{"id":10898,"date":"2026-09-22T06:00:00","date_gmt":"2026-09-21T21:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-pmp-lm2\/"},"modified":"2026-09-22T07:08:59","modified_gmt":"2026-09-21T22:08:59","slug":"cfa-l3-pmp-lm2","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-pmp-lm2\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L3 PM Pathway LM2\u3011Active Equity Investing: Strategies \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u904b\u7528\u3068\u30af\u30aa\u30f3\u30c4\u904b\u7528\u30fb\u30dc\u30c8\u30e0\u30a2\u30c3\u30d7\u30fb\u30c8\u30c3\u30d7\u30c0\u30a6\u30f3\u30fb\u30b9\u30bf\u30a4\u30eb\u5206\u6790"},"content":{"rendered":"<style>\n.cfalm-los{counter-reset:los;list-style:none;padding:0!important;margin:1em 0!important}\n.cfalm-los li{border:1px solid #d5d9e3;border-left:4px solid #172152;border-radius:4px;padding:.8em 1em!important;margin:0 0 .8em!important;background:#fff}\n.cfalm-los li::before{display:none!important;content:none!important}\n.cfalm-los .ja{display:block;font-weight:bold;color:#172152;line-height:1.6}\n.cfalm-los .en{display:block;font-size:.85em;color:#667;margin-top:.3em;line-height:1.5;word-break:normal!important;overflow-wrap:anywhere}\n.cfalm-sum{background:#f6f7fb;border-radius:6px;padding:1em 1.2em!important;margin:1em 0!important;list-style:none!important}\n.cfalm-sum li{position:relative;margin:.4em 0!important;padding:0 0 0 1.1em!important;line-height:1.7;list-style:none!important}.cfalm-sum li::before{content:\"\"!important;display:block!important;position:absolute!important;left:0!important;top:.7em!important;width:6px!important;height:6px!important;border-radius:50%!important;background:#172152!important;border:none!important;transform:none!important}\n.cfalm-f{background:#f6f7fb;border-left:4px solid #172152;padding:.7em 1em;margin:.8em 0;font-family:\"Menlo\",\"Consolas\",monospace;font-size:.95em;overflow-x:auto}\n.cfalm-nav{background:#f6f7fb;padding:1em 1.2em;border-radius:6px;margin:1em 0;word-break:normal;overflow-wrap:anywhere}\n<\/style>\n<div class=\"box05\">\n<p>Learning Module 2\u300cActive Equity Investing: Strategies\uff08\u30a2\u30af\u30c6\u30a3\u30d6\u682a\u5f0f\u6295\u8cc7\uff1a\u6226\u7565\uff09\u300d\u306f\u3001\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u904b\u7528\u3068\u30af\u30aa\u30f3\u30c4\u904b\u7528\u306e\u6bd4\u8f03\u3001\u30dc\u30c8\u30e0\u30a2\u30c3\u30d7\u30fb\u30c8\u30c3\u30d7\u30c0\u30a6\u30f3\u30fb\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30a2\u30af\u30c6\u30a3\u30d3\u30b9\u30c8\u306e\u5404\u6226\u7565\u3001\u7d71\u8a08\u7684\u88c1\u5b9a\u3084\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30de\u30a4\u30af\u30ed\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\u306b\u3082\u3068\u3065\u304f\u6226\u7565\u3001\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u6226\u7565\u3068\u30af\u30aa\u30f3\u30c4\u6226\u7565\u306e\u69cb\u7bc9\u30d7\u30ed\u30bb\u30b9\u3001\u682a\u5f0f\u6295\u8cc7\u30b9\u30bf\u30a4\u30eb\u306e\u5206\u985e\u3092\u6271\u3046\u5358\u5143\u3067\u3059\u3002<\/p>\n<p>\u672c\u8a18\u4e8b\u3067\u306f\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306eLOS\uff08Learning Outcome Statement\uff09\u3068\u3001\u3053\u306e\u5358\u5143\u306e\u91cd\u8981\u8ad6\u70b9\u3092\u65e5\u672c\u8a9e\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n<\/div>\n<h2>LM2\u306eLOS\uff08\u5b66\u7fd2\u76ee\u6a19\uff09<\/h2>\n<p>LOS\u306f\u3001\u3053\u306e\u5358\u5143\u3067\u300c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3079\u304d\u3053\u3068\u300d\u3068\u3057\u3066\u793a\u3055\u308c\u3066\u3044\u308b\u5b66\u7fd2\u76ee\u6a19\u3067\u3059\u3002LM2\u306b\u306f9\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528\u306b\u304a\u3051\u308b\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u30af\u30aa\u30f3\u30c4\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u6bd4\u8f03\u3059\u308b<\/span><span class=\"en\">compare fundamental and quantitative approaches to active management<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u30dc\u30c8\u30e0\u30a2\u30c3\u30d7\u306e\u30a2\u30af\u30c6\u30a3\u30d6\u6226\u7565\u3092\u3001\u305d\u306e\u6839\u62e0\u3068\u95a2\u9023\u3059\u308b\u30d7\u30ed\u30bb\u30b9\u3092\u542b\u3081\u3066\u5206\u6790\u3059\u308b<\/span><span class=\"en\">analyze bottom-up active strategies, including their rationale and associated processes<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u30c8\u30c3\u30d7\u30c0\u30a6\u30f3\u306e\u30a2\u30af\u30c6\u30a3\u30d6\u6226\u7565\u3092\u3001\u305d\u306e\u6839\u62e0\u3068\u95a2\u9023\u3059\u308b\u30d7\u30ed\u30bb\u30b9\u3092\u542b\u3081\u3066\u5206\u6790\u3059\u308b<\/span><span class=\"en\">analyze top-down active strategies, including their rationale and associated processes<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30d9\u30fc\u30b9\u306e\u30a2\u30af\u30c6\u30a3\u30d6\u6226\u7565\u3092\u3001\u305d\u306e\u6839\u62e0\u3068\u95a2\u9023\u3059\u308b\u30d7\u30ed\u30bb\u30b9\u3092\u542b\u3081\u3066\u5206\u6790\u3059\u308b<\/span><span class=\"en\">analyze factor-based active strategies, including their rationale and associated processes<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1a\u30a2\u30af\u30c6\u30a3\u30d3\u30b9\u30c8\u6226\u7565\u3092\u3001\u305d\u306e\u6839\u62e0\u3068\u95a2\u9023\u3059\u308b\u30d7\u30ed\u30bb\u30b9\u3092\u542b\u3081\u3066\u5206\u6790\u3059\u308b<\/span><span class=\"en\">analyze activist strategies, including their rationale and associated processes<\/span><\/li>\n<li><span class=\"ja\">LOS 6\uff1a\u7d71\u8a08\u7684\u88c1\u5b9a\u3068\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30de\u30a4\u30af\u30ed\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\u306b\u3082\u3068\u3065\u304f\u30a2\u30af\u30c6\u30a3\u30d6\u6226\u7565\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe active strategies based on statistical arbitrage and market microstructure<\/span><\/li>\n<li><span class=\"ja\">LOS 7\uff1a\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u306a\u30a2\u30af\u30c6\u30a3\u30d6\u6295\u8cc7\u6226\u7565\u304c\u3069\u306e\u3088\u3046\u306b\u69cb\u7bc9\u3055\u308c\u308b\u304b\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe how fundamental active investment strategies are created<\/span><\/li>\n<li><span class=\"ja\">LOS 8\uff1a\u30af\u30aa\u30f3\u30c4\u306e\u30a2\u30af\u30c6\u30a3\u30d6\u6295\u8cc7\u6226\u7565\u304c\u3069\u306e\u3088\u3046\u306b\u69cb\u7bc9\u3055\u308c\u308b\u304b\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe how quantitative active investment strategies are created<\/span><\/li>\n<li><span class=\"ja\">LOS 9\uff1a\u682a\u5f0f\u6295\u8cc7\u30b9\u30bf\u30a4\u30eb\u306e\u5206\u985e\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss equity investment style classifications<\/span><\/li>\n<\/ol>\n<h2>LM2\u306e\u307e\u3068\u3081<\/h2>\n<p>\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u3092\u307e\u3068\u3081\u308b\u3068\u3001\u6b21\u306e\u3068\u304a\u308a\u3067\u3059\u3002<\/p>\n<ul class=\"cfalm-sum\">\n<li>\u30a2\u30af\u30c6\u30a3\u30d6\u682a\u5f0f\u904b\u7528\u306f\u3001\u4eba\u306e\u5224\u65ad\u3092\u91cd\u8996\u3059\u308b\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\uff08\u88c1\u91cf\u578b\uff09\u3068\u3001\u30eb\u30fc\u30eb\u306b\u3082\u3068\u3065\u304f\u30e2\u30c7\u30eb\u3092\u91cd\u8996\u3059\u308b\u30af\u30aa\u30f3\u30c4\uff08\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u578b\uff09\u306b\u5927\u5225\u3055\u308c\u308b<\/li>\n<li>\u4e21\u8005\u306e\u9055\u3044\u306f\u3001\u610f\u601d\u6c7a\u5b9a\uff08\u4e3b\u89b3\u304b\u5ba2\u89b3\u304b\uff09\u3001\u4e88\u6e2c\u306e\u5bfe\u8c61\uff08\u500b\u5225\u9298\u67c4\u306e\u30ea\u30bf\u30fc\u30f3\u304b\u30d5\u30a1\u30af\u30bf\u30fc\u306e\u30ea\u30bf\u30fc\u30f3\u304b\uff09\u3001\u60c5\u5831\uff08\u30ea\u30b5\u30fc\u30c1\u304b\u30c7\u30fc\u30bf\u304b\uff09\u3001\u5206\u6790\u306e\u7126\u70b9\uff08\u6df1\u3055\u304b\u5e83\u3055\u304b\uff09\u3001\u30c7\u30fc\u30bf\u3078\u306e\u5411\u304d\u5408\u3044\u65b9\uff08\u5c06\u6765\u5fd7\u5411\u304b\u904e\u53bb\u5fd7\u5411\u304b\uff09\u3001\u30ea\u30b9\u30af\u3078\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\uff08\u5224\u65ad\u304b\u6700\u9069\u5316\u304b\uff09<\/li>\n<li>\u4e3b\u306a\u30a2\u30af\u30c6\u30a3\u30d6\u6226\u7565\u306f\u3001\u30dc\u30c8\u30e0\u30a2\u30c3\u30d7\u3001\u30c8\u30c3\u30d7\u30c0\u30a6\u30f3\u3001\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30d9\u30fc\u30b9\u3001\u30a2\u30af\u30c6\u30a3\u30d3\u30b9\u30c8<\/li>\n<li>\u30dc\u30c8\u30e0\u30a2\u30c3\u30d7\u306f\u4f01\u696d\u30fb\u696d\u754c\u5206\u6790\u304b\u3089\u672c\u6e90\u7684\u4fa1\u5024\u3092\u8a55\u4fa1\u3057\u3001\u30d0\u30ea\u30e5\u30fc\u578b\u3068\u30b0\u30ed\u30fc\u30b9\u578b\u306b\u5206\u304b\u308c\u308b\u3002\u30c8\u30c3\u30d7\u30c0\u30a6\u30f3\u306f\u30de\u30af\u30ed\u74b0\u5883\u30fb\u4eba\u53e3\u52d5\u614b\u30fb\u653f\u7b56\u304b\u3089\u5224\u65ad\u3057\u3001\u56fd\u30fb\u30bb\u30af\u30bf\u30fc\u30fb\u30b9\u30bf\u30a4\u30eb\u306e\u914d\u5206\u3084\u30c6\u30fc\u30de\u6295\u8cc7\u306b\u7528\u3044\u308b<\/li>\n<li>\u30a2\u30af\u30c6\u30a3\u30d3\u30b9\u30c8\u306f\u4e0a\u5834\u4f01\u696d\u306e\u76f8\u5f53\u6570\u306e\u682a\u5f0f\u3092\u53d6\u5f97\u3057\u3001\u7d4c\u55b6\u30fb\u6226\u7565\u30fb\u8cc7\u672c\u69cb\u6210\u306e\u5909\u66f4\u3092\u50cd\u304d\u304b\u3051\u3066\u682a\u4fa1\u306e\u4e0a\u6607\u3092\u72d9\u3046<\/li>\n<li>\u7d71\u8a08\u7684\u88c1\u5b9a\u306f\u30da\u30a2\u30fb\u30c8\u30ec\u30fc\u30c9\u306a\u3069\u7d71\u8a08\u30fb\u30c6\u30af\u30cb\u30ab\u30eb\u5206\u6790\u3067\u4fa1\u683c\u306e\u6b6a\u307f\u3092\u72d9\u3044\u3001\u30a4\u30d9\u30f3\u30c8\u30fb\u30c9\u30ea\u30d6\u30f3\u6226\u7565\u306fM&#038;A\u30fb\u6c7a\u7b97\u30fb\u7834\u7523\u30fb\u81ea\u793e\u682a\u8cb7\u3044\u30fb\u30b9\u30d4\u30f3\u30aa\u30d5\u306a\u3069\u306e\u4f01\u696d\u30a4\u30d9\u30f3\u30c8\u3092\u72d9\u3046<\/li>\n<li>\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u904b\u7528\u306e\u843d\u3068\u3057\u7a74\u306f\u884c\u52d5\u30d0\u30a4\u30a2\u30b9\u3001\u30d0\u30ea\u30e5\u30fc\u30fb\u30c8\u30e9\u30c3\u30d7\u3001\u30b0\u30ed\u30fc\u30b9\u30fb\u30c8\u30e9\u30c3\u30d7\u3002\u30af\u30aa\u30f3\u30c4\u904b\u7528\u306e\u843d\u3068\u3057\u7a74\u306f\u5148\u8aad\u307f\u30d0\u30a4\u30a2\u30b9\u3001\u751f\u5b58\u8005\u30d0\u30a4\u30a2\u30b9\u3001\u904e\u5270\u9069\u5408\u3001\u30c7\u30fc\u30bf\u30fb\u30de\u30a4\u30cb\u30f3\u30b0\u3001\u975e\u73fe\u5b9f\u7684\u306a\u56de\u8ee2\u7387\u30fb\u53d6\u5f15\u30b3\u30b9\u30c8\u306e\u60f3\u5b9a\u3001\u7a7a\u58f2\u308a\u306e\u5236\u7d04<\/li>\n<li>\u30b9\u30bf\u30a4\u30eb\u5206\u6790\u306b\u306f\u3001\u4fdd\u6709\u9298\u67c4\u306e\u30b9\u30bf\u30a4\u30eb\u30fb\u30b9\u30b3\u30a2\u3092\u96c6\u8a08\u3059\u308b\u4fdd\u6709\u9298\u67c4\u30d9\u30fc\u30b9\u3068\u3001\u30b9\u30bf\u30a4\u30eb\u6307\u6570\u3068\u306e\u30ea\u30bf\u30fc\u30f3\u6bd4\u8f03\u306b\u3088\u308b\u30ea\u30bf\u30fc\u30f3\u30fb\u30d9\u30fc\u30b9\u306e2\u3064\u304c\u3042\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\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u904b\u7528\u3068\u30af\u30aa\u30f3\u30c4\u904b\u7528\u306e\u6bd4\u8f03<\/h3>\n<p><strong>\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u904b\u7528<\/strong>\u306f\u4f01\u696d\u3092\u6df1\u304f\u8abf\u3079\u3066\u4eba\u306e\u5224\u65ad\u3067\u9298\u67c4\u3092\u9078\u3073\u3001<strong>\u30af\u30aa\u30f3\u30c4\u904b\u7528<\/strong>\u306f\u591a\u6570\u306e\u9298\u67c4\u306b\u30eb\u30fc\u30eb\u3068\u30e2\u30c7\u30eb\u3092\u9069\u7528\u3057\u3066\u5224\u65ad\u3057\u307e\u3059\u3002\u524d\u8005\u306f\u6df1\u3055\u3068\u5c06\u6765\u5fd7\u5411\u3001\u5f8c\u8005\u306f\u5e83\u3055\u3068\u904e\u53bb\u30c7\u30fc\u30bf\u306b\u3082\u3068\u3065\u304f\u691c\u8a3c\u304c\u7279\u5fb4\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u610f\u601d\u6c7a\u5b9a\uff1a\u4e3b\u89b3\u7684\uff08\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\uff09\u304b\u5ba2\u89b3\u7684\uff08\u30af\u30aa\u30f3\u30c4\uff09\u304b<\/li>\n<li>\u4e88\u6e2c\u5bfe\u8c61\uff1a\u500b\u5225\u9298\u67c4\u306e\u30ea\u30bf\u30fc\u30f3\u304b\u3001\u30d5\u30a1\u30af\u30bf\u30fc\u306e\u30ea\u30bf\u30fc\u30f3\u304b<\/li>\n<li>\u60c5\u5831\uff1a\u4f01\u696d\u30ea\u30b5\u30fc\u30c1\u304b\u3001\u30c7\u30fc\u30bf\u304b<\/li>\n<li>\u5206\u6790\u306e\u7126\u70b9\uff1a\u5c11\u6570\u9298\u67c4\u306e\u6df1\u3055\u304b\u3001\u591a\u6570\u9298\u67c4\u306e\u5e83\u3055\u304b<\/li>\n<li>\u30c7\u30fc\u30bf\u3078\u306e\u59ff\u52e2\uff1a\u5c06\u6765\u5fd7\u5411\u304b\u3001\u904e\u53bb\u30c7\u30fc\u30bf\u5fd7\u5411\u304b<\/li>\n<li>\u30ea\u30b9\u30af\u7ba1\u7406\uff1a\u904b\u7528\u8005\u306e\u5224\u65ad\u304b\u3001\u6700\u9069\u5316\u624b\u6cd5\u304b<\/li>\n<\/ul>\n<h3>LOS 2\uff1a\u30dc\u30c8\u30e0\u30a2\u30c3\u30d7\u6226\u7565<\/h3>\n<p><strong>\u30dc\u30c8\u30e0\u30a2\u30c3\u30d7\u6226\u7565<\/strong>\u306f\u4f01\u696d\u30fb\u696d\u754c\u306e\u5206\u6790\u304b\u3089\u51fa\u767a\u3057\u3001<strong>\u672c\u6e90\u7684\u4fa1\u5024<\/strong>\u3068\u5e02\u5834\u4fa1\u683c\u3092\u6bd4\u3079\u3066\u5272\u5b89\u30fb\u5272\u9ad8\u3092\u5224\u65ad\u3057\u307e\u3059\u3002\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u3084\u30d6\u30e9\u30f3\u30c9\u3001\u7af6\u4e89\u512a\u4f4d\u3001\u7d4c\u55b6\u9663\u3068\u30ac\u30d0\u30ca\u30f3\u30b9\u306b\u6ce8\u76ee\u3057\u3001<strong>\u30d0\u30ea\u30e5\u30fc\u578b<\/strong>\u3068<strong>\u30b0\u30ed\u30fc\u30b9\u578b<\/strong>\u306b\u5206\u304b\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u6ce8\u76ee\u70b9\uff1a\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u30fb\u30d6\u30e9\u30f3\u30c9\u3001\u7af6\u4e89\u512a\u4f4d\u3001\u7d4c\u55b6\u9663\u30fb\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30ac\u30d0\u30ca\u30f3\u30b9<\/li>\n<li>\u30d0\u30ea\u30e5\u30fc\u578b\uff1a\u5272\u5b89\u9298\u67c4\uff08\u76f8\u5bfe\u30d0\u30ea\u30e5\u30fc\u3001\u9006\u5f35\u308a\u3001\u9ad8\u30af\u30aa\u30ea\u30c6\u30a3\u30fb\u30d0\u30ea\u30e5\u30fc\u3001\u30a4\u30f3\u30ab\u30e0\u91cd\u8996\u3001\u30c7\u30a3\u30fc\u30d7\u30fb\u30d0\u30ea\u30e5\u30fc\u3001\u30ea\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30ea\u30f3\u30b0\u30fb\u30c7\u30a3\u30b9\u30c8\u30ec\u30b9\u30c8\u3001\u7279\u6b8a\u72b6\u6cc1\u306a\u3069\uff09<\/li>\n<li>\u30b0\u30ed\u30fc\u30b9\u578b\uff1a\u5e02\u5834\u5e73\u5747\u3092\u4e0a\u56de\u308b\u5229\u76ca\u6210\u9577\u3092\u3001\u59a5\u5f53\u306a\u4fa1\u683c\u3067\u8cb7\u3046\uff08GARP\u306a\u3069\uff09<\/li>\n<li>\u4fa1\u5024\u8a55\u4fa1\uff1aDCF\u3001\u914d\u5f53\u5272\u5f15\u3001\u500d\u7387\u306a\u3069\u3092\u7528\u3044\u308b<\/li>\n<li>\u30d0\u30ea\u30e5\u30fc\u30fb\u30c8\u30e9\u30c3\u30d7\uff1a\u5272\u5b89\u306b\u898b\u3048\u3066\u3082\u4fa1\u5024\u304c\u6539\u5584\u3057\u306a\u3044<\/li>\n<\/ul>\n<h3>LOS 3\uff1a\u30c8\u30c3\u30d7\u30c0\u30a6\u30f3\u6226\u7565<\/h3>\n<p><strong>\u30c8\u30c3\u30d7\u30c0\u30a6\u30f3\u6226\u7565<\/strong>\u306f\u30de\u30af\u30ed\u7d4c\u6e08\u74b0\u5883\u3001\u4eba\u53e3\u52d5\u614b\u3001\u653f\u5e9c\u306e\u653f\u7b56\u306a\u3069\u304b\u3089\u51fa\u767a\u3057\u3001\u305d\u306e\u5f71\u97ff\u3092\u53d7\u3051\u308b\u56fd\u30fb\u30bb\u30af\u30bf\u30fc\u30fb\u30b9\u30bf\u30a4\u30eb\u3078\u306e\u914d\u5206\u3092\u6c7a\u3081\u307e\u3059\u3002\u5b9f\u884c\u306b\u306f\u3001\u500b\u5225\u682a\u306e\u307b\u304b\u3001ETF\u3084\u5148\u7269\u306a\u3069\u3092\u4f7f\u3063\u305f<strong>\u30aa\u30fc\u30d0\u30fc\u30ec\u30a4<\/strong>\u3082\u6d3b\u7528\u3055\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u56fd\u30fb\u5730\u57df\u306e\u914d\u5206<\/li>\n<li>\u30bb\u30af\u30bf\u30fc\u30fb\u696d\u7a2e\u306e\u30ed\u30fc\u30c6\u30fc\u30b7\u30e7\u30f3<\/li>\n<li>\u682a\u5f0f\u30b9\u30bf\u30a4\u30eb\u306e\u30ed\u30fc\u30c6\u30fc\u30b7\u30e7\u30f3\uff08\u30d0\u30ea\u30e5\u30fc\u3068\u30b0\u30ed\u30fc\u30b9\u3001\u5927\u578b\u3068\u5c0f\u578b\u306a\u3069\uff09<\/li>\n<li>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306b\u3082\u3068\u3065\u304f\u6226\u7565<\/li>\n<li>\u30c6\u30fc\u30de\u6295\u8cc7\uff08\u6280\u8853\u9769\u65b0\u3001\u4eba\u53e3\u52d5\u614b\u306e\u5909\u5316\u306a\u3069\uff09<\/li>\n<\/ul>\n<h3>LOS 4\uff1a\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30d9\u30fc\u30b9\u306e\u30a2\u30af\u30c6\u30a3\u30d6\u6226\u7565<\/h3>\n<p><strong>\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30d9\u30fc\u30b9\u6226\u7565<\/strong>\u306f\u3001\u682a\u4fa1\u3092\u52d5\u304b\u3059\u6709\u610f\u306a\u30d5\u30a1\u30af\u30bf\u30fc\u3092\u7279\u5b9a\u3057\u3001\u305d\u306e\u30d5\u30a1\u30af\u30bf\u30fc\u306b<strong>\u6b63\u306e\u504f\u308a<\/strong>\u3092\u6301\u3064\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u4f5c\u308b\u6226\u7565\u3067\u3059\u3002\u30d5\u30a1\u30af\u30bf\u30fc\u306f\u30d0\u30ea\u30e5\u30fc\u3001\u6210\u9577\u3001\u30e2\u30e1\u30f3\u30bf\u30e0\u306a\u3069\u306e\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u306a\u7279\u6027\u306e\u307b\u304b\u3001<strong>\u975e\u4f1d\u7d71\u7684\u306a\u30c7\u30fc\u30bf<\/strong>\u304b\u3089\u3082\u4f5c\u3089\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30d8\u30c3\u30b8\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u6cd5\uff1a\u30d5\u30a1\u30af\u30bf\u30fc\u4e0a\u4f4d\u3092\u30ed\u30f3\u30b0\u3001\u4e0b\u4f4d\u3092\u30b7\u30e7\u30fc\u30c8\u3057\u3066\u30d5\u30a1\u30af\u30bf\u30fc\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u8a08\u6e2c<\/li>\n<li>\u30d5\u30a1\u30af\u30bf\u30fc\u306e\u4f8b\uff1a\u30d0\u30ea\u30e5\u30fc\u3001\u898f\u6a21\u3001\u30e2\u30e1\u30f3\u30bf\u30e0\u3001\u30af\u30aa\u30ea\u30c6\u30a3\u3001\u4f4e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3<\/li>\n<li>\u975e\u4f1d\u7d71\u7684\u30c7\u30fc\u30bf\uff1a\u30c6\u30ad\u30b9\u30c8\u3001\u885b\u661f\u753b\u50cf\u3001\u30a6\u30a7\u30d6\u30fb\u30c7\u30fc\u30bf\u306a\u3069<\/li>\n<li>\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30bf\u30a4\u30df\u30f3\u30b0\uff1a\u5c40\u9762\u306b\u5fdc\u3058\u3066\u30d5\u30a1\u30af\u30bf\u30fc\u306e\u6bd4\u91cd\u3092\u5909\u3048\u308b<\/li>\n<li>\u30d5\u30a1\u30af\u30bf\u30fc\u306e\u6df7\u96d1\uff08\u30af\u30e9\u30a6\u30c7\u30a3\u30f3\u30b0\uff09\u306b\u3088\u308b\u30ea\u30bf\u30fc\u30f3\u4f4e\u4e0b\u3068\u6025\u843d\u306e\u30ea\u30b9\u30af<\/li>\n<\/ul>\n<h3>LOS 5\uff1a\u30a2\u30af\u30c6\u30a3\u30d3\u30b9\u30c8\u6226\u7565<\/h3>\n<p><strong>\u30a2\u30af\u30c6\u30a3\u30d3\u30b9\u30c8\u6295\u8cc7\u5bb6<\/strong>\u306f\u4e0a\u5834\u4f01\u696d\u306e\u76f8\u5f53\u6570\u306e\u682a\u5f0f\u3092\u53d6\u5f97\u3057\u3001<strong>\u7d4c\u55b6\u30fb\u6226\u7565\u30fb\u8cc7\u672c\u69cb\u6210<\/strong>\u306e\u5909\u66f4\u3092\u50cd\u304d\u304b\u3051\u308b\u3053\u3068\u3067\u682a\u4fa1\u3092\u9ad8\u3081\u3001\u5229\u76ca\u3092\u5f97\u3088\u3046\u3068\u3057\u307e\u3059\u3002\u50cd\u304d\u304b\u3051\u306e\u624b\u6bb5\u306f\u3001\u7d4c\u55b6\u9663\u3068\u306e\u5bfe\u8a71\u304b\u3089\u516c\u958b\u66f8\u7c21\u3001\u59d4\u4efb\u72b6\u4e89\u596a\u6226\u3001\u53d6\u7de0\u5f79\u306e\u9078\u4efb\u63d0\u6848\u307e\u3067\u5e45\u5e83\u304f\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u72d9\u3044\u3084\u3059\u3044\u4f01\u696d\uff1a\u5272\u5b89\u3001\u4f4e\u6210\u9577\u3001\u30ac\u30d0\u30ca\u30f3\u30b9\u306e\u5f31\u3055\u3001\u4f59\u5270\u8cc7\u91d1<\/li>\n<li>\u8981\u6c42\u306e\u4f8b\uff1a\u682a\u4e3b\u9084\u5143\u306e\u62e1\u5927\u3001\u4e8b\u696d\u58f2\u5374\u30fb\u30b9\u30d4\u30f3\u30aa\u30d5\u3001\u7d4c\u55b6\u9663\u30fb\u53d6\u7de0\u5f79\u306e\u4ea4\u4ee3\u3001M&#038;A\u3078\u306e\u53cd\u5bfe<\/li>\n<li>\u624b\u6bb5\uff1a\u975e\u516c\u958b\u306e\u5bfe\u8a71\u3001\u516c\u958b\u66f8\u7c21\u3001\u682a\u4e3b\u63d0\u6848\u3001\u59d4\u4efb\u72b6\u4e89\u596a\u6226\u3001\u30e1\u30c7\u30a3\u30a2\u30fb\u30ad\u30e3\u30f3\u30da\u30fc\u30f3<\/li>\n<li>\u6295\u8cc7\u671f\u9593\u306f\u6bd4\u8f03\u7684\u9577\u304f\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306f\u96c6\u4e2d\u3057\u3084\u3059\u3044<\/li>\n<li>\u4ed6\u306e\u682a\u4e3b\u306e\u305f\u3060\u4e57\u308a\u304c\u751f\u3058\u308b\u4e00\u65b9\u3001\u4f01\u696d\u4fa1\u5024\u5411\u4e0a\u306e\u52b9\u679c\u306f\u8b70\u8ad6\u304c\u5206\u304b\u308c\u308b<\/li>\n<\/ul>\n<h3>LOS 6\uff1a\u7d71\u8a08\u7684\u88c1\u5b9a\u3068\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30de\u30a4\u30af\u30ed\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\u306b\u3082\u3068\u3065\u304f\u6226\u7565<\/h3>\n<p><strong>\u7d71\u8a08\u7684\u88c1\u5b9a<\/strong>\u306f\u3001\u7d71\u8a08\u30fb\u30c6\u30af\u30cb\u30ab\u30eb\u5206\u6790\u3067\u4fa1\u683c\u306e\u4e00\u6642\u7684\u306a\u6b6a\u307f\u3092\u898b\u3064\u3051\u3001\u5e73\u5747\u56de\u5e30\u3092\u72d9\u3046\u6226\u7565\u3067\u3001<strong>\u30da\u30a2\u30fb\u30c8\u30ec\u30fc\u30c9<\/strong>\u304c\u4ee3\u8868\u4f8b\u3067\u3059\u3002<strong>\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30de\u30a4\u30af\u30ed\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc<\/strong>\u306b\u3082\u3068\u3065\u304f\u6226\u7565\u306f\u3001\u6ce8\u6587\u306e\u6d41\u308c\u3084\u9700\u7d66\u306e\u77ed\u671f\u7684\u306a\u4e0d\u5747\u8861\u304b\u3089\u751f\u3058\u308b\u6b6a\u307f\u3092\u3001\u9ad8\u983b\u5ea6\u306e\u53d6\u5f15\u3067\u6349\u3048\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30da\u30a2\u30fb\u30c8\u30ec\u30fc\u30c9\uff1a\u904e\u53bb\u306b\u9023\u52d5\u3057\u3066\u304d\u305f2\u9298\u67c4\u306e\u4fa1\u683c\u5dee\u304c\u5e83\u304c\u3063\u305f\u3089\u3001\u5272\u5b89\u5074\u3092\u8cb7\u3044\u5272\u9ad8\u5074\u3092\u58f2\u308b<\/li>\n<li>\u30ea\u30b9\u30af\uff1a\u4fa1\u683c\u95a2\u4fc2\u306e\u69cb\u9020\u5909\u5316\u3001\u5e73\u5747\u56de\u5e30\u3057\u306a\u3044<\/li>\n<li>\u30de\u30a4\u30af\u30ed\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\uff1a\u77ed\u671f\u7684\u306a\u6d41\u52d5\u6027\u306e\u4e0d\u5747\u8861\u3092\u5229\u7528\u3001\u975e\u5e38\u306b\u77ed\u3044\u4fdd\u6709\u671f\u9593<\/li>\n<li>\u9ad8\u901f\u306a\u57f7\u884c\u3068\u4f4e\u3044\u53d6\u5f15\u30b3\u30b9\u30c8\u304c\u524d\u63d0<\/li>\n<li>\u30a4\u30d9\u30f3\u30c8\u30fb\u30c9\u30ea\u30d6\u30f3\uff1aM&#038;A\u3001\u6c7a\u7b97\u3001\u7834\u7523\u3001\u81ea\u793e\u682a\u8cb7\u3044\u3001\u7279\u5225\u914d\u5f53\u3001\u30b9\u30d4\u30f3\u30aa\u30d5\u306a\u3069\u306e\u30a4\u30d9\u30f3\u30c8\u3092\u72d9\u3046<\/li>\n<\/ul>\n<h3>LOS 7\uff1a\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u6226\u7565\u306e\u69cb\u7bc9\u30d7\u30ed\u30bb\u30b9<\/h3>\n<p>\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u904b\u7528\u306f\u3001<strong>\u6295\u8cc7\u30e6\u30cb\u30d0\u30fc\u30b9\u306e\u5b9a\u7fa9 \u2192 \u4e8b\u524d\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0 \u2192 \u696d\u754c\u3068\u4e8b\u696d\u306e\u7406\u89e3 \u2192 \u696d\u7e3e\u4e88\u60f3 \u2192 \u76ee\u6a19\u682a\u4fa1\u3078\u306e\u5909\u63db \u2192 \u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u69cb\u7bc9 \u2192 \u58f2\u8cb7\u898f\u5f8b\u306b\u3082\u3068\u3065\u304f\u30ea\u30d0\u30e9\u30f3\u30b9<\/strong>\u3068\u3044\u3046\u6d41\u308c\u3067\u884c\u308f\u308c\u307e\u3059\u3002\u843d\u3068\u3057\u7a74\u306f\u884c\u52d5\u30d0\u30a4\u30a2\u30b9\u3001\u30d0\u30ea\u30e5\u30fc\u30fb\u30c8\u30e9\u30c3\u30d7\u3001\u30b0\u30ed\u30fc\u30b9\u30fb\u30c8\u30e9\u30c3\u30d7\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u30e6\u30cb\u30d0\u30fc\u30b9\u306f\u904b\u7528\u306e\u76ee\u7684\u30fb\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u30fb\u904b\u7528\u8005\u306e\u5c02\u9580\u6027\u306b\u5408\u308f\u305b\u308b<\/li>\n<li>\u696d\u7e3e\u4e88\u60f3\u3092\u76ee\u6a19\u682a\u4fa1\u306b\u5909\u63db\u3057\u3001\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3092\u6bd4\u8f03<\/li>\n<li>\u58f2\u8cb7\u898f\u5f8b\uff1a\u76ee\u6a19\u682a\u4fa1\u5230\u9054\u3001\u6295\u8cc7\u6839\u62e0\u306e\u5d29\u308c\u3001\u3088\u308a\u826f\u3044\u6a5f\u4f1a\u306a\u3069\u3067\u58f2\u5374<\/li>\n<li>\u884c\u52d5\u30d0\u30a4\u30a2\u30b9\uff1a\u78ba\u8a3c\u30d0\u30a4\u30a2\u30b9\u3001\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u306e\u932f\u899a\u3001\u5229\u7528\u53ef\u80fd\u6027\u30d0\u30a4\u30a2\u30b9\u3001\u640d\u5931\u56de\u907f\u3001\u904e\u4fe1\u3001\u5f8c\u6094\u56de\u907f<\/li>\n<li>\u30b0\u30ed\u30fc\u30b9\u30fb\u30c8\u30e9\u30c3\u30d7\uff1a\u9ad8\u3044\u6210\u9577\u671f\u5f85\u304c\u5b9f\u73fe\u305b\u305a\u682a\u4fa1\u304c\u4e0b\u843d<\/li>\n<\/ul>\n<h3>LOS 8\uff1a\u30af\u30aa\u30f3\u30c4\u6226\u7565\u306e\u69cb\u7bc9\u30d7\u30ed\u30bb\u30b9<\/h3>\n<p>\u30af\u30aa\u30f3\u30c4\u904b\u7528\u306f\u3001<strong>\u6295\u8cc7\u4eee\u8aac\u306e\u5b9a\u7fa9 \u2192 \u30c7\u30fc\u30bf\u306e\u53d6\u5f97\u30fb\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u30fb\u52a0\u5de5 \u2192 \u30d0\u30c3\u30af\u30c6\u30b9\u30c8 \u2192 \u6226\u7565\u306e\u8a55\u4fa1 \u2192 \u30ea\u30b9\u30af\u30fb\u30e2\u30c7\u30eb\u3068\u53d6\u5f15\u30b3\u30b9\u30c8\u30fb\u30e2\u30c7\u30eb\u3092\u4f7f\u3063\u305f\u52b9\u7387\u7684\u306a\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u69cb\u7bc9<\/strong>\u3068\u3044\u3046\u6d41\u308c\u3067\u884c\u308f\u308c\u307e\u3059\u3002\u30c7\u30fc\u30bf\u3084\u691c\u8a3c\u306e\u8a2d\u8a08\u3092\u8aa4\u308b\u3068\u3001\u5b9f\u969b\u306b\u306f\u518d\u73fe\u3067\u304d\u306a\u3044\u6210\u7e3e\u3092\u898b\u8fbc\u3093\u3067\u3057\u307e\u3044\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30d0\u30c3\u30af\u30c6\u30b9\u30c8\uff1a\u904e\u53bb\u30c7\u30fc\u30bf\u3067\u6226\u7565\u306e\u6709\u52b9\u6027\u3092\u691c\u8a3c\uff08\u60c5\u5831\u4fc2\u6570\u306a\u3069\u3067\u8a55\u4fa1\uff09<\/li>\n<li>\u5148\u8aad\u307f\u30d0\u30a4\u30a2\u30b9\uff1a\u305d\u306e\u6642\u70b9\u3067\u5165\u624b\u3067\u304d\u306a\u304b\u3063\u305f\u60c5\u5831\u3092\u4f7f\u3046<\/li>\n<li>\u751f\u5b58\u8005\u30d0\u30a4\u30a2\u30b9\uff1a\u4e0a\u5834\u5ec3\u6b62\u306a\u3069\u3067\u6d88\u3048\u305f\u9298\u67c4\u3092\u9664\u5916\u3057\u3066\u3057\u307e\u3046<\/li>\n<li>\u904e\u5270\u9069\u5408\uff08\u30aa\u30fc\u30d0\u30fc\u30d5\u30a3\u30c3\u30c6\u30a3\u30f3\u30b0\uff09\u3068\u30c7\u30fc\u30bf\u30fb\u30de\u30a4\u30cb\u30f3\u30b0<\/li>\n<li>\u975e\u73fe\u5b9f\u7684\u306a\u56de\u8ee2\u7387\u30fb\u53d6\u5f15\u30b3\u30b9\u30c8\u306e\u60f3\u5b9a\u3001\u7a7a\u58f2\u308a\u306e\u5236\u7d04<\/li>\n<li>\u30af\u30aa\u30f3\u30c4\u904b\u7528\u306e\u6df7\u96d1\uff08\u30af\u30e9\u30a6\u30c7\u30a3\u30f3\u30b0\uff09<\/li>\n<\/ul>\n<h3>LOS 9\uff1a\u682a\u5f0f\u6295\u8cc7\u30b9\u30bf\u30a4\u30eb\u306e\u5206\u985e<\/h3>\n<p>\u6295\u8cc7\u30b9\u30bf\u30a4\u30eb\u306f\u3001\u9298\u67c4\u30e6\u30cb\u30d0\u30fc\u30b9\u3092\u4f3c\u305f\u7279\u6027\u3092\u6301\u30642\u301c3\u306e\u30b0\u30eb\u30fc\u30d7\u306b\u5206\u3051\u3066\u5206\u985e\u3057\u307e\u3059\u3002\u4ee3\u8868\u7684\u306a\u7279\u6027\u306f\u30d0\u30ea\u30e5\u30fc\u3001\u898f\u6a21\u3001\u30e2\u30e1\u30f3\u30bf\u30e0\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3001\u9ad8\u914d\u5f53\u3001\u5229\u76ca\u306e\u8cea\u306a\u3069\u3067\u3001\u696d\u7a2e\u30fb\u56fd\u3082\u4f7f\u308f\u308c\u307e\u3059\u3002\u30b9\u30bf\u30a4\u30eb\u5206\u6790\u306b\u306f<strong>\u4fdd\u6709\u9298\u67c4\u30d9\u30fc\u30b9<\/strong>\u3068<strong>\u30ea\u30bf\u30fc\u30f3\u30fb\u30d9\u30fc\u30b9<\/strong>\u306e2\u3064\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u4fdd\u6709\u9298\u67c4\u30d9\u30fc\u30b9\uff1a\u5404\u4fdd\u6709\u9298\u67c4\u306e\u30b9\u30bf\u30a4\u30eb\u30fb\u30b9\u30b3\u30a2\u3092\u96c6\u8a08\uff08\u4f8b\uff1a\u30b9\u30bf\u30a4\u30eb\u30fb\u30dc\u30c3\u30af\u30b9\uff09\u3001\u6b63\u78ba\u3060\u304c\u30c7\u30fc\u30bf\u8ca0\u62c5\u304c\u5927\u304d\u3044<\/li>\n<li>\u30ea\u30bf\u30fc\u30f3\u30fb\u30d9\u30fc\u30b9\uff1a\u30d5\u30a1\u30f3\u30c9\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u8907\u6570\u306e\u30b9\u30bf\u30a4\u30eb\u6307\u6570\u306b\u56de\u5e30\u3057\u3066\u63a8\u5b9a\u3001\u5c11\u306a\u3044\u30c7\u30fc\u30bf\u3067\u53ef\u80fd\u3060\u304c\u904e\u53bb\u5e73\u5747\u306e\u59ff<\/li>\n<li>\u30b9\u30bf\u30a4\u30eb\u306e\u5206\u985e\u306f\u30c7\u30fc\u30bf\u30fb\u624b\u6cd5\u306e\u63d0\u4f9b\u8005\u306b\u3088\u3063\u3066\u7570\u306a\u308b<\/li>\n<li>\u540c\u3058\u30b9\u30bf\u30a4\u30eb\u533a\u5206\u306e\u4e2d\u3067\u3082\u3001\u30d5\u30a1\u30f3\u30c9\u306e\u7279\u6027\u306b\u306f\u3070\u3089\u3064\u304d\u304c\u3042\u308b<\/li>\n<li>\u30b9\u30bf\u30a4\u30eb\u30fb\u30c9\u30ea\u30d5\u30c8\uff08\u30b9\u30bf\u30a4\u30eb\u306e\u5909\u5316\uff09\u306e\u78ba\u8a8d\u306b\u7528\u3044\u308b<\/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-pmp-lm1\/\">LM1 Index-Based Equity Strategies\uff08\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u578b\u306e\u682a\u5f0f\u6226\u7565\uff09<\/a><br \/>\n\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-pmp-lm3\/\">LM3 Active Equity Investing: Portfolio Construction\uff08\u30a2\u30af\u30c6\u30a3\u30d6\u682a\u5f0f\u6295\u8cc7\uff1a\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u69cb\u7bc9\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l3-pmp\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 3 Portfolio Management Pathway\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 3 Portfolio Management Pathway LM2\u300cActive Equity Investing: Strategies\uff08\u30a2\u30af\u30c6\u30a3\u30d6\u682a\u5f0f\u6295\u8cc7\uff1a\u6226\u7565\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":11244,"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-10898","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\/10898","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=10898"}],"version-history":[{"count":1,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10898\/revisions"}],"predecessor-version":[{"id":11071,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10898\/revisions\/11071"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11244"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10898"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10898"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10898"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}