{"id":10857,"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-lm4\/"},"modified":"2026-09-22T07:44:38","modified_gmt":"2026-09-21T22:44:38","slug":"cfa-l2-pc-lm4","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-pc-lm4\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L2 Portfolio Construction LM4\u3011Using Multifactor Models \u3092\u8981\u70b9\u89e3\u8aac\uff5cAPT\u30fb\u88c1\u5b9a\u6a5f\u4f1a\u30fb\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u306e\u7a2e\u985e\u30fb\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af"},"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 4\u300cUsing Multifactor Models\uff08\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u306e\u6d3b\u7528\uff09\u300d\u306f\u3001\u88c1\u5b9a\u4fa1\u683c\u7406\u8ad6\uff08APT\uff09\u306e\u524d\u63d0\u3068\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u3068\u306e\u95a2\u4fc2\u3001\u88c1\u5b9a\u6a5f\u4f1a\u306e\u5224\u5b9a\u3001\u30d5\u30a1\u30af\u30bf\u30fc\u611f\u5fdc\u5ea6\u3068\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u304b\u3089\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306e\u8a08\u7b97\u3001\u30de\u30af\u30ed\u7d4c\u6e08\u30fb\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30fb\u7d71\u8a08\u7684\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u306e\u6bd4\u8f03\u3001\u30e2\u30c7\u30eb\u306e\u6d3b\u7528\u3068\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af\u306e\u5206\u89e3\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>LM4\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\u3002LM4\u306b\u306f7\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u88c1\u5b9a\u4fa1\u683c\u7406\u8ad6\uff08APT\uff09\u306b\u3064\u3044\u3066\u3001\u305d\u306e\u524d\u63d0\u3068\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u3068\u306e\u95a2\u4fc2\u3092\u542b\u3081\u3066\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe arbitrage pricing theory (APT), including its underlying assumptions and its relation to multifactor models<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u88c1\u5b9a\u6a5f\u4f1a\u3092\u5b9a\u7fa9\u3057\u3001\u88c1\u5b9a\u6a5f\u4f1a\u304c\u5b58\u5728\u3059\u308b\u304b\u3069\u3046\u304b\u3092\u5224\u65ad\u3059\u308b<\/span><span class=\"en\">define arbitrage opportunity and determine whether an arbitrage opportunity exists<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u8cc7\u7523\u306e\u30d5\u30a1\u30af\u30bf\u30fc\u611f\u5fdc\u5ea6\u3068\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u304b\u3089\u3001\u8cc7\u7523\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3092\u8a08\u7b97\u3059\u308b<\/span><span class=\"en\">calculate the expected return on an asset given an asset\u2019s factor sensitivities and the factor risk premiums<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u30de\u30af\u30ed\u7d4c\u6e08\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u3001\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30fb\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u3001\u7d71\u8a08\u7684\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u3092\u8aac\u660e\u30fb\u6bd4\u8f03\u3059\u308b<\/span><span class=\"en\">describe and compare macroeconomic factor models, fundamental factor models, and statistical factor models<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1a\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u306e\u7528\u9014\u3092\u8aac\u660e\u3057\u3001\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u306b\u57fa\u3065\u304f\u5206\u6790\u7d50\u679c\u3092\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">describe uses of multifactor models and interpret the output of analyses based on multifactor models<\/span><\/li>\n<li><span class=\"ja\">LOS 6\uff1a\u8cc7\u7523\u30ea\u30bf\u30fc\u30f3\u306e\u30e2\u30c7\u30eb\u5316\u306b\u304a\u3044\u3066\u8907\u6570\u306e\u30ea\u30b9\u30af\u6b21\u5143\u3092\u8003\u616e\u3059\u308b\u3053\u3068\u306e\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u306e\u6f5c\u5728\u7684\u306a\u5229\u70b9\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe the potential benefits for investors in considering multiple risk dimensions when modeling asset returns<\/span><\/li>\n<li><span class=\"ja\">LOS 7\uff1a\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af\u306e\u6e90\u6cc9\u3092\u8aac\u660e\u3057\u3001\u30c8\u30e9\u30c3\u30ad\u30f3\u30b0\u30fb\u30ea\u30b9\u30af\u3068\u30a4\u30f3\u30d5\u30a9\u30e1\u30fc\u30b7\u30e7\u30f3\u30fb\u30ec\u30b7\u30aa\u3092\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">explain sources of active risk and interpret tracking risk and the information ratio<\/span><\/li>\n<\/ol>\n<h2>LM4\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>\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u306f\u30b7\u30f3\u30b0\u30eb\u30fb\u30d5\u30a1\u30af\u30bf\u30fc\u3088\u308a\u7d30\u304b\u304f\u30ea\u30b9\u30af\u3092\u6349\u3048\u3089\u308c\u308b<\/li>\n<li>\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u306f\u8cc7\u7523\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u4e00\u9023\u306e\u30d5\u30a1\u30af\u30bf\u30fc\u306b\u5bfe\u3059\u308b\u30ea\u30b9\u30af\u3067\u8aac\u660e\u3057\u3001\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u30fb\u30d5\u30a1\u30af\u30bf\u30fc\u306f\u6295\u8cc7\u5bb6\u304c\u8ffd\u52a0\u30ea\u30bf\u30fc\u30f3\u3092\u6c42\u3081\u308b\u300c\u30d7\u30e9\u30a4\u30b9\u30c9\u30fb\u30ea\u30b9\u30af\u300d\u3092\u8868\u3059<\/li>\n<li>APT\u306f\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3092\u30d5\u30a1\u30af\u30bf\u30fc\u306b\u5bfe\u3059\u308b\u30ea\u30b9\u30af\u306e\u7dda\u5f62\u95a2\u6570\u3067\u8868\u3059\u5747\u8861\u7406\u8ad6\u3067\u3001CAPM\u3088\u308a\u5f31\u3044\u524d\u63d0\u306b\u57fa\u3065\u304f<\/li>\n<li>APT\u306e\u4e3b\u306a\u524d\u63d0\u306f\u3001\u8cc7\u7523\u30ea\u30bf\u30fc\u30f3\u304c\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u3067\u8868\u3055\u308c\u308b\u3001\u591a\u6570\u306e\u8cc7\u7523\u306b\u3088\u308a\u56fa\u6709\u30ea\u30b9\u30af\u3092\u6d88\u53bb\u3067\u304d\u308b\u3001\u88c1\u5b9a\u6a5f\u4f1a\u304c\u5b58\u5728\u3057\u306a\u3044\u3001\u306e3\u3064<\/li>\n<li>\u30de\u30af\u30ed\u7d4c\u6e08\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u306e\u8981\u7d20\u306f\u30de\u30af\u30ed\u5909\u6570\u306e\u30b5\u30d7\u30e9\u30a4\u30ba\uff08\u5b9f\u7e3e \u2212 \u4e88\u60f3\uff09\u3067\u3001\u671f\u5f85\u5024\u306f\u30bc\u30ed<\/li>\n<li>\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30fb\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u306e\u30d5\u30a1\u30af\u30bf\u30fc\u306f\u682a\u5f0f\u30fb\u4f01\u696d\u306e\u5c5e\u6027\uff08PBR\u306e\u9006\u6570\u3001\u6642\u4fa1\u7dcf\u984d\u3001PER\u3001\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8\u306a\u3069\uff09\u3067\u3001\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30ea\u30bf\u30fc\u30f3\u3092\u56de\u5e30\u3067\u63a8\u5b9a\u3059\u308b<\/li>\n<li>\u7d71\u8a08\u7684\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u306f\u7d71\u8a08\u624b\u6cd5\u3067\u30d5\u30a1\u30af\u30bf\u30fc\u3092\u62bd\u51fa\u3059\u308b\u305f\u3081\u3001\u30d5\u30a1\u30af\u30bf\u30fc\u306e\u7d4c\u6e08\u7684\u306a\u89e3\u91c8\u304c\u96e3\u3057\u3044<\/li>\n<li>\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af\u306e2\u4e57\uff08\u30a2\u30af\u30c6\u30a3\u30d6\u5206\u6563\uff09\u306f\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30ea\u30b9\u30af\u3068\u30a2\u30af\u30c6\u30a3\u30d6\u56fa\u6709\u30ea\u30b9\u30af\u306b\u5206\u89e3\u3067\u304d\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\uff1aAPT\u3068\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb<\/h3>\n<p><strong>\u88c1\u5b9a\u4fa1\u683c\u7406\u8ad6\uff08APT\uff09<\/strong>\u306f\u3001\u8cc7\u7523\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3092\u8907\u6570\u306e\u30d5\u30a1\u30af\u30bf\u30fc\u306b\u5bfe\u3059\u308b\u611f\u5fdc\u5ea6\u306e\u7dda\u5f62\u95a2\u6570\u3068\u3057\u3066\u8868\u3059\u5747\u8861\u30e2\u30c7\u30eb\u3067\u3059\u3002CAPM\u3088\u308a\u5f31\u3044\u524d\u63d0\u3067\u5c0e\u304b\u308c\u3001\u30d5\u30a1\u30af\u30bf\u30fc\u306e\u6570\u3084\u5185\u5bb9\u306f\u7279\u5b9a\u3057\u307e\u305b\u3093\u3002<\/p>\n<ul>\n<li>\u524d\u63d01\uff1a\u8cc7\u7523\u30ea\u30bf\u30fc\u30f3\u306f\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u3067\u8a18\u8ff0\u3055\u308c\u308b<\/li>\n<li>\u524d\u63d02\uff1a\u591a\u6570\u306e\u8cc7\u7523\u3092\u7d44\u307f\u5408\u308f\u305b\u308b\u3053\u3068\u3067\u56fa\u6709\u30ea\u30b9\u30af\u3092\u6d88\u53bb\u3067\u304d\u308b<\/li>\n<li>\u524d\u63d03\uff1a\u8cc7\u7523\u306f\u88c1\u5b9a\u6a5f\u4f1a\u304c\u5b58\u5728\u3057\u306a\u3044\u3088\u3046\u306b\u4fa1\u683c\u4ed8\u3051\u3055\u308c\u308b<\/li>\n<li>CAPM\u3068\u9055\u3044\u3001\u5e02\u5834\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u7279\u5b9a\u3059\u308b\u5fc5\u8981\u304c\u306a\u3044<\/li>\n<li>\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\uff1a\u7279\u5b9a\u306e\u30d5\u30a1\u30af\u30bf\u30fc\u306b\u611f\u5fdc\u5ea61\u3001\u4ed6\u306f0<\/li>\n<\/ul>\n<div class=\"cfalm-f\">E(R) \uff1d R_F \uff0b \u03bb\u2081\u03b2\u2081 \uff0b \u2026 \uff0b \u03bb\u2096\u03b2\u2096<\/div>\n<h3>LOS 2\uff1a\u88c1\u5b9a\u6a5f\u4f1a\u306e\u5224\u5b9a<\/h3>\n<p><strong>\u88c1\u5b9a\u6a5f\u4f1a<\/strong>\u3068\u306f\u3001\u6295\u8cc7\u984d\u30bc\u30ed\u30fb\u30ea\u30b9\u30af\u30bc\u30ed\u3067\u6b63\u306e\u30ea\u30bf\u30fc\u30f3\u304c\u5f97\u3089\u308c\u308b\u53d6\u5f15\u6a5f\u4f1a\u3067\u3059\u3002\u540c\u3058\u30d5\u30a1\u30af\u30bf\u30fc\u611f\u5fdc\u5ea6\u3092\u6301\u3064\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u540c\u58eb\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u304c\u7570\u306a\u308c\u3070\u88c1\u5b9a\u6a5f\u4f1a\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u540c\u3058\u611f\u5fdc\u5ea6\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u7d44\u307f\u5408\u308f\u305b\u3066\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30ea\u30b9\u30af\u3092\u30bc\u30ed\u306b\u3059\u308b<\/li>\n<li>\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306e\u9ad8\u3044\u65b9\u3092\u8cb7\u3044\u3001\u4f4e\u3044\u65b9\u3092\u58f2\u308b<\/li>\n<li>\u6295\u8cc7\u984d\u30bc\u30ed\u3067\u30ea\u30b9\u30af\u306a\u3057\u306e\u5229\u76ca\u304c\u751f\u3058\u308c\u3070\u88c1\u5b9a\u6a5f\u4f1a\u3042\u308a<\/li>\n<li>\u88c1\u5b9a\u53d6\u5f15\u306b\u3088\u308a\u4fa1\u683c\u304c\u4fee\u6b63\u3055\u308c\u3001APT\u306e\u95a2\u4fc2\u304c\u6210\u308a\u7acb\u3064<\/li>\n<\/ul>\n<h3>LOS 3\uff1a\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306e\u8a08\u7b97<\/h3>\n<p>APT\u3067\u306f\u3001\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30fb\u30ec\u30fc\u30c8\u306b<strong>\u30d5\u30a1\u30af\u30bf\u30fc\u611f\u5fdc\u5ea6 \u00d7 \u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0<\/strong>\u306e\u5408\u8a08\u3092\u52a0\u3048\u3066\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3092\u6c42\u3081\u307e\u3059\u3002\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u306f\u3001\u305d\u306e\u30d5\u30a1\u30af\u30bf\u30fc\u306b\u611f\u5fdc\u5ea61\u3092\u6301\u3064\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u671f\u5f85\u8d85\u904e\u30ea\u30bf\u30fc\u30f3\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u03bb\u2096\uff1a\u30d5\u30a1\u30af\u30bf\u30fck\u306e\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0<\/li>\n<li>\u03b2\u2096\uff1a\u30d5\u30a1\u30af\u30bf\u30fck\u3078\u306e\u611f\u5fdc\u5ea6<\/li>\n<li>\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u304c\u672a\u77e5\u306e\u5834\u5408\u306f\u3001\u65e2\u77e5\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u9023\u7acb\u65b9\u7a0b\u5f0f\u304b\u3089\u63a8\u5b9a<\/li>\n<li>\u30d7\u30e9\u30a4\u30b9\u30c9\u30fb\u30ea\u30b9\u30af\u3067\u306a\u3044\u56fa\u6709\u30ea\u30b9\u30af\u306b\u306f\u30d7\u30ec\u30df\u30a2\u30e0\u304c\u3064\u304b\u306a\u3044<\/li>\n<\/ul>\n<div class=\"cfalm-f\">E(R\u209a) \uff1d R_F \uff0b \u03b2\u2081\u03bb\u2081 \uff0b \u03b2\u2082\u03bb\u2082 \uff0b \u2026 \uff0b \u03b2\u2096\u03bb\u2096<\/div>\n<h3>LOS 4\uff1a3\u7a2e\u985e\u306e\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb<\/h3>\n<p>\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u306f<strong>\u30de\u30af\u30ed\u7d4c\u6e08<\/strong>\u3001<strong>\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb<\/strong>\u3001<strong>\u7d71\u8a08\u7684<\/strong>\u306e3\u7a2e\u985e\u306b\u5206\u304b\u308c\u307e\u3059\u3002\u30d5\u30a1\u30af\u30bf\u30fc\u304c\u4f55\u3067\u3001\u611f\u5fdc\u5ea6\u3068\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30ea\u30bf\u30fc\u30f3\u306e\u3069\u3061\u3089\u3092\u5148\u306b\u6c7a\u3081\u308b\u304b\u304c\u5927\u304d\u306a\u9055\u3044\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u30de\u30af\u30ed\u7d4c\u6e08\uff1a\u30d5\u30a1\u30af\u30bf\u30fc\u306f\u30de\u30af\u30ed\u5909\u6570\u306e\u30b5\u30d7\u30e9\u30a4\u30ba\u3002\u611f\u5fdc\u5ea6\u3092\u6642\u7cfb\u5217\u56de\u5e30\u3067\u63a8\u5b9a<\/li>\n<li>\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\uff1a\u30d5\u30a1\u30af\u30bf\u30fc\u306f\u4f01\u696d\u5c5e\u6027\uff08\u30d0\u30ea\u30e5\u30fc\u3001\u898f\u6a21\u3001PER\u306a\u3069\uff09\u3002\u611f\u5fdc\u5ea6\uff08\u6a19\u6e96\u5316\u3057\u305f\u5c5e\u6027\uff09\u3092\u5148\u306b\u6c7a\u3081\u3001\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30ea\u30bf\u30fc\u30f3\u3092\u30af\u30ed\u30b9\u30bb\u30af\u30b7\u30e7\u30f3\u56de\u5e30\u3067\u63a8\u5b9a<\/li>\n<li>\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30fb\u30e2\u30c7\u30eb\u306e\u5207\u7247\u306f\u30de\u30af\u30ed\u30fb\u30e2\u30c7\u30eb\u3068\u9055\u3044\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3068\u306f\u89e3\u91c8\u3057\u306a\u3044<\/li>\n<li>\u7d71\u8a08\u7684\uff1a\u56e0\u5b50\u5206\u6790\u3084\u4e3b\u6210\u5206\u5206\u6790\u3067\u30d5\u30a1\u30af\u30bf\u30fc\u3092\u62bd\u51fa\u3002\u5f53\u3066\u306f\u307e\u308a\u306f\u826f\u3044\u304c\u7d4c\u6e08\u7684\u89e3\u91c8\u304c\u56f0\u96e3<\/li>\n<\/ul>\n<div class=\"cfalm-f\">R\u1d62 \uff1d E(R\u1d62) \uff0b b\u1d62\u2081F\u2081 \uff0b b\u1d62\u2082F\u2082 \uff0b \u03b5\u1d62\uff08\u30de\u30af\u30ed\u7d4c\u6e08\u30e2\u30c7\u30eb\u3001F\uff1a\u30b5\u30d7\u30e9\u30a4\u30ba\uff09<\/div>\n<h3>LOS 5\uff1a\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u306e\u6d3b\u7528<\/h3>\n<p>\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u306f<strong>\u30ea\u30bf\u30fc\u30f3\u306e\u8981\u56e0\u5206\u89e3\uff08\u30a2\u30c8\u30ea\u30d3\u30e5\u30fc\u30b7\u30e7\u30f3\uff09<\/strong>\u3001<strong>\u30ea\u30b9\u30af\u306e\u8981\u56e0\u5206\u89e3<\/strong>\u3001<strong>\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u69cb\u7bc9<\/strong>\u3001\u6226\u7565\u7684\u306a\u8cc7\u7523\u914d\u5206\u306a\u3069\u306b\u4f7f\u308f\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30ea\u30bf\u30fc\u30f3\u30fb\u30a2\u30c8\u30ea\u30d3\u30e5\u30fc\u30b7\u30e7\u30f3\uff1a\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30bf\u30fc\u30f3\u3092\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30ea\u30bf\u30fc\u30f3\u3068\u9298\u67c4\u9078\u629e\u306b\u5206\u89e3<\/li>\n<li>\u30ea\u30b9\u30af\u30fb\u30a2\u30c8\u30ea\u30d3\u30e5\u30fc\u30b7\u30e7\u30f3\uff1a\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af\u3092\u30d5\u30a1\u30af\u30bf\u30fc\u3054\u3068\u306b\u5206\u89e3<\/li>\n<li>\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u69cb\u7bc9\uff1a\u30d1\u30c3\u30b7\u30d6\u904b\u7528\uff08\u30d5\u30a1\u30af\u30bf\u30fc\u611f\u5fdc\u5ea6\u3092\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306b\u4e00\u81f4\uff09\u3001\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528\u3001\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30c6\u30a3\u30eb\u30c8<\/li>\n<li>\u7279\u5b9a\u306e\u30d5\u30a1\u30af\u30bf\u30fc\u3078\u306e\u611f\u5fdc\u5ea6\u3092\u6301\u3064\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3067\u30d8\u30c3\u30b8\u3084\u30d9\u30c3\u30c8\u3092\u884c\u3046<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30bf\u30fc\u30f3 \uff1d \u03a3\uff08\u03b2\u209a\u2096 \u2212 \u03b2_B\u2096\uff09\u00d7 F\u2096 \uff0b \u9298\u67c4\u9078\u629e\u306b\u3088\u308b\u30ea\u30bf\u30fc\u30f3<\/div>\n<h3>LOS 6\uff1a\u8907\u6570\u306e\u30ea\u30b9\u30af\u6b21\u5143\u3092\u8003\u616e\u3059\u308b\u5229\u70b9<\/h3>\n<p>\u5e02\u5834\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3060\u3051\u3067\u306a\u304f<strong>\u8907\u6570\u306e\u30ea\u30b9\u30af\u6b21\u5143<\/strong>\u3092\u8003\u3048\u308b\u3053\u3068\u3067\u3001\u6295\u8cc7\u5bb6\u306f\u81ea\u5206\u306e\u72b6\u6cc1\uff08\u8077\u696d\u3001\u8ca0\u50b5\u3001\u6240\u5f97\u306e\u5909\u52d5\u306a\u3069\uff09\u306b\u5fdc\u3058\u3066\u3001\u8ca0\u62c5\u3057\u3084\u3059\u3044\u30ea\u30b9\u30af\u3092\u53d6\u308a\u3001\u907f\u3051\u305f\u3044\u30ea\u30b9\u30af\u3092\u6291\u3048\u308b\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u4f5c\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u6295\u8cc7\u5bb6\u3054\u3068\u306b\u30d8\u30c3\u30b8\u3057\u305f\u3044\u30ea\u30b9\u30af\u304c\u7570\u306a\u308b\uff08\u4f8b\uff1a\u666f\u6c17\u60aa\u5316\u6642\u306b\u6240\u5f97\u304c\u6e1b\u308b\u6295\u8cc7\u5bb6\uff09<\/li>\n<li>\u5e02\u5834\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u304c\u5168\u54e1\u306b\u3068\u3063\u3066\u6700\u9069\u3068\u306f\u9650\u3089\u306a\u3044<\/li>\n<li>\u30d5\u30a1\u30af\u30bf\u30fc\u611f\u5fdc\u5ea6\u3092\u304d\u3081\u7d30\u304b\u304f\u8abf\u6574\u3067\u304d\u308b<\/li>\n<li>\u30d5\u30a1\u30af\u30bf\u30fc\u3054\u3068\u306e\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u610f\u8b58\u3057\u305f\u914d\u5206\u304c\u53ef\u80fd<\/li>\n<\/ul>\n<h3>LOS 7\uff1a\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af\u306e\u6e90\u6cc9\u3068IR<\/h3>\n<p><strong>\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af\uff08\u30c8\u30e9\u30c3\u30ad\u30f3\u30b0\u30fb\u30ea\u30b9\u30af\uff09<\/strong>\u306f\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30bf\u30fc\u30f3\u306e\u6a19\u6e96\u504f\u5dee\u3067\u3001\u305d\u306e2\u4e57\u3067\u3042\u308b\u30a2\u30af\u30c6\u30a3\u30d6\u5206\u6563\u306f<strong>\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30ea\u30b9\u30af<\/strong>\u3068<strong>\u30a2\u30af\u30c6\u30a3\u30d6\u56fa\u6709\u30ea\u30b9\u30af<\/strong>\u306b\u5206\u89e3\u3067\u304d\u307e\u3059\u3002\u30a4\u30f3\u30d5\u30a9\u30e1\u30fc\u30b7\u30e7\u30f3\u30fb\u30ec\u30b7\u30aa\u306f\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af1\u5358\u4f4d\u5f53\u305f\u308a\u306e\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30bf\u30fc\u30f3\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30ea\u30b9\u30af\uff1a\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3068\u7570\u306a\u308b\u30d5\u30a1\u30af\u30bf\u30fc\u611f\u5fdc\u5ea6\u304b\u3089\u751f\u3058\u308b<\/li>\n<li>\u30a2\u30af\u30c6\u30a3\u30d6\u56fa\u6709\u30ea\u30b9\u30af\uff1a\u500b\u5225\u9298\u67c4\u306e\u30a6\u30a8\u30a4\u30c8\u5dee\u304b\u3089\u751f\u3058\u308b<\/li>\n<li>\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30d9\u30c3\u30c8\u4e2d\u5fc3\u304b\u9298\u67c4\u9078\u629e\u4e2d\u5fc3\u304b\u3092\u5206\u89e3\u304b\u3089\u5224\u65ad<\/li>\n<li>IR \uff1d \u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30bf\u30fc\u30f3 \u00f7 \u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u30a2\u30af\u30c6\u30a3\u30d6\u5206\u6563 \uff1d \u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30ea\u30b9\u30af \uff0b \u30a2\u30af\u30c6\u30a3\u30d6\u56fa\u6709\u30ea\u30b9\u30af<\/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\/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-lm3\/\">LM3 Exchange-Traded Funds: Mechanics and Applications\uff08ETF\u306e\u4ed5\u7d44\u307f\u3068\u6d3b\u7528\uff09<\/a><br \/>\n\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-pc-lm5\/\">LM5 Measuring and Managing Market Risk\uff08\u5e02\u5834\u30ea\u30b9\u30af\u306e\u6e2c\u5b9a\u3068\u7ba1\u7406\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 LM4\u300cUsing Multifactor Models\uff08\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u306e\u6d3b\u7528\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":11203,"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-10857","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\/10857","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=10857"}],"version-history":[{"count":2,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10857\/revisions"}],"predecessor-version":[{"id":11363,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10857\/revisions\/11363"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11203"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10857"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10857"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10857"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}