{"id":10901,"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-lm5\/"},"modified":"2026-09-22T07:09:06","modified_gmt":"2026-09-21T22:09:06","slug":"cfa-l3-pmp-lm5","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-pmp-lm5\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L3 PM Pathway LM5\u3011Yield Curve Strategies \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3068\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\u30fb\u30ed\u30fc\u30eb\u30c0\u30a6\u30f3\u30fb\u30b9\u30c6\u30a3\u30fc\u30d7\u30ca\u30fc\u3068\u30d5\u30e9\u30c3\u30c8\u30ca\u30fc\u30fb\u30ad\u30fc\u30fb\u30ec\u30fc\u30c8\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3"},"content":{"rendered":"<style>\n.cfalm-los{counter-reset:los;list-style:none;padding:0!important;margin:1em 0!important}\n.cfalm-los li{border:1px solid #d5d9e3;border-left:4px solid #172152;border-radius:4px;padding:.8em 1em!important;margin:0 0 .8em!important;background:#fff}\n.cfalm-los li::before{display:none!important;content:none!important}\n.cfalm-los .ja{display:block;font-weight:bold;color:#172152;line-height:1.6}\n.cfalm-los .en{display:block;font-size:.85em;color:#667;margin-top:.3em;line-height:1.5;word-break:normal!important;overflow-wrap:anywhere}\n.cfalm-sum{background:#f6f7fb;border-radius:6px;padding:1em 1.2em!important;margin:1em 0!important;list-style:none!important}\n.cfalm-sum li{position:relative;margin:.4em 0!important;padding:0 0 0 1.1em!important;line-height:1.7;list-style:none!important}.cfalm-sum li::before{content:\"\"!important;display:block!important;position:absolute!important;left:0!important;top:.7em!important;width:6px!important;height:6px!important;border-radius:50%!important;background:#172152!important;border:none!important;transform:none!important}\n.cfalm-f{background:#f6f7fb;border-left:4px solid #172152;padding:.7em 1em;margin:.8em 0;font-family:\"Menlo\",\"Consolas\",monospace;font-size:.95em;overflow-x:auto}\n.cfalm-nav{background:#f6f7fb;padding:1em 1.2em;border-radius:6px;margin:1em 0;word-break:normal;overflow-wrap:anywhere}\n<\/style>\n<div class=\"box05\">\n<p>Learning Module 5\u300cYield Curve Strategies\uff08\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u6226\u7565\uff09\u300d\u306f\u3001\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u5229\u56de\u308a\u306e\u5909\u5316\u306b\u3088\u308b\u50b5\u5238\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30bf\u30fc\u30f3\u8981\u56e0\u3001\u5e02\u5834\u3068\u540c\u3058\u91d1\u5229\u898b\u901a\u3057\u306e\u5834\u5408\u3068\u7570\u306a\u308b\u91d1\u5229\u898b\u901a\u3057\u306e\u5834\u5408\u306e\u30dd\u30b8\u30b7\u30e7\u30cb\u30f3\u30b0\u3001\u91d1\u5229\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306b\u95a2\u3059\u308b\u6226\u7565\u3001\u30ad\u30fc\u30fb\u30ec\u30fc\u30c8\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u306b\u3088\u308b\u611f\u5fdc\u5ea6\u306e\u8a55\u4fa1\u3001\u901a\u8ca8\u3092\u307e\u305f\u3050\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u6226\u7565\u3001\u6226\u7565\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3068\u30ea\u30b9\u30af\u306e\u8a55\u4fa1\u3092\u6271\u3046\u5358\u5143\u3067\u3059\u3002<\/p>\n<p>\u672c\u8a18\u4e8b\u3067\u306f\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306eLOS\uff08Learning Outcome Statement\uff09\u3068\u3001\u3053\u306e\u5358\u5143\u306e\u91cd\u8981\u8ad6\u70b9\u3092\u65e5\u672c\u8a9e\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n<\/div>\n<h2>LM5\u306eLOS\uff08\u5b66\u7fd2\u76ee\u6a19\uff09<\/h2>\n<p>LOS\u306f\u3001\u3053\u306e\u5358\u5143\u3067\u300c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3079\u304d\u3053\u3068\u300d\u3068\u3057\u3066\u793a\u3055\u308c\u3066\u3044\u308b\u5b66\u7fd2\u76ee\u6a19\u3067\u3059\u3002LM5\u306b\u306f7\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u5229\u56de\u308a\u306e\u5909\u5316\u306b\u3088\u308b\u50b5\u5238\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30bf\u30fc\u30f3\u306b\u5f71\u97ff\u3059\u308b\u8981\u56e0\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe the factors affecting fixed-income portfolio returns due to a change in benchmark yields<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u30d5\u30a9\u30ef\u30fc\u30c9\u91d1\u5229\u3068\u3001\u5e02\u5834\u306e\u898b\u65b9\u3068\u4e00\u81f4\u3059\u308b\u91d1\u5229\u898b\u901a\u3057\u306b\u3082\u3068\u3065\u3044\u3066\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30dd\u30b8\u30b7\u30e7\u30cb\u30f3\u30b0\u6226\u7565\u3092\u7acb\u6848\u3059\u308b<\/span><span class=\"en\">formulate a portfolio positioning strategy given forward interest rates and an interest rate view that coincides with the market view<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u30d5\u30a9\u30ef\u30fc\u30c9\u91d1\u5229\u3068\u3001\u91d1\u5229\u306e\u6c34\u6e96\u30fb\u50be\u304d\u30fb\u5f62\u72b6\u306e\u70b9\u3067\u5e02\u5834\u306e\u898b\u65b9\u3068\u7570\u306a\u308b\u91d1\u5229\u898b\u901a\u3057\u306b\u3082\u3068\u3065\u3044\u3066\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30dd\u30b8\u30b7\u30e7\u30cb\u30f3\u30b0\u6226\u7565\u3092\u7acb\u6848\u3059\u308b<\/span><span class=\"en\">formulate a portfolio positioning strategy given forward interest rates and an interest rate view that diverges from the market view in terms of rate level, slope, and shape<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u91d1\u5229\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u4e88\u60f3\u3055\u308c\u308b\u5909\u5316\u306b\u3082\u3068\u3065\u3044\u3066\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30dd\u30b8\u30b7\u30e7\u30cb\u30f3\u30b0\u6226\u7565\u3092\u7acb\u6848\u3059\u308b<\/span><span class=\"en\">formulate a portfolio positioning strategy based upon expected changes in interest rate volatility<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1a\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3068\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306e\u30ad\u30fc\u30fb\u30ec\u30fc\u30c8\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3092\u7528\u3044\u3066\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u611f\u5fdc\u5ea6\u3092\u8a55\u4fa1\u3059\u308b<\/span><span class=\"en\">evaluate a portfolio\u2019s sensitivity using key rate durations of the portfolio and its benchmark<\/span><\/li>\n<li><span class=\"ja\">LOS 6\uff1a\u901a\u8ca8\u3092\u307e\u305f\u3050\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u6226\u7565\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss yield curve strategies across currencies<\/span><\/li>\n<li><span class=\"ja\">LOS 7\uff1a\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u6226\u7565\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3068\u30ea\u30b9\u30af\u3092\u8a55\u4fa1\u3059\u308b<\/span><span class=\"en\">evaluate the expected return and risks of a yield curve strategy<\/span><\/li>\n<\/ol>\n<h2>LM5\u306e\u307e\u3068\u3081<\/h2>\n<p>\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u3092\u307e\u3068\u3081\u308b\u3068\u3001\u6b21\u306e\u3068\u304a\u308a\u3067\u3059\u3002<\/p>\n<ul class=\"cfalm-sum\">\n<li>\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u306e\u4e3b\u306a\u30ea\u30b9\u30af\u8981\u56e0\u306f\u3001\u6c34\u6e96\uff08\u30d1\u30e9\u30ec\u30eb\u30fb\u30b7\u30d5\u30c8\uff09\u3001\u50be\u304d\uff08\u30d5\u30e9\u30c3\u30c8\u5316\u30fb\u30b9\u30c6\u30a3\u30fc\u30d7\u5316\uff09\u3001\u5f62\u72b6\uff08\u66f2\u7387\uff09\u306e\u5909\u5316<\/li>\n<li>\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u4fa1\u5024\u5909\u5316\u306f\u3001\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\uff08\u4fa1\u683c\u3068\u5229\u56de\u308a\u306e\u7dda\u5f62\u306e\u95a2\u4fc2\uff09\u3068\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\uff08\u5927\u304d\u306a\u91d1\u5229\u5909\u5316\u3067\u306e\u4e8c\u6b21\u306e\u52b9\u679c\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u5206\u6563\u5ea6\u306b\u4f9d\u5b58\uff09\u3067\u8fd1\u4f3c\u3067\u304d\u308b\u3002\u540c\u3058\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u306a\u3089\u3001\u30d0\u30fc\u30d9\u30eb\u306f\u30d6\u30ec\u30c3\u30c8\u3088\u308a\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\u304c\u5927\u304d\u3044<\/li>\n<li>\u53f3\u4e0a\u304c\u308a\u306e\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u304c\u5909\u308f\u3089\u306a\u3044\u3068\u4e88\u60f3\u3059\u308b\u5834\u5408\u3001\u8cb7\u3044\u6301\u3061\u3067\u306e\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u5ef6\u9577\u3001\u30ed\u30fc\u30eb\u30c0\u30a6\u30f3\u3001\u30ad\u30e3\u30ea\u30fc\u30fb\u30c8\u30ec\u30fc\u30c9\u3067\u8d85\u904e\u30ea\u30bf\u30fc\u30f3\u3092\u72d9\u3048\u308b\u3002\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u3067\u306f\u53d7\u53d6\u56fa\u5b9a\u30b9\u30ef\u30c3\u30d7\u3084\u5148\u7269\u306e\u8cb7\u3044\u3067\u540c\u3058\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3092\u4f5c\u308c\u308b<\/li>\n<li>\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u306f\u5c11\u306a\u3044\u521d\u671f\u8cc7\u91d1\u3067\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3092\u5909\u3048\u3089\u308c\u308b\u304c\u3001\u8a3c\u62e0\u91d1\u30fb\u62c5\u4fdd\u306e\u8981\u4ef6\u3092\u6e80\u305f\u3059\u8cc7\u91d1\u304c\u5fc5\u8981<\/li>\n<li>\u91d1\u5229\u6c34\u6e96\u304c\u5e02\u5834\u3068\u7570\u306a\u308b\u898b\u901a\u3057\u306a\u3089\u3001\u5229\u56de\u308a\u4f4e\u4e0b\u306e\u4e88\u60f3\u3067\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3092\u5ef6\u3070\u3057\u3001\u4e0a\u6607\u306e\u4e88\u60f3\u3067\u77ed\u304f\u3059\u308b\u3002\u50be\u304d\u306e\u898b\u901a\u3057\u306b\u306f\u30b9\u30c6\u30a3\u30fc\u30d7\u30ca\u30fc\u30fb\u30d5\u30e9\u30c3\u30c8\u30ca\u30fc\u3001\u5f62\u72b6\u306e\u898b\u901a\u3057\u306b\u306f\u30d0\u30bf\u30d5\u30e9\u30a4\u3092\u7528\u3044\u308b<\/li>\n<li>\u5c06\u6765\u306e\u5b9f\u73fe\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3088\u308a\u5927\u304d\u3044\u304b\u5c0f\u3055\u3044\u304b\u306e\u898b\u901a\u3057\u306f\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u4ed8\u304d\u50b5\u5238\u3084\u91d1\u5229\u30aa\u30d7\u30b7\u30e7\u30f3\u3001\u30b9\u30ef\u30c3\u30d7\u30b7\u30e7\u30f3\u3001\u50b5\u5238\u5148\u7269\u30aa\u30d7\u30b7\u30e7\u30f3\u3067\u8868\u73fe\u3059\u308b<\/li>\n<li>\u30ad\u30fc\u30fb\u30ec\u30fc\u30c8\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3067\u3001\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u306e\u5f62\u72b6\u5909\u5316\u306b\u5bfe\u3059\u308b\u611f\u5fdc\u5ea6\u3092\u30ab\u30fc\u30d6\u4e0a\u306e\u5404\u5e74\u9650\u3054\u3068\u306b\u628a\u63e1\u3067\u304d\u308b<\/li>\n<li>\u901a\u8ca8\u3092\u307e\u305f\u3050\u6226\u7565\u306f\u6a5f\u80fd\u901a\u8ca8\u30d9\u30fc\u30b9\u3067\u6210\u679c\u3092\u6e2c\u308b\u3002\u91d1\u5229\u5e73\u4fa1\u3001\u30af\u30ed\u30b9\u30fb\u30ab\u30ec\u30f3\u30b7\u30fc\u30fb\u30b9\u30ef\u30c3\u30d7\u3001\u901a\u8ca8\u9593\u306e\u30ad\u30e3\u30ea\u30fc\u30fb\u30c8\u30ec\u30fc\u30c9\u3092\u7528\u3044\u3001\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306f\u30af\u30fc\u30dd\u30f3\u53ce\u5165\u3068\u30ed\u30fc\u30eb\u30c0\u30a6\u30f3\u306b\u5229\u56de\u308a\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\u30fb\u901a\u8ca8\u306e\u5909\u5316\u3092\u52a0\u3048\u3066\u8a55\u4fa1\u3057\u3001\u30ea\u30b9\u30af\u306f\u30b7\u30ca\u30ea\u30aa\u5206\u6790\u3067\u78ba\u8a8d\u3059\u308b<\/li>\n<\/ul>\n<p>\u4ee5\u4e0b\u3001LOS\u3054\u3068\u306b\u91cd\u8981\u8ad6\u70b9\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n<h3>LOS 1\uff1a\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u5229\u56de\u308a\u306e\u5909\u5316\u3068\u30ea\u30bf\u30fc\u30f3\u8981\u56e0<\/h3>\n<p>\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u306e\u5909\u5316\u306f<strong>\u6c34\u6e96\u30fb\u50be\u304d\u30fb\u5f62\u72b6\uff08\u66f2\u7387\uff09<\/strong>\u306b\u5206\u3051\u3089\u308c\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u4fa1\u5024\u5909\u5316\u306f<strong>\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3<\/strong>\u3068<strong>\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3<\/strong>\u3067\u8fd1\u4f3c\u3067\u304d\u307e\u3059\u3002\u540c\u3058\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3067\u3082\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u5206\u6563\u304c\u5927\u304d\u3044<strong>\u30d0\u30fc\u30d9\u30eb<\/strong>\u306f<strong>\u30d6\u30ec\u30c3\u30c8<\/strong>\u3088\u308a\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\u304c\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u6c34\u6e96\uff1a\u5168\u5e74\u9650\u304c\u540c\u3058\u5e45\u3067\u52d5\u304f\uff08\u30d1\u30e9\u30ec\u30eb\u30fb\u30b7\u30d5\u30c8\uff09<\/li>\n<li>\u50be\u304d\uff1a\u9577\u671f\u3068\u77ed\u671f\u306e\u5229\u56de\u308a\u5dee\u306e\u5909\u5316\uff08\u30b9\u30c6\u30a3\u30fc\u30d7\u5316\u30fb\u30d5\u30e9\u30c3\u30c8\u5316\uff09<\/li>\n<li>\u66f2\u7387\uff1a\u77ed\u671f\u30fb\u4e2d\u671f\u30fb\u9577\u671f\u306e\u5229\u56de\u308a\u306e\u95a2\u4fc2<\/li>\n<li>\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u306f\u4e00\u6b21\uff08\u7dda\u5f62\uff09\u306e\u52b9\u679c\u3001\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\u306f\u4e8c\u6b21\u306e\u52b9\u679c<\/li>\n<li>\u30d1\u30fc\u30fb\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u306f\u5b9f\u5728\u306e\u9298\u67c4\u3067\u306f\u306a\u304f\u30e2\u30c7\u30eb\u3067\u63a8\u8a08\u3055\u308c\u308b\u3053\u3068\u304c\u591a\u3044<\/li>\n<\/ul>\n<div class=\"cfalm-f\">%\u0394PV \u2248 \u2212ModDur \u00d7 \u0394Y + \u00bd \u00d7 Convexity \u00d7 (\u0394Y)\u00b2<\/div>\n<h3>LOS 2\uff1a\u5e02\u5834\u3068\u540c\u3058\u91d1\u5229\u898b\u901a\u3057\u3067\u306e\u30dd\u30b8\u30b7\u30e7\u30cb\u30f3\u30b0<\/h3>\n<p>\u91d1\u5229\u898b\u901a\u3057\u304c\u5e02\u5834\u306e\u898b\u65b9\u3068\u4e00\u81f4\u3057\u3001\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u304c<strong>\u5b89\u5b9a\u7684\uff08\u9759\u7684\uff09<\/strong>\u306b\u63a8\u79fb\u3059\u308b\u3068\u898b\u308b\u5834\u5408\u3001\u53f3\u4e0a\u304c\u308a\u306e\u30ab\u30fc\u30d6\u306a\u3089\u9577\u3081\u306e\u50b5\u5238\u3092\u6301\u3064\u3053\u3068\u3067\u8d85\u904e\u30ea\u30bf\u30fc\u30f3\u3092\u72d9\u3048\u307e\u3059\u3002\u624b\u6bb5\u306f\u3001<strong>\u8cb7\u3044\u6301\u3061\uff08\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u5ef6\u9577\uff09<\/strong>\u3001<strong>\u30ed\u30fc\u30eb\u30c0\u30a6\u30f3<\/strong>\u3001<strong>\u30ad\u30e3\u30ea\u30fc\u30fb\u30c8\u30ec\u30fc\u30c9<\/strong>\u3067\u3001\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u3067\u306f<strong>\u53d7\u53d6\u56fa\u5b9a\u30b9\u30ef\u30c3\u30d7<\/strong>\u3084<strong>\u50b5\u5238\u5148\u7269\u306e\u8cb7\u3044<\/strong>\u304c\u540c\u3058\u52b9\u679c\u3092\u6301\u3061\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u8cb7\u3044\u6301\u3061\uff1a\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3088\u308a\u9577\u3044\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3092\u4fdd\u6709<\/li>\n<li>\u30ed\u30fc\u30eb\u30c0\u30a6\u30f3\uff1a\u6642\u9593\u306e\u7d4c\u904e\u3067\u6b8b\u5b58\u671f\u9593\u304c\u77ed\u304f\u306a\u308a\u3001\u4f4e\u3044\u5229\u56de\u308a\u3067\u8a55\u4fa1\u3055\u308c\u3066\u4fa1\u683c\u304c\u4e0a\u6607<\/li>\n<li>\u30ed\u30fc\u30eb\u30c0\u30a6\u30f3\u30fb\u30ea\u30bf\u30fc\u30f3\uff0b\u30af\u30fc\u30dd\u30f3\u53ce\u5165\uff1d\u30ed\u30fc\u30ea\u30f3\u30b0\u30fb\u30a4\u30fc\u30eb\u30c9<\/li>\n<li>\u30ad\u30e3\u30ea\u30fc\u30fb\u30c8\u30ec\u30fc\u30c9\uff1a\u77ed\u671f\u3067\u8abf\u9054\u3057\u9577\u671f\u306b\u6295\u8cc7\uff08\u30ec\u30dd\u306a\u3069\u306e\u30ec\u30d0\u30ec\u30c3\u30b8\uff09<\/li>\n<li>\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u306f\u5c11\u306a\u3044\u8cc7\u91d1\u3067\u6e08\u3080\u304c\u3001\u8a3c\u62e0\u91d1\u30fb\u62c5\u4fdd\u306e\u7ba1\u7406\u304c\u5fc5\u8981<\/li>\n<\/ul>\n<h3>LOS 3\uff1a\u5e02\u5834\u3068\u7570\u306a\u308b\u91d1\u5229\u898b\u901a\u3057\u3067\u306e\u30dd\u30b8\u30b7\u30e7\u30cb\u30f3\u30b0<\/h3>\n<p>\u91d1\u5229\u306e<strong>\u6c34\u6e96<\/strong>\u304c\u5e02\u5834\u4e88\u60f3\u3068\u7570\u306a\u308b\u3068\u898b\u308b\u306a\u3089\u3001\u5229\u56de\u308a\u4f4e\u4e0b\u306e\u4e88\u60f3\u3067\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3092\u5ef6\u3070\u3057\u3001\u4e0a\u6607\u306e\u4e88\u60f3\u3067\u77ed\u304f\u3057\u307e\u3059\u3002<strong>\u50be\u304d<\/strong>\u306b\u306f<strong>\u30b9\u30c6\u30a3\u30fc\u30d7\u30ca\u30fc<\/strong>\u30fb<strong>\u30d5\u30e9\u30c3\u30c8\u30ca\u30fc<\/strong>\u3001<strong>\u5f62\u72b6<\/strong>\u306b\u306f<strong>\u30d0\u30bf\u30d5\u30e9\u30a4<\/strong>\u3067\u5bfe\u5fdc\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30b9\u30c6\u30a3\u30fc\u30d7\u30ca\u30fc\uff1a\u77ed\u671f\u50b5\u3092\u8cb7\u3044\u9577\u671f\u50b5\u3092\u58f2\u308b\uff08\u5229\u56de\u308a\u5dee\u306e\u62e1\u5927\u3067\u5229\u76ca\uff09<\/li>\n<li>\u30d5\u30e9\u30c3\u30c8\u30ca\u30fc\uff1a\u77ed\u671f\u50b5\u3092\u58f2\u308a\u9577\u671f\u50b5\u3092\u8cb7\u3046<\/li>\n<li>\u30b9\u30c6\u30a3\u30fc\u30d7\u30ca\u30fc\u30fb\u30d5\u30e9\u30c3\u30c8\u30ca\u30fc\u306f\u3001\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u4e2d\u7acb\u306b\u3082\u3001\u30cd\u30c3\u30c8\u3067\u9577\u77ed\u3069\u3061\u3089\u304b\u306b\u50be\u3051\u308b\u3053\u3068\u3082\u3067\u304d\u308b<\/li>\n<li>\u30d0\u30bf\u30d5\u30e9\u30a4\uff1a\u30d6\u30ec\u30c3\u30c8\uff08\u4e2d\u671f\uff09\u306e\u8cb7\u3044\uff0b\u30d0\u30fc\u30d9\u30eb\uff08\u77ed\u671f\u30fb\u9577\u671f\uff09\u306e\u58f2\u308a\u3001\u307e\u305f\u306f\u305d\u306e\u9006<\/li>\n<li>\u66f2\u7387\u306e\u4f4e\u4e0b\uff08\u4e2d\u671f\u306e\u5229\u56de\u308a\u304c\u76f8\u5bfe\u7684\u306b\u4f4e\u4e0b\uff09\u3092\u4e88\u60f3\u3059\u308b\u306a\u3089\u30d6\u30ec\u30c3\u30c8\u8cb7\u3044\u30fb\u30d0\u30fc\u30d9\u30eb\u58f2\u308a<\/li>\n<\/ul>\n<h3>LOS 4\uff1a\u91d1\u5229\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u5909\u5316\u306b\u3082\u3068\u3065\u304f\u30dd\u30b8\u30b7\u30e7\u30cb\u30f3\u30b0<\/h3>\n<p>\u5c06\u6765\u306e<strong>\u5b9f\u73fe\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3<\/strong>\u304c<strong>\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3<\/strong>\u3092\u4e0a\u56de\u308b\u3068\u4e88\u60f3\u3059\u308b\u306a\u3089\u3001\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\uff08\u30aa\u30d7\u30b7\u30e7\u30f3\uff09\u3092\u8cb7\u3044\u3001\u4e0b\u56de\u308b\u3068\u4e88\u60f3\u3059\u308b\u306a\u3089\u58f2\u308a\u307e\u3059\u3002\u624b\u6bb5\u306f\u3001<strong>\u30aa\u30d7\u30b7\u30e7\u30f3\u4ed8\u304d\u50b5\u5238<\/strong>\u306e\u58f2\u8cb7\u3084\u3001<strong>\u91d1\u5229\u30aa\u30d7\u30b7\u30e7\u30f3<\/strong>\u3001<strong>\u30b9\u30ef\u30c3\u30d7\u30b7\u30e7\u30f3<\/strong>\u3001<strong>\u50b5\u5238\u5148\u7269\u30aa\u30d7\u30b7\u30e7\u30f3<\/strong>\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u4e0a\u6607\u306e\u4e88\u60f3\uff1a\u30d7\u30c3\u30bf\u30d6\u30eb\u50b5\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u8cb7\u3044\u3001\u30d0\u30fc\u30d9\u30eb\uff08\u30ed\u30f3\u30b0\u30fb\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\uff09<\/li>\n<li>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u4f4e\u4e0b\u306e\u4e88\u60f3\uff1a\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5\u30fbMBS\uff08\u30cd\u30ac\u30c6\u30a3\u30d6\u30fb\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\uff09\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u58f2\u308a<\/li>\n<li>\u500b\u5225\u306e\u91d1\u5229\u30d7\u30c3\u30c8\u30fb\u30b3\u30fc\u30eb\u306f\u901a\u5e38\u3001\u5229\u56de\u308a\u3067\u306f\u306a\u304f\u50b5\u5238\u4fa1\u683c\u306b\u3082\u3068\u3065\u304f<\/li>\n<li>\u30b9\u30ef\u30c3\u30d7\u30b7\u30e7\u30f3\uff1a\u5c06\u6765\u306e\u7279\u5b9a\u306e\u6761\u4ef6\u3067\u91d1\u5229\u30b9\u30ef\u30c3\u30d7\u3092\u59cb\u3081\u308b\u6a29\u5229<\/li>\n<li>\u50b5\u5238\u5148\u7269\u30aa\u30d7\u30b7\u30e7\u30f3\uff1a\u5148\u7269\u3092\u58f2\u8cb7\u3059\u308b\u6a29\u5229\uff08\u7fa9\u52d9\u3067\u306f\u306a\u3044\uff09<\/li>\n<\/ul>\n<h3>LOS 5\uff1a\u30ad\u30fc\u30fb\u30ec\u30fc\u30c8\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u306b\u3088\u308b\u611f\u5fdc\u5ea6\u306e\u8a55\u4fa1<\/h3>\n<p><strong>\u30ad\u30fc\u30fb\u30ec\u30fc\u30c8\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3<\/strong>\u306f\u3001\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u4e0a\u306e\u7279\u5b9a\u306e\u5e74\u9650\u306e\u5229\u56de\u308a\u3060\u3051\u304c\u52d5\u3044\u305f\u3068\u304d\u306e\u4fa1\u683c\u611f\u5fdc\u5ea6\u3067\u3059\u3002\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3068\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306e\u30ad\u30fc\u30fb\u30ec\u30fc\u30c8\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3092\u6bd4\u3079\u308b\u3053\u3068\u3067\u3001\u30ab\u30fc\u30d6\u306e<strong>\u5f62\u72b6\u5909\u5316<\/strong>\u306b\u5bfe\u3057\u3066\u3069\u306e\u5e74\u9650\u3067\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3092\u6301\u3063\u3066\u3044\u308b\u304b\u3092\u5b9a\u91cf\u5316\u3067\u304d\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30ad\u30fc\u30fb\u30ec\u30fc\u30c8\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u306e\u5408\u8a08\uff1d\u5b9f\u52b9\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3<\/li>\n<li>\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3068\u306e\u5dee\u304c\u5e74\u9650\u3054\u3068\u306e\u80fd\u52d5\u7684\u306a\u30dd\u30b8\u30b7\u30e7\u30f3<\/li>\n<li>\u540c\u3058\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3067\u3082\u3001\u5e74\u9650\u306e\u914d\u5206\u3067\u5f62\u72b6\u5909\u5316\u306e\u5f71\u97ff\u304c\u7570\u306a\u308b<\/li>\n<li>\u30d1\u30e9\u30ec\u30eb\u30fb\u30b7\u30d5\u30c8\u306e\u5f71\u97ff\u306f\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3001\u5f62\u72b6\u5909\u5316\u306e\u5f71\u97ff\u306f\u30ad\u30fc\u30fb\u30ec\u30fc\u30c8\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3067\u898b\u308b<\/li>\n<li>\u4fa1\u683c\u5909\u5316\u2252\u2212\u03a3(\u5404KRD\u00d7\u305d\u306e\u5e74\u9650\u306e\u5229\u56de\u308a\u5909\u5316)<\/li>\n<\/ul>\n<div class=\"cfalm-f\">%\u0394P \u2248 \u2212\u03a3 KeyRateDur\u2096 \u00d7 \u0394Y\u2096<\/div>\n<h3>LOS 6\uff1a\u901a\u8ca8\u3092\u307e\u305f\u3050\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u6226\u7565<\/h3>\n<p>\u901a\u8ca8\u3092\u307e\u305f\u3050\u6226\u7565\u3067\u306f\u3001\u5916\u56fd\u50b5\u5238\u306e\u6210\u679c\u3092<strong>\u6a5f\u80fd\u901a\u8ca8\uff08\u81ea\u56fd\u901a\u8ca8\uff09\u30d9\u30fc\u30b9<\/strong>\u3067\u8a55\u4fa1\u3057\u307e\u3059\u3002<strong>\u30ab\u30d0\u30fc\u4ed8\u304d\u91d1\u5229\u5e73\u4fa1<\/strong>\u306b\u3088\u308a\u3001\u70ba\u66ff\u4e88\u7d04\u3067\u5b8c\u5168\u306b\u30d8\u30c3\u30b8\u3059\u308b\u3068\u81ea\u56fd\u306e\u91d1\u5229\u3068\u540c\u3058\u6c34\u6e96\u306b\u306a\u308b\u305f\u3081\u3001\u8d85\u904e\u30ea\u30bf\u30fc\u30f3\u306f\u91d1\u5229\u5e73\u4fa1\u304b\u3089\u306e\u4e56\u96e2\u3084\u30ab\u30fc\u30d6\u306e\u898b\u65b9\u304b\u3089\u751f\u307e\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u91d1\u5229\u5e73\u4fa1\uff1a\u9ad8\u91d1\u5229\u901a\u8ca8\u306f\u5148\u7269\u70ba\u66ff\u3067\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3001\u4f4e\u91d1\u5229\u901a\u8ca8\u306f\u30d7\u30ec\u30df\u30a2\u30e0<\/li>\n<li>\u30ab\u30d0\u30fc\u4ed8\u304d\u91d1\u5229\u5e73\u4fa1\uff1a\u70ba\u66ff\u4e88\u7d04\u3067\u81ea\u56fd\u901a\u8ca8\u306e\u53d7\u53d6\u984d\u3092\u78ba\u5b9a<\/li>\n<li>\u30ab\u30d0\u30fc\u306a\u3057\u91d1\u5229\u5e73\u4fa1\uff1a\u30d8\u30c3\u30b8\u306a\u3057\u306e\u5916\u8ca8\u6295\u8cc7\u306e\u30ea\u30bf\u30fc\u30f3\u306f\u9577\u671f\u7684\u306b\u81ea\u56fd\u6295\u8cc7\u3068\u540c\u3058\u306b\u306a\u308b\u3068\u3044\u3046\u8003\u3048<\/li>\n<li>\u901a\u8ca8\u30ad\u30e3\u30ea\u30fc\u30fb\u30c8\u30ec\u30fc\u30c9\uff1a\u4f4e\u91d1\u5229\u901a\u8ca8\u3067\u8abf\u9054\u3057\u9ad8\u91d1\u5229\u901a\u8ca8\u306b\u6295\u8cc7<\/li>\n<li>\u30af\u30ed\u30b9\u30fb\u30ab\u30ec\u30f3\u30b7\u30fc\u30fb\u30b9\u30ef\u30c3\u30d7\uff1a\u5916\u8ca8\u5efa\u50b5\u5238\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u81ea\u56fd\u901a\u8ca8\u3067\u5b8c\u5168\u30d8\u30c3\u30b8<\/li>\n<li>\u901a\u8ca8\u3054\u3068\u306b\u30aa\u30fc\u30d0\u30fc\u30a6\u30a7\u30a4\u30c8\u30fb\u30a2\u30f3\u30c0\u30fc\u30a6\u30a7\u30a4\u30c8\u3092\u7d44\u307f\u5408\u308f\u305b\u308b<\/li>\n<\/ul>\n<div class=\"cfalm-f\">F \/ S = (1 + i_\u4fa1\u683c\u901a\u8ca8) \u00f7 (1 + i_\u57fa\u6e96\u901a\u8ca8)<\/div>\n<h3>LOS 7\uff1a\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u6226\u7565\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3068\u30ea\u30b9\u30af\u306e\u8a55\u4fa1<\/h3>\n<p>\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306f\u3001<strong>\u30af\u30fc\u30dd\u30f3\u53ce\u5165\u3068\u30ed\u30fc\u30eb\u30c0\u30a6\u30f3<\/strong>\u306b\u3001\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u5229\u56de\u308a\u306e\u5909\u5316\u3001\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u5909\u5316\u3001\u901a\u8ca8\u306e\u5909\u5316\u306b\u3088\u308b\u4fa1\u5024\u5909\u5316\u3092\u52a0\u3048\u3066\u8a55\u4fa1\u3057\u307e\u3059\u3002\u4e88\u671f\u3057\u306a\u3044\u5e02\u5834\u5909\u5316\u306b\u3088\u308b\u30ea\u30b9\u30af\u306f<strong>\u30b7\u30ca\u30ea\u30aa\u5206\u6790<\/strong>\u3067\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u8981\u7d20\uff1a\u2460\u30af\u30fc\u30dd\u30f3\u53ce\u5165 \u2461\u30ed\u30fc\u30eb\u30c0\u30a6\u30f3 \u2462\u5229\u56de\u308a\u5909\u5316\uff08\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3068\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\uff09 \u2463\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u5909\u5316\u30fb\u4fe1\u7528\u640d\u5931 \u2464\u901a\u8ca8\u306e\u5909\u5316<\/li>\n<li>\u30ed\u30fc\u30ea\u30f3\u30b0\u30fb\u30a4\u30fc\u30eb\u30c9\uff1d\u30af\u30fc\u30dd\u30f3\u53ce\u5165\uff0b\u30ed\u30fc\u30eb\u30c0\u30a6\u30f3<\/li>\n<li>\u5229\u56de\u308a\u5909\u5316\u306e\u52b9\u679c\uff1d\u2212\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u00d7\u0394Y\uff0b\u00bd\u00d7\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\u00d7\u0394Y\u00b2<\/li>\n<li>\u30b7\u30ca\u30ea\u30aa\u5206\u6790\u3067\u898b\u901a\u3057\u304c\u5916\u308c\u305f\u5834\u5408\u306e\u640d\u5931\u3092\u78ba\u8a8d<\/li>\n<li>\u30ec\u30d0\u30ec\u30c3\u30b8\u3084\u8a3c\u62e0\u91d1\u306e\u8981\u4ef6\u3082\u8003\u616e<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u671f\u5f85\u30ea\u30bf\u30fc\u30f3 \u2248 \u30af\u30fc\u30dd\u30f3\u53ce\u5165 + \u30ed\u30fc\u30eb\u30c0\u30a6\u30f3 \u2212 ModDur\u00d7\u0394Y + \u00bd\u00d7Convexity\u00d7(\u0394Y)\u00b2 \u2212 \u4fe1\u7528\u640d\u5931 \u00b1 \u901a\u8ca8\u306e\u5909\u5316<\/div>\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-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\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-pmp-lm6\/\">LM6 Fixed-Income Active Management: Credit Strategies\uff08\u50b5\u5238\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528\uff1a\u30af\u30ec\u30b8\u30c3\u30c8\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 LM5\u300cYield Curve Strategies\uff08\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\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":11247,"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-10901","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\/10901","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=10901"}],"version-history":[{"count":1,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10901\/revisions"}],"predecessor-version":[{"id":11074,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10901\/revisions\/11074"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11247"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10901"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10901"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10901"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}