{"id":10872,"date":"2026-09-22T06:00:00","date_gmt":"2026-09-21T21:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-aa-lm4\/"},"modified":"2026-09-22T07:44:41","modified_gmt":"2026-09-21T22:44:41","slug":"cfa-l3-aa-lm4","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-aa-lm4\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L3 Asset Allocation LM4\u3011Principles of Asset Allocation \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u5e73\u5747\u5206\u6563\u6700\u9069\u5316\u30fb\u30ea\u30b9\u30af\u30fb\u30d0\u30b8\u30a7\u30c3\u30c6\u30a3\u30f3\u30b0\u30fb\u8ca0\u50b5\u5bfe\u6bd4\u30fb\u30b4\u30fc\u30eb\u30fb\u30d9\u30fc\u30b9"},"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\u300cPrinciples of Asset Allocation\uff08\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u306e\u539f\u5247\uff09\u300d\u306f\u3001\u5e73\u5747\u5206\u6563\u6700\u9069\u5316\u3068\u305d\u306e\u6539\u5584\u7b56\u3001\u7d4c\u6e08\u7684\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u3084\u30b0\u30ed\u30fc\u30d0\u30eb\u5e02\u5834\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u57fa\u3065\u304f\u914d\u5206\u3001\u30e2\u30f3\u30c6\u30ab\u30eb\u30ed\u3068\u30b7\u30ca\u30ea\u30aa\u5206\u6790\u3001\u6d41\u52d5\u6027\u3068\u30ea\u30b9\u30af\u30fb\u30d0\u30b8\u30a7\u30c3\u30c8\u3001\u30d5\u30a1\u30af\u30bf\u30fc\u306e\u5229\u7528\u3001\u8ca0\u50b5\u5bfe\u6bd4\u3068\u30b4\u30fc\u30eb\u30fb\u30d9\u30fc\u30b9\u306e\u914d\u5206\u3001\u30d2\u30e5\u30fc\u30ea\u30b9\u30c6\u30a3\u30c3\u30af\u306a\u624b\u6cd5\u3001\u30ea\u30d0\u30e9\u30f3\u30b9\u65b9\u91dd\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\u306f15\u500b\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u306b\u304a\u3051\u308b\u5e73\u5747\u5206\u6563\u6700\u9069\u5316\u306e\u5229\u7528\u3092\u8aac\u660e\u30fb\u8a55\u4fa1\u3059\u308b<\/span><span class=\"en\">describe and evaluate the use of mean\u2013variance optimization in asset allocation<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u5e73\u5747\u5206\u6563\u6700\u9069\u5316\u3092\u7528\u3044\u3066\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u3092\u63a8\u5968\u30fb\u6b63\u5f53\u5316\u3059\u308b<\/span><span class=\"en\">recommend and justify an asset allocation using mean\u2013variance optimization<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u6295\u8cc7\u5bb6\u306e\u7d4c\u6e08\u7684\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u3068\u306e\u95a2\u4fc2\u3067\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u3092\u89e3\u91c8\u30fb\u8a55\u4fa1\u3059\u308b<\/span><span class=\"en\">interpret and evaluate an asset allocation in relation to an investor\u2019s economic balance sheet<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u30b0\u30ed\u30fc\u30d0\u30eb\u5e02\u5834\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u57fa\u3065\u3044\u3066\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u3092\u63a8\u5968\u30fb\u6b63\u5f53\u5316\u3059\u308b<\/span><span class=\"en\">recommend and justify an asset allocation based on the global market portfolio<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1a\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u306e\u9811\u5065\u6027\u3092\u8a55\u4fa1\u3059\u308b\u305f\u3081\u306e\u30e2\u30f3\u30c6\u30ab\u30eb\u30ed\u30fb\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3068\u30b7\u30ca\u30ea\u30aa\u5206\u6790\u306e\u5229\u7528\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss the use of Monte Carlo simulation and scenario analysis to evaluate the robustness of an asset allocation<\/span><\/li>\n<li><span class=\"ja\">LOS 6\uff1a\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u306b\u304a\u3051\u308b\u8cc7\u7523\u30af\u30e9\u30b9\u306e\u6d41\u52d5\u6027\u306b\u95a2\u3059\u308b\u8003\u616e\u4e8b\u9805\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss asset class liquidity considerations in asset allocation<\/span><\/li>\n<li><span class=\"ja\">LOS 7\uff1a\u7d76\u5bfe\u7684\u304a\u3088\u3073\u76f8\u5bfe\u7684\u306a\u30ea\u30b9\u30af\u30fb\u30d0\u30b8\u30a7\u30c3\u30c8\u3068\u3001\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u306e\u6c7a\u5b9a\u30fb\u5b9f\u884c\u306b\u304a\u3051\u308b\u305d\u306e\u5229\u7528\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain absolute and relative risk budgets and their use in determining and implementing an asset allocation<\/span><\/li>\n<li><span class=\"ja\">LOS 8\uff1a\u6295\u8cc7\u30ea\u30b9\u30af\u306b\u95a2\u3059\u308b\u9867\u5ba2\u306e\u30cb\u30fc\u30ba\u3084\u9078\u597d\u3092\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u306b\u3069\u306e\u3088\u3046\u306b\u7d44\u307f\u8fbc\u3081\u308b\u304b\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe how client needs and preferences regarding investment risks can be incorporated into asset allocation<\/span><\/li>\n<li><span class=\"ja\">LOS 9\uff1a\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u306e\u69cb\u7bc9\u3068\u5206\u6790\u306b\u304a\u3051\u308b\u6295\u8cc7\u30d5\u30a1\u30af\u30bf\u30fc\u306e\u5229\u7528\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe the use of investment factors in constructing and analyzing an asset allocation<\/span><\/li>\n<li><span class=\"ja\">LOS 10\uff1a\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u306b\u95a2\u9023\u3059\u308b\u8ca0\u50b5\u306e\u7279\u6027\u3092\u8aac\u660e\u30fb\u8a55\u4fa1\u3059\u308b<\/span><span class=\"en\">describe and evaluate characteristics of liabilities that are relevant to asset allocation<\/span><\/li>\n<li><span class=\"ja\">LOS 11\uff1a\u8ca0\u50b5\u5bfe\u6bd4\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss approaches to liability-relative asset allocation<\/span><\/li>\n<li><span class=\"ja\">LOS 12\uff1a\u8ca0\u50b5\u5bfe\u6bd4\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u3092\u63a8\u5968\u30fb\u6b63\u5f53\u5316\u3059\u308b<\/span><span class=\"en\">recommend and justify a liability-relative asset allocation<\/span><\/li>\n<li><span class=\"ja\">LOS 13\uff1a\u30b4\u30fc\u30eb\u30fb\u30d9\u30fc\u30b9\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u7528\u3044\u3066\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u3092\u63a8\u5968\u30fb\u6b63\u5f53\u5316\u3059\u308b<\/span><span class=\"en\">recommend and justify an asset allocation using a goals-based approach<\/span><\/li>\n<li><span class=\"ja\">LOS 14\uff1a\u30d2\u30e5\u30fc\u30ea\u30b9\u30c6\u30a3\u30c3\u30af\u306a\u30a2\u30d7\u30ed\u30fc\u30c1\u3084\u305d\u306e\u4ed6\u306e\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u624b\u6cd5\u3092\u8aac\u660e\u30fb\u8a55\u4fa1\u3059\u308b<\/span><span class=\"en\">describe and evaluate heuristic and other approaches to asset allocation<\/span><\/li>\n<li><span class=\"ja\">LOS 15\uff1a\u30ea\u30d0\u30e9\u30f3\u30b9\u65b9\u91dd\u306b\u5f71\u97ff\u3059\u308b\u8981\u56e0\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss factors affecting rebalancing policy<\/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>\u30a2\u30bb\u30c3\u30c8\u30fb\u30aa\u30f3\u30ea\u30fc\u306e\u5e73\u5747\u5206\u6563\u6700\u9069\u5316\uff08MVO\uff09\u306e\u76ee\u7684\u95a2\u6570\u306f\u3001\u8cc7\u7523\u914d\u5206\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u304b\u3089\u3001\u30ea\u30b9\u30af\u56de\u907f\u5ea6\u3068\u5206\u6563\u306b\u5fdc\u3058\u305f\u30da\u30ca\u30eb\u30c6\u30a3\u3092\u5dee\u3057\u5f15\u3044\u305f\u5024\u306e\u6700\u5927\u5316<\/li>\n<li>MVO\u306e\u6279\u5224\uff1a\u5165\u529b\u306e\u308f\u305a\u304b\u306a\u5909\u5316\u306b\u7d50\u679c\u304c\u654f\u611f\u3001\u4e00\u90e8\u306e\u8cc7\u7523\u30af\u30e9\u30b9\u3078\u306e\u96c6\u4e2d\u3001\u6b6a\u5ea6\u30fb\u5c16\u5ea6\u3092\u8003\u616e\u3057\u306a\u3044\u3001\u30ea\u30b9\u30af\u6e90\u6cc9\u304c\u5206\u6563\u3055\u308c\u306a\u3044\u3001\u8ca0\u50b5\u3084\u6d88\u8cbb\u3068\u306e\u95a2\u4fc2\u304c\u306a\u3044\u3001\u5358\u4e00\u671f\u9593\u3067\u53d6\u5f15\u30b3\u30b9\u30c8\u3084\u7a0e\u3092\u7121\u8996<\/li>\n<li>\u9006\u6700\u9069\u5316\u3084\u6295\u8cc7\u5bb6\u306e\u898b\u901a\u3057\u3092\u53cd\u6620\u3057\u305f\u30d6\u30e9\u30c3\u30af\u30fb\u30ea\u30bf\u30fc\u30de\u30f3\u30fb\u30e2\u30c7\u30eb\u3001\u30a6\u30a8\u30a4\u30c8\u5236\u7d04\u3001\u30ea\u30b5\u30f3\u30d7\u30ea\u30f3\u30b0\u304cMVO\u306e\u96c6\u4e2d\u306e\u554f\u984c\u3078\u306e\u5bfe\u51e6\u6cd5<\/li>\n<li>\u30ea\u30b9\u30af\u30fb\u30d0\u30b8\u30a7\u30c3\u30c8\u306f\u3001\u8d85\u904e\u30ea\u30bf\u30fc\u30f3\u3068\u7dcf\u30ea\u30b9\u30af\u3078\u306e\u9650\u754c\u5bc4\u4e0e\u306e\u6bd4\u304c\u3059\u3079\u3066\u306e\u8cc7\u7523\u3067\u7b49\u3057\u3044\u3068\u304d\u306b\u6700\u9069<\/li>\n<li>\u8ca0\u50b5\u5bfe\u6bd4\u306e\u914d\u5206\u3067\u306f\u3001\u56fa\u5b9a\u304b\u6761\u4ef6\u4ed8\u304d\u304b\u3001\u6cd5\u7684\u8ca0\u50b5\u304b\u6e96\u8ca0\u50b5\u304b\u3001\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3068\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\u3001\u30b9\u30dd\u30f3\u30b5\u30fc\u898f\u6a21\u3068\u306e\u6bd4\u8f03\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u6c7a\u5b9a\u8981\u56e0\u3001\u9577\u5bff\u30ea\u30b9\u30af\u3001\u898f\u5236\u306a\u3069\u306e\u8ca0\u50b5\u7279\u6027\u304c\u91cd\u8981<\/li>\n<li>\u8ca0\u50b5\u5bfe\u6bd4\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u306f\u30b5\u30fc\u30d7\u30e9\u30b9\u6700\u9069\u5316\u3001\u30d8\u30c3\u30b8\uff0f\u30ea\u30bf\u30fc\u30f3\u8ffd\u6c42\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u3001\u7d71\u5408\u7684\u8cc7\u7523\u8ca0\u50b5\u30a2\u30d7\u30ed\u30fc\u30c1<\/li>\n<li>\u30b4\u30fc\u30eb\u30fb\u30d9\u30fc\u30b9\u306e\u914d\u5206\u306f\u3001\u305d\u308c\u305e\u308c\u306e\u671f\u9593\u3068\u5fc5\u8981\u306a\u9054\u6210\u78ba\u7387\u3092\u6301\u3064\u76ee\u6a19\u3054\u3068\u306e\u30b5\u30d6\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u7d44\u307f\u5408\u308f\u305b\u308b<\/li>\n<li>\u898f\u5f8b\u3042\u308b\u30ea\u30d0\u30e9\u30f3\u30b9\u306f\u30ea\u30b9\u30af\u3092\u4e0b\u3052\u3064\u3064\u30ea\u30bf\u30fc\u30f3\u3092\u308f\u305a\u304b\u306b\u9ad8\u3081\u308b\u50be\u5411\u304c\u3042\u308a\u3001\u6700\u9069\u306a\u30b3\u30ea\u30c9\u30fc\u5e45\u306f\u53d6\u5f15\u30b3\u30b9\u30c8\u3001\u30ea\u30b9\u30af\u8a31\u5bb9\u5ea6\u3001\u4ed6\u306e\u8cc7\u7523\u3068\u306e\u76f8\u95a2\u3068\u6b63\u306e\u95a2\u4fc2\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u6b8b\u308a\u306e\u90e8\u5206\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3068\u8ca0\u306e\u95a2\u4fc2<\/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\u5e73\u5747\u5206\u6563\u6700\u9069\u5316\u306e\u5229\u7528\u3068\u8a55\u4fa1<\/h3>\n<p><strong>\u5e73\u5747\u5206\u6563\u6700\u9069\u5316\uff08MVO\uff09<\/strong>\u306f\u3001\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u304b\u3089\u30ea\u30b9\u30af\u56de\u907f\u5ea6\u306b\u5fdc\u3058\u305f\u30da\u30ca\u30eb\u30c6\u30a3\u3092\u5dee\u3057\u5f15\u3044\u305f\u52b9\u7528\u3092\u6700\u5927\u5316\u3059\u308b\u8cc7\u7523\u914d\u5206\u3092\u6c42\u3081\u307e\u3059\u3002\u4e00\u65b9\u3067\u3001\u5165\u529b\u3078\u306e\u654f\u611f\u3055\u3084\u96c6\u4e2d\u306a\u3069\u306e\u554f\u984c\u304c\u3042\u308a\u3001\u305d\u306e\u5bfe\u51e6\u6cd5\u3082\u7406\u89e3\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u6279\u5224\uff1a\u5165\u529b\uff08\u7279\u306b\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\uff09\u306e\u308f\u305a\u304b\u306a\u5909\u5316\u306b\u7d50\u679c\u304c\u654f\u611f<\/li>\n<li>\u6279\u5224\uff1a\u4e00\u90e8\u306e\u8cc7\u7523\u30af\u30e9\u30b9\u306b\u96c6\u4e2d\u3057\u3084\u3059\u3044\u3001\u6b6a\u5ea6\u30fb\u5c16\u5ea6\u3092\u7121\u8996<\/li>\n<li>\u6279\u5224\uff1a\u30ea\u30b9\u30af\u6e90\u6cc9\u304c\u5206\u6563\u3055\u308c\u306a\u3044\u3001\u8ca0\u50b5\u30fb\u6d88\u8cbb\u3068\u306e\u95a2\u4fc2\u304c\u306a\u3044\u3001\u5358\u4e00\u671f\u9593<\/li>\n<li>\u5bfe\u51e6\uff1a\u9006\u6700\u9069\u5316\u3001\u30d6\u30e9\u30c3\u30af\u30fb\u30ea\u30bf\u30fc\u30de\u30f3\u30fb\u30e2\u30c7\u30eb\u3001\u30a6\u30a8\u30a4\u30c8\u5236\u7d04\u3001\u30ea\u30b5\u30f3\u30d7\u30ea\u30f3\u30b0<\/li>\n<li>\u9006\u6700\u9069\u5316\uff1a\u5e02\u5834\u306e\u6642\u4fa1\u7dcf\u984d\u30a6\u30a8\u30a4\u30c8\u304b\u3089\u9006\u7b97\u3057\u305f\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3092\u7528\u3044\u308b<\/li>\n<\/ul>\n<div class=\"cfalm-f\">U\u2098 \uff1d E(R\u2098) \u2212 0.005 \u00d7 \u03bb \u00d7 \u03c3\u2098\u00b2<\/div>\n<h3>LOS 2\uff1aMVO\u306b\u3088\u308b\u914d\u5206\u306e\u63a8\u5968<\/h3>\n<p>MVO\u3067\u5f97\u3089\u308c\u308b\u52b9\u7387\u7684\u30d5\u30ed\u30f3\u30c6\u30a3\u30a2\u4e0a\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u304b\u3089\u3001\u6295\u8cc7\u5bb6\u306e<strong>\u30ea\u30b9\u30af\u56de\u907f\u5ea6<\/strong>\u3084<strong>\u76ee\u7684\u30fb\u5236\u7d04<\/strong>\u306b\u5408\u3046\u3082\u306e\u3092\u9078\u3073\u3001\u305d\u306e\u7406\u7531\u3092\u8aac\u660e\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30ea\u30b9\u30af\u56de\u907f\u5ea6 \u03bb \u304c\u5927\u304d\u3044\u307b\u3069\u4f4e\u30ea\u30b9\u30af\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u304c\u9078\u3070\u308c\u308b<\/li>\n<li>\u30ea\u30bf\u30fc\u30f3\u76ee\u6a19\u3084\u30ea\u30b9\u30af\u306e\u4e0a\u9650\u3001\u6d41\u52d5\u6027\u306a\u3069\u306e\u5236\u7d04\u3092\u6e80\u305f\u3059\u3082\u306e\u3092\u9078\u3076<\/li>\n<li>\u96a3\u63a5\u3059\u308b\u30b3\u30fc\u30ca\u30fc\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u9593\u306e\u7dda\u5f62\u7d50\u5408\u3067\u30d5\u30ed\u30f3\u30c6\u30a3\u30a2\u4e0a\u306e\u30a6\u30a8\u30a4\u30c8\u3092\u6c42\u3081\u3089\u308c\u308b<\/li>\n<li>\u5b9f\u52d9\u3067\u306f\u5236\u7d04\u4ed8\u304d\u6700\u9069\u5316\u304c\u4e00\u822c\u7684<\/li>\n<\/ul>\n<h3>LOS 3\uff1a\u7d4c\u6e08\u7684\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u3092\u8e0f\u307e\u3048\u305f\u914d\u5206<\/h3>\n<p><strong>\u4eba\u7684\u8cc7\u672c<\/strong>\u3084\u4e0d\u52d5\u7523\u306a\u3069\u306e\u975e\u91d1\u878d\u8cc7\u7523\u3001\u5c06\u6765\u306e\u8ca0\u50b5\u3082\u542b\u3081\u305f<strong>\u7d4c\u6e08\u7684\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8<\/strong>\u5168\u4f53\u3067\u8cc7\u7523\u914d\u5206\u3092\u8003\u3048\u307e\u3059\u3002\u91d1\u878d\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306f\u3001\u305d\u308c\u4ee5\u5916\u306e\u8cc7\u7523\u30fb\u8ca0\u50b5\u306e\u30ea\u30b9\u30af\u3092\u88dc\u5b8c\u3059\u308b\u3088\u3046\u306b\u914d\u5206\u3055\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u4eba\u7684\u8cc7\u672c\u304c\u50b5\u5238\u7684\uff08\u5b89\u5b9a\u53ce\u5165\uff09\u306a\u3089\u91d1\u878d\u8cc7\u7523\u306e\u682a\u5f0f\u6bd4\u7387\u3092\u9ad8\u3081\u3089\u308c\u308b<\/li>\n<li>\u4eba\u7684\u8cc7\u672c\u304c\u682a\u5f0f\u7684\uff08\u696d\u7e3e\u9023\u52d5\uff09\u306a\u3089\u91d1\u878d\u8cc7\u7523\u306e\u682a\u5f0f\u6bd4\u7387\u3092\u4e0b\u3052\u308b<\/li>\n<li>\u5e74\u9f62\u3068\u3068\u3082\u306b\u4eba\u7684\u8cc7\u672c\u304c\u6e1b\u308a\u3001\u91d1\u878d\u8cc7\u7523\u306e\u6bd4\u7387\u304c\u9ad8\u307e\u308b<\/li>\n<li>\u975e\u91d1\u878d\u8cc7\u7523\u3092\u542b\u3081\u305f\u30ea\u30b9\u30af\u30fb\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3067\u8a55\u4fa1<\/li>\n<\/ul>\n<h3>LOS 4\uff1a\u30b0\u30ed\u30fc\u30d0\u30eb\u5e02\u5834\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u57fa\u3065\u304f\u914d\u5206<\/h3>\n<p><strong>\u30b0\u30ed\u30fc\u30d0\u30eb\u5e02\u5834\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa<\/strong>\u306e\u6642\u4fa1\u7dcf\u984d\u30a6\u30a8\u30a4\u30c8\u306f\u3001MVO\u304c\u6975\u7aef\u306a\u7d50\u679c\u306b\u306a\u308a\u3084\u3059\u3044\u3053\u3068\u3078\u306e\u5bfe\u7b56\u3068\u3057\u3066\u3001\u307e\u305f\u898b\u901a\u3057\u304c\u7279\u306b\u306a\u3044\u5834\u5408\u306e<strong>\u51fa\u767a\u70b9<\/strong>\u3068\u3057\u3066\u6709\u7528\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u7406\u8ad6\u7684\u306b\u6700\u3082\u5206\u6563\u3055\u308c\u305f\u914d\u5206<\/li>\n<li>\u9006\u6700\u9069\u5316\u3067\u5e02\u5834\u306b\u6574\u5408\u7684\u306a\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3092\u6c42\u3081\u308b\u57fa\u790e<\/li>\n<li>\u30db\u30fc\u30e0\u30fb\u30d0\u30a4\u30a2\u30b9\u3068\u306e\u6bd4\u8f03<\/li>\n<li>\u975e\u4e0a\u5834\u8cc7\u7523\u306e\u7d44\u5165\u308c\u306b\u306f\u4ee3\u7406\u6307\u6a19\u3084\u624b\u6bb5\u306e\u5236\u7d04\u304c\u3042\u308b<\/li>\n<\/ul>\n<h3>LOS 5\uff1a\u30e2\u30f3\u30c6\u30ab\u30eb\u30ed\u3068\u30b7\u30ca\u30ea\u30aa\u5206\u6790\u306b\u3088\u308b\u9811\u5065\u6027\u306e\u8a55\u4fa1<\/h3>\n<p><strong>\u30e2\u30f3\u30c6\u30ab\u30eb\u30ed\u30fb\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3<\/strong>\u306f\u591a\u671f\u9593\u306b\u308f\u305f\u308b\u30ea\u30bf\u30fc\u30f3\u306e\u7d4c\u8def\u3092\u591a\u6570\u751f\u6210\u3057\u3001\u53d6\u5f15\u30b3\u30b9\u30c8\u30fb\u7a0e\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u53cd\u6620\u3057\u305f<strong>\u7d50\u679c\u306e\u5206\u5e03<\/strong>\u3092\u793a\u3057\u307e\u3059\u3002<strong>\u30b7\u30ca\u30ea\u30aa\u5206\u6790<\/strong>\u306f\u7279\u5b9a\u306e\u72b6\u6cc1\u4e0b\u3067\u306e\u8cc7\u7523\u914d\u5206\u306e\u6210\u679c\u3092\u78ba\u304b\u3081\u307e\u3059\u3002<\/p>\n<ul>\n<li>MVO\u306f\u5358\u4e00\u671f\u9593\u3060\u304c\u3001\u30e2\u30f3\u30c6\u30ab\u30eb\u30ed\u306f\u591a\u671f\u9593\u306e\u7d4c\u8def\u4f9d\u5b58\u6027\u3092\u6271\u3048\u308b<\/li>\n<li>\u76ee\u6a19\u306e\u9054\u6210\u78ba\u7387\u3084\u8cc7\u7523\u306e\u67af\u6e07\u78ba\u7387\u306a\u3069\u3092\u8a55\u4fa1<\/li>\n<li>\u62e0\u51fa\u30fb\u5f15\u304d\u51fa\u3057\u3001\u30ea\u30d0\u30e9\u30f3\u30b9\u3001\u7a0e\u3092\u7d44\u307f\u8fbc\u3081\u308b<\/li>\n<li>\u30b9\u30c8\u30ec\u30b9\u30fb\u30b7\u30ca\u30ea\u30aa\u3067\u914d\u5206\u306e\u5f31\u70b9\u3092\u78ba\u8a8d<\/li>\n<\/ul>\n<h3>LOS 6\uff1a\u8cc7\u7523\u30af\u30e9\u30b9\u306e\u6d41\u52d5\u6027\u306b\u95a2\u3059\u308b\u8003\u616e\u4e8b\u9805<\/h3>\n<p>\u975e\u4e0a\u5834\u682a\u5f0f\u3084\u4e0d\u52d5\u7523\u3001\u30a4\u30f3\u30d5\u30e9\u306a\u3069\u306e<strong>\u6d41\u52d5\u6027\u306e\u4f4e\u3044\u8cc7\u7523\u30af\u30e9\u30b9<\/strong>\u306f\u3001MVO\u306b\u7d44\u307f\u8fbc\u3080\u306e\u304c\u96e3\u3057\u304f\u306a\u308a\u307e\u3059\u3002\u9069\u5207\u306a\u4ee3\u7406\u6307\u6a19\u304c\u306a\u304f\u3001\u30c7\u30fc\u30bf\u304c\u5e73\u6ed1\u5316\u3055\u308c\u3066\u3044\u308b\u3053\u3068\u304c\u591a\u3044\u305f\u3081\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u5e73\u6ed1\u5316\u3055\u308c\u305f\u30ea\u30bf\u30fc\u30f3\u306f\u30ea\u30b9\u30af\u3068\u76f8\u95a2\u3092\u904e\u5c0f\u8a55\u4fa1<\/li>\n<li>\u6295\u8cc7\u53ef\u80fd\u306a\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u304c\u306a\u304f\u3001\u5b9f\u969b\u306b\u5f97\u3089\u308c\u308b\u30ea\u30bf\u30fc\u30f3\u3068\u6307\u6570\u304c\u4e56\u96e2<\/li>\n<li>\u5bfe\u51e6\uff1a\u6d41\u52d5\u6027\u306e\u9ad8\u3044\u4ee3\u7406\u8cc7\u7523\u3067MVO\u3092\u884c\u3046\u3001\u975e\u6d41\u52d5\u8cc7\u7523\u306e\u30c7\u30fc\u30bf\u3092\u8abf\u6574\u3059\u308b\u3001\u56fa\u5b9a\u30a6\u30a8\u30a4\u30c8\u3068\u3057\u3066\u6271\u3046<\/li>\n<li>\u6295\u8cc7\u5bb6\u306e\u6d41\u52d5\u6027\u30cb\u30fc\u30ba\u3068\u8cc7\u91d1\u306e\u62d8\u675f\u671f\u9593\u3092\u8003\u616e<\/li>\n<\/ul>\n<h3>LOS 7\uff1a\u7d76\u5bfe\u7684\u30fb\u76f8\u5bfe\u7684\u30ea\u30b9\u30af\u30fb\u30d0\u30b8\u30a7\u30c3\u30c8<\/h3>\n<p><strong>\u30ea\u30b9\u30af\u30fb\u30d0\u30b8\u30a7\u30c3\u30c6\u30a3\u30f3\u30b0<\/strong>\u306f\u3069\u306e\u30ea\u30b9\u30af\u3092\u3069\u308c\u3060\u3051\u53d6\u308b\u304b\u3092\u6c7a\u3081\u308b\u3053\u3068\u3067\u3059\u3002<strong>\u7d76\u5bfe\u7684<\/strong>\u30ea\u30b9\u30af\u30fb\u30d0\u30b8\u30a7\u30c3\u30c8\u306f\u7dcf\u30ea\u30b9\u30af\u3001<strong>\u76f8\u5bfe\u7684<\/strong>\u30ea\u30b9\u30af\u30fb\u30d0\u30b8\u30a7\u30c3\u30c8\u306f\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u5bfe\u6bd4\u306e\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af\u3092\u5bfe\u8c61\u3068\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>MCTR\uff08\u7dcf\u30ea\u30b9\u30af\u3078\u306e\u9650\u754c\u5bc4\u4e0e\uff09\uff1a\u8cc7\u7523\u306e\u30a6\u30a8\u30a4\u30c8\u3092\u308f\u305a\u304b\u306b\u5897\u3084\u3057\u305f\u3068\u304d\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u30fb\u30ea\u30b9\u30af\u306e\u5897\u52a0\u5206<\/li>\n<li>ACTR\uff08\u7dcf\u30ea\u30b9\u30af\u3078\u306e\u7d76\u5bfe\u5bc4\u4e0e\uff09\uff1d \u30a6\u30a8\u30a4\u30c8 \u00d7 MCTR<\/li>\n<li>ACTR\u306e\u5408\u8a08\u304c\u7dcf\u30ea\u30b9\u30af<\/li>\n<li>\u6700\u9069\u6761\u4ef6\uff1a\u8d85\u904e\u30ea\u30bf\u30fc\u30f3 \u00f7 MCTR \u304c\u3059\u3079\u3066\u306e\u8cc7\u7523\u3067\u7b49\u3057\u3044<\/li>\n<li>\u76f8\u5bfe\u7684\u30ea\u30b9\u30af\u30fb\u30d0\u30b8\u30a7\u30c3\u30c8\uff1a\u6226\u7565\u7684\u8cc7\u7523\u914d\u5206\u3084\u5404\u8cc7\u7523\u30af\u30e9\u30b9\u306e\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306b\u5bfe\u3059\u308b\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af<\/li>\n<\/ul>\n<div class=\"cfalm-f\">MCTR\u1d62 \uff1d \u03b2\u1d62 \u00d7 \u03c3\u209a\u3001ACTR\u1d62 \uff1d w\u1d62 \u00d7 MCTR\u1d62<\/div>\n<h3>LOS 8\uff1a\u9867\u5ba2\u306e\u30cb\u30fc\u30ba\u3068\u9078\u597d\u306e\u7d44\u8fbc\u307f<\/h3>\n<p>\u9867\u5ba2\u306e<strong>\u30ea\u30b9\u30af\u306b\u95a2\u3059\u308b\u30cb\u30fc\u30ba\u3084\u9078\u597d<\/strong>\uff08\u7279\u5b9a\u306e\u8cc7\u7523\u306e\u9664\u5916\u3001ESG\u306a\u3069\uff09\u3092\u8cc7\u7523\u914d\u5206\u306b\u7d44\u307f\u8fbc\u307f\u307e\u3059\u3002\u5236\u7d04\u3068\u3057\u3066\u6271\u3046\u304b\u3001\u76ee\u7684\u95a2\u6570\u306b\u53cd\u6620\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u7279\u5b9a\u306e\u696d\u7a2e\u30fb\u4f01\u696d\u306e\u9664\u5916\uff08ESG\u3001\u5b97\u6559\u4e0a\u306e\u7406\u7531\u306a\u3069\uff09<\/li>\n<li>\u30ea\u30b9\u30af\u306e\u5acc\u3044\u65b9\uff1a\u640d\u5931\u56de\u907f\u3001\u30c9\u30ed\u30fc\u30c0\u30a6\u30f3\u3078\u306e\u61f8\u5ff5<\/li>\n<li>\u30a4\u30f3\u30d1\u30af\u30c8\u6295\u8cc7\u3084\u30c6\u30fc\u30de\u6295\u8cc7\u306e\u5e0c\u671b<\/li>\n<li>\u5236\u7d04\u304c\u591a\u3044\u307b\u3069\u6700\u9069\u306a\u914d\u5206\u304b\u3089\u96e2\u308c\u308b\u30b3\u30b9\u30c8\u304c\u751f\u3058\u308b<\/li>\n<\/ul>\n<h3>LOS 9\uff1a\u6295\u8cc7\u30d5\u30a1\u30af\u30bf\u30fc\u306e\u5229\u7528<\/h3>\n<p>\u8cc7\u7523\u30af\u30e9\u30b9\u3067\u306f\u306a\u304f<strong>\u30d5\u30a1\u30af\u30bf\u30fc<\/strong>\uff08\u5e02\u5834\u3001\u898f\u6a21\u3001\u30d0\u30ea\u30e5\u30fc\u3001\u30e2\u30e1\u30f3\u30bf\u30e0\u3001\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3001\u30af\u30ec\u30b8\u30c3\u30c8\u306a\u3069\uff09\u3092\u5358\u4f4d\u306b\u3057\u3066\u914d\u5206\u3092\u69cb\u7bc9\u30fb\u5206\u6790\u3057\u307e\u3059\u3002\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30d9\u30fc\u30b9\u306e\u914d\u5206\u306f\u30ea\u30b9\u30af\u306e\u91cd\u8907\u3092\u660e\u3089\u304b\u306b\u3057\u307e\u3059\u304c\u3001\u5b9f\u884c\u306b\u306f\u30ed\u30f3\u30b0\u30fb\u30b7\u30e7\u30fc\u30c8\u30fb\u30dd\u30b8\u30b7\u30e7\u30f3\u304c\u5fc5\u8981\u306a\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306f\u76f8\u95a2\u304c\u4f4e\u304f\u306a\u308a\u3084\u3059\u3044<\/li>\n<li>\u8cc7\u7523\u30af\u30e9\u30b9\u306e\u30ea\u30b9\u30af\u3092\u30d5\u30a1\u30af\u30bf\u30fc\u306b\u5206\u89e3\u3057\u3066\u5206\u6563\u306e\u5ea6\u5408\u3044\u3092\u8a55\u4fa1<\/li>\n<li>\u30ed\u30f3\u30b0\u30fb\u30b7\u30e7\u30fc\u30c8\u306b\u3088\u308b\u5b9f\u884c\u306f\u30ec\u30d0\u30ec\u30c3\u30b8\u3084\u7a7a\u58f2\u308a\u306e\u30b3\u30b9\u30c8\u3092\u4f34\u3046<\/li>\n<li>\u30d5\u30a1\u30af\u30bf\u30fc\u3068\u8cc7\u7523\u30af\u30e9\u30b9\u306e\u4e21\u9762\u304b\u3089\u5206\u6790<\/li>\n<\/ul>\n<h3>LOS 10\uff1a\u8ca0\u50b5\u306e\u7279\u6027<\/h3>\n<p>\u8ca0\u50b5\u5bfe\u6bd4\u306e\u8cc7\u7523\u914d\u5206\u3067\u306f\u3001\u8ca0\u50b5\u306e<strong>\u6027\u8cea<\/strong>\u304c\u8cc7\u7523\u914d\u5206\u3092\u5927\u304d\u304f\u5de6\u53f3\u3057\u307e\u3059\u3002\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u78ba\u5b9a\u304b\u6761\u4ef6\u4ed8\u304d\u304b\u3001\u91d1\u5229\u611f\u5fdc\u5ea6\u3001\u30a4\u30f3\u30d5\u30ec\u9023\u52d5\u306e\u6709\u7121\u306a\u3069\u3092\u8a55\u4fa1\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u56fa\u5b9a\u7684\u306a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304b\u6761\u4ef6\u4ed8\u304d\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304b<\/li>\n<li>\u6cd5\u7684\u8ca0\u50b5\u304b\u6e96\u8ca0\u50b5\uff08\u4f8b\uff1a\u8ca1\u56e3\u306e\u652f\u51fa\u76ee\u6a19\uff09\u304b<\/li>\n<li>\u8ca0\u50b5\u306e\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3068\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3<\/li>\n<li>\u30b9\u30dd\u30f3\u30b5\u30fc\u7d44\u7e54\u306e\u898f\u6a21\u306b\u5bfe\u3059\u308b\u8ca0\u50b5\u306e\u5927\u304d\u3055<\/li>\n<li>\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u6c7a\u5b9a\u8981\u56e0\uff08\u30a4\u30f3\u30d5\u30ec\u3001\u7d4c\u6e08\u72b6\u6cc1\u3001\u91d1\u5229\u3001\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\uff09<\/li>\n<li>\u9577\u5bff\u30ea\u30b9\u30af\u306a\u3069\u306e\u6642\u671f\u306e\u8981\u56e0\u3001\u898f\u5236\u306e\u5f71\u97ff<\/li>\n<\/ul>\n<h3>LOS 11\uff1a\u8ca0\u50b5\u5bfe\u6bd4\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u306e\u30a2\u30d7\u30ed\u30fc\u30c1<\/h3>\n<p>\u8ca0\u50b5\u5bfe\u6bd4\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u306b\u306f\u3001<strong>\u30b5\u30fc\u30d7\u30e9\u30b9\u6700\u9069\u5316<\/strong>\u3001<strong>\u30d8\u30c3\u30b8\uff0f\u30ea\u30bf\u30fc\u30f3\u8ffd\u6c42\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong>\u3001<strong>\u7d71\u5408\u7684\u8cc7\u7523\u8ca0\u50b5\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong>\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30b5\u30fc\u30d7\u30e9\u30b9\u6700\u9069\u5316\uff1a\u30b5\u30fc\u30d7\u30e9\u30b9\u30fb\u30ea\u30bf\u30fc\u30f3\u306b\u5e73\u5747\u5206\u6563\u6700\u9069\u5316\u3092\u9069\u7528<\/li>\n<li>\u30d8\u30c3\u30b8\uff0f\u30ea\u30bf\u30fc\u30f3\u8ffd\u6c42\uff1a\u8ca0\u50b5\u3092\u30d8\u30c3\u30b8\u3059\u308b\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3068\u6b8b\u308a\u3092\u904b\u7528\u3059\u308b\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u5206\u3051\u308b\uff08\u57fa\u672c\u578b\u3068\u90e8\u5206\u30d8\u30c3\u30b8\u578b\uff09<\/li>\n<li>\u7d71\u5408\u7684\u8cc7\u7523\u8ca0\u50b5\u30a2\u30d7\u30ed\u30fc\u30c1\uff1a\u8cc7\u7523\u3068\u8ca0\u50b5\u306e\u610f\u601d\u6c7a\u5b9a\u3092\u540c\u6642\u306b\u6700\u9069\u5316\uff08\u9280\u884c\u30fb\u4fdd\u967a\u306a\u3069\uff09<\/li>\n<li>\u30b5\u30fc\u30d7\u30e9\u30b9\u304c\u306a\u3044\u5834\u5408\u3001\u57fa\u672c\u578b\u306e\u30d8\u30c3\u30b8\uff0f\u30ea\u30bf\u30fc\u30f3\u8ffd\u6c42\u30a2\u30d7\u30ed\u30fc\u30c1\u306f\u4f7f\u3048\u306a\u3044<\/li>\n<\/ul>\n<div class=\"cfalm-f\">U\u2098^LR \uff1d E(R\u209b,\u2098) \u2212 0.005 \u00d7 \u03bb \u00d7 \u03c3\u00b2(R\u209b,\u2098)<\/div>\n<h3>LOS 12\uff1a\u8ca0\u50b5\u5bfe\u6bd4\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u306e\u63a8\u5968<\/h3>\n<p>\u8ca0\u50b5\u306e\u7279\u6027\u3001\u7a4d\u7acb\u72b6\u6cc1\u3001\u30b9\u30dd\u30f3\u30b5\u30fc\u306e\u30ea\u30b9\u30af\u8a31\u5bb9\u5ea6\u3092\u8e0f\u307e\u3048\u3066\u3001<strong>\u30d8\u30c3\u30b8\u306e\u6bd4\u7387<\/strong>\u3084\u30ea\u30bf\u30fc\u30f3\u8ffd\u6c42\u8cc7\u7523\u306e\u6bd4\u7387\u3092\u6c7a\u3081\u3001\u305d\u306e\u7406\u7531\u3092\u8aac\u660e\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u7a4d\u7acb\u6bd4\u7387\u304c\u9ad8\u3044\uff08\u30b5\u30fc\u30d7\u30e9\u30b9\u304c\u5927\u304d\u3044\uff09\u307b\u3069\u30ea\u30b9\u30af\u8cc7\u7523\u3092\u6301\u3064\u4f59\u5730\u304c\u3042\u308b<\/li>\n<li>\u8ca0\u50b5\u3068\u540c\u3058\u91d1\u5229\u611f\u5fdc\u5ea6\u306e\u8cc7\u7523\u3067\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3092\u30de\u30c3\u30c1\u30f3\u30b0<\/li>\n<li>\u7a4d\u7acb\u4e0d\u8db3\u306a\u3089\u30d8\u30c3\u30b8\u6bd4\u7387\u3068\u30ea\u30b9\u30af\u306e\u30d0\u30e9\u30f3\u30b9\u304c\u8ab2\u984c<\/li>\n<li>\u30b9\u30dd\u30f3\u30b5\u30fc\u306e\u8ca1\u52d9\u529b\u3084\u8ca0\u50b5\u306e\u6210\u719f\u5ea6\u3082\u8003\u616e<\/li>\n<li>\u30b7\u30ca\u30ea\u30aa\u5206\u6790\u3084\u30e2\u30f3\u30c6\u30ab\u30eb\u30ed\u3067\u7a4d\u7acb\u72b6\u6cc1\u306e\u5909\u5316\u3092\u8a55\u4fa1<\/li>\n<\/ul>\n<h3>LOS 13\uff1a\u30b4\u30fc\u30eb\u30fb\u30d9\u30fc\u30b9\u306b\u3088\u308b\u914d\u5206<\/h3>\n<p><strong>\u30b4\u30fc\u30eb\u30fb\u30d9\u30fc\u30b9<\/strong>\u306e\u914d\u5206\u3067\u306f\u3001\u5404\u76ee\u6a19\u306b\u671f\u9593\u3068<strong>\u5fc5\u8981\u306a\u9054\u6210\u78ba\u7387<\/strong>\u3092\u8a2d\u5b9a\u3057\u3001\u76ee\u6a19\u3054\u3068\u306b\u6700\u9069\u306a<strong>\u30b5\u30d6\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\uff08\u30e2\u30b8\u30e5\u30fc\u30eb\uff09<\/strong>\u3092\u5272\u308a\u5f53\u3066\u307e\u3059\u3002\u5168\u4f53\u306e\u914d\u5206\u306f\u30b5\u30d6\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u5408\u8a08\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u30d7\u30ed\u30bb\u30b91\uff1a\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u30fb\u30e2\u30b8\u30e5\u30fc\u30eb\u306e\u4f5c\u6210\uff08\u30ea\u30b9\u30af\u30fb\u30ea\u30bf\u30fc\u30f3\u7279\u6027\u306e\u7570\u306a\u308b\u8907\u6570\u306e\u30e2\u30b8\u30e5\u30fc\u30eb\uff09<\/li>\n<li>\u30d7\u30ed\u30bb\u30b92\uff1a\u9867\u5ba2\u306e\u76ee\u6a19\u3092\u628a\u63e1\u3057\u3001\u9069\u5207\u306a\u30e2\u30b8\u30e5\u30fc\u30eb\u3068\u5fc5\u8981\u8cc7\u91d1\u3092\u5272\u308a\u5f53\u3066\u308b<\/li>\n<li>\u91cd\u8981\u5ea6\u306e\u9ad8\u3044\u76ee\u6a19\u307b\u3069\u9ad8\u3044\u9054\u6210\u78ba\u7387\u3068\u4f4e\u30ea\u30b9\u30af\u306e\u30e2\u30b8\u30e5\u30fc\u30eb<\/li>\n<li>\u5fc5\u8981\u8cc7\u91d1 \uff1d \u76ee\u6a19\u984d\u3092\u3001\u671f\u9593\u3068\u9054\u6210\u78ba\u7387\u306b\u5bfe\u5fdc\u3057\u305f\u5272\u5f15\u7387\u3067\u5272\u308a\u5f15\u3044\u305f\u984d<\/li>\n<li>\u5b9a\u671f\u7684\u306a\u30e2\u30cb\u30bf\u30ea\u30f3\u30b0\u3068\u898b\u76f4\u3057<\/li>\n<\/ul>\n<h3>LOS 14\uff1a\u30d2\u30e5\u30fc\u30ea\u30b9\u30c6\u30a3\u30c3\u30af\u306a\u30a2\u30d7\u30ed\u30fc\u30c1<\/h3>\n<p>\u7c21\u4fbf\u306a\u7d4c\u9a13\u5247\u306b\u3088\u308b\u914d\u5206\u3068\u3057\u3066\u3001<strong>\u300c120 \u2212 \u5e74\u9f62\u300d<\/strong>\u3001<strong>60\/40\uff08\u682a\u5f0f\uff0f\u50b5\u5238\uff09<\/strong>\u3001<strong>\u30a8\u30f3\u30c0\u30a6\u30e1\u30f3\u30c8\u30fb\u30e2\u30c7\u30eb<\/strong>\u3001<strong>\u30ea\u30b9\u30af\u30fb\u30d1\u30ea\u30c6\u30a3<\/strong>\u3001<strong>1\/N\uff08\u5747\u7b49\u914d\u5206\uff09<\/strong>\u306a\u3069\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>120 \u2212 \u5e74\u9f62\uff1a\u682a\u5f0f\u6bd4\u7387\u3092\u5e74\u9f62\u306b\u5fdc\u3058\u3066\u6c7a\u3081\u308b<\/li>\n<li>60\/40\uff1a\u682a\u5f0f60%\u30fb\u50b5\u523840%\u306e\u4f1d\u7d71\u7684\u914d\u5206<\/li>\n<li>\u30a8\u30f3\u30c0\u30a6\u30e1\u30f3\u30c8\u30fb\u30e2\u30c7\u30eb\uff1a\u975e\u4f1d\u7d71\u7684\u8cc7\u7523\u3068\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528\u3092\u91cd\u8996\uff08\u9577\u671f\u30fb\u6d41\u52d5\u6027\u30cb\u30fc\u30ba\u304c\u4f4e\u3044\u6295\u8cc7\u5bb6\u5411\u304d\uff09<\/li>\n<li>\u30ea\u30b9\u30af\u30fb\u30d1\u30ea\u30c6\u30a3\uff1a\u5404\u8cc7\u7523\u30af\u30e9\u30b9\u306e\u30ea\u30b9\u30af\u5bc4\u4e0e\u3092\u7b49\u3057\u304f\u3059\u308b\u3002\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3092\u8003\u616e\u3057\u306a\u3044\u70b9\u304c\u6279\u5224\u3055\u308c\u308b<\/li>\n<li>1\/N\uff1a\u5747\u7b49\u914d\u5206\u3002\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u7b49\u306e\u63a8\u5b9a\u304c\u4e0d\u8981\u3067\u63a8\u5b9a\u8aa4\u5dee\u306e\u5f71\u97ff\u3092\u53d7\u3051\u306a\u3044<\/li>\n<\/ul>\n<h3>LOS 15\uff1a\u30ea\u30d0\u30e9\u30f3\u30b9\u65b9\u91dd\u306b\u5f71\u97ff\u3059\u308b\u8981\u56e0<\/h3>\n<p>\u898f\u5f8b\u3042\u308b\u30ea\u30d0\u30e9\u30f3\u30b9\u306f<strong>\u30ea\u30b9\u30af\u3092\u6291\u3048<\/strong>\u30ea\u30bf\u30fc\u30f3\u3092\u308f\u305a\u304b\u306b\u9ad8\u3081\u308b\u50be\u5411\u304c\u3042\u308a\u307e\u3059\u3002\u6700\u9069\u306a\u30b3\u30ea\u30c9\u30fc\uff08\u8a31\u5bb9\u5e45\uff09\u306e\u5e83\u3055\u306f\u3001\u53d6\u5f15\u30b3\u30b9\u30c8\u3001\u30ea\u30b9\u30af\u8a31\u5bb9\u5ea6\u3001\u76f8\u95a2\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306a\u3069\u3067\u6c7a\u307e\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u53d6\u5f15\u30b3\u30b9\u30c8\u304c\u9ad8\u3044\u307b\u3069\u30b3\u30ea\u30c9\u30fc\u306f\u5e83\u304f<\/li>\n<li>\u30ea\u30b9\u30af\u8a31\u5bb9\u5ea6\u304c\u9ad8\u3044\u307b\u3069\u30b3\u30ea\u30c9\u30fc\u306f\u5e83\u304f<\/li>\n<li>\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u4ed6\u306e\u90e8\u5206\u3068\u306e\u76f8\u95a2\u304c\u9ad8\u3044\u307b\u3069\u30b3\u30ea\u30c9\u30fc\u306f\u5e83\u304f<\/li>\n<li>\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u4ed6\u306e\u90e8\u5206\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u9ad8\u3044\u307b\u3069\u30b3\u30ea\u30c9\u30fc\u306f\u72ed\u304f<\/li>\n<li>\u8cc7\u7523\u30af\u30e9\u30b9\u81ea\u4f53\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306f\u53d6\u5f15\u30b3\u30b9\u30c8\u3068\u30ea\u30b9\u30af\u7ba1\u7406\u306e\u30c8\u30ec\u30fc\u30c9\u30aa\u30d5<\/li>\n<li>\u30ea\u30d0\u30e9\u30f3\u30b9\u306e\u53ce\u76ca\u6e90\u306e\u89e3\u91c8\uff1a\u5206\u6563\u30ea\u30bf\u30fc\u30f3\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u30b7\u30e7\u30fc\u30c8\u3001\u6d41\u52d5\u6027\u306e\u4f9b\u7d66<\/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\/level3-mail\/\" target=\"_blank\" rel=\"noopener\">Level 3 \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-l3-aa-lm3\/\">LM3 Overview of Asset Allocation\uff08\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u306e\u6982\u8981\uff09<\/a><br \/>\n\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-aa-lm5\/\">LM5 Asset Allocation with Real-World Constraints\uff08\u73fe\u5b9f\u306e\u5236\u7d04\u4e0b\u3067\u306e\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l3-aa\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 3 Asset Allocation\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 3 Asset Allocation LM4\u300cPrinciples of Asset Allocation\uff08\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u306e\u539f\u5247\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":11218,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[100],"tags":[],"class_list":["post-10872","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-level3-topics"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10872","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=10872"}],"version-history":[{"count":2,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10872\/revisions"}],"predecessor-version":[{"id":11368,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10872\/revisions\/11368"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11218"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10872"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10872"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10872"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}