{"id":10876,"date":"2026-09-22T06:00:00","date_gmt":"2026-09-21T21:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-pc-lm3\/"},"modified":"2026-09-22T07:44:45","modified_gmt":"2026-09-21T22:44:45","slug":"cfa-l3-pc-lm3","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-pc-lm3\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L3 Portfolio Construction LM3\u3011Asset Allocation to Alternative Investments \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u306e\u5f79\u5272\u30fb\u30ea\u30b9\u30af\u30fb\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u6d41\u52d5\u6027\u8a08\u753b\u30fb\u30e2\u30cb\u30bf\u30ea\u30f3\u30b0"},"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 3\u300cAsset Allocation to Alternative Investments\uff08\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7\u3078\u306e\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\uff09\u300d\u306f\u3001\u30de\u30eb\u30c1\u30a2\u30bb\u30c3\u30c8\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u304a\u3051\u308b\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7\u306e\u5f79\u5272\u3001\u50b5\u5238\u3068\u306e\u6bd4\u8f03\u3001\u6295\u8cc7\u6a5f\u4f1a\u306e\u5b9a\u7fa9\u65b9\u6cd5\u3001\u6295\u8cc7\u4e0a\u30fb\u9069\u5408\u6027\u4e0a\u306e\u8003\u616e\u4e8b\u9805\u3001\u914d\u5206\u306e\u624b\u6cd5\u3001\u6d41\u52d5\u6027\u8a08\u753b\u3001\u6295\u8cc7\u30d7\u30ed\u30b0\u30e9\u30e0\u306e\u30e2\u30cb\u30bf\u30ea\u30f3\u30b0\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>LM3\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\u3002LM3\u306b\u306f8\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u30de\u30eb\u30c1\u30a2\u30bb\u30c3\u30c8\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u304a\u3044\u3066\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7\u304c\u679c\u305f\u3059\u5f79\u5272\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain the roles that alternative investments play in multi-asset portfolios<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u682a\u5f0f\u306e\u30ed\u30f3\u30b0\u30fb\u30dd\u30b8\u30b7\u30e7\u30f3\u306b\u5bfe\u3059\u308b\u30ea\u30b9\u30af\u8efd\u6e1b\u624b\u6bb5\u3068\u3057\u3066\u3001\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7\u3068\u50b5\u5238\u3092\u6bd4\u8f03\u3059\u308b<\/span><span class=\"en\">compare alternative investments and bonds as risk mitigators in relation to a long equity position<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7\u3092\u542b\u3080\u6295\u8cc7\u6a5f\u4f1a\u96c6\u5408\u3092\u5b9a\u7fa9\u3059\u308b\u3001\u4f1d\u7d71\u7684\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u30ea\u30b9\u30af\u30fb\u30d9\u30fc\u30b9\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u6bd4\u8f03\u3059\u308b<\/span><span class=\"en\">compare traditional and risk-based approaches to defining the investment opportunity set, including alternative investments<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u3055\u307e\u3056\u307e\u306a\u7a2e\u985e\u306e\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7\u3078\u306e\u914d\u5206\u306b\u304a\u3044\u3066\u91cd\u8981\u306a\u6295\u8cc7\u4e0a\u306e\u8003\u616e\u4e8b\u9805\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss investment considerations that are important in allocating to different types of alternative investments<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1a\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7\u3078\u306e\u914d\u5206\u306b\u304a\u3051\u308b\u9069\u5408\u6027\uff08\u30b9\u30fc\u30bf\u30d3\u30ea\u30c6\u30a3\uff09\u306e\u8003\u616e\u4e8b\u9805\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss suitability considerations in allocating to alternative investments<\/span><\/li>\n<li><span class=\"ja\">LOS 6\uff1a\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7\u3078\u306e\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u306e\u624b\u6cd5\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss approaches to asset allocation to alternative investments<\/span><\/li>\n<li><span class=\"ja\">LOS 7\uff1a\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7\u3078\u306e\u914d\u5206\u306b\u304a\u3051\u308b\u6d41\u52d5\u6027\u8a08\u753b\u306e\u91cd\u8981\u6027\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss the importance of liquidity planning in allocating to alternative investments<\/span><\/li>\n<li><span class=\"ja\">LOS 8\uff1a\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7\u30d7\u30ed\u30b0\u30e9\u30e0\u306e\u30e2\u30cb\u30bf\u30ea\u30f3\u30b0\u306b\u304a\u3051\u308b\u8003\u616e\u4e8b\u9805\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss considerations in monitoring alternative investment programs<\/span><\/li>\n<\/ol>\n<h2>LM3\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>\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u3078\u306e\u914d\u5206\u306f\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30b9\u30af\u8abf\u6574\u5f8c\u30ea\u30bf\u30fc\u30f3\u3092\u9ad8\u3081\u308b\u3068\u8003\u3048\u3089\u308c\u3066\u304a\u308a\u3001\u8cc7\u672c\u6210\u9577\u3001\u30a4\u30f3\u30ab\u30e0\u5275\u51fa\u3001\u30ea\u30b9\u30af\u5206\u6563\u3001\u5b89\u5168\u6027\u306e4\u3064\u306e\u5f79\u5272\u306e\u3044\u305a\u308c\u304b\u3092\u62c5\u3046<\/li>\n<li>\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\u306f\u30ea\u30bf\u30fc\u30f3\u5411\u4e0a\u306e\u624b\u6bb5\u3002\u30ed\u30f3\u30b0\u30fb\u30b7\u30e7\u30fc\u30c8\u682a\u5f0f\u306f\u682a\u5f0f\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u3078\u306e\u30d5\u30eb\u30fb\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u306a\u3057\u306b\u682a\u5f0f\u4e26\u307f\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u72d9\u3044\u3001\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8\u3084\u30a4\u30d9\u30f3\u30c8\u30fb\u30c9\u30ea\u30d6\u30f3\u306f\u4f1d\u7d71\u7684\u8cc7\u7523\u3068\u306e\u76f8\u95a2\u304c\u4f4e\u3044<\/li>\n<li>\u5546\u54c1\u3001\u8fb2\u5730\u3001\u68ee\u6797\u3001\u30a8\u30cd\u30eb\u30ae\u30fc\u3001\u30a4\u30f3\u30d5\u30e9\u306a\u3069\u306e\u5b9f\u7269\u8cc7\u7523\u306f\u30a4\u30f3\u30d5\u30ec\u30fb\u30d8\u30c3\u30b8\u3068\u898b\u306a\u3055\u308c\u308b\u3002\u4e0d\u52d5\u7523\u306f\u30b3\u30a2\u304b\u3089\u30aa\u30dd\u30c1\u30e5\u30cb\u30b9\u30c6\u30a3\u30c3\u30af\u307e\u3067\u5e45\u304c\u3042\u308a\u3001\u30b3\u30a2\u306f\u30a4\u30f3\u30ab\u30e0\u91cd\u8996<\/li>\n<li>\u77ed\u3044\u671f\u9593\u3067\u898b\u308b\u3068\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u6291\u3048\u308b\u624b\u6bb5\u3068\u3057\u3066\u306f\u50b5\u5238\u306e\u65b9\u304c\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u3088\u308a\u6709\u52b9\u3060\u3063\u305f<\/li>\n<li>\u4f1d\u7d71\u7684\u306a\u8cc7\u7523\u30af\u30e9\u30b9\u533a\u5206\u306f\u4f1d\u3048\u3084\u3059\u304f\u5b9f\u884c\u3057\u3084\u3059\u3044\u304c\u3001\u5206\u6563\u52b9\u679c\u3092\u904e\u5927\u8a55\u4fa1\u3057\u3001\u30ea\u30b9\u30af\u306e\u4e3b\u306a\u6e90\u6cc9\u3092\u898b\u3048\u306b\u304f\u304f\u3059\u308b<\/li>\n<li>\u30ea\u30b9\u30af\u30fb\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\uff08\u682a\u5f0f\u3001\u898f\u6a21\u3001\u30d0\u30ea\u30e5\u30fc\u3001\u6d41\u52d5\u6027\u3001\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3001\u30a4\u30f3\u30d5\u30ec\u3001\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\u3001\u901a\u8ca8\u306a\u3069\uff09\u3067\u306f\u3001\u3059\u3079\u3066\u306e\u8cc7\u7523\u3092\u5171\u901a\u306e\u67a0\u7d44\u307f\u3067\u8a18\u8ff0\u3067\u304d\u308b<\/li>\n<li>\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7\u3067\u306f\u3001\u6d41\u52d5\u6027\u3001\u624b\u6570\u6599\u3001\u7a0e\u91d1\u3001\u6295\u8cc7\u30d3\u30fc\u30af\u30eb\u3001\u30ac\u30d0\u30ca\u30f3\u30b9\u3084\u5c02\u9580\u6027\u306a\u3069\u306e\u9069\u5408\u6027\u3092\u7dcf\u5408\u7684\u306b\u691c\u8a0e\u3059\u308b\u5fc5\u8981\u304c\u3042\u308b<\/li>\n<li>\u672a\u6255\u8fbc\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u3092\u542b\u3080\u6d41\u52d5\u6027\u8a08\u753b\u3068\u3001\u6295\u8cc7\u30d7\u30ed\u30b0\u30e9\u30e0\u306e\u7d99\u7d9a\u7684\u306a\u30e2\u30cb\u30bf\u30ea\u30f3\u30b0\u304c\u6b20\u304b\u305b\u306a\u3044<\/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\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7\u306e\u5f79\u5272<\/h3>\n<p>\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7\u306f<strong>\u8cc7\u672c\u6210\u9577\u3001\u30a4\u30f3\u30ab\u30e0\u5275\u51fa\u3001\u30ea\u30b9\u30af\u5206\u6563\u3001\u5b89\u5168\u6027<\/strong>\u306e\u3044\u305a\u308c\u304b\u306e\u5f79\u5272\u3092\u62c5\u3044\u307e\u3059\u3002\u6226\u7565\u3054\u3068\u306b\u671f\u5f85\u3055\u308c\u308b\u5f79\u5272\u304c\u7570\u306a\u308b\u70b9\u3092\u62bc\u3055\u3048\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\uff1a\u8cc7\u672c\u6210\u9577\uff08\u30ea\u30bf\u30fc\u30f3\u5411\u4e0a\uff09<\/li>\n<li>\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\uff1a\u30ed\u30f3\u30b0\u30fb\u30b7\u30e7\u30fc\u30c8\u306f\u4f4e\u3081\u306e\u682a\u5f0f\u30d9\u30fc\u30bf\u3067\u682a\u5f0f\u4e26\u307f\u306e\u30ea\u30bf\u30fc\u30f3\u3001\u30b7\u30e7\u30fc\u30c8\u30fb\u30d0\u30a4\u30a2\u30b9\u306f\u30d9\u30fc\u30bf\u4f4e\u6e1b\u3001\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8\u30fb\u30a4\u30d9\u30f3\u30c8\u30c9\u30ea\u30d6\u30f3\u306f\u4f4e\u76f8\u95a2<\/li>\n<li>\u5b9f\u7269\u8cc7\u7523\uff08\u5546\u54c1\u30fb\u30a4\u30f3\u30d5\u30e9\u30fb\u68ee\u6797\u30fb\u8fb2\u5730\u306a\u3069\uff09\uff1a\u30a4\u30f3\u30d5\u30ec\u30fb\u30d8\u30c3\u30b8<\/li>\n<li>\u4e0d\u52d5\u7523\uff1a\u30b3\u30a2\u306f\u30a4\u30f3\u30ab\u30e0\u3001\u30aa\u30dd\u30c1\u30e5\u30cb\u30b9\u30c6\u30a3\u30c3\u30af\u306f\u5024\u4e0a\u304c\u308a\u76ca\u4e2d\u5fc3<\/li>\n<li>\u4e00\u90e8\u306e\u5546\u54c1\uff08\u91d1\u306a\u3069\uff09\uff1a\u5371\u6a5f\u6642\u306e\u5b89\u5168\u8cc7\u7523<\/li>\n<\/ul>\n<h3>LOS 2\uff1a\u30ea\u30b9\u30af\u8efd\u6e1b\u624b\u6bb5\u3068\u3057\u3066\u306e\u50b5\u5238\u3068\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u306e\u6bd4\u8f03<\/h3>\n<p>\u682a\u5f0f\u306e\u30ed\u30f3\u30b0\u30fb\u30dd\u30b8\u30b7\u30e7\u30f3\u306e\u30ea\u30b9\u30af\u3092\u6291\u3048\u308b\u624b\u6bb5\u3068\u3057\u3066\u3001<strong>\u77ed\u671f\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u6291\u5236\u306b\u306f\u50b5\u5238\u304c\u6709\u52b9<\/strong>\u3067\u3057\u305f\u3002\u4e00\u65b9\u3001\u9577\u671f\u306e\u76ee\u6a19\uff08\u8cfc\u8cb7\u529b\u306e\u7dad\u6301\u306a\u3069\uff09\u306e\u9054\u6210\u78ba\u7387\u3092\u9ad8\u3081\u308b\u89b3\u70b9\u3067\u306f\u3001\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u304c\u6709\u52b9\u306b\u306a\u308a\u5f97\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u8a55\u4fa1\u306e\u5c3a\u5ea6\uff08\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304b\u3001\u76ee\u6a19\u672a\u9054\u30ea\u30b9\u30af\u304b\uff09\u3067\u7d50\u8ad6\u304c\u5909\u308f\u308b<\/li>\n<li>\u77ed\u671f\uff1a\u50b5\u5238\u306f\u682a\u5f0f\u3068\u306e\u76f8\u95a2\u304c\u4f4e\u304f\u3001\u4e0b\u843d\u6642\u306e\u7de9\u885d\u6750\u306b\u306a\u308a\u3084\u3059\u3044<\/li>\n<li>\u9577\u671f\uff1a\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u306f\u30ea\u30bf\u30fc\u30f3\u304c\u9ad8\u304f\u3001\u76ee\u6a19\u9054\u6210\u306b\u5bc4\u4e0e\u3057\u5f97\u308b<\/li>\n<li>\u30a4\u30f3\u30d5\u30ec\u5c40\u9762\u3067\u306f\u50b5\u5238\u306e\u5206\u6563\u52b9\u679c\u304c\u5f31\u307e\u308b\u3053\u3068\u304c\u3042\u308b<\/li>\n<\/ul>\n<h3>LOS 3\uff1a\u6295\u8cc7\u6a5f\u4f1a\u96c6\u5408\u306e\u5b9a\u7fa9\uff1a\u4f1d\u7d71\u7684\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u30ea\u30b9\u30af\u30fb\u30d9\u30fc\u30b9\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/h3>\n<p><strong>\u4f1d\u7d71\u7684\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong>\u306f\u8cc7\u7523\u3092\u6d41\u52d5\u6027\u3084\u30af\u30e9\u30b9\u3067\u533a\u5206\u3059\u308b\u305f\u3081\u5206\u304b\u308a\u3084\u3059\u3044\u4e00\u65b9\u3001\u5206\u6563\u52b9\u679c\u3092\u904e\u5927\u8a55\u4fa1\u3057\u304c\u3061\u3067\u3059\u3002<strong>\u30ea\u30b9\u30af\u30fb\u30d9\u30fc\u30b9\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong>\u306f\u5404\u8cc7\u7523\u3092\u5171\u901a\u306e\u30ea\u30b9\u30af\u30fb\u30d5\u30a1\u30af\u30bf\u30fc\u306b\u5206\u89e3\u3057\u3066\u6349\u3048\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u4f1d\u7d71\u7684\u30a2\u30d7\u30ed\u30fc\u30c1\uff1a\u4f1d\u3048\u3084\u3059\u304f\u5b9f\u884c\u3057\u3084\u3059\u3044\u3001\u30ea\u30b9\u30af\u306e\u4e3b\u306a\u6e90\u6cc9\u304c\u898b\u3048\u306b\u304f\u3044<\/li>\n<li>\u30ea\u30b9\u30af\u30fb\u30d5\u30a1\u30af\u30bf\u30fc\uff1a\u682a\u5f0f\u3001\u898f\u6a21\u3001\u30d0\u30ea\u30e5\u30fc\u3001\u6d41\u52d5\u6027\u3001\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3001\u30a4\u30f3\u30d5\u30ec\u3001\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\u3001\u901a\u8ca8\u306a\u3069<\/li>\n<li>\u30ea\u30b9\u30af\u30fb\u30d9\u30fc\u30b9\uff1a\u3059\u3079\u3066\u306e\u8cc7\u7523\u3092\u540c\u3058\u67a0\u7d44\u307f\u3067\u8a18\u8ff0\u3067\u304d\u3001\u96a0\u308c\u305f\u30ea\u30b9\u30af\u306e\u91cd\u8907\u3092\u628a\u63e1\u3067\u304d\u308b<\/li>\n<li>\u9650\u754c\uff1a\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u306e\u63a8\u5b9a\u304c\u96e3\u3057\u304f\u3001\u5b9f\u52d9\u4e0a\u306e\u904b\u7528\u3084\u8aac\u660e\u304c\u8907\u96d1<\/li>\n<li>\u6d41\u52d5\u6027\u306b\u3088\u308b\u533a\u5206\uff08\u6d41\u52d5\u6027\u306e\u9ad8\u3044\u8cc7\u7523\u3068\u4f4e\u3044\u8cc7\u7523\uff09\u3092\u4f75\u7528\u3059\u308b\u6298\u8877\u7684\u306a\u65b9\u6cd5\u3082\u3042\u308b<\/li>\n<\/ul>\n<h3>LOS 4\uff1a\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7\u306e\u6295\u8cc7\u4e0a\u306e\u8003\u616e\u4e8b\u9805<\/h3>\n<p>\u914d\u5206\u306b\u5f53\u305f\u3063\u3066\u306f\u3001\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3068\u30ea\u30b9\u30af\u306e\u7279\u6027\u3060\u3051\u3067\u306a\u304f\u3001<strong>\u6d41\u52d5\u6027\u3001\u624b\u6570\u6599\u30fb\u8cbb\u7528\u3001\u7a0e\u91d1\u3001\u6295\u8cc7\u30d3\u30fc\u30af\u30eb<\/strong>\u3001\u904b\u7528\u4f1a\u793e\u306e\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u306a\u3069\u3092\u691c\u8a0e\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u6d41\u52d5\u6027\uff1a\u30ed\u30c3\u30af\u30a2\u30c3\u30d7\u3001\u89e3\u7d04\u5236\u9650\u3001\u8cc7\u91d1\u306e\u62d8\u675f\u671f\u9593<\/li>\n<li>\u624b\u6570\u6599\uff1a\u904b\u7528\u5831\u916c\u3068\u6210\u529f\u5831\u916c\u304c\u9ad8\u304f\u3001\u30cd\u30c3\u30c8\u30fb\u30ea\u30bf\u30fc\u30f3\u3092\u5927\u304d\u304f\u5de6\u53f3<\/li>\n<li>\u7a0e\u91d1\uff1a\u6295\u8cc7\u30d3\u30fc\u30af\u30eb\u3084\u5730\u57df\u306b\u3088\u3063\u3066\u8ab2\u7a0e\u95a2\u4fc2\u304c\u7570\u306a\u308b<\/li>\n<li>\u6295\u8cc7\u30d3\u30fc\u30af\u30eb\uff1aLP\u30d5\u30a1\u30f3\u30c9\u3001\u30d5\u30a1\u30f3\u30c9\u30fb\u30aa\u30d6\u30fb\u30d5\u30a1\u30f3\u30ba\u3001\u5171\u540c\u6295\u8cc7\u3001\u76f4\u63a5\u6295\u8cc7\u306a\u3069<\/li>\n<li>\u30c7\u30fc\u30bf\u306e\u9650\u754c\uff1a\u8a55\u4fa1\u306e\u5e73\u6ed1\u5316\u306b\u3088\u308a\u5b9f\u969b\u306e\u30ea\u30b9\u30af\u304c\u904e\u5c0f\u8a55\u4fa1\u3055\u308c\u3084\u3059\u3044<\/li>\n<\/ul>\n<h3>LOS 5\uff1a\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7\u306e\u9069\u5408\u6027<\/h3>\n<p>\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7\u306f\u3001\u6295\u8cc7\u5bb6\u306e<strong>\u6295\u8cc7\u671f\u9593\u3001\u6d41\u52d5\u6027\u30cb\u30fc\u30ba\u3001\u898f\u6a21\u3001\u30ac\u30d0\u30ca\u30f3\u30b9\u3001\u5c02\u9580\u6027<\/strong>\u306b\u7167\u3089\u3057\u3066\u9069\u3057\u3066\u3044\u308b\u304b\u3092\u5224\u65ad\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u9577\u3044\u6295\u8cc7\u671f\u9593\u3068\u4f4e\u3044\u6d41\u52d5\u6027\u30cb\u30fc\u30ba\u304c\u524d\u63d0<\/li>\n<li>\u5341\u5206\u306a\u8cc7\u7523\u898f\u6a21\uff08\u5206\u6563\u3068\u30a2\u30af\u30bb\u30b9\u306e\u305f\u3081\uff09<\/li>\n<li>\u904b\u7528\u4f1a\u793e\u306e\u9078\u5b9a\u30fb\u76e3\u8996\u3092\u62c5\u3046\u30ac\u30d0\u30ca\u30f3\u30b9\u3068\u5c02\u9580\u6027<\/li>\n<li>\u900f\u660e\u6027\u306e\u4f4e\u3055\u3092\u53d7\u3051\u5165\u308c\u3089\u308c\u308b\u304b<\/li>\n<li>\u500b\u4eba\u6295\u8cc7\u5bb6\u306f\u9069\u683c\u6027\u306e\u8981\u4ef6\u3084\u30a2\u30af\u30bb\u30b9\u9762\u306e\u5236\u7d04\u3092\u53d7\u3051\u308b\u3053\u3068\u304c\u3042\u308b<\/li>\n<\/ul>\n<h3>LOS 6\uff1a\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u3078\u306e\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u624b\u6cd5<\/h3>\n<p>\u914d\u5206\u306e\u6c7a\u3081\u65b9\u306b\u306f\u3001<strong>\u5e73\u5747\u5206\u6563\u6700\u9069\u5316\u3001\u30e2\u30f3\u30c6\u30ab\u30eb\u30ed\u30fb\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3001\u30ea\u30b9\u30af\u30fb\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30d9\u30fc\u30b9\u306e\u6700\u9069\u5316<\/strong>\u306a\u3069\u304c\u3042\u308a\u307e\u3059\u3002\u3044\u305a\u308c\u3082\u5165\u529b\u30c7\u30fc\u30bf\u306e\u8cea\u304c\u7d50\u679c\u3092\u5927\u304d\u304f\u5de6\u53f3\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u5e73\u5747\u5206\u6563\u6700\u9069\u5316\uff1a\u5e73\u6ed1\u5316\u3055\u308c\u305f\u30ea\u30bf\u30fc\u30f3\u30fb\u30c7\u30fc\u30bf\u3092\u88dc\u6b63\uff08\u30a2\u30f3\u30b9\u30e0\u30fc\u30b8\u30f3\u30b0\uff09\u3057\u3066\u4f7f\u3046\u5fc5\u8981<\/li>\n<li>\u975e\u6b63\u898f\u306a\u30ea\u30bf\u30fc\u30f3\u5206\u5e03\uff08\u30d5\u30a1\u30c3\u30c8\u30c6\u30fc\u30eb\uff09\u3092\u8003\u616e\u3059\u308b\u5fc5\u8981<\/li>\n<li>\u30e2\u30f3\u30c6\u30ab\u30eb\u30ed\uff1a\u8907\u6570\u671f\u9593\u306e\u7d4c\u8def\u3084\u6d41\u52d5\u6027\u5236\u7d04\u3092\u53cd\u6620\u3057\u3084\u3059\u3044<\/li>\n<li>\u30ea\u30b9\u30af\u30fb\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30d9\u30fc\u30b9\uff1a\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u306b\u57fa\u3065\u3044\u3066\u914d\u5206<\/li>\n<li>\u914d\u5206\u306b\u4e0a\u9650\u3092\u8a2d\u3051\u308b\u306a\u3069\u306e\u5b9f\u52d9\u7684\u306a\u5236\u7d04\u3082\u52a0\u3048\u308b<\/li>\n<\/ul>\n<h3>LOS 7\uff1a\u6d41\u52d5\u6027\u8a08\u753b\u306e\u91cd\u8981\u6027<\/h3>\n<p>\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u6295\u8cc7\u306f\u3001\u30ad\u30e3\u30d4\u30bf\u30eb\u30fb\u30b3\u30fc\u30eb\uff08\u8cc7\u91d1\u306e\u6255\u8fbc\u8981\u8acb\uff09\u3068\u5206\u914d\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u304c\u4e0d\u78ba\u5b9f\u3067\u3059\u3002<strong>\u672a\u6255\u8fbc\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8<\/strong>\u306b\u5099\u3048\u305f\u6d41\u52d5\u6027\u306e\u78ba\u4fdd\u3068\u3001\u76ee\u6a19\u914d\u5206\u3092\u7dad\u6301\u3059\u308b\u305f\u3081\u306e\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u30fb\u30da\u30fc\u30b9\u8a08\u753b\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u30ad\u30e3\u30d4\u30bf\u30eb\u30fb\u30b3\u30fc\u30eb\u3068\u5206\u914d\u306f\u30d5\u30a1\u30f3\u30c9\u306e\u30e9\u30a4\u30d5\u30b5\u30a4\u30af\u30eb\u306b\u6cbf\u3063\u3066\u767a\u751f<\/li>\n<li>\u76ee\u6a19\u914d\u5206\u306b\u5230\u9054\u3059\u308b\u307e\u3067\u6642\u9593\u304c\u304b\u304b\u308b\u305f\u3081\u3001\u8a08\u753b\u7684\u306b\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u3092\u7a4d\u307f\u4e0a\u3052\u308b<\/li>\n<li>\u30aa\u30fc\u30d0\u30fc\u30fb\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u306f\u76ee\u6a19\u914d\u5206\u9054\u6210\u3092\u65e9\u3081\u308b\u304c\u3001\u8cc7\u91d1\u4e0d\u8db3\u306e\u30ea\u30b9\u30af\u3092\u4f34\u3046<\/li>\n<li>\u5e02\u5834\u30b9\u30c8\u30ec\u30b9\u6642\u306f\u5206\u914d\u304c\u6e1b\u308a\u3001\u6255\u8fbc\u304c\u7d9a\u304f\uff08\u6d41\u52d5\u6027\u306e\u903c\u8feb\uff09<\/li>\n<li>\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u30fb\u30e2\u30c7\u30eb\u3067\u6255\u8fbc\u30fb\u5206\u914d\u30fb\u8a55\u4fa1\u984d\u3092\u4e88\u6e2c<\/li>\n<\/ul>\n<h3>LOS 8\uff1a\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7\u30d7\u30ed\u30b0\u30e9\u30e0\u306e\u30e2\u30cb\u30bf\u30ea\u30f3\u30b0<\/h3>\n<p>\u30e2\u30cb\u30bf\u30ea\u30f3\u30b0\u3067\u306f\u3001\u904b\u7528\u6210\u679c\u3060\u3051\u3067\u306a\u304f\u3001<strong>\u904b\u7528\u4f1a\u793e\u306e\u4f53\u5236\u3001\u6226\u7565\u306e\u4e00\u8cab\u6027\u3001\u6d41\u52d5\u6027\u3001\u30ea\u30b9\u30af\u306e\u5909\u5316<\/strong>\u3092\u7d99\u7d9a\u7684\u306b\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u904b\u7528\u4f1a\u793e\uff1a\u30ad\u30fc\u30d1\u30fc\u30bd\u30f3\u3001\u7d44\u7e54\u3001\u904b\u7528\u30d7\u30ed\u30bb\u30b9\u306e\u5909\u5316<\/li>\n<li>\u30b9\u30bf\u30a4\u30eb\u30fb\u30c9\u30ea\u30d5\u30c8\u306e\u6709\u7121<\/li>\n<li>\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3068\u306e\u6bd4\u8f03\uff08\u9069\u5207\u306a\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306e\u8a2d\u5b9a\u304c\u96e3\u3057\u3044\uff09<\/li>\n<li>\u30ad\u30e3\u30d4\u30bf\u30eb\u30fb\u30b3\u30fc\u30eb\u30fb\u5206\u914d\u30fb\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u306e\u9032\u6357<\/li>\n<li>\u30ec\u30d0\u30ec\u30c3\u30b8\u3084\u30ea\u30b9\u30af\u30fb\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u306e\u5909\u5316<\/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-pc-lm2\/\">LM2 Overview of Fixed-Income Portfolio Management\uff08\u50b5\u5238\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u904b\u7528\u306e\u6982\u8981\uff09<\/a><br \/>\n\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-pc-lm4\/\">LM4 An Overview of Private Wealth Management\uff08\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30a6\u30a7\u30eb\u30b9\u30fb\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u306e\u6982\u8981\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l3-pc\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 3 Portfolio Construction\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 3 Portfolio Construction LM3\u300cAsset Allocation to Alternative Investments\uff08\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7\u3078\u306e\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":11222,"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-10876","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\/10876","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=10876"}],"version-history":[{"count":2,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10876\/revisions"}],"predecessor-version":[{"id":11377,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10876\/revisions\/11377"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11222"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}