{"id":10899,"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-lm3\/"},"modified":"2026-09-22T07:44:50","modified_gmt":"2026-09-21T22:44:50","slug":"cfa-l3-pmp-lm3","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-pmp-lm3\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L3 PM Pathway LM3\u3011Active Equity Investing: Portfolio Construction \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30b7\u30a7\u30a2\u3068\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af\u30fb\u30ea\u30b9\u30af\u30fb\u30d0\u30b8\u30a7\u30c3\u30c6\u30a3\u30f3\u30b0\u30fb\u30ed\u30f3\u30b0\uff0f\u30b7\u30e7\u30fc\u30c8"},"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\u300cActive 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\u300d\u306f\u3001\u904b\u7528\u54f2\u5b66\u304c\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u69cb\u7bc9\u306b\u4e0e\u3048\u308b\u5f71\u97ff\u3001\u30a2\u30af\u30c6\u30a3\u30d6\u682a\u5f0f\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u69cb\u7bc9\u65b9\u6cd5\u3001\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30b7\u30a7\u30a2\u3068\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af\u3001\u30ea\u30b9\u30af\u30fb\u30d0\u30b8\u30a7\u30c3\u30c6\u30a3\u30f3\u30b0\u3068\u30ea\u30b9\u30af\u6307\u6a19\u3001\u904b\u7528\u898f\u6a21\u30fb\u6d41\u52d5\u6027\u30fb\u56de\u8ee2\u7387\u306e\u5f71\u97ff\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u52b9\u7387\u6027\u3001\u30ed\u30f3\u30b0\u30fb\u30aa\u30f3\u30ea\u30fc\u304b\u3089\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30cb\u30e5\u30fc\u30c8\u30e9\u30eb\u307e\u3067\u306e\u69cb\u7bc9\u30a2\u30d7\u30ed\u30fc\u30c1\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\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u69cb\u7bc9\u30d7\u30ed\u30bb\u30b9\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u904b\u7528\u8005\u306e\u6295\u8cc7\u54f2\u5b66\u306e\u8981\u7d20\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe elements of a manager\u2019s investment philosophy that influence the portfolio construction process<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528\u306e\u682a\u5f0f\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u69cb\u7bc9\u3059\u308b\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss approaches for constructing actively managed equity portfolios<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30b7\u30a7\u30a2\u3068\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af\u3092\u533a\u5225\u3057\u3001\u305d\u308c\u305e\u308c\u304c\u904b\u7528\u8005\u306e\u6295\u8cc7\u6226\u7565\u3068\u3069\u3046\u95a2\u4fc2\u3059\u308b\u304b\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">distinguish between Active Share and active risk and discuss how each measure relates to a manager\u2019s investment strategy<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u69cb\u7bc9\u306b\u304a\u3051\u308b\u30ea\u30b9\u30af\u30fb\u30d0\u30b8\u30a7\u30c3\u30c6\u30a3\u30f3\u30b0\u306e\u8003\u3048\u65b9\u306e\u9069\u7528\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss the application of risk budgeting concepts in portfolio construction<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1a\u682a\u5f0f\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u69cb\u7bc9\u306b\u7d44\u307f\u8fbc\u307e\u308c\u308b\u30ea\u30b9\u30af\u6307\u6a19\u3092\u8ad6\u3058\u3001\u305d\u308c\u3089\u306e\u6307\u6a19\u306b\u8a2d\u5b9a\u3059\u308b\u4e0a\u9650\u304c\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u69cb\u7bc9\u306b\u3069\u3046\u5f71\u97ff\u3059\u308b\u304b\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">discuss risk measures that are incorporated in equity portfolio construction and describe how limits set on these measures affect portfolio construction<\/span><\/li>\n<li><span class=\"ja\">LOS 6\uff1a\u904b\u7528\u8cc7\u7523\u984d\u3001\u30dd\u30b8\u30b7\u30e7\u30f3\u30fb\u30b5\u30a4\u30ba\u3001\u5e02\u5834\u306e\u6d41\u52d5\u6027\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u56de\u8ee2\u7387\u304c\u682a\u5f0f\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u69cb\u7bc9\u306e\u5224\u65ad\u306b\u3069\u3046\u5f71\u97ff\u3059\u308b\u304b\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss how assets under management, position size, market liquidity, and portfolio turnover affect equity portfolio construction decisions<\/span><\/li>\n<li><span class=\"ja\">LOS 7\uff1a\u6295\u8cc7\u30de\u30f3\u30c7\u30fc\u30c8\u306b\u7167\u3089\u3057\u3066\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u69cb\u9020\u306e\u52b9\u7387\u6027\u3092\u8a55\u4fa1\u3059\u308b<\/span><span class=\"en\">evaluate the efficiency of a portfolio structure given its investment mandate<\/span><\/li>\n<li><span class=\"ja\">LOS 8\uff1a\u30ed\u30f3\u30b0\u30fb\u30aa\u30f3\u30ea\u30fc\u3001\u30ed\u30f3\u30b0\u30fb\u30a8\u30af\u30b9\u30c6\u30f3\u30b7\u30e7\u30f3\u3001\u30ed\u30f3\u30b0\uff0f\u30b7\u30e7\u30fc\u30c8\u3001\u30a8\u30af\u30a4\u30bf\u30a4\u30ba\u30c9\u30fb\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30cb\u30e5\u30fc\u30c8\u30e9\u30eb\u306e\u682a\u5f0f\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u69cb\u7bc9\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u3001\u305d\u306e\u30ea\u30b9\u30af\u30fb\u30b3\u30b9\u30c8\u30fb\u6f5c\u5728\u7684\u306a\u30a2\u30eb\u30d5\u30a1\u3078\u306e\u5f71\u97ff\u3092\u542b\u3081\u3066\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss the long-only, long extension, long\/short, and equitized market-neutral approaches to equity portfolio construction, including their risks, costs, and effects on potential alphas<\/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>\u30a2\u30af\u30c6\u30a3\u30d6\u682a\u5f0f\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u69cb\u7bc9\u306e\u76ee\u7684\u306f\u3001\u30ea\u30bf\u30fc\u30f3\u4e88\u6e2c\u306e\u512a\u308c\u305f\u6d1e\u5bdf\u3092\u3001\u5b9f\u969b\u306e\u904b\u7528\u6210\u679c\u306b\u52b9\u7387\u3088\u304f\u53cd\u6620\u3055\u305b\u308b\u3053\u3068\u3002\u30ea\u30bf\u30fc\u30f3\u76ee\u6a19\u3068\u8a31\u5bb9\u30ea\u30b9\u30af\u3092\u7406\u89e3\u3057\u3001\u4e88\u60f3\u30ea\u30bf\u30fc\u30f3\u3068\u30ea\u30b9\u30af\u30fb\u30b3\u30b9\u30c8\u306e\u30d0\u30e9\u30f3\u30b9\u3092\u53d6\u308b<\/li>\n<li>\u69cb\u7bc9\u306e4\u3064\u306e\u67f1\u306f\u3001\u5831\u308f\u308c\u308b\u30d5\u30a1\u30af\u30bf\u30fc\uff08\u5e02\u5834\u30fb\u898f\u6a21\u30fb\u30d0\u30ea\u30e5\u30fc\u30fb\u30e2\u30e1\u30f3\u30bf\u30e0\uff09\u306e\u914d\u5206\u3001\u30a2\u30eb\u30d5\u30a1\u306e\u30b9\u30ad\u30eb\uff08\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u9298\u67c4\u30fb\u5e02\u5834\u306e\u30bf\u30a4\u30df\u30f3\u30b0\uff09\u3001\u30ea\u30b9\u30af\u3068\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30a6\u30a7\u30a4\u30c8\u3092\u8003\u616e\u3057\u305f\u30dd\u30b8\u30b7\u30e7\u30f3\u30fb\u30b5\u30a4\u30ba\u3001\u72ec\u7acb\u3057\u305f\u5224\u65ad\u306e\u6570\uff08\u30d6\u30ec\u30c3\u30c9\u30b9\uff09<\/li>\n<li>\u904b\u7528\u8005\u306f\u3001\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u304b\u88c1\u91cf\u304b\u3001\u30dc\u30c8\u30e0\u30a2\u30c3\u30d7\u304b\u30c8\u30c3\u30d7\u30c0\u30a6\u30f3\u304b\u3001\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3092\u610f\u8b58\u3059\u308b\u304b\u3057\u306a\u3044\u304b\u3001\u3092\u7d44\u307f\u5408\u308f\u305b\u3066\u4e2d\u6838\u306e\u4fe1\u5ff5\u3092\u5b9f\u884c\u3059\u308b<\/li>\n<li>\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af\uff08\u30c8\u30e9\u30c3\u30ad\u30f3\u30b0\u30fb\u30a8\u30e9\u30fc\uff09\u306f\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u306a\u30ea\u30b9\u30af\u3078\u306e\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3068\u9298\u67c4\u56fa\u6709\u30ea\u30b9\u30af\u306e\u95a2\u6570\u3067\u3001\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u76f8\u5bfe\u306e\u904b\u7528\u306b\u9069\u3057\u305f\u6307\u6a19\u3002\u7d76\u5bfe\u30ea\u30b9\u30af\u306f\u7d76\u5bfe\u30ea\u30bf\u30fc\u30f3\u76ee\u6a19\u306e\u904b\u7528\u306b\u9069\u3059\u308b<\/li>\n<li>\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30b7\u30a7\u30a2\u306f\u3001\u4fdd\u6709\u9298\u67c4\u3068\u6bd4\u7387\u304c\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3068\u3069\u308c\u3060\u3051\u7570\u306a\u308b\u304b\u3092\u6e2c\u308b\u3002\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3092\u610f\u8b58\u3057\u306a\u3044\u904b\u7528\u8005\u307b\u3069\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30b7\u30a7\u30a2\u3068\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af\u304c\u9ad8\u304f\u306a\u308a\u3084\u3059\u3044<\/li>\n<li>\u30ea\u30b9\u30af\u30fb\u30d0\u30b8\u30a7\u30c3\u30c6\u30a3\u30f3\u30b0\u306f\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u5168\u4f53\u306e\u30ea\u30b9\u30af\u8a31\u5bb9\u91cf\u3092\u69cb\u6210\u8981\u7d20\u306b\u914d\u5206\u3059\u308b\u30d7\u30ed\u30bb\u30b9\u3002\u30ea\u30b9\u30af\u5236\u7d04\u306b\u306f\u3001\u96c6\u4e2d\u5ea6\u3084\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u306e\u4e0a\u9650\u306a\u3069\u306e\u30d2\u30e5\u30fc\u30ea\u30b9\u30c6\u30a3\u30c3\u30af\u306a\u5236\u7d04\u3068\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3084VaR\u306a\u3069\u306e\u7d71\u8a08\u7684\u306a\u5236\u7d04\u304c\u3042\u308b<\/li>\n<li>\u904b\u7528\u30b3\u30b9\u30c8\u306b\u306f\u660e\u793a\u7684\u30b3\u30b9\u30c8\u3068\u3001\u9045\u5ef6\u3084\u30b9\u30ea\u30c3\u30da\u30fc\u30b8\u306a\u3069\u306e\u6697\u9ed9\u7684\u30b3\u30b9\u30c8\u304c\u3042\u308b\u3002\u30b9\u30ea\u30c3\u30da\u30fc\u30b8\u306f\u5c0f\u578b\u682a\u3084\u9ad8\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u6642\u306b\u5927\u304d\u304f\u3001\u5373\u6642\u57f7\u884c\u3092\u6c42\u3081\u308b\u6226\u7565\u307b\u3069\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a4\u30f3\u30d1\u30af\u30c8\u304c\u5927\u304d\u3044<\/li>\n<li>\u30ed\u30f3\u30b0\uff0f\u30b7\u30e7\u30fc\u30c8\u306f\u3001\u5e02\u5834\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u306e\u4e00\u90e8\u3092\u624b\u653e\u3057\u3066\u30ea\u30b9\u30af\u3092\u6291\u3048\u3064\u3064\u3001\u30a2\u30eb\u30d5\u30a1\u306e\u6e90\u6cc9\u3092\u5e83\u3052\u308b\u4e00\u65b9\u3001\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af\u3001\u30b3\u30b9\u30c8\u3001\u8907\u96d1\u3055\u304c\u5897\u3048\u308b\u3068\u3044\u3046\u30c8\u30ec\u30fc\u30c9\u30aa\u30d5<\/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\u6295\u8cc7\u54f2\u5b66\u3068\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u69cb\u7bc9<\/h3>\n<p>\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u69cb\u7bc9\u306f\u904b\u7528\u8005\u306e<strong>\u6295\u8cc7\u54f2\u5b66<\/strong>\u3092\u53cd\u6620\u3057\u307e\u3059\u3002\u305d\u306e\u69cb\u6210\u8981\u7d20\u3068\u3057\u3066\u3001<strong>\u5831\u308f\u308c\u308b\u30d5\u30a1\u30af\u30bf\u30fc\u3078\u306e\u914d\u5206<\/strong>\u3001<strong>\u30a2\u30eb\u30d5\u30a1\u306e\u30b9\u30ad\u30eb<\/strong>\u3001<strong>\u30dd\u30b8\u30b7\u30e7\u30f3\u30fb\u30b5\u30a4\u30ba<\/strong>\u3001<strong>\u30d6\u30ec\u30c3\u30c9\u30b9\uff08\u72ec\u7acb\u3057\u305f\u5224\u65ad\u306e\u6570\uff09<\/strong>\u306e4\u3064\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u5831\u308f\u308c\u308b\u30d5\u30a1\u30af\u30bf\u30fc\uff1a\u5e02\u5834\u3001\u898f\u6a21\u3001\u30d0\u30ea\u30e5\u30fc\u3001\u30e2\u30e1\u30f3\u30bf\u30e0\u306a\u3069\u6301\u7d9a\u7684\u306a\u30d7\u30ec\u30df\u30a2\u30e0\u304c\u3042\u308b\u30d5\u30a1\u30af\u30bf\u30fc\u3092\u30aa\u30fc\u30d0\u30fc\u30fb\u30a2\u30f3\u30c0\u30fc\u30a6\u30a7\u30a4\u30c8\u307e\u305f\u306f\u4e2d\u7acb\u5316<\/li>\n<li>\u30a2\u30eb\u30d5\u30a1\u306e\u30b9\u30ad\u30eb\uff1a\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u9298\u67c4\u30fb\u5e02\u5834\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u3001\u65b0\u3057\u3044\u30d5\u30a1\u30af\u30bf\u30fc\u306e\u767a\u898b<\/li>\n<li>\u30dd\u30b8\u30b7\u30e7\u30f3\u30fb\u30b5\u30a4\u30ba\uff1a\u30ea\u30b9\u30af\u3068\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30a6\u30a7\u30a4\u30c8\u3092\u8003\u616e\u3057\u3066\u6c7a\u5b9a<\/li>\n<li>\u30d6\u30ec\u30c3\u30c9\u30b9\uff1a\u76f8\u95a2\u306e\u4f4e\u3044\u72ec\u7acb\u3057\u305f\u5224\u65ad\u304c\u591a\u3044\u307b\u3069\u3001\u5b89\u5b9a\u3057\u3066\u8d85\u904e\u30ea\u30bf\u30fc\u30f3\u3092\u5f97\u3084\u3059\u3044<\/li>\n<li>\u6295\u8cc7\u54f2\u5b66\u3068\u69cb\u7bc9\u30d7\u30ed\u30bb\u30b9\u306e\u4e00\u8cab\u6027\u304c\u91cd\u8981<\/li>\n<\/ul>\n<h3>LOS 2\uff1a\u30a2\u30af\u30c6\u30a3\u30d6\u682a\u5f0f\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u69cb\u7bc9\u30a2\u30d7\u30ed\u30fc\u30c1<\/h3>\n<p>\u904b\u7528\u8005\u306f\u3001<strong>\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u304b\u88c1\u91cf\u304b<\/strong>\u3001<strong>\u30dc\u30c8\u30e0\u30a2\u30c3\u30d7\u304b\u30c8\u30c3\u30d7\u30c0\u30a6\u30f3\u304b<\/strong>\u3001<strong>\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3092\u610f\u8b58\u3059\u308b\u304b\u3057\u306a\u3044\u304b<\/strong>\u3092\u7d44\u307f\u5408\u308f\u305b\u3066\u6226\u7565\u3092\u5b9f\u884c\u3057\u307e\u3059\u3002\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u69cb\u7bc9\u306f\u3001\u76ee\u7684\u95a2\u6570\u3068\u5236\u7d04\u6761\u4ef6\u304b\u3089\u306a\u308b<strong>\u6700\u9069\u5316\u554f\u984c<\/strong>\u3068\u3057\u3066\u6349\u3048\u3089\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\uff1a\u7814\u7a76\u306b\u3082\u3068\u3065\u304f\u30eb\u30fc\u30eb\u3092\u5e83\u3044\u30e6\u30cb\u30d0\u30fc\u30b9\u306b\u9069\u7528<\/li>\n<li>\u88c1\u91cf\uff1a\u904b\u7528\u8005\u306e\u5224\u65ad\u3092\u5c11\u6570\u306e\u9298\u67c4\u306b\u9069\u7528<\/li>\n<li>\u30dc\u30c8\u30e0\u30a2\u30c3\u30d7\uff1a\u500b\u5225\u9298\u67c4\u306e\u8a55\u4fa1\u306e\u7a4d\u307f\u4e0a\u3052\u304c\u3001\u7d4c\u6e08\u30fb\u5e02\u5834\u306e\u898b\u65b9\u3092\u5185\u5305<\/li>\n<li>\u30c8\u30c3\u30d7\u30c0\u30a6\u30f3\uff1a\u5e02\u5834\u74b0\u5883\u306e\u898b\u901a\u3057\u304b\u3089\u56fd\u30fb\u8cc7\u7523\u30af\u30e9\u30b9\u30fb\u30bb\u30af\u30bf\u30fc\u30fb\u9298\u67c4\u3078<\/li>\n<li>\u76ee\u7684\u95a2\u6570\uff1a\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u904b\u7528\u3067\u306f\u660e\u793a\u7684\u3001\u88c1\u91cf\u904b\u7528\u3067\u306f\u6697\u9ed9\u7684<\/li>\n<li>\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u975e\u4f9d\u5b58\u306e\u904b\u7528\u8005\u306f\u3001\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3068\u5927\u304d\u304f\u7570\u306a\u308b\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u306a\u308a\u3084\u3059\u3044<\/li>\n<\/ul>\n<h3>LOS 3\uff1a\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30b7\u30a7\u30a2\u3068\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af<\/h3>\n<p><strong>\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30b7\u30a7\u30a2<\/strong>\u306f\u4fdd\u6709\u9298\u67c4\u3068\u6bd4\u7387\u304c\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3068\u3069\u308c\u3060\u3051\u9055\u3046\u304b\u3092\u6e2c\u308b\u6307\u6a19\u3067\u3001<strong>\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af<\/strong>\u306f\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3068\u306e\u30ea\u30bf\u30fc\u30f3\u5dee\u306e\u6a19\u6e96\u504f\u5dee\u3067\u3059\u3002\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af\u306f\u3001\u30d5\u30a1\u30af\u30bf\u30fc\u3078\u306e\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u306e\u5dee\uff08\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30ea\u30b9\u30af\uff09\u3068\u9298\u67c4\u56fa\u6709\u30ea\u30b9\u30af\u304b\u3089\u751f\u3058\u308b\u305f\u3081\u3001\u4e21\u8005\u306f\u5fc5\u305a\u3057\u3082\u4e00\u81f4\u3057\u307e\u305b\u3093\u3002<\/p>\n<ul>\n<li>\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30b7\u30a7\u30a2\u306f0\u301c100%\u3001\u9ad8\u3044\u307b\u3069\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3068\u7570\u306a\u308b<\/li>\n<li>\u5206\u6563\u578b\u306e\u9298\u67c4\u9078\u629e\uff1a\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30b7\u30a7\u30a2\u9ad8\u3001\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af\u306f\u4f4e\u3081<\/li>\n<li>\u96c6\u4e2d\u578b\u306e\u9298\u67c4\u9078\u629e\uff1a\u4e21\u65b9\u3068\u3082\u9ad8\u3044<\/li>\n<li>\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30d9\u30c3\u30c8\u578b\uff1a\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30b7\u30a7\u30a2\u306f\u4f4e\u3081\u3067\u3082\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af\u306f\u9ad8\u3044<\/li>\n<li>\u30af\u30ed\u30fc\u30bc\u30c3\u30c8\u30fb\u30a4\u30f3\u30c7\u30af\u30b5\u30fc\uff1a\u4e21\u65b9\u3068\u3082\u4f4e\u3044<\/li>\n<li>\u9298\u67c4\u6570\u304c\u5c11\u306a\u3044\u307b\u3069\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30b7\u30a7\u30a2\u306f\u9ad8\u304f\u306a\u308a\u3084\u3059\u3044<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30b7\u30a7\u30a2 = \u00bd \u00d7 \u03a3 |w\u209a,\u1d62 \u2212 w_B,\u1d62|<\/div>\n<h3>LOS 4\uff1a\u30ea\u30b9\u30af\u30fb\u30d0\u30b8\u30a7\u30c3\u30c6\u30a3\u30f3\u30b0\u306e\u9069\u7528<\/h3>\n<p><strong>\u30ea\u30b9\u30af\u30fb\u30d0\u30b8\u30a7\u30c3\u30c6\u30a3\u30f3\u30b0<\/strong>\u306f\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u5168\u4f53\u306e\u30ea\u30b9\u30af\u8a31\u5bb9\u91cf\u3092\u3001\u30d5\u30a1\u30af\u30bf\u30fc\u3084\u500b\u5225\u30dd\u30b8\u30b7\u30e7\u30f3\u306a\u3069\u306e\u69cb\u6210\u8981\u7d20\u306b\u914d\u5206\u3059\u308b\u30d7\u30ed\u30bb\u30b9\u3067\u3059\u3002\u307e\u305a\u9069\u5207\u306a\u30ea\u30b9\u30af\u6307\u6a19\u3068\u30ea\u30b9\u30af\u91cf\u3092\u6c7a\u3081\u3001\u5404\u8981\u7d20\u304c\u5168\u4f53\u306e\u30ea\u30b9\u30af\u306b\u3069\u308c\u3060\u3051\u5bc4\u4e0e\u3059\u308b\u304b\u3092\u628a\u63e1\u3057\u305f\u3046\u3048\u3067\u914d\u5206\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u624b\u9806\uff1a\u2460\u9069\u5207\u306a\u30ea\u30b9\u30af\u6307\u6a19\u306e\u9078\u629e\uff08\u7d76\u5bfe\u30ea\u30b9\u30af\u304b\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af\u304b\uff09\u2461\u5404\u8981\u7d20\u306e\u30ea\u30b9\u30af\u5bc4\u4e0e\u306e\u628a\u63e1 \u2462\u5168\u4f53\u306e\u30ea\u30b9\u30af\u30fb\u30d0\u30b8\u30a7\u30c3\u30c8\u306e\u6c7a\u5b9a \u2463\u30dd\u30b8\u30b7\u30e7\u30f3\u30fb\u30d5\u30a1\u30af\u30bf\u30fc\u3078\u306e\u914d\u5206<\/li>\n<li>\u7d76\u5bfe\u30ea\u30bf\u30fc\u30f3\u76ee\u6a19\u306e\u904b\u7528\uff1a\u7d76\u5bfe\u30ea\u30b9\u30af\uff08\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff09<\/li>\n<li>\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u76f8\u5bfe\u306e\u904b\u7528\uff1a\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af<\/li>\n<li>\u30ea\u30b9\u30af\u5bc4\u4e0e\uff1d\u30a6\u30a7\u30a4\u30c8\u00d7\u305d\u306e\u8cc7\u7523\u3068\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u5171\u5206\u6563<\/li>\n<li>\u610f\u56f3\u3057\u306a\u3044\u30ea\u30b9\u30af\u306e\u96c6\u4e2d\u3092\u907f\u3051\u3001\u5831\u308f\u308c\u308b\u30ea\u30b9\u30af\u306b\u4e88\u7b97\u3092\u4f7f\u3046<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u8cc7\u7523i\u306e\u30ea\u30b9\u30af\u5bc4\u4e0e CV\u1d62 = w\u1d62 \u00d7 Cov(r\u1d62, r\u209a)<\/div>\n<h3>LOS 5\uff1a\u30ea\u30b9\u30af\u6307\u6a19\u3068\u4e0a\u9650\u8a2d\u5b9a<\/h3>\n<p>\u30ea\u30b9\u30af\u306e\u5236\u7d04\u306b\u306f\u3001\u96c6\u4e2d\u5ea6\u3084\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u306b\u4e0a\u9650\u3092\u8a2d\u3051\u308b<strong>\u30d2\u30e5\u30fc\u30ea\u30b9\u30c6\u30a3\u30c3\u30af\u306a\u5236\u7d04<\/strong>\u3068\u3001\u7d71\u8a08\u7684\u306a<strong>\u30d5\u30a9\u30fc\u30de\u30eb\u306a\u5236\u7d04<\/strong>\u304c\u3042\u308a\u307e\u3059\u3002\u4e0a\u9650\u3092\u8a2d\u3051\u308b\u3068\u3001\u30a2\u30eb\u30d5\u30a1\u306e\u6e90\u6cc9\u306b\u5341\u5206\u306a\u30ea\u30b9\u30af\u3092\u53d6\u308c\u306a\u304f\u306a\u308b\u9762\u3082\u3042\u308b\u305f\u3081\u3001\u5236\u7d04\u306e\u6c34\u6e96\u304c\u69cb\u7bc9\u306e\u7d50\u679c\u3092\u5de6\u53f3\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30d2\u30e5\u30fc\u30ea\u30b9\u30c6\u30a3\u30c3\u30af\u306a\u5236\u7d04\uff1a\u9298\u67c4\u30fb\u30bb\u30af\u30bf\u30fc\u30fb\u696d\u7a2e\u30fb\u5730\u57df\u306e\u96c6\u4e2d\u5ea6\u3001\u30d5\u30a1\u30af\u30bf\u30fc\uff08\u30d9\u30fc\u30bf\u3001\u898f\u6a21\u3001\u30d0\u30ea\u30e5\u30fc\u3001\u30e2\u30e1\u30f3\u30bf\u30e0\uff09\u3084\u901a\u8ca8\u306e\u30cd\u30c3\u30c8\u30fb\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3001\u30ec\u30d0\u30ec\u30c3\u30b8\u3001\u6d41\u52d5\u6027\u3001\u8a55\u5224\u30fb\u74b0\u5883\u30ea\u30b9\u30af<\/li>\n<li>\u30d5\u30a9\u30fc\u30de\u30eb\u306a\u5236\u7d04\uff1a\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3001\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af\u3001\u6b6a\u5ea6\u3001\u30c9\u30ed\u30fc\u30c0\u30a6\u30f3<\/li>\n<li>VaR\uff1a\u4e00\u5b9a\u306e\u78ba\u7387\u3067\u751f\u3058\u308b\u6700\u5c0f\u640d\u5931<\/li>\n<li>CVaR\uff08\u671f\u5f85\u30b7\u30e7\u30fc\u30c8\u30d5\u30a9\u30fc\u30eb\uff09\uff1aVaR\u3092\u8d85\u3048\u305f\u3068\u304d\u306e\u5e73\u5747\u640d\u5931<\/li>\n<li>IVaR\uff1a\u65b0\u898f\u30dd\u30b8\u30b7\u30e7\u30f3\u8ffd\u52a0\u306b\u3088\u308bVaR\u306e\u5909\u5316\u3001MVaR\uff1a\u30dd\u30b8\u30b7\u30e7\u30f3\u30fb\u30b5\u30a4\u30ba\u306e\u5909\u5316\u306b\u3088\u308bVaR\u3078\u306e\u5f71\u97ff<\/li>\n<\/ul>\n<h3>LOS 6\uff1a\u904b\u7528\u8cc7\u7523\u984d\u30fb\u30dd\u30b8\u30b7\u30e7\u30f3\u30fb\u6d41\u52d5\u6027\u30fb\u56de\u8ee2\u7387\u306e\u5f71\u97ff<\/h3>\n<p>\u904b\u7528\u8cc7\u7523\u984d\u304c\u5927\u304d\u304f\u306a\u308b\u307b\u3069\u30011\u9298\u67c4\u3042\u305f\u308a\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u304c\u5e02\u5834\u306e\u6d41\u52d5\u6027\u306b\u6bd4\u3079\u3066\u5927\u304d\u304f\u306a\u308a\u3001<strong>\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a4\u30f3\u30d1\u30af\u30c8<\/strong>\u304c\u5897\u3048\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u6226\u7565\u306e\u5bb9\u91cf\u3001\u30dd\u30b8\u30b7\u30e7\u30f3\u30fb\u30b5\u30a4\u30ba\u306e\u4e0a\u9650\u3001\u56de\u8ee2\u7387\u306e\u6c34\u6e96\u304c\u3001\u69cb\u7bc9\u306e\u5224\u65ad\u306b\u5f71\u97ff\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u660e\u793a\u7684\u30b3\u30b9\u30c8\uff08\u624b\u6570\u6599\u306a\u3069\uff09\u3068\u6697\u9ed9\u7684\u30b3\u30b9\u30c8\uff08\u9045\u5ef6\u3001\u30b9\u30ea\u30c3\u30da\u30fc\u30b8\uff09<\/li>\n<li>\u30b9\u30ea\u30c3\u30da\u30fc\u30b8\u306f\u5c0f\u578b\u682a\u3084\u9ad8\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u671f\u306b\u5927\u304d\u3044<\/li>\n<li>\u5373\u6642\u57f7\u884c\u304c\u5fc5\u8981\u306a\u6226\u7565\u307b\u3069\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a4\u30f3\u30d1\u30af\u30c8\u304c\u5927\u304d\u3044<\/li>\n<li>\u6642\u9593\u3092\u304b\u3051\u3066\u5efa\u3066\u308c\u3070\u30a4\u30f3\u30d1\u30af\u30c8\u306f\u6e1b\u308b\u304c\u3001\u4fa1\u683c\u5909\u52d5\u30fb\u30c8\u30ec\u30f3\u30c9\u306e\u30ea\u30b9\u30af\u304c\u5897\u3048\u308b<\/li>\n<li>\u30dd\u30b8\u30b7\u30e7\u30f3\u30fb\u30b5\u30a4\u30ba\u306f\u5e73\u5747\u58f2\u8cb7\u4ee3\u91d1\u306b\u5bfe\u3059\u308b\u5272\u5408\u3067\u5236\u9650\u3059\u308b\u3053\u3068\u304c\u591a\u3044<\/li>\n<li>\u904b\u7528\u898f\u6a21\u306e\u62e1\u5927\u306f\u9298\u67c4\u6570\u306e\u5897\u52a0\u3084\u5c0f\u578b\u682a\u306e\u6bd4\u91cd\u4f4e\u4e0b\u306b\u3064\u306a\u304c\u308b<\/li>\n<\/ul>\n<h3>LOS 7\uff1a\u6295\u8cc7\u30de\u30f3\u30c7\u30fc\u30c8\u306b\u7167\u3089\u3057\u305f\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u52b9\u7387\u6027<\/h3>\n<p>\u52b9\u7387\u7684\u306a\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3068\u306f\u3001\u30de\u30f3\u30c7\u30fc\u30c8\u306b\u5bfe\u3057\u3066<strong>\u53d6\u3063\u305f\u30ea\u30b9\u30af\u304c\u610f\u56f3\u3057\u305f\u30a2\u30eb\u30d5\u30a1\u306e\u6e90\u6cc9\u306b\u4f7f\u308f\u308c\u3066\u3044\u308b<\/strong>\u3082\u306e\u3067\u3059\u3002\u69cb\u7bc9\u306e\u826f\u3057\u60aa\u3057\u306f\u3001\u6295\u8cc7\u54f2\u5b66\u3068\u4e00\u8cab\u3057\u305f\u30d7\u30ed\u30bb\u30b9\u3001\u7d04\u675f\u3069\u304a\u308a\u306e\u30ea\u30b9\u30af\u7279\u6027\u3001\u30ea\u30b9\u30af\u52b9\u7387\u306e\u9ad8\u3044\u5b9f\u884c\u65b9\u6cd5\u3001\u59a5\u5f53\u306a\u904b\u7528\u30b3\u30b9\u30c8\u3067\u5224\u65ad\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u660e\u78ba\u306a\u6295\u8cc7\u54f2\u5b66\u3068\u4e00\u8cab\u3057\u305f\u6295\u8cc7\u30d7\u30ed\u30bb\u30b9<\/li>\n<li>\u6295\u8cc7\u5bb6\u306b\u7d04\u675f\u3057\u305f\u30ea\u30b9\u30af\u30fb\u69cb\u9020\u306e\u7279\u6027<\/li>\n<li>\u30ea\u30b9\u30af\u52b9\u7387\u306e\u9ad8\u3044\u5b9f\u884c\uff08\u610f\u56f3\u3057\u306a\u3044\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30ea\u30b9\u30af\u3084\u96c6\u4e2d\u3092\u907f\u3051\u308b\uff09<\/li>\n<li>\u5408\u7406\u7684\u306b\u4f4e\u3044\u904b\u7528\u30b3\u30b9\u30c8<\/li>\n<li>\u30ea\u30b9\u30af\u5bc4\u4e0e\u304c\u30a2\u30eb\u30d5\u30a1\u306e\u898b\u8fbc\u307f\u3068\u91e3\u308a\u5408\u3063\u3066\u3044\u308b\u304b\u3092\u78ba\u8a8d<\/li>\n<\/ul>\n<h3>LOS 8\uff1a\u30ed\u30f3\u30b0\u30fb\u30aa\u30f3\u30ea\u30fc\u3001\u30ed\u30f3\u30b0\u30fb\u30a8\u30af\u30b9\u30c6\u30f3\u30b7\u30e7\u30f3\u3001\u30ed\u30f3\u30b0\uff0f\u30b7\u30e7\u30fc\u30c8\u3001\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30cb\u30e5\u30fc\u30c8\u30e9\u30eb<\/h3>\n<p><strong>\u30ed\u30f3\u30b0\u30fb\u30aa\u30f3\u30ea\u30fc<\/strong>\u306f\u6700\u3082\u4e00\u822c\u7684\u3067\u4f4e\u30b3\u30b9\u30c8\u3067\u3059\u304c\u3001\u5272\u9ad8\u9298\u67c4\u3078\u306e\u898b\u65b9\u3092\u30a2\u30f3\u30c0\u30fc\u30a6\u30a7\u30a4\u30c8\u3067\u3057\u304b\u53cd\u6620\u3067\u304d\u307e\u305b\u3093\u3002<strong>\u30ed\u30f3\u30b0\u30fb\u30a8\u30af\u30b9\u30c6\u30f3\u30b7\u30e7\u30f3<\/strong>\uff08130\/30\u306a\u3069\uff09\u306f\u30b7\u30e7\u30fc\u30c8\u3067\u5f97\u305f\u8cc7\u91d1\u3067\u30ed\u30f3\u30b0\u3092\u5897\u3084\u3057\u3001\u5e02\u5834\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3092\u4fdd\u3063\u305f\u307e\u307e\u60c5\u5831\u3092\u6d3b\u304b\u3057\u307e\u3059\u3002<strong>\u30ed\u30f3\u30b0\uff0f\u30b7\u30e7\u30fc\u30c8<\/strong>\u3084<strong>\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30cb\u30e5\u30fc\u30c8\u30e9\u30eb<\/strong>\u306f\u5e02\u5834\u30ea\u30b9\u30af\u3092\u6291\u3048\u3064\u3064\u30a2\u30eb\u30d5\u30a1\u306e\u6e90\u6cc9\u3092\u5e83\u3052\u307e\u3059\u304c\u3001\u30b3\u30b9\u30c8\u3068\u8907\u96d1\u3055\u304c\u5897\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30ed\u30f3\u30b0\u30fb\u30aa\u30f3\u30ea\u30fc\uff1a\u5bb9\u91cf\u304c\u5927\u304d\u304f\u3001\u6d41\u52d5\u6027\u30fb\u900f\u660e\u6027\u304c\u9ad8\u3044\u3001\u4f4e\u30b3\u30b9\u30c8\u3001\u30b7\u30e7\u30fc\u30c8\u306e\u60c5\u5831\u3092\u6d3b\u304b\u3057\u306b\u304f\u3044<\/li>\n<li>\u30ed\u30f3\u30b0\u30fb\u30a8\u30af\u30b9\u30c6\u30f3\u30b7\u30e7\u30f3\uff1a\u30cd\u30c3\u30c8\u306e\u5e02\u5834\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u306f100%\u3001\u30b7\u30e7\u30fc\u30c8\u3067\u30a2\u30eb\u30d5\u30a1\u306e\u6a5f\u4f1a\u3092\u62e1\u5927<\/li>\n<li>\u30ed\u30f3\u30b0\uff0f\u30b7\u30e7\u30fc\u30c8\uff1a\u5e02\u5834\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3092\u67d4\u8edf\u306b\u8abf\u6574\u3001\u30b7\u30e7\u30fc\u30c8\u306e\u30b3\u30b9\u30c8\u3084\u640d\u5931\u304c\u7406\u8ad6\u4e0a\u7121\u9650\u306b\u306a\u308b\u30ea\u30b9\u30af<\/li>\n<li>\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30cb\u30e5\u30fc\u30c8\u30e9\u30eb\uff1a\u5e02\u5834\u30ea\u30b9\u30af\u3092\u307b\u307c\u30bc\u30ed\u306b\u3057\u3066\u30a2\u30eb\u30d5\u30a1\u3092\u72d9\u3046<\/li>\n<li>\u30a8\u30af\u30a4\u30bf\u30a4\u30ba\u30c9\u30fb\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30cb\u30e5\u30fc\u30c8\u30e9\u30eb\uff1a\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30cb\u30e5\u30fc\u30c8\u30e9\u30eb\u306b\u682a\u4fa1\u6307\u6570\u5148\u7269\u306a\u3069\u3092\u52a0\u3048\u3001\u5e02\u5834\u30ea\u30bf\u30fc\u30f3\u3082\u5f97\u308b<\/li>\n<li>\u30b7\u30e7\u30fc\u30c8\u306b\u4f34\u3046\u30b3\u30b9\u30c8\uff1a\u8cb8\u682a\u6599\u3001\u8a3c\u62e0\u91d1\u3001\u30ea\u30b3\u30fc\u30eb\u30fb\u30b7\u30e7\u30fc\u30c8\u30fb\u30b9\u30af\u30a4\u30fc\u30ba\u306e\u30ea\u30b9\u30af<\/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-lm2\/\">LM2 Active Equity Investing: Strategies\uff08\u30a2\u30af\u30c6\u30a3\u30d6\u682a\u5f0f\u6295\u8cc7\uff1a\u6226\u7565\uff09<\/a><br \/>\n\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-pmp-lm4\/\">LM4 Liability-Driven and Index-Based Strategies\uff08\u8ca0\u50b5\u4e3b\u5c0e\u578b\u30fb\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u578b\u306e\u50b5\u5238\u6226\u7565\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 LM3\u300cActive 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\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":11245,"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-10899","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\/10899","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=10899"}],"version-history":[{"count":2,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10899\/revisions"}],"predecessor-version":[{"id":11387,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10899\/revisions\/11387"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11245"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10899"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10899"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10899"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}