30d5\u30a9\u30e1\u30fc\u30b7\u30e7\u30f3\u30fb\u30ec\u30b7\u30aa\u30fb\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528\u306e\u57fa\u672c\u6cd5\u5247"},"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 2\u300cAnalysis of Active Portfolio Management\uff08\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528\u306e\u5206\u6790\uff09\u300d\u306f\u3001\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528\u306b\u3088\u308b\u4ed8\u52a0\u4fa1\u5024\u306e\u6e2c\u5b9a\u3001\u30a4\u30f3\u30d5\u30a9\u30e1\u30fc\u30b7\u30e7\u30f3\u30fb\u30ec\u30b7\u30aa\u3068\u30b7\u30e3\u30fc\u30d7\u30fb\u30ec\u30b7\u30aa\u306e\u9055\u3044\u3001\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528\u306e\u57fa\u672c\u6cd5\u5247\uff08\u79fb\u8ee2\u4fc2\u6570\u30fb\u60c5\u5831\u4fc2\u6570\u30fb\u30d6\u30ec\u30b9\u30fb\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af\uff09\u3001\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u9078\u629e\u3068\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af\u6c34\u6e96\u306e\u6c7a\u5b9a\u3001\u6226\u7565\u306e\u6bd4\u8f03\u3068\u57fa\u672c\u6cd5\u5247\u306e\u5b9f\u52d9\u4e0a\u306e\u5f37\u307f\u3068\u9650\u754c\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>LM2\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\u3002LM2\u306b\u306f6\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528\u306b\u3088\u308b\u4ed8\u52a0\u4fa1\u5024\u306e\u6e2c\u5b9a\u65b9\u6cd5\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe how value added by active management is measured<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u30a4\u30f3\u30d5\u30a9\u30e1\u30fc\u30b7\u30e7\u30f3\u30fb\u30ec\u30b7\u30aa\uff08\u4e8b\u5f8c\u30fb\u4e8b\u524d\uff09\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u3057\u3001\u30b7\u30e3\u30fc\u30d7\u30fb\u30ec\u30b7\u30aa\u3068\u5bfe\u6bd4\u3059\u308b<\/span><span class=\"en\">calculate and interpret the information ratio (ex post and ex ante) and contrast it to the Sharpe ratio<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528\u306e\u57fa\u672c\u6cd5\u5247\u306b\u3064\u3044\u3066\u3001\u305d\u306e\u69cb\u6210\u8981\u7d20\u3067\u3042\u308b\u79fb\u8ee2\u4fc2\u6570\u3001\u60c5\u5831\u4fc2\u6570\u3001\u30d6\u30ec\u30b9\u3001\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af\uff08\u7a4d\u6975\u6027\uff09\u3092\u542b\u3081\u3066\u8aac\u660e\u30fb\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">describe and interpret the fundamental law of active portfolio management, including its component terms\u2014transfer coefficient, information coefficient, breadth, and active risk (aggressiveness)<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u904b\u7528\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u306e\u9078\u629e\u3068\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af\u6c34\u6e96\u306e\u9078\u629e\u306b\u304a\u3044\u3066\u3001\u30a4\u30f3\u30d5\u30a9\u30e1\u30fc\u30b7\u30e7\u30f3\u30fb\u30ec\u30b7\u30aa\u304c\u3069\u306e\u3088\u3046\u306b\u5f79\u7acb\u3064\u304b\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain how the information ratio may be useful in investment manager selection and choosing the level of active portfolio risk<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1a\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30bf\u30a4\u30df\u30f3\u30b0\u3084\u9298\u67c4\u9078\u629e\u306a\u3069\u306e\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528\u6226\u7565\u3092\u6bd4\u8f03\u3057\u3001\u6226\u7565\u306e\u5909\u66f4\u3092\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528\u306e\u57fa\u672c\u6cd5\u5247\u306e\u89b3\u70b9\u304b\u3089\u8a55\u4fa1\u3059\u308b<\/span><span class=\"en\">compare active management strategies, including market timing and security selection, and evaluate strategy changes in terms of the fundamental law of active management<\/span><\/li>\n<li><span class=\"ja\">LOS 6\uff1a\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528\u306e\u57fa\u672c\u6cd5\u5247\u306e\u5b9f\u52d9\u4e0a\u306e\u5f37\u307f\u3068\u9650\u754c\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe the practical strengths and limitations of the fundamental law of active management<\/span><\/li>\n<\/ol>\n<h2>LM2\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>\u4ed8\u52a0\u4fa1\u5024\u306f\u904b\u7528\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30bf\u30fc\u30f3\u3068\u30d1\u30c3\u30b7\u30d6\u306a\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306e\u30ea\u30bf\u30fc\u30f3\u306e\u5dee\u3002\u4e8b\u5f8c\u7684\u306b\u306f\u30de\u30a4\u30ca\u30b9\u3082\u3042\u308a\u3046\u308b\u304c\u3001\u4e8b\u524d\u306b\u306f\u30d7\u30e9\u30b9\u304c\u671f\u5f85\u3055\u308c\u306a\u3051\u308c\u3070\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528\u306f\u6b63\u5f53\u5316\u3055\u308c\u306a\u3044<\/li>\n<li>\u4ed8\u52a0\u4fa1\u5024\u306f\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30a6\u30a8\u30a4\u30c8\uff08\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3068\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306e\u30a6\u30a8\u30a4\u30c8\u306e\u5dee\uff09\u304b\u3089\u751f\u307e\u308c\u3001\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30a6\u30a8\u30a4\u30c8\u306e\u5408\u8a08\u306f\u30bc\u30ed<\/li>\n<li>\u671f\u521d\u306e\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30a6\u30a8\u30a4\u30c8\u3068\u671f\u672b\u306e\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30bf\u30fc\u30f3\u304c\u6b63\u306e\u76f8\u95a2\u3092\u6301\u3064\u3068\u304d\u306b\u4ed8\u52a0\u4fa1\u5024\u306f\u30d7\u30e9\u30b9\u306b\u306a\u308b<\/li>\n<li>\u4ed8\u52a0\u4fa1\u5024\u306f\u9298\u67c4\u9078\u629e\u3001\u8cc7\u7523\u30af\u30e9\u30b9\u914d\u5206\u3001\u30bb\u30af\u30bf\u30fc\u3084\u56fd\u306e\u914d\u5206\u306a\u3069\u3001\u3055\u307e\u3056\u307e\u306a\u5224\u65ad\u304b\u3089\u751f\u307e\u308c\u308b<\/li>\n<li>\u30b7\u30e3\u30fc\u30d7\u30fb\u30ec\u30b7\u30aa\u306f\u7d76\u5bfe\u30ea\u30bf\u30fc\u30f3\u306e\u30ea\u30b9\u30af\u5f53\u305f\u308a\u5831\u916c\u3001\u30a4\u30f3\u30d5\u30a9\u30e1\u30fc\u30b7\u30e7\u30f3\u30fb\u30ec\u30b7\u30aa\u306f\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u5bfe\u6bd4\u30ea\u30bf\u30fc\u30f3\u306e\u30ea\u30b9\u30af\u5f53\u305f\u308a\u5831\u916c<\/li>\n<li>\u30a4\u30f3\u30d5\u30a9\u30e1\u30fc\u30b7\u30e7\u30f3\u30fb\u30ec\u30b7\u30aa\u306e\u9ad8\u3044\u30a2\u30af\u30c6\u30a3\u30d6\u6226\u7565\u3092\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3068\u7d44\u307f\u5408\u308f\u305b\u308b\u3053\u3068\u3067\u3001\u30b7\u30e3\u30fc\u30d7\u30fb\u30ec\u30b7\u30aa\u306e\u9ad8\u3044\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u4f5c\u308c\u308b<\/li>\n<li>\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af\u306f\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3068\u306e\u7d44\u5408\u305b\u3067\u671b\u307e\u3057\u3044\u6c34\u6e96\u306b\u8abf\u6574\u3067\u304d\u3001\u6700\u9069\u306a\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af\u306f\u60c5\u5831\u4fc2\u6570\uff08\u4e88\u6e2c\u7cbe\u5ea6\uff09\u304c\u9ad8\u3044\u307b\u3069\u5927\u304d\u3044<\/li>\n<li>\u57fa\u672c\u6cd5\u5247\u306f\u4ed8\u52a0\u4fa1\u5024\u3092\u4e88\u6e2c\u306e\u7cbe\u5ea6\u3001\u6226\u7565\u306e\u30d6\u30ec\u30b9\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u69cb\u7bc9\u4e0a\u306e\u5236\u7d04\uff08\u79fb\u8ee2\u4fc2\u6570\uff09\u306b\u5206\u89e3\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\u4ed8\u52a0\u4fa1\u5024\u306e\u6e2c\u5b9a<\/h3>\n<p>\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528\u306e<strong>\u4ed8\u52a0\u4fa1\u5024<\/strong>\u306f\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30bf\u30fc\u30f3\u3068\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306e\u30ea\u30bf\u30fc\u30f3\u306e\u5dee\u3067\u3059\u3002\u3053\u308c\u306f\u5404\u8cc7\u7523\u306e<strong>\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30a6\u30a8\u30a4\u30c8<\/strong>\u3068\u30ea\u30bf\u30fc\u30f3\u306e\u7a4d\u306e\u5408\u8a08\u3068\u3057\u3066\u8868\u305b\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30a6\u30a8\u30a4\u30c8 \uff1d \u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30a6\u30a8\u30a4\u30c8 \u2212 \u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306e\u30a6\u30a8\u30a4\u30c8<\/li>\n<li>\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30a6\u30a8\u30a4\u30c8\u306e\u5408\u8a08\u306f\u30bc\u30ed<\/li>\n<li>\u30aa\u30fc\u30d0\u30fc\u30a6\u30a8\u30a4\u30c8\u8cc7\u7523\u306e\u30ea\u30bf\u30fc\u30f3\u304c\u30a2\u30f3\u30c0\u30fc\u30a6\u30a8\u30a4\u30c8\u8cc7\u7523\u3092\u4e0a\u56de\u308b\u3068\u4ed8\u52a0\u4fa1\u5024\u306f\u30d7\u30e9\u30b9<\/li>\n<li>\u4ed8\u52a0\u4fa1\u5024\u306f\u8cc7\u7523\u914d\u5206\u52b9\u679c\u3068\u9298\u67c4\u9078\u629e\u52b9\u679c\u306b\u5206\u89e3\u3067\u304d\u308b<\/li>\n<\/ul>\n<div class=\"cfalm-f\">R_A \uff1d R_P \u2212 R_B \uff1d \u03a3 \u0394w\u1d62 R\u1d62<\/div>\n<h3>LOS 2\uff1a\u30a4\u30f3\u30d5\u30a9\u30e1\u30fc\u30b7\u30e7\u30f3\u30fb\u30ec\u30b7\u30aa\u3068\u30b7\u30e3\u30fc\u30d7\u30fb\u30ec\u30b7\u30aa<\/h3>\n<p><strong>\u30b7\u30e3\u30fc\u30d7\u30fb\u30ec\u30b7\u30aa<\/strong>\u306f\u7d76\u5bfe\u30ea\u30bf\u30fc\u30f3\u306e\u8d85\u904e\u53ce\u76ca\u3092\u30ea\u30b9\u30af\u3067\u5272\u3063\u305f\u6307\u6a19\u3001<strong>\u30a4\u30f3\u30d5\u30a9\u30e1\u30fc\u30b7\u30e7\u30f3\u30fb\u30ec\u30b7\u30aa\uff08IR\uff09<\/strong>\u306f\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30bf\u30fc\u30f3\u3092\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af\u3067\u5272\u3063\u305f\u6307\u6a19\u3067\u3059\u3002\u3069\u3061\u3089\u3082\u4e8b\u524d\u306e\u671f\u5f85\u5024\u306b\u3082\u4e8b\u5f8c\u306e\u5b9f\u7e3e\u306b\u3082\u9069\u7528\u3067\u304d\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af\uff08\u30c8\u30e9\u30c3\u30ad\u30f3\u30b0\u30fb\u30a8\u30e9\u30fc\uff09\uff1a\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30bf\u30fc\u30f3\u306e\u6a19\u6e96\u504f\u5dee<\/li>\n<li>IR\u306f\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3068\u306e\u7d44\u5408\u305b\uff08\u30ec\u30d0\u30ec\u30c3\u30b8\uff09\u306b\u3088\u3063\u3066\u5909\u308f\u3089\u306a\u3044<\/li>\n<li>\u30b7\u30e3\u30fc\u30d7\u30fb\u30ec\u30b7\u30aa\u306f\u30ad\u30e3\u30c3\u30b7\u30e5\u3068\u306e\u7d44\u5408\u305b\u306b\u3088\u3063\u3066\u5909\u308f\u3089\u306a\u3044<\/li>\n<li>\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3092\u52a0\u3048\u305f\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u6700\u5927\u30b7\u30e3\u30fc\u30d7\u30fb\u30ec\u30b7\u30aa\uff1aSR_P\u00b2 \uff1d SR_B\u00b2 \uff0b IR\u00b2<\/li>\n<li>\u6700\u9069\u306a\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af\uff1a\u03c3_A* \uff1d\uff08IR \u00f7 SR_B\uff09\u00d7 \u03c3_B<\/li>\n<\/ul>\n<div class=\"cfalm-f\">IR \uff1d\uff08R_P \u2212 R_B\uff09\u00f7 \u03c3(R_P \u2212 R_B)\u3001SR \uff1d\uff08R_P \u2212 R_F\uff09\u00f7 \u03c3_P<\/div>\n<h3>LOS 3\uff1a\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528\u306e\u57fa\u672c\u6cd5\u5247<\/h3>\n<p><strong>\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528\u306e\u57fa\u672c\u6cd5\u5247<\/strong>\u306f\u3001\u671f\u5f85\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30bf\u30fc\u30f3\u3092<strong>\u79fb\u8ee2\u4fc2\u6570\uff08TC\uff09<\/strong>\u3001<strong>\u60c5\u5831\u4fc2\u6570\uff08IC\uff09<\/strong>\u3001<strong>\u30d6\u30ec\u30b9\uff08BR\uff09<\/strong>\u3001<strong>\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af<\/strong>\u306b\u5206\u89e3\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>IC\uff1a\u4e88\u6e2c\u3057\u305f\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30bf\u30fc\u30f3\u3068\u5b9f\u73fe\u3057\u305f\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30bf\u30fc\u30f3\u306e\u76f8\u95a2\uff08\u4e88\u6e2c\u306e\u7cbe\u5ea6\uff09<\/li>\n<li>BR\uff1a1\u5e74\u9593\u306b\u884c\u3046\u72ec\u7acb\u3057\u305f\u5224\u65ad\u306e\u6570<\/li>\n<li>TC\uff1a\u4e88\u6e2c\u304b\u3089\u6700\u9069\u306a\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30a6\u30a8\u30a4\u30c8\u3078\u306e\u79fb\u8ee2\u306e\u5ea6\u5408\u3044\uff08\u5236\u7d04\u304c\u306a\u3051\u308c\u30701\uff09<\/li>\n<li>\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af\uff1a\u904b\u7528\u306e\u7a4d\u6975\u6027\u3092\u8868\u3059<\/li>\n<li>\u4e8b\u5f8c\u7684\u306a\u5b9f\u73fe\u5024\u306f\u3001\u4e88\u6e2c\u306e\u5f53\u305f\u308a\u5916\u308c\u306b\u3088\u308b\u30ce\u30a4\u30ba\u3092\u542b\u3080<\/li>\n<\/ul>\n<div class=\"cfalm-f\">E(R_A) \uff1d TC \u00d7 IC \u00d7 \u221aBR \u00d7 \u03c3_A<\/div>\n<h3>LOS 4\uff1a\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u9078\u629e\u3068\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af\u6c34\u6e96<\/h3>\n<p>\u30a4\u30f3\u30d5\u30a9\u30e1\u30fc\u30b7\u30e7\u30f3\u30fb\u30ec\u30b7\u30aa\u306f\u3001\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af\u306e\u91cf\u306b\u5de6\u53f3\u3055\u308c\u306a\u3044\u904b\u7528\u80fd\u529b\u306e\u6307\u6a19\u306e\u305f\u3081<strong>\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u9078\u629e\u306e\u91cd\u8981\u306a\u57fa\u6e96<\/strong>\u306b\u306a\u308a\u307e\u3059\u3002\u6295\u8cc7\u5bb6\u306fIR\u306e\u9ad8\u3044\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u3092\u9078\u3073\u3001\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3068\u306e\u7d44\u5408\u305b\u3067<strong>\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af\u306e\u6c34\u6e96<\/strong>\u3092\u8abf\u6574\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>IR\u304c\u6700\u3082\u9ad8\u3044\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u304c\u6700\u5927\u306e\u30b7\u30e3\u30fc\u30d7\u30fb\u30ec\u30b7\u30aa\u3092\u3082\u305f\u3089\u3059<\/li>\n<li>\u6700\u9069\u306a\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af\u6c34\u6e96\u306fIR\u3068\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306e\u30b7\u30e3\u30fc\u30d7\u30fb\u30ec\u30b7\u30aa\u3067\u6c7a\u307e\u308b<\/li>\n<li>\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af\u304c\u6700\u9069\u6c34\u6e96\u3088\u308a\u5927\u304d\u3059\u304e\u3066\u3082\u5c0f\u3055\u3059\u304e\u3066\u3082\u30b7\u30e3\u30fc\u30d7\u30fb\u30ec\u30b7\u30aa\u306f\u4e0b\u304c\u308b<\/li>\n<li>\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3068\u306e\u7d44\u5408\u305b\u6bd4\u7387\u3067\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af\u3092\u8abf\u6574<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u03c3_A* \uff1d\uff08IR \u00f7 SR_B\uff09\u00d7 \u03c3_B<\/div>\n<h3>LOS 5\uff1a\u30a2\u30af\u30c6\u30a3\u30d6\u6226\u7565\u306e\u6bd4\u8f03\u3068\u57fa\u672c\u6cd5\u5247\u306b\u3088\u308b\u8a55\u4fa1<\/h3>\n<p><strong>\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30bf\u30a4\u30df\u30f3\u30b0<\/strong>\u3068<strong>\u9298\u67c4\u9078\u629e<\/strong>\u306a\u3069\u306e\u6226\u7565\u306f\u3001\u57fa\u672c\u6cd5\u5247\u306e\u5404\u8981\u7d20\u3067\u6bd4\u8f03\u3067\u304d\u307e\u3059\u3002\u6226\u7565\u306e\u5909\u66f4\uff08\u5224\u65ad\u306e\u56de\u6570\u3001\u4e88\u6e2c\u7cbe\u5ea6\u3001\u5236\u7d04\u306e\u7de9\u548c\u306a\u3069\uff09\u304cIR\u306b\u3069\u3046\u5f71\u97ff\u3059\u308b\u304b\u3092\u8a55\u4fa1\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30bf\u30a4\u30df\u30f3\u30b0\uff1a\u5224\u65ad\u306e\u56de\u6570\uff08\u30d6\u30ec\u30b9\uff09\u304c\u9650\u3089\u308c\u308b\u305f\u3081\u9ad8\u3044IC\u304c\u5fc5\u8981<\/li>\n<li>\u9298\u67c4\u9078\u629e\uff1a\u591a\u6570\u306e\u9298\u67c4\u3067\u72ec\u7acb\u3057\u305f\u5224\u65ad\u304c\u3067\u304d\u30d6\u30ec\u30b9\u3092\u5927\u304d\u304f\u3057\u3084\u3059\u3044<\/li>\n<li>\u30ed\u30f3\u30b0\u30fb\u30aa\u30f3\u30ea\u30fc\u5236\u7d04\u306e\u64a4\u5ec3\u306a\u3069\u3067TC\u304c\u4e0a\u6607\u3057IR\u304c\u6539\u5584<\/li>\n<li>\u5224\u65ad\u304c\u4e92\u3044\u306b\u72ec\u7acb\u3067\u306a\u3051\u308c\u3070\u5b9f\u8cea\u7684\u306a\u30d6\u30ec\u30b9\u306f\u5c0f\u3055\u3044<\/li>\n<\/ul>\n<div class=\"cfalm-f\">IR \uff1d TC \u00d7 IC \u00d7 \u221aBR<\/div>\n<h3>LOS 6\uff1a\u57fa\u672c\u6cd5\u5247\u306e\u5f37\u307f\u3068\u9650\u754c<\/h3>\n<p>\u57fa\u672c\u6cd5\u5247\u306f\u3001\u4ed8\u52a0\u4fa1\u5024\u306e\u6e90\u6cc9\u3092<strong>\u4e88\u6e2c\u306e\u7cbe\u5ea6<\/strong>\u3001<strong>\u5224\u65ad\u306e\u6570<\/strong>\u3001<strong>\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u69cb\u7bc9\u306e\u5236\u7d04<\/strong>\u306b\u5206\u3051\u3066\u8003\u3048\u308b\u305f\u3081\u306e\u6709\u7528\u306a\u67a0\u7d44\u307f\u3067\u3059\u3002\u4e00\u65b9\u3001IC\u306e\u4e8b\u524d\u63a8\u5b9a\u306e\u96e3\u3057\u3055\u3084\u5224\u65ad\u306e\u72ec\u7acb\u6027\u306e\u4eee\u5b9a\u306a\u3069\u306b\u9650\u754c\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u5f37\u307f\uff1a\u6226\u7565\u306e\u6bd4\u8f03\u3001\u5236\u7d04\u306e\u5f71\u97ff\u306e\u8a55\u4fa1\u3001\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u306e\u5206\u6790\u306b\u4f7f\u3048\u308b<\/li>\n<li>\u9650\u754c\uff1a\u4e8b\u524d\u306eIC\u306e\u63a8\u5b9a\u304c\u96e3\u3057\u304f\u3001\u904e\u5927\u8a55\u4fa1\u3057\u3084\u3059\u3044<\/li>\n<li>\u9650\u754c\uff1a\u30d6\u30ec\u30b9\u306e\u524d\u63d0\u3068\u306a\u308b\u5224\u65ad\u306e\u72ec\u7acb\u6027\u304c\u73fe\u5b9f\u306b\u306f\u6210\u308a\u7acb\u3061\u306b\u304f\u3044<\/li>\n<li>\u9650\u754c\uff1aIC\u3084\u6226\u7565\u306e\u7279\u6027\u304c\u6642\u9593\u3068\u3068\u3082\u306b\u5909\u5316\u3059\u308b<\/li>\n<li>\u53d6\u5f15\u30b3\u30b9\u30c8\u304c\u8003\u616e\u3055\u308c\u306a\u3044<\/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\/level2movie\/\" target=\"_blank\" rel=\"noopener\">Level 2 \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-l2-pc-lm1\/\">LM1 Economics and Investment Markets\uff08\u7d4c\u6e08\u3068\u6295\u8cc7\u5e02\u5834\uff09<\/a><br \/>\n\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-pc-lm3\/\">LM3 Exchange-Traded Funds: Mechanics and Applications\uff08ETF\u306e\u4ed5\u7d44\u307f\u3068\u6d3b\u7528\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l2-pc\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 2 Portfolio Construction\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 2 Portfolio Construction LM2\u300cAnalysis of Active Portfolio Management\uff08\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528\u306e\u5206\u6790\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":11201,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[99],"tags":[],"class_list":["post-10855","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-level2-topics"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10855","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=10855"}],"version-history":[{"count":1,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10855\/revisions"}],"predecessor-version":[{"id":11028,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10855\/revisions\/11028"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11201"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10855"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10855"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10855"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}