{"id":10873,"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-lm5\/"},"modified":"2026-09-22T07:08:04","modified_gmt":"2026-09-21T22:08:04","slug":"cfa-l3-aa-lm5","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-aa-lm5\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L3 Asset Allocation LM5\u3011Asset Allocation with Real-World Constraints \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u8cc7\u7523\u898f\u6a21\u30fb\u6d41\u52d5\u6027\u30fb\u7a0e\u30fb\u6226\u8853\u7684\u8cc7\u7523\u914d\u5206\u30fb\u884c\u52d5\u30d0\u30a4\u30a2\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 5\u300cAsset Allocation with Real-World Constraints\uff08\u5236\u7d04\u4e0b\u306e\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\uff09\u300d\u306f\u3001\u8cc7\u7523\u898f\u6a21\u30fb\u6d41\u52d5\u6027\u30cb\u30fc\u30ba\u30fb\u6295\u8cc7\u671f\u9593\u30fb\u898f\u5236\u306a\u3069\u306e\u5236\u7d04\u3001\u8cc7\u7523\u914d\u5206\u3068\u30ea\u30d0\u30e9\u30f3\u30b9\u306b\u304a\u3051\u308b\u7a0e\u306e\u8003\u616e\u3001\u76ee\u7684\u30fb\u5236\u7d04\u306e\u5909\u5316\u306b\u5fdc\u3058\u305f\u914d\u5206\u306e\u898b\u76f4\u3057\u3001\u77ed\u671f\u7684\u306a\u914d\u5206\u5909\u66f4\uff08\u6226\u8853\u7684\u8cc7\u7523\u914d\u5206\uff09\u3001\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u3067\u751f\u3058\u308b\u884c\u52d5\u30d0\u30a4\u30a2\u30b9\u3068\u305d\u306e\u514b\u670d\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>LM5\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\u3002LM5\u306b\u306f5\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u8cc7\u7523\u898f\u6a21\u3001\u6d41\u52d5\u6027\u30cb\u30fc\u30ba\u3001\u6295\u8cc7\u671f\u9593\u3001\u898f\u5236\u305d\u306e\u4ed6\u306e\u8003\u616e\u4e8b\u9805\u3092\u3001\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u306e\u5236\u7d04\u3068\u3057\u3066\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss asset size, liquidity needs, time horizon, and regulatory or other considerations as constraints on asset allocation<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u3068\u30ea\u30d0\u30e9\u30f3\u30b9\u306b\u304a\u3051\u308b\u7a0e\u306e\u8003\u616e\u4e8b\u9805\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss tax considerations in asset allocation and rebalancing<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u6295\u8cc7\u76ee\u7684\u3084\u5236\u7d04\u306e\u5909\u5316\u3092\u8e0f\u307e\u3048\u3066\u3001\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u306e\u898b\u76f4\u3057\u3092\u63a8\u5968\u30fb\u6b63\u5f53\u5316\u3059\u308b<\/span><span class=\"en\">recommend and justify revisions to an asset allocation given change(s) in investment objectives and\/or constraints<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u306e\u77ed\u671f\u7684\u306a\u5909\u66f4\u306e\u5229\u7528\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss the use of short-term shifts in asset allocation<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1a\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u3067\u751f\u3058\u308b\u884c\u52d5\u30d0\u30a4\u30a2\u30b9\u3092\u7279\u5b9a\u3057\u3001\u305d\u308c\u3092\u514b\u670d\u3059\u308b\u65b9\u6cd5\u3092\u63a8\u5968\u3059\u308b<\/span><span class=\"en\">identify behavioral biases that arise in asset allocation and recommend methods to overcome them<\/span><\/li>\n<\/ol>\n<h2>LM5\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\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u306e\u4e3b\u306a\u5236\u7d04\u306f\u3001\u8cc7\u7523\u898f\u6a21\u3001\u6d41\u52d5\u6027\u3001\u6295\u8cc7\u671f\u9593\u3001\u304a\u3088\u3073\u7a0e\u3084\u898f\u5236\u306a\u3069\u306e\u5916\u90e8\u7684\u306a\u8003\u616e\u4e8b\u9805<\/li>\n<li>\u8cc7\u7523\u898f\u6a21\u306f\u6295\u8cc7\u53ef\u80fd\u306a\u8cc7\u7523\u30af\u30e9\u30b9\u3092\u5236\u9650\u3057\u3046\u308b\u3002\u5927\u898f\u6a21\u306a\u6295\u8cc7\u5bb6\u306f\u904b\u7528\u52b9\u7387\u3092\u5f97\u3089\u308c\u308b\u4e00\u65b9\u3001\u6d41\u52d5\u6027\u3084\u53d6\u5f15\u30b3\u30b9\u30c8\u306e\u305f\u3081\u4e00\u90e8\u306e\u30a2\u30af\u30c6\u30a3\u30d6\u6226\u7565\u306b\u8cc7\u91d1\u3092\u6295\u3058\u306b\u304f\u304f\u3001\u5c0f\u898f\u6a21\u306a\u6295\u8cc7\u5bb6\u306f\u5206\u6563\u3084\u4eba\u54e1\u3001\u6700\u4f4e\u6295\u8cc7\u984d\u306e\u9762\u3067\u5236\u7d04\u3092\u53d7\u3051\u308b<\/li>\n<li>\u6d41\u52d5\u6027\u30cb\u30fc\u30ba\u306f\u6295\u8cc7\u5bb6\u306e\u8ca1\u52d9\u529b\u3084\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u5916\u306e\u8cc7\u6e90\u3082\u8003\u616e\u3057\u3001\u6975\u7aef\u306a\u5e02\u5834\u30b9\u30c8\u30ec\u30b9\u6642\u3092\u60f3\u5b9a\u3057\u3066\u8a55\u4fa1\u3059\u308b<\/li>\n<li>\u7a0e\u306f\u30ea\u30bf\u30fc\u30f3\u306e\u671f\u5f85\u5024\u3092\u4e0b\u3052\u308b\u3068\u3068\u3082\u306b\u3070\u3089\u3064\u304d\u3082\u5c0f\u3055\u304f\u3059\u308b\u305f\u3081\u3001\u8ab2\u7a0e\u6295\u8cc7\u5bb6\u306f\u7a0e\u5f15\u5f8c\u306e\u30ea\u30bf\u30fc\u30f3\u3068\u30ea\u30b9\u30af\u3092\u5165\u529b\u306b\u7528\u3044\u308b<\/li>\n<li>\u8ab2\u7a0e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30d0\u30e9\u30f3\u30b9\u5e45\u306f\u5e83\u3081\u3067\u3088\u304f\u3001\u7a0e\u52b9\u7387\u306e\u4f4e\u3044\u8cc7\u7523\u3092\u7a0e\u5236\u4e0a\u6709\u5229\u306a\u53e3\u5ea7\u306b\u7f6e\u304f\u8cc7\u7523\u914d\u7f6e\uff08\u30a2\u30bb\u30c3\u30c8\u30fb\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\uff09\u304c\u91cd\u8981<\/li>\n<li>\u6226\u7565\u7684\u8cc7\u7523\u914d\u5206\u306f\u72b6\u6cc1\u306b\u5909\u5316\u304c\u306a\u304f\u3066\u3082\u5b9a\u671f\u7684\u306b\u898b\u76f4\u3057\u3001\u76ee\u7684\u30fb\u5236\u7d04\u30fb\u6295\u8cc7\u4e0a\u306e\u4fe1\u5ff5\u306e\u5909\u5316\u304c\u3042\u308c\u3070\u7279\u5225\u306a\u898b\u76f4\u3057\u3092\u884c\u3046\u3002\u7bc0\u76ee\u306b\u5fdc\u3058\u305f\u4e8b\u524d\u8a2d\u5b9a\u306e\u5909\u66f4\u306f\u30b0\u30e9\u30a4\u30c9\u30fb\u30d1\u30b9\u3068\u547c\u3070\u308c\u308b<\/li>\n<li>\u6226\u8853\u7684\u8cc7\u7523\u914d\u5206\u306f\u6226\u7565\u7684\u8cc7\u7523\u914d\u5206\u304b\u3089\u306e\u77ed\u671f\u7684\u306a\u4e56\u96e2\u3067\u30ea\u30b9\u30af\u8abf\u6574\u5f8c\u30ea\u30bf\u30fc\u30f3\u306e\u5411\u4e0a\u3092\u72d9\u3044\u3001\u30b7\u30e3\u30fc\u30d7\u30fb\u30ec\u30b7\u30aa\u3001\u30a4\u30f3\u30d5\u30a9\u30e1\u30fc\u30b7\u30e7\u30f3\u30fb\u30ec\u30b7\u30aa\u306a\u3069\u3067\u8a55\u4fa1\u3055\u308c\u308b<\/li>\n<li>\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u306b\u95a2\u9023\u3059\u308b\u4e3b\u306a\u884c\u52d5\u30d0\u30a4\u30a2\u30b9\u306f\u3001\u640d\u5931\u56de\u907f\u3001\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u306e\u932f\u899a\u3001\u30e1\u30f3\u30bf\u30eb\u30fb\u30a2\u30ab\u30a6\u30f3\u30c6\u30a3\u30f3\u30b0\u3001\u76f4\u8fd1\u30d0\u30a4\u30a2\u30b9\u3001\u30d5\u30ec\u30fc\u30df\u30f3\u30b0\u3001\u5229\u7528\u53ef\u80fd\u6027\u30d0\u30a4\u30a2\u30b9\u3067\u3001\u6b63\u5f0f\u306a\u914d\u5206\u30d7\u30ed\u30bb\u30b9\u3068\u30ac\u30d0\u30ca\u30f3\u30b9\u3067\u5bfe\u51e6\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\u8cc7\u7523\u898f\u6a21\u30fb\u6d41\u52d5\u6027\u30fb\u671f\u9593\u30fb\u898f\u5236\u306e\u5236\u7d04<\/h3>\n<p>\u8cc7\u7523\u914d\u5206\u306f<strong>\u8cc7\u7523\u898f\u6a21<\/strong>\u3001<strong>\u6d41\u52d5\u6027\u30cb\u30fc\u30ba<\/strong>\u3001<strong>\u6295\u8cc7\u671f\u9593<\/strong>\u3001<strong>\u898f\u5236\u30fb\u305d\u306e\u4ed6\u306e\u5916\u90e8\u8981\u56e0<\/strong>\u306b\u3088\u3063\u3066\u5236\u7d04\u3055\u308c\u307e\u3059\u3002\u3053\u308c\u3089\u306f\u5229\u7528\u3067\u304d\u308b\u8cc7\u7523\u30af\u30e9\u30b9\u3084\u6226\u7565\u306e\u7bc4\u56f2\u3092\u5de6\u53f3\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u5927\u898f\u6a21\uff1a\u904b\u7528\u52b9\u7387\u306f\u3042\u308b\u304c\u3001\u5bb9\u91cf\u306e\u5c0f\u3055\u3044\u6226\u7565\u3084\u6d41\u52d5\u6027\u306e\u4f4e\u3044\u5e02\u5834\u3067\u306f\u8cc7\u91d1\u3092\u6295\u3058\u306b\u304f\u3044<\/li>\n<li>\u5c0f\u898f\u6a21\uff1a\u5206\u6563\u30fb\u4eba\u54e1\u30fb\u6700\u4f4e\u6295\u8cc7\u984d\u306e\u5236\u7d04\u3002\u5bcc\u88d5\u5c64\u306f\u8cc7\u91d1\u3092\u30d7\u30fc\u30eb\u3057\u3066\u5bfe\u5fdc<\/li>\n<li>\u8907\u96d1\u306a\u8cc7\u7523\u30af\u30e9\u30b9\u306b\u306f\u5341\u5206\u306a\u30ac\u30d0\u30ca\u30f3\u30b9\u80fd\u529b\u304c\u5fc5\u8981<\/li>\n<li>\u6d41\u52d5\u6027\uff1a\u6975\u7aef\u306a\u5e02\u5834\u30b9\u30c8\u30ec\u30b9\u6642\u3092\u60f3\u5b9a\u3057\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u5916\u306e\u8cc7\u6e90\u3082\u8003\u616e<\/li>\n<li>\u671f\u9593\uff1a\u4eba\u7684\u8cc7\u672c\u306e\u5909\u5316\u3084\u8ca0\u50b5\u306e\u6027\u8cea\u306e\u5909\u5316<\/li>\n<li>\u898f\u5236\uff1a\u5e74\u91d1\u3001\u4fdd\u967a\u3001\u8ca1\u56e3\u3001\u30bd\u30d6\u30ea\u30f3\u30fb\u30a6\u30a7\u30eb\u30b9\u30fb\u30d5\u30a1\u30f3\u30c9\u306a\u3069\u305d\u308c\u305e\u308c\u306e\u898f\u5236\u30fb\u4f1a\u8a08<\/li>\n<\/ul>\n<h3>LOS 2\uff1a\u7a0e\u306e\u8003\u616e\u4e8b\u9805<\/h3>\n<p>\u7a0e\u306f<strong>\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3092\u4e0b\u3052<\/strong>\u3001\u540c\u6642\u306b<strong>\u30ea\u30bf\u30fc\u30f3\u306e\u3070\u3089\u3064\u304d\u3082\u5c0f\u3055\u304f<\/strong>\u3057\u307e\u3059\u3002\u8ab2\u7a0e\u6295\u8cc7\u5bb6\u306f\u7a0e\u5f15\u5f8c\u306e\u6570\u5024\u3067\u8cc7\u7523\u914d\u5206\u3092\u884c\u3044\u3001\u30ea\u30d0\u30e9\u30f3\u30b9\u3084\u8cc7\u7523\u914d\u7f6e\uff08\u30a2\u30bb\u30c3\u30c8\u30fb\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\uff09\u3067\u3082\u7a0e\u3092\u8003\u616e\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u7a0e\u5f15\u5f8c\u671f\u5f85\u30ea\u30bf\u30fc\u30f3 \uff1d \u7a0e\u5f15\u524d\u30ea\u30bf\u30fc\u30f3 \u00d7\uff081 \u2212 \u7a0e\u7387\uff09<\/li>\n<li>\u7a0e\u5f15\u5f8c\u6a19\u6e96\u504f\u5dee \uff1d \u7a0e\u5f15\u524d\u6a19\u6e96\u504f\u5dee \u00d7\uff081 \u2212 \u7a0e\u7387\uff09<\/li>\n<li>\u76f8\u95a2\u306e\u524d\u63d0\u306f\u8abf\u6574\u4e0d\u8981<\/li>\n<li>\u8ab2\u7a0e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306f\u30ea\u30d0\u30e9\u30f3\u30b9\u306e\u8a31\u5bb9\u5e45\u3092\u5e83\u304f\u3057\u3066\u3088\u3044<\/li>\n<li>\u30a2\u30bb\u30c3\u30c8\u30fb\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\uff1a\u7a0e\u52b9\u7387\u306e\u4f4e\u3044\u8cc7\u7523\u3092\u975e\u8ab2\u7a0e\u30fb\u8ab2\u7a0e\u7e70\u5ef6\u53e3\u5ea7\u306b\u914d\u7f6e<\/li>\n<li>\u30bf\u30c3\u30af\u30b9\u30fb\u30ed\u30b9\u30fb\u30cf\u30fc\u30d9\u30b9\u30c6\u30a3\u30f3\u30b0\u306e\u6d3b\u7528<\/li>\n<\/ul>\n<div class=\"cfalm-f\">r_at \uff1d p_d \u00d7 r_pt(1 \u2212 t_d) \uff0b p_i \u00d7 r_pt(1 \u2212 t_i) \uff0b p_cg \u00d7 r_pt(1 \u2212 t_cg)<\/div>\n<h3>LOS 3\uff1a\u76ee\u7684\u30fb\u5236\u7d04\u306e\u5909\u5316\u306b\u5fdc\u3058\u305f\u914d\u5206\u306e\u898b\u76f4\u3057<\/h3>\n<p>\u6226\u7565\u7684\u8cc7\u7523\u914d\u5206\u306f\u72b6\u6cc1\u306b\u5909\u5316\u304c\u306a\u304f\u3066\u3082<strong>\u5b9a\u671f\u7684\u306b\u898b\u76f4\u3059<\/strong>\u3079\u304d\u3067\u3059\u3002\u76ee\u7684\u3001\u5236\u7d04\u3001\u6295\u8cc7\u4e0a\u306e\u4fe1\u5ff5\u306b\u5909\u5316\u304c\u3042\u308c\u3070<strong>\u7279\u5225\u306a\u898b\u76f4\u3057<\/strong>\u3092\u884c\u3044\u3001\u5fc5\u8981\u306b\u5fdc\u3058\u3066\u914d\u5206\u3092\u4fee\u6b63\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u76ee\u7684\u306e\u5909\u5316\uff1a\u65b0\u305f\u306a\u76ee\u6a19\u3001\u30ea\u30b9\u30af\u8a31\u5bb9\u5ea6\u306e\u5909\u5316<\/li>\n<li>\u5236\u7d04\u306e\u5909\u5316\uff1a\u6d41\u52d5\u6027\u30cb\u30fc\u30ba\u3001\u671f\u9593\u3001\u898f\u5236\u3001\u7a0e\u306e\u5909\u66f4<\/li>\n<li>\u6295\u8cc7\u4e0a\u306e\u4fe1\u5ff5\u306e\u5909\u5316\uff1a\u8cc7\u672c\u5e02\u5834\u671f\u5f85\u306e\u898b\u76f4\u3057<\/li>\n<li>\u30b0\u30e9\u30a4\u30c9\u30fb\u30d1\u30b9\uff1a\u3042\u3089\u304b\u3058\u3081\u60f3\u5b9a\u3057\u305f\u7bc0\u76ee\u306b\u5fdc\u3058\u3066\u914d\u5206\u3092\u5909\u66f4\uff08\u4f8b\uff1a\u30bf\u30fc\u30b2\u30c3\u30c8\u30fb\u30c7\u30fc\u30c8\u30fb\u30d5\u30a1\u30f3\u30c9\uff09<\/li>\n<li>\u6b63\u5f0f\u306a\u8cc7\u7523\u914d\u5206\u691c\u8a0e\u3092\u884c\u308f\u305a\u306b\u5909\u66f4\u3059\u308b\u5834\u5408\u3082\u3042\u308b<\/li>\n<\/ul>\n<h3>LOS 4\uff1a\u77ed\u671f\u7684\u306a\u914d\u5206\u5909\u66f4\uff08\u6226\u8853\u7684\u8cc7\u7523\u914d\u5206\uff09<\/h3>\n<p><strong>\u6226\u8853\u7684\u8cc7\u7523\u914d\u5206\uff08TAA\uff09<\/strong>\u306f\u3001\u77ed\u671f\u306e\u898b\u901a\u3057\u3084\u30b7\u30b0\u30ca\u30eb\u306b\u57fa\u3065\u304d\u6226\u7565\u7684\u8cc7\u7523\u914d\u5206\u304b\u3089\u4e00\u6642\u7684\u306b\u4e56\u96e2\u3057\u3001\u30ea\u30b9\u30af\u8abf\u6574\u5f8c\u30ea\u30bf\u30fc\u30f3\u306e\u5411\u4e0a\u3092\u72d9\u3046\u3082\u306e\u3067\u3059\u3002\u4e56\u96e2\u306e\u5927\u304d\u3055\u306f\u901a\u5e38IPS\u3067\u5236\u9650\u3055\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u88c1\u91cf\u578bTAA\uff1a\u653f\u6cbb\u30fb\u7d4c\u6e08\u30fb\u5e02\u5834\u74b0\u5883\u306e\u5b9a\u6027\u7684\u5224\u65ad\u3002\u77ed\u671f\u306e\u4e88\u6e2c\u80fd\u529b\u306e\u6301\u7d9a\u304c\u524d\u63d0<\/li>\n<li>\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30afTAA\uff1a\u5b9a\u91cf\u7684\u306a\u30b7\u30b0\u30ca\u30eb\u3067\u30ea\u30bf\u30fc\u30f3\u306e\u30a2\u30ce\u30de\u30ea\u30fc\u3092\u6349\u3048\u308b\uff08\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u3001\u30e2\u30e1\u30f3\u30bf\u30e0\u306a\u3069\uff09<\/li>\n<li>\u8a55\u4fa1\uff1a\u30b7\u30e3\u30fc\u30d7\u30fb\u30ec\u30b7\u30aa\u306e\u6bd4\u8f03\u3001TAA\u306e\u8d85\u904e\u30ea\u30bf\u30fc\u30f3\u306eIR\u3084t\u5024\u3001\u52b9\u7387\u7684\u30d5\u30ed\u30f3\u30c6\u30a3\u30a2\u3068\u306e\u6bd4\u8f03<\/li>\n<li>\u30b3\u30b9\u30c8\uff1a\u53d6\u5f15\u30b3\u30b9\u30c8\u3068\u7a0e\u3001\u30ea\u30b9\u30af\u306e\u96c6\u4e2d<\/li>\n<\/ul>\n<h3>LOS 5\uff1a\u884c\u52d5\u30d0\u30a4\u30a2\u30b9\u3068\u305d\u306e\u514b\u670d<\/h3>\n<p>\u8cc7\u7523\u914d\u5206\u3067\u306f<strong>\u640d\u5931\u56de\u907f<\/strong>\u3001<strong>\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u306e\u932f\u899a<\/strong>\u3001<strong>\u30e1\u30f3\u30bf\u30eb\u30fb\u30a2\u30ab\u30a6\u30f3\u30c6\u30a3\u30f3\u30b0<\/strong>\u3001<strong>\u76f4\u8fd1\u30d0\u30a4\u30a2\u30b9<\/strong>\u3001<strong>\u30d5\u30ec\u30fc\u30df\u30f3\u30b0<\/strong>\u3001<strong>\u5229\u7528\u53ef\u80fd\u6027\u30d0\u30a4\u30a2\u30b9<\/strong>\u304c\u554f\u984c\u306b\u306a\u308a\u307e\u3059\u3002\u5ba2\u89b3\u7684\u306a\u67a0\u7d44\u307f\u3092\u6301\u3064<strong>\u6b63\u5f0f\u306a\u8cc7\u7523\u914d\u5206\u30d7\u30ed\u30bb\u30b9<\/strong>\u3068\u30ac\u30d0\u30ca\u30f3\u30b9\u304c\u6709\u52b9\u306a\u5bfe\u7b56\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u640d\u5931\u56de\u907f\uff1a\u30b4\u30fc\u30eb\u30fb\u30d9\u30fc\u30b9\u3067\u30ea\u30b9\u30af\u3092\u672a\u9054\u78ba\u7387\u3067\u793a\u3059\u3001\u91cd\u8981\u306a\u76ee\u6a19\u3092\u4f4e\u30ea\u30b9\u30af\u8cc7\u7523\u3067\u8cc4\u3046<\/li>\n<li>\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u306e\u932f\u899a\u30fb\u5f8c\u77e5\u6075\u30d0\u30a4\u30a2\u30b9\uff1a\u9577\u671f\u306e\u4e88\u6e2c\u3001\u30b0\u30ed\u30fc\u30d0\u30eb\u5e02\u5834\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u57fa\u6e96\u3068\u3057\u305f\u5236\u7d04\u3001\u53b3\u683c\u306a\u8a31\u5bb9\u30ec\u30f3\u30b8<\/li>\n<li>\u30e1\u30f3\u30bf\u30eb\u30fb\u30a2\u30ab\u30a6\u30f3\u30c6\u30a3\u30f3\u30b0\uff1a\u30b4\u30fc\u30eb\u30fb\u30d9\u30fc\u30b9\u3067\u306f\u3080\u3057\u308d\u76ee\u6a19\u3054\u3068\u306e\u30b5\u30d6\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3068\u3057\u3066\u53d6\u308a\u8fbc\u3080<\/li>\n<li>\u76f4\u8fd1\u30d0\u30a4\u30a2\u30b9\uff1a\u4e8b\u524d\u306b\u5b9a\u3081\u305f\u8a31\u5bb9\u30ec\u30f3\u30b8\u3068\u30ea\u30d0\u30e9\u30f3\u30b9\u65b9\u91dd<\/li>\n<li>\u30d5\u30ec\u30fc\u30df\u30f3\u30b0\uff1a\u30ea\u30b9\u30af\u3092\u8907\u6570\u306e\u6307\u6a19\u3084\u5f62\u3067\u793a\u3059<\/li>\n<li>\u5229\u7528\u53ef\u80fd\u6027\u30d0\u30a4\u30a2\u30b9\uff1a\u30db\u30fc\u30e0\u30fb\u30d0\u30a4\u30a2\u30b9\u3084\u8eab\u8fd1\u306a\u8cc7\u7523\u3078\u306e\u504f\u308a\u306b\u6ce8\u610f\u3057\u3001\u30b0\u30ed\u30fc\u30d0\u30eb\u306a\u8996\u70b9\u3092\u6301\u3064<\/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-lm4\/\">LM4 Principles of Asset Allocation\uff08\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u306e\u539f\u5247\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 LM5\u300cAsset Allocation with Real-World Constraints\uff08\u5236\u7d04\u4e0b\u306e\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\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":11219,"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-10873","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\/10873","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=10873"}],"version-history":[{"count":1,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10873\/revisions"}],"predecessor-version":[{"id":11046,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10873\/revisions\/11046"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11219"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10873"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10873"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10873"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}