{"id":10900,"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-lm4\/"},"modified":"2026-09-22T07:44:51","modified_gmt":"2026-09-21T22:44:51","slug":"cfa-l3-pmp-lm4","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-pmp-lm4\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L3 PM Pathway LM4\u3011Liability-Driven and Index-Based Strategies \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u30a4\u30df\u30e5\u30cb\u30bc\u30fc\u30b7\u30e7\u30f3\u30fbLDI\u30fb\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u30fb\u30aa\u30fc\u30d0\u30fc\u30ec\u30a4\u30fb\u50b5\u5238\u30a4\u30f3\u30c7\u30c3\u30af\u30b9"},"content":{"rendered":"<style>\n.cfalm-los{counter-reset:los;list-style:none;padding:0!important;margin:1em 0!important}\n.cfalm-los li{border:1px solid #d5d9e3;border-left:4px solid #172152;border-radius:4px;padding:.8em 1em!important;margin:0 0 .8em!important;background:#fff}\n.cfalm-los li::before{display:none!important;content:none!important}\n.cfalm-los .ja{display:block;font-weight:bold;color:#172152;line-height:1.6}\n.cfalm-los .en{display:block;font-size:.85em;color:#667;margin-top:.3em;line-height:1.5;word-break:normal!important;overflow-wrap:anywhere}\n.cfalm-sum{background:#f6f7fb;border-radius:6px;padding:1em 1.2em!important;margin:1em 0!important;list-style:none!important}\n.cfalm-sum li{position:relative;margin:.4em 0!important;padding:0 0 0 1.1em!important;line-height:1.7;list-style:none!important}.cfalm-sum li::before{content:\"\"!important;display:block!important;position:absolute!important;left:0!important;top:.7em!important;width:6px!important;height:6px!important;border-radius:50%!important;background:#172152!important;border:none!important;transform:none!important}\n.cfalm-f{background:#f6f7fb;border-left:4px solid #172152;padding:.7em 1em;margin:.8em 0;font-family:\"Menlo\",\"Consolas\",monospace;font-size:.95em;overflow-x:auto}\n.cfalm-nav{background:#f6f7fb;padding:1em 1.2em;border-radius:6px;margin:1em 0;word-break:normal;overflow-wrap:anywhere}\n<\/style>\n<div class=\"box05\">\n<p>Learning Module 4\u300cLiability-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\u300d\u306f\u3001\u5358\u4e00\u8ca0\u50b5\u3068\u8907\u6570\u8ca0\u50b5\u306b\u5bfe\u3059\u308b\u30a4\u30df\u30e5\u30cb\u30bc\u30fc\u30b7\u30e7\u30f3\u306a\u3069\u306e\u8ca0\u50b5\u5bfe\u5fdc\u6226\u7565\u3001\u91d1\u5229\u30b7\u30ca\u30ea\u30aa\u306b\u5fdc\u3058\u305f\u6226\u7565\u9078\u629e\u3001\u8ca0\u50b5\u69cb\u9020\u306b\u5bfe\u3057\u3066\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u904b\u7528\u3059\u308b\u969b\u306e\u30ea\u30b9\u30af\u3001\u50b5\u5238\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u3078\u306e\u8ffd\u968f\u306e\u96e3\u3057\u3055\u3068\u30d1\u30c3\u30b7\u30d6\u306a\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u306e\u53d6\u308a\u65b9\u3001\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306e\u9078\u5b9a\u3092\u6271\u3046\u5358\u5143\u3067\u3059\u3002<\/p>\n<p>\u672c\u8a18\u4e8b\u3067\u306f\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306eLOS\uff08Learning Outcome Statement\uff09\u3068\u3001\u3053\u306e\u5358\u5143\u306e\u91cd\u8981\u8ad6\u70b9\u3092\u65e5\u672c\u8a9e\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n<\/div>\n<h2>LM4\u306eLOS\uff08\u5b66\u7fd2\u76ee\u6a19\uff09<\/h2>\n<p>LOS\u306f\u3001\u3053\u306e\u5358\u5143\u3067\u300c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3079\u304d\u3053\u3068\u300d\u3068\u3057\u3066\u793a\u3055\u308c\u3066\u3044\u308b\u5b66\u7fd2\u76ee\u6a19\u3067\u3059\u3002LM4\u306b\u306f7\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u5358\u4e00\u306e\u8ca0\u50b5\u3092\u7ba1\u7406\u3059\u308b\u305f\u3081\u306e\u6226\u7565\u3092\u8a55\u4fa1\u3059\u308b<\/span><span class=\"en\">evaluate strategies for managing a single liability<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u5358\u4e00\u8ca0\u50b5\u3068\u8907\u6570\u8ca0\u50b5\u306b\u5bfe\u3059\u308b\u6226\u7565\u3092\u3001\u305d\u306e\u4ee3\u66ff\u7684\u306a\u5b9f\u884c\u624b\u6bb5\u3092\u542b\u3081\u3066\u6bd4\u8f03\u3059\u308b<\/span><span class=\"en\">compare strategies for a single liability and for multiple liabilities, including alternative means of implementation<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u3055\u307e\u3056\u307e\u306a\u91d1\u5229\u30b7\u30ca\u30ea\u30aa\u306e\u4e0b\u3067\u8ca0\u50b5\u30d9\u30fc\u30b9\u306e\u6226\u7565\u3092\u8a55\u4fa1\u3057\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u76ee\u7684\u3092\u9054\u6210\u3059\u308b\u6226\u7565\u3092\u9078\u629e\u3059\u308b<\/span><span class=\"en\">evaluate liability-based strategies under various interest rate scenarios and select a strategy to achieve a portfolio\u2019s objectives<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u8ca0\u50b5\u69cb\u9020\u306b\u5bfe\u3057\u3066\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u904b\u7528\u3059\u308b\u3053\u3068\u306b\u4f34\u3046\u30ea\u30b9\u30af\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain risks associated with managing a portfolio against a liability structure<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1a\u50b5\u5238\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u3068\u3001\u50b5\u5238\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u50b5\u5238\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u306e\u7279\u6027\u306b\u5408\u308f\u305b\u3066\u904b\u7528\u3059\u308b\u3053\u3068\u306e\u96e3\u3057\u3055\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss bond indexes and the challenges of managing a fixed-income portfolio to mimic the characteristics of a bond index<\/span><\/li>\n<li><span class=\"ja\">LOS 6\uff1a\u50b5\u5238\u5e02\u5834\u3078\u306e\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3092\u30d1\u30c3\u30b7\u30d6\u306b\u78ba\u7acb\u3059\u308b\u4ee3\u66ff\u7684\u306a\u65b9\u6cd5\u3092\u6bd4\u8f03\u3059\u308b<\/span><span class=\"en\">compare alternative methods for establishing bond market exposure passively<\/span><\/li>\n<li><span class=\"ja\">LOS 7\uff1a\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u9078\u5b9a\u306e\u57fa\u6e96\u3092\u8ad6\u3058\u3001\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306e\u9078\u5b9a\u3092\u6b63\u5f53\u5316\u3059\u308b<\/span><span class=\"en\">discuss criteria for selecting a benchmark and justify the selection of a benchmark<\/span><\/li>\n<\/ol>\n<h2>LM4\u306e\u307e\u3068\u3081<\/h2>\n<p>\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u3092\u307e\u3068\u3081\u308b\u3068\u3001\u6b21\u306e\u3068\u304a\u308a\u3067\u3059\u3002<\/p>\n<ul class=\"cfalm-sum\">\n<li>\u30a4\u30df\u30e5\u30cb\u30bc\u30fc\u30b7\u30e7\u30f3\u306f\u3001\u65e2\u77e5\u306e\u6295\u8cc7\u671f\u9593\u306b\u304a\u3051\u308b\u5b9f\u73fe\u53ce\u76ca\u7387\u306e\u3070\u3089\u3064\u304d\u3092\u6700\u5c0f\u306b\u3059\u308b\u3088\u3046\u50b5\u5238\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u69cb\u7bc9\u30fb\u7ba1\u7406\u3059\u308b\u30d7\u30ed\u30bb\u30b9\u3002\u5358\u4e00\u8ca0\u50b5\u3067\u306f\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30de\u30b3\u30fc\u30ec\u30fc\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3092\u6295\u8cc7\u671f\u9593\u306b\u4e00\u81f4\u3055\u305b\u3001\u6642\u9593\u7d4c\u904e\u3084\u5229\u56de\u308a\u5909\u5316\u306b\u5fdc\u3058\u3066\u30ea\u30d0\u30e9\u30f3\u30b9\u3059\u308b<\/li>\n<li>\u30a4\u30df\u30e5\u30cb\u30bc\u30fc\u30b7\u30e7\u30f3\u3067\u78ba\u5b9a\u3055\u305b\u308b\u306e\u306f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u5229\u56de\u308a\uff08\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u5185\u90e8\u53ce\u76ca\u7387\uff09\u3067\u3042\u308a\u3001\u5404\u50b5\u5238\u306e\u6700\u7d42\u5229\u56de\u308a\u306e\u52a0\u91cd\u5e73\u5747\u3067\u306f\u306a\u3044\u3002\u30ea\u30b9\u30af\u306f\u3001\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u306e\u975e\u5e73\u884c\u30b7\u30d5\u30c8\u3084\u30c4\u30a4\u30b9\u30c8\u3067\u5229\u56de\u308a\u306e\u5909\u5316\u304c\u4e00\u81f4\u3057\u306a\u304f\u306a\u308b\u3053\u3068<\/li>\n<li>\u8907\u6570\u8ca0\u50b5\u3067\u306f\u3001\u8cc7\u7523\u3068\u8ca0\u50b5\u306e\u6642\u4fa1\u304c\u7570\u306a\u308b\u305f\u3081\u3001\u30de\u30cd\u30fc\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\uff08BPV\uff09\u3092\u4e00\u81f4\u3055\u305b\u308b\u3002\u6761\u4ef6\u306f\u3001\u8cc7\u7523\u6642\u4fa1\u2267\u8ca0\u50b5\u6642\u4fa1\u3001\u8cc7\u7523BPV\uff1d\u8ca0\u50b5BPV\u3001\u8cc7\u7523\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u5206\u6563\u5ea6\u3068\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\u304c\u8ca0\u50b5\u3088\u308a\u5927\u304d\u3044\u3053\u3068<\/li>\n<li>\u91d1\u5229\u5148\u7269\u306a\u3069\u306e\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u30fb\u30aa\u30fc\u30d0\u30fc\u30ec\u30a4\u3067\u3082\u30a4\u30df\u30e5\u30cb\u30bc\u30fc\u30b7\u30e7\u30f3\u304c\u3067\u304d\u308b\u3002\u5fc5\u8981\u306a\u5148\u7269\u679a\u6570\u306f\u3001\u8ca0\u50b5BPV\u3068\u8cc7\u7523BPV\u306e\u5dee\u3092\u5148\u7269\u306eBPV\u3067\u5272\u3063\u3066\u6c42\u3081\u308b<\/li>\n<li>\u30b3\u30f3\u30c6\u30a3\u30f3\u30b8\u30a7\u30f3\u30c8\u30fb\u30a4\u30df\u30e5\u30cb\u30bc\u30fc\u30b7\u30e7\u30f3\u306f\u3001\u8cc7\u7523\u3068\u8ca0\u50b5\u306e\u5dee\u3067\u3042\u308b\u30b5\u30fc\u30d7\u30e9\u30b9\u3092\u7a4d\u6975\u904b\u7528\u3057\u3001\u8ca0\u50b5\u8fd4\u6e08\u30b3\u30b9\u30c8\u306e\u524a\u6e1b\u3092\u72d9\u3046<\/li>\n<li>\u78ba\u5b9a\u7d66\u4ed8\u578b\u5e74\u91d1\u306e\u8ca0\u50b5\u306f\u3001ABO\u30fbPBO\u306a\u3069\u306e\u6e2c\u5b9a\u65b9\u6cd5\u3084\u30e2\u30c7\u30eb\u306e\u524d\u63d0\u306b\u4f9d\u5b58\u3059\u308b\u3002\u8cc7\u7523\u306e\u591a\u304f\u304c\u682a\u5f0f\u3067\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u304c\u77ed\u3044\u305f\u3081\u3001\u91d1\u5229\u30b9\u30ef\u30c3\u30d7\u306e\u30aa\u30fc\u30d0\u30fc\u30ec\u30a4\u3067\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u30fb\u30ae\u30e3\u30c3\u30d7\u3092\u7e2e\u3081\u308b\u3002\u30d8\u30c3\u30b8\u6bd4\u7387\u306f\u3001\u30ae\u30e3\u30c3\u30d7\u306e\u3046\u3061\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u3067\u57cb\u3081\u308b\u5272\u5408<\/li>\n<li>\u53d7\u53d6\u56fa\u5b9a\u30b9\u30ef\u30c3\u30d7\u3001\u30ec\u30b7\u30fc\u30d0\u30fc\u30fb\u30b9\u30ef\u30c3\u30d7\u30b7\u30e7\u30f3\u306e\u8cfc\u5165\u3001\u30b9\u30ef\u30c3\u30d7\u30b7\u30e7\u30f3\u30fb\u30ab\u30e9\u30fc\u306e\u9078\u629e\u306f\u91d1\u5229\u898b\u901a\u3057\u306b\u4f9d\u5b58\u3059\u308b\u3002LDI\u306b\u306f\u3001\u30e2\u30c7\u30eb\u30fb\u30ea\u30b9\u30af\u3084\u30b9\u30d7\u30ec\u30c3\u30c9\u30fb\u30ea\u30b9\u30af\u304c\u4f34\u3046<\/li>\n<li>\u50b5\u5238\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u306b\u9023\u52d5\u3059\u308b\u30d5\u30a1\u30f3\u30c9\u306f\u5206\u6563\u3068\u4f4e\u3044\u7ba1\u7406\u30b3\u30b9\u30c8\u3092\u3082\u305f\u3089\u3059\u304c\u3001\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u3068\u306e\u5dee\u306b\u3088\u308b\u30c8\u30e9\u30c3\u30ad\u30f3\u30b0\u30fb\u30ea\u30b9\u30af\u304c\u751f\u3058\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\u5358\u4e00\u8ca0\u50b5\u306e\u7ba1\u7406\u6226\u7565<\/h3>\n<p>\u5358\u4e00\u8ca0\u50b5\u306e\u4ee3\u8868\u7684\u306a\u6226\u7565\u306f<strong>\u30a4\u30df\u30e5\u30cb\u30bc\u30fc\u30b7\u30e7\u30f3<\/strong>\u3067\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e<strong>\u30de\u30b3\u30fc\u30ec\u30fc\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3092\u8ca0\u50b5\u306e\u671f\u65e5\uff08\u6295\u8cc7\u671f\u9593\uff09\u306b\u4e00\u81f4<\/strong>\u3055\u305b\u3001\u91d1\u5229\u306e\u5909\u5316\u306b\u3088\u308b\u30af\u30fc\u30dd\u30f3\u518d\u6295\u8cc7\u30ea\u30b9\u30af\u3068\u4fa1\u683c\u30ea\u30b9\u30af\u3092\u76f8\u6bba\u3057\u307e\u3059\u3002\u307b\u304b\u306b\u3001\u8ca0\u50b5\u3068\u540c\u3058\u671f\u65e5\u306e\u30bc\u30ed\u30af\u30fc\u30dd\u30f3\u50b5\u3084<strong>\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u30fb\u30de\u30c3\u30c1\u30f3\u30b0<\/strong>\u3067\u3082\u5bfe\u5fdc\u3067\u304d\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u6761\u4ef6\uff1a\u8cc7\u7523\u306e\u73fe\u5728\u4fa1\u5024\u2267\u8ca0\u50b5\u306e\u73fe\u5728\u4fa1\u5024\u3001\u30de\u30b3\u30fc\u30ec\u30fc\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\uff1d\u6295\u8cc7\u671f\u9593<\/li>\n<li>\u69cb\u9020\u30ea\u30b9\u30af\u3092\u6291\u3048\u308b\u305f\u3081\u3001\u6761\u4ef6\u3092\u6e80\u305f\u3059\u4e2d\u3067\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\uff08\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u5206\u6563\uff09\u3092\u6700\u5c0f\u306b\u3059\u308b<\/li>\n<li>\u78ba\u5b9a\u3055\u305b\u308b\u306e\u306f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u5229\u56de\u308a\u3067\u3001\u6700\u7d42\u5229\u56de\u308a\u306e\u52a0\u91cd\u5e73\u5747\u3067\u306f\u306a\u3044<\/li>\n<li>\u6642\u9593\u306e\u7d4c\u904e\u3068\u91d1\u5229\u306e\u5909\u5316\u3067\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u304c\u305a\u308c\u308b\u305f\u3081\u3001\u5b9a\u671f\u7684\u306a\u30ea\u30d0\u30e9\u30f3\u30b9\u304c\u5fc5\u8981<\/li>\n<li>\u30ea\u30d0\u30e9\u30f3\u30b9\u306f\u50b5\u5238\u306e\u58f2\u8cb7\u3084\u3001\u5148\u7269\u30fb\u91d1\u5229\u30b9\u30ef\u30c3\u30d7\u3067\u5b9f\u884c<\/li>\n<\/ul>\n<h3>LOS 2\uff1a\u5358\u4e00\u8ca0\u50b5\u3068\u8907\u6570\u8ca0\u50b5\u306e\u6226\u7565\u3001\u5b9f\u884c\u624b\u6bb5\u306e\u6bd4\u8f03<\/h3>\n<p>\u8907\u6570\u8ca0\u50b5\u306b\u306f\u3001<strong>\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u30fb\u30de\u30c3\u30c1\u30f3\u30b0<\/strong>\u3001<strong>\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u30fb\u30de\u30c3\u30c1\u30f3\u30b0<\/strong>\u3001<strong>\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u30fb\u30aa\u30fc\u30d0\u30fc\u30ec\u30a4<\/strong>\u3001<strong>\u30b3\u30f3\u30c6\u30a3\u30f3\u30b8\u30a7\u30f3\u30c8\u30fb\u30a4\u30df\u30e5\u30cb\u30bc\u30fc\u30b7\u30e7\u30f3<\/strong>\u304c\u3042\u308a\u307e\u3059\u3002\u8cc7\u7523\u3068\u8ca0\u50b5\u306e\u6642\u4fa1\u304c\u7570\u306a\u308b\u305f\u3081\u3001\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3067\u306f\u306a\u304f<strong>BPV\uff08\u30de\u30cd\u30fc\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\uff09<\/strong>\u3092\u4e00\u81f4\u3055\u305b\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u30fb\u30de\u30c3\u30c1\u30f3\u30b0\uff1a\u8ca0\u50b5\u306e\u5404\u671f\u65e5\u306b\u50b5\u5238\u306e\u5143\u5229\u91d1\u3092\u5408\u308f\u305b\u308b\u3001\u518d\u6295\u8cc7\u30ea\u30b9\u30af\u304c\u5c0f\u3055\u3044\u304c\u30b3\u30b9\u30c8\u304c\u9ad8\u304f\u306a\u308a\u3084\u3059\u3044<\/li>\n<li>\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u30fb\u30de\u30c3\u30c1\u30f3\u30b0\u306e\u6761\u4ef6\uff1a\u8cc7\u7523\u6642\u4fa1\u2267\u8ca0\u50b5\u6642\u4fa1\u3001\u8cc7\u7523BPV\uff1d\u8ca0\u50b5BPV\u3001\u8cc7\u7523\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u5206\u6563\u5ea6\u30fb\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\uff1e\u8ca0\u50b5<\/li>\n<li>BPV\uff1d\u30de\u30cd\u30fc\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u00d70.0001\u3001\u30de\u30cd\u30fc\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\uff1d\u4fee\u6b63\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u00d7\u6642\u4fa1<\/li>\n<li>\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u30fb\u30aa\u30fc\u30d0\u30fc\u30ec\u30a4\uff1a\u5148\u7269\u3067\u8cc7\u7523\u3068\u8ca0\u50b5\u306eBPV\u306e\u5dee\u3092\u57cb\u3081\u308b\uff08\u6b63\u306a\u3089\u8cb7\u3044\u3001\u8ca0\u306a\u3089\u58f2\u308a\uff09<\/li>\n<li>\u5148\u7269\u306eBPV\u2252\u6700\u5272\u5b89\u53d7\u6e21\u9298\u67c4\u306eBPV\u00f7\u305d\u306e\u9298\u67c4\u306e\u4ea4\u63db\u6bd4\u7387<\/li>\n<li>\u30b3\u30f3\u30c6\u30a3\u30f3\u30b8\u30a7\u30f3\u30c8\u30fb\u30a4\u30df\u30e5\u30cb\u30bc\u30fc\u30b7\u30e7\u30f3\uff1a\u30b5\u30fc\u30d7\u30e9\u30b9\u3092\u7a4d\u6975\u904b\u7528\u3001\u5148\u7269\u306e\u30d8\u30c3\u30b8\u91cf\u3092\u904e\u5927\u30fb\u904e\u5c11\u306b\u3059\u308b\u3053\u3068\u3082\u53ef\u80fd<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u5148\u7269\u679a\u6570 Nf = (\u8ca0\u50b5BPV \u2212 \u8cc7\u7523BPV) \u00f7 \u5148\u7269BPV<\/div>\n<h3>LOS 3\uff1a\u91d1\u5229\u30b7\u30ca\u30ea\u30aa\u306b\u5fdc\u3058\u305f\u8ca0\u50b5\u30d9\u30fc\u30b9\u6226\u7565\u306e\u9078\u629e<\/h3>\n<p>\u78ba\u5b9a\u7d66\u4ed8\u5e74\u91d1\u306a\u3069\u8cc7\u7523BPV\u304c\u8ca0\u50b5BPV\u3088\u308a\u5c0f\u3055\u3044\u5834\u5408\u3001<strong>\u91d1\u5229\u4f4e\u4e0b<\/strong>\u3067\u7a4d\u7acb\u72b6\u6cc1\u304c\u60aa\u5316\u3057\u307e\u3059\u3002\u30ae\u30e3\u30c3\u30d7\u3092\u57cb\u3081\u308b\u624b\u6bb5\u3068\u3057\u3066<strong>\u53d7\u53d6\u56fa\u5b9a\u30b9\u30ef\u30c3\u30d7<\/strong>\u3001<strong>\u30ec\u30b7\u30fc\u30d0\u30fc\u30fb\u30b9\u30ef\u30c3\u30d7\u30b7\u30e7\u30f3\u306e\u8cfc\u5165<\/strong>\u3001<strong>\u30b9\u30ef\u30c3\u30d7\u30b7\u30e7\u30f3\u30fb\u30ab\u30e9\u30fc<\/strong>\uff08\u30ec\u30b7\u30fc\u30d0\u30fc\u306e\u8cfc\u5165\uff0b\u30da\u30a4\u30e4\u30fc\u306e\u58f2\u5374\uff09\u304c\u3042\u308a\u3001\u91d1\u5229\u898b\u901a\u3057\u3067\u9078\u3073\u307e\u3059\u3002\u30d8\u30c3\u30b8\u6bd4\u7387\u3092\u898b\u901a\u3057\u306b\u5fdc\u3058\u3066\u52d5\u304b\u3059\u3053\u3068\u3092<strong>\u6226\u7565\u7684\u30d8\u30c3\u30b8<\/strong>\u3068\u547c\u3073\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30d8\u30c3\u30b8\u6bd4\u7387\uff1a\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u30fb\u30ae\u30e3\u30c3\u30d7\u306e\u3046\u3061\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u3067\u57cb\u3081\u308b\u5272\u5408\uff080%\u306f\u30d8\u30c3\u30b8\u306a\u3057\u3001100%\u306f\u5b8c\u5168\u306a\u30a4\u30df\u30e5\u30cb\u30bc\u30fc\u30b7\u30e7\u30f3\uff09<\/li>\n<li>\u91d1\u5229\u4f4e\u4e0b\u3092\u4e88\u60f3\uff1a\u53d7\u53d6\u56fa\u5b9a\u30b9\u30ef\u30c3\u30d7\u3001\u30d8\u30c3\u30b8\u6bd4\u7387\u3092\u5f15\u304d\u4e0a\u3052<\/li>\n<li>\u91d1\u5229\u4e0a\u6607\u3092\u4e88\u60f3\uff1a\u30ec\u30b7\u30fc\u30d0\u30fc\u30fb\u30b9\u30ef\u30c3\u30d7\u30b7\u30e7\u30f3\uff08\u91d1\u5229\u4f4e\u4e0b\u6642\u306e\u4fdd\u8b77\u3092\u5f97\u3064\u3064\u3001\u91d1\u5229\u4e0a\u6607\u6642\u306e\u6069\u6075\u3082\u6b8b\u3059\uff09\u3001\u30d8\u30c3\u30b8\u6bd4\u7387\u3092\u5f15\u304d\u4e0b\u3052<\/li>\n<li>\u4e00\u5b9a\u306e\u6c34\u6e96\u307e\u3067\u306e\u4e0a\u6607\u3092\u4e88\u60f3\uff1a\u30b9\u30ef\u30c3\u30d7\u30b7\u30e7\u30f3\u30fb\u30ab\u30e9\u30fc\uff08\u30da\u30a4\u30e4\u30fc\u306e\u58f2\u5374\u30d7\u30ec\u30df\u30a2\u30e0\u3067\u30b3\u30b9\u30c8\u3092\u76f8\u6bba\uff09<\/li>\n<li>\u5404\u30b7\u30ca\u30ea\u30aa\u3067\u8cc7\u7523\u30fb\u8ca0\u50b5\u30fb\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u3092\u5408\u308f\u305b\u305f\u640d\u76ca\u3092\u6bd4\u8f03\u3057\u3066\u9078\u629e<\/li>\n<\/ul>\n<h3>LOS 4\uff1a\u8ca0\u50b5\u69cb\u9020\u306b\u5bfe\u3057\u3066\u904b\u7528\u3059\u308b\u969b\u306e\u30ea\u30b9\u30af<\/h3>\n<p>\u8ca0\u50b5\u30d9\u30fc\u30b9\u306e\u6226\u7565\u306b\u306f\u3001\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u306e<strong>\u975e\u5e73\u884c\u30b7\u30d5\u30c8<\/strong>\u306b\u3088\u308b\u30a4\u30df\u30e5\u30cb\u30bc\u30fc\u30b7\u30e7\u30f3\u306e\u305a\u308c\u3001\u8ca0\u50b5\u3092\u6e2c\u308b<strong>\u30e2\u30c7\u30eb\u30fb\u30ea\u30b9\u30af<\/strong>\u3001\u8cc7\u7523\u30fb\u8ca0\u50b5\u30fb\u30d8\u30c3\u30b8\u624b\u6bb5\u306e\u5229\u56de\u308a\u304c\u540c\u3058\u3060\u3051\u52d5\u304f\u3068\u4eee\u5b9a\u3059\u308b\u3053\u3068\u306b\u3088\u308b<strong>\u30b9\u30d7\u30ec\u30c3\u30c9\u30fb\u30ea\u30b9\u30af<\/strong>\u306a\u3069\u304c\u4f34\u3044\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u69cb\u9020\u30ea\u30b9\u30af\uff1a\u975e\u5e73\u884c\u30b7\u30d5\u30c8\u30fb\u30c4\u30a4\u30b9\u30c8\u3067\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u5229\u56de\u308a\u306e\u5909\u5316\u304c\u8ca0\u50b5\u3068\u4e00\u81f4\u3057\u306a\u3044<\/li>\n<li>\u5e73\u884c\u30b7\u30d5\u30c8\u306f\u30a4\u30df\u30e5\u30cb\u30bc\u30fc\u30b7\u30e7\u30f3\u306e\u5341\u5206\u6761\u4ef6\u3060\u304c\u5fc5\u8981\u6761\u4ef6\u3067\u306f\u306a\u3044<\/li>\n<li>\u30e2\u30c7\u30eb\u30fb\u30ea\u30b9\u30af\uff1a\u5e74\u91d1\u8ca0\u50b5\uff08ABO\u304bPBO\u304b\uff09\u3001\u8cc3\u91d1\u6c34\u6e96\u30fb\u9000\u8077\u6642\u671f\u30fb\u5bff\u547d\u306a\u3069\u306e\u524d\u63d0<\/li>\n<li>\u30b9\u30d7\u30ec\u30c3\u30c9\u30fb\u30ea\u30b9\u30af\uff1a\u8cc7\u7523\u30fb\u8ca0\u50b5\u306e\u793e\u50b5\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u5909\u5316<\/li>\n<li>\u305d\u306e\u4ed6\uff1a\u30ab\u30a6\u30f3\u30bf\u30fc\u30d1\u30fc\u30c6\u30a3\u30fb\u30ea\u30b9\u30af\u3001\u62c5\u4fdd\u30fb\u8a3c\u62e0\u91d1\u306e\u7ba1\u7406\u3001\u6d41\u52d5\u6027\u30ea\u30b9\u30af<\/li>\n<\/ul>\n<h3>LOS 5\uff1a\u50b5\u5238\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u3068\u305d\u306e\u8ffd\u968f\u306e\u96e3\u3057\u3055<\/h3>\n<p>\u50b5\u5238\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u306f\u9298\u67c4\u6570\u304c\u975e\u5e38\u306b\u591a\u304f\u3001\u591a\u304f\u306e\u9298\u67c4\u306f\u6d41\u52d5\u6027\u304c\u4f4e\u304f\u3001\u511f\u9084\u3084\u65b0\u767a\u3067\u69cb\u6210\u304c\u983b\u7e41\u306b\u5909\u308f\u308a\u307e\u3059\u3002\u305d\u306e\u305f\u3081<strong>\u5b8c\u5168\u6cd5\u3067\u306e\u8ffd\u968f\u306f\u96e3\u3057\u304f<\/strong>\u3001\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3001\u30ad\u30fc\u30fb\u30ec\u30fc\u30c8\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3001\u30bb\u30af\u30bf\u30fc\u3001\u4fe1\u7528\u5ea6\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u5206\u5e03\u306a\u3069\u306e<strong>\u4e3b\u8981\u306a\u30ea\u30b9\u30af\u30fb\u30d5\u30a1\u30af\u30bf\u30fc\u3092\u4e00\u81f4\u3055\u305b\u308b<\/strong>\u5c64\u5316\u62bd\u51fa\u6cd5\uff08\u30d7\u30e9\u30a4\u30de\u30ea\u30fc\u30fb\u30ea\u30b9\u30af\u30fb\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30de\u30c3\u30c1\u30f3\u30b0\uff09\u304c\u4e00\u822c\u7684\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u50b5\u5238\u5e02\u5834\u306f\u5e97\u982d\u53d6\u5f15\u4e2d\u5fc3\u3067\u3001\u591a\u304f\u306e\u9298\u67c4\u304c\u5165\u624b\u56f0\u96e3<\/li>\n<li>\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u306e\u69cb\u6210\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u304c\u6642\u9593\u3068\u3068\u3082\u306b\u5909\u5316<\/li>\n<li>\u6642\u4fa1\u7dcf\u984d\u52a0\u91cd\u3067\u306f\u3001\u50b5\u52d9\u306e\u591a\u3044\u767a\u884c\u4f53\u307b\u3069\u6bd4\u91cd\u304c\u5927\u304d\u304f\u306a\u308b<\/li>\n<li>\u30a2\u30d7\u30ed\u30fc\u30c1\uff1a\u7d14\u7c8b\u306a\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u904b\u7528 \u2192 \u30ea\u30b9\u30af\u30fb\u30d5\u30a1\u30af\u30bf\u30fc\u3092\u4e00\u81f4\u3055\u305b\u308b\u5f37\u5316\u578b \u2192 \u5c0f\u3055\u306a\u4e56\u96e2\u3092\u8a31\u3059\u5f37\u5316\u578b \u2192 \u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528<\/li>\n<li>\u30c8\u30e9\u30c3\u30ad\u30f3\u30b0\u30fb\u30ea\u30b9\u30af\u306e\u7ba1\u7406<\/li>\n<\/ul>\n<h3>LOS 6\uff1a\u30d1\u30c3\u30b7\u30d6\u306a\u50b5\u5238\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u306e\u78ba\u7acb\u65b9\u6cd5<\/h3>\n<p>\u30d1\u30c3\u30b7\u30d6\u306b\u50b5\u5238\u5e02\u5834\u306e\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3092\u5f97\u308b\u65b9\u6cd5\u306b\u306f\u3001<strong>\u500b\u5225\u50b5\u5238\u3092\u76f4\u63a5\u4fdd\u6709\u3059\u308b\u65b9\u6cd5<\/strong>\u3001<strong>\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u578b\u306e\u30df\u30e5\u30fc\u30c1\u30e5\u30a2\u30eb\u30fb\u30d5\u30a1\u30f3\u30c9\u3084ETF<\/strong>\u3001<strong>\u30c8\u30fc\u30bf\u30eb\u30fb\u30ea\u30bf\u30fc\u30f3\u30fb\u30b9\u30ef\u30c3\u30d7<\/strong>\u306a\u3069\u306e\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u304c\u3042\u308a\u307e\u3059\u3002\u898f\u6a21\u3001\u30b3\u30b9\u30c8\u3001\u30ab\u30b9\u30bf\u30de\u30a4\u30ba\u306e\u5fc5\u8981\u6027\u3001\u30ab\u30a6\u30f3\u30bf\u30fc\u30d1\u30fc\u30c6\u30a3\u30fb\u30ea\u30b9\u30af\u306a\u3069\u3067\u6bd4\u8f03\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u76f4\u63a5\u4fdd\u6709\uff1a\u30ab\u30b9\u30bf\u30de\u30a4\u30ba\u53ef\u80fd\u3060\u304c\u3001\u5927\u304d\u306a\u898f\u6a21\u3068\u904b\u7528\u4f53\u5236\u304c\u5fc5\u8981\u3001\u53d6\u5f15\u30b3\u30b9\u30c8\u304c\u9ad8\u3044<\/li>\n<li>\u30df\u30e5\u30fc\u30c1\u30e5\u30a2\u30eb\u30fb\u30d5\u30a1\u30f3\u30c9\uff1a\u5206\u6563\u30fb\u4f4e\u3044\u7ba1\u7406\u30b3\u30b9\u30c8\u3001\u65e5\u6b21\u306e\u57fa\u6e96\u4fa1\u984d\u3067\u58f2\u8cb7<\/li>\n<li>ETF\uff1a\u65e5\u4e2d\u53d6\u5f15\u53ef\u80fd\u3001\u6d41\u52d5\u6027\u3068\u900f\u660e\u6027\u3001\u5e02\u5834\u4fa1\u683c\u304c\u57fa\u6e96\u4fa1\u984d\u304b\u3089\u4e56\u96e2\u3057\u3046\u308b<\/li>\n<li>\u30c8\u30fc\u30bf\u30eb\u30fb\u30ea\u30bf\u30fc\u30f3\u30fb\u30b9\u30ef\u30c3\u30d7\uff1a\u8cc7\u91d1\u8ca0\u62c5\u306a\u3057\u306b\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u5f97\u3089\u308c\u308b\u3001\u30ab\u30a6\u30f3\u30bf\u30fc\u30d1\u30fc\u30c6\u30a3\u30fb\u30ea\u30b9\u30af<\/li>\n<li>\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u306f\u5c11\u306a\u3044\u8cc7\u91d1\u3067\u8fc5\u901f\u306b\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3092\u5f97\u3089\u308c\u308b<\/li>\n<\/ul>\n<h3>LOS 7\uff1a\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306e\u9078\u5b9a<\/h3>\n<p>\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306f\u3001\u6295\u8cc7\u5bb6\u306e<strong>\u76ee\u7684\u30fb\u8ca0\u50b5\u30fb\u30ea\u30b9\u30af\u8a31\u5bb9\u5ea6\u30fb\u5236\u7d04<\/strong>\u306b\u5408\u3063\u3066\u3044\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u3068\u304f\u306b\u50b5\u5238\u3067\u306f\u3001\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306e\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3084\u69cb\u6210\u304c\u6642\u9593\u3068\u3068\u3082\u306b\u5909\u308f\u308b\u305f\u3081\u3001\u6295\u8cc7\u5bb6\u306e\u6295\u8cc7\u671f\u9593\u3084\u8ca0\u50b5\u306e\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u306b\u5408\u3046\u304b\u3069\u3046\u304b\u304c\u91cd\u8981\u3067\u3001\u5fc5\u8981\u306b\u5fdc\u3058\u3066<strong>\u30ab\u30b9\u30bf\u30e0\u30fb\u30d9\u30f3\u30c1\u30de\u30fc\u30af<\/strong>\u3092\u4f7f\u3044\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u6295\u8cc7\u5bb6\u306e\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u30fb\u76ee\u6a19\u306b\u5408\u3046\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u3092\u9078\u3076<\/li>\n<li>\u5e02\u5834\u5168\u4f53\u306e\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u304c\u6295\u8cc7\u5bb6\u306e\u30cb\u30fc\u30ba\u3068\u4e00\u81f4\u3059\u308b\u3068\u306f\u9650\u3089\u306a\u3044<\/li>\n<li>\u30ab\u30b9\u30bf\u30e0\u30fb\u30d9\u30f3\u30c1\u30de\u30fc\u30af\uff1a\u6e80\u671f\u30fb\u30bb\u30af\u30bf\u30fc\u30fb\u4fe1\u7528\u5ea6\u306a\u3069\u3092\u6295\u8cc7\u5bb6\u306b\u5408\u308f\u305b\u308b<\/li>\n<li>\u8ca0\u50b5\u306b\u9023\u52d5\u3059\u308b\u30d9\u30f3\u30c1\u30de\u30fc\u30af\uff08\u8ca0\u50b5\u30d9\u30fc\u30b9\u306e\u30d9\u30f3\u30c1\u30de\u30fc\u30af\uff09<\/li>\n<li>\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306f\u660e\u78ba\u30fb\u6295\u8cc7\u53ef\u80fd\u30fb\u6e2c\u5b9a\u53ef\u80fd\u3067\u3042\u308b\u3053\u3068\u304c\u671b\u307e\u3057\u3044<\/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-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\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-pmp-lm5\/\">LM5 Yield Curve Strategies\uff08\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\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 LM4\u300cLiability-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\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":11246,"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-10900","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\/10900","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=10900"}],"version-history":[{"count":2,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10900\/revisions"}],"predecessor-version":[{"id":11388,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10900\/revisions\/11388"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11246"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10900"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10900"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10900"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}