{"id":10904,"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-lm8\/"},"modified":"2026-09-22T07:09:13","modified_gmt":"2026-09-21T22:09:13","slug":"cfa-l3-pmp-lm8","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-pmp-lm8\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L3 PM Pathway LM8\u3011Case Study in Portfolio Management: Institutional (Endowment) \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u6d41\u52d5\u6027\u7ba1\u7406\u30fb\u975e\u6d41\u52d5\u6027\u30d7\u30ec\u30df\u30a2\u30e0\u30fb\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u30fb\u30aa\u30fc\u30d0\u30fc\u30ec\u30a4\u30fbESG"},"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 8\u300cCase Study in Portfolio Management: Institutional (Endowment)\uff08\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306e\u904b\u7528\u4e8b\u4f8b\uff08\u30a8\u30f3\u30c0\u30a6\u30e1\u30f3\u30c8\uff09\uff09\u300d\u306f\u3001\u30a8\u30f3\u30c0\u30a6\u30e1\u30f3\u30c8\u3092\u984c\u6750\u306b\u3057\u305f\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u904b\u7528\u306b\u3064\u3044\u3066\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u6d41\u52d5\u6027\u30ea\u30b9\u30af\u3092\u7ba1\u7406\u3059\u308b\u30c4\u30fc\u30eb\u3001\u9577\u671f\u6226\u7565\u3068\u3057\u3066\u306e\u975e\u6d41\u52d5\u6027\u30d7\u30ec\u30df\u30a2\u30e0\u306e\u7372\u5f97\u3001\u6d41\u52d5\u6027\u30cb\u30fc\u30ba\u3068\u30ea\u30b9\u30af\u30fb\u30ea\u30bf\u30fc\u30f3\u8981\u4ef6\u306b\u7167\u3089\u3057\u305f\u8cc7\u7523\u914d\u5206\u3001\u502b\u7406\u898f\u7bc4\u3068\u8077\u696d\u884c\u70ba\u57fa\u6e96\u306e\u9069\u7528\u3001\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u3068\u73fe\u7269\u306e\u6bd4\u8f03\u3001\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u30fb\u30aa\u30fc\u30d0\u30fc\u30ec\u30a4\u306e\u6d3b\u7528\u3001ESG\u306e\u8003\u616e\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>LM8\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\u3002LM8\u306b\u306f7\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\u306e\u6d41\u52d5\u6027\u30ea\u30b9\u30af\u3092\u7ba1\u7406\u3059\u308b\u305f\u3081\u306e\u30c4\u30fc\u30eb\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss tools for managing portfolio liquidity risk<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u9577\u671f\u306e\u6295\u8cc7\u6226\u7565\u3068\u3057\u3066\u975e\u6d41\u52d5\u6027\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u7372\u5f97\u3059\u308b\u3053\u3068\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss capture of the illiquidity premium as a long-term investment strategy<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u6d41\u52d5\u6027\u30cb\u30fc\u30ba\u304a\u3088\u3073\u30ea\u30b9\u30af\u30fb\u30ea\u30bf\u30fc\u30f3\u8981\u4ef6\u306b\u95a2\u9023\u3057\u3066\u8cc7\u7523\u914d\u5206\u3068\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u69cb\u7bc9\u3092\u5206\u6790\u3057\u3001\u660e\u3089\u304b\u306b\u306a\u3063\u305f\u30cb\u30fc\u30ba\u306b\u5bfe\u5fdc\u3059\u308b\u884c\u52d5\u3092\u63a8\u5968\u3059\u308b<\/span><span class=\"en\">analyze asset allocation and portfolio construction in relation to liquidity needs and risk and return requirements and recommend actions to address identified needs<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u502b\u7406\u898f\u7bc4\u304a\u3088\u3073\u8077\u696d\u884c\u70ba\u57fa\u6e96\u306e\u9069\u7528\u3092\u793a\u3059<\/span><span class=\"en\">demonstrate the application of the Code of Ethics and Standards of Professional Conduct regarding the actions of individuals involved in manager selection<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1a\u8cc7\u7523\u30af\u30e9\u30b9\u3084\u30ea\u30b9\u30af\u30fb\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3092\u78ba\u7acb\u30fb\u5909\u66f4\u3059\u308b\u624b\u6bb5\u3068\u3057\u3066\u3001\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u3068\u73fe\u7269\u5e02\u5834\u306e\u624b\u6cd5\u306e\u30b3\u30b9\u30c8\u3068\u30d9\u30cd\u30d5\u30a3\u30c3\u30c8\u3092\u5206\u6790\u3059\u308b<\/span><span class=\"en\">analyze the costs and benefits of derivatives versus cash market techniques for establishing or modifying asset class or risk exposures<\/span><\/li>\n<li><span class=\"ja\">LOS 6\uff1a\u6226\u8853\u7684\u8cc7\u7523\u914d\u5206\u3068\u30ea\u30d0\u30e9\u30f3\u30b9\u306b\u304a\u3051\u308b\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u30fb\u30aa\u30fc\u30d0\u30fc\u30ec\u30a4\u306e\u5229\u7528\u3092\u793a\u3059<\/span><span class=\"en\">demonstrate the use of derivatives overlays in tactical asset allocation and rebalancing<\/span><\/li>\n<li><span class=\"ja\">LOS 7\uff1a\u9577\u671f\u306e\u6a5f\u95a2\u6295\u8cc7\u5bb6\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u904b\u7528\u306b\u304a\u3051\u308bESG\u306e\u8003\u616e\u4e8b\u9805\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss ESG considerations in managing long-term institutional portfolios<\/span><\/li>\n<\/ol>\n<h2>LM8\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>\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u904b\u7528\u306e\u91cd\u8981\u306a\u5074\u9762\u3068\u3057\u3066\u3001\u975e\u6d41\u52d5\u6027\u30d7\u30ec\u30df\u30a2\u30e0\u306e\u7372\u5f97\u3001\u6d41\u52d5\u6027\u7ba1\u7406\u3001\u8cc7\u7523\u914d\u5206\u3001\u6226\u8853\u7684\u8cc7\u7523\u914d\u5206\u3068\u30ea\u30d0\u30e9\u30f3\u30b9\u306b\u304a\u3051\u308b\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u3068\u73fe\u7269\u306e\u4f7f\u3044\u5206\u3051\u3092\u6271\u3046<\/li>\n<li>\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\u3084\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u4e0d\u52d5\u7523\u306a\u3069\u3067\u975e\u6d41\u52d5\u6027\u30ea\u30b9\u30af\u3078\u306e\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3092\u9ad8\u3081\u308b\u3068\u3001\u9577\u671f\u7684\u306b\u306f\u9ad8\u3044\u30ea\u30bf\u30fc\u30f3\u3068\u52b9\u7387\u7684\u306a\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u304c\u671f\u5f85\u3067\u304d\u308b<\/li>\n<li>\u305f\u3060\u3057\u3001\u975e\u6d41\u52d5\u6027\u8cc7\u7523\u306e\u62e1\u5927\u306b\u306f\u3001\u30e2\u30c7\u30eb\u5316\u3068\u5b9f\u884c\u306e\u4e21\u9762\u3067\u5927\u304d\u306a\u4e0d\u78ba\u5b9f\u6027\u304c\u4f34\u3046<\/li>\n<li>\u6d41\u52d5\u6027\u30cb\u30fc\u30ba\uff08\u652f\u51fa\u3001\u30ad\u30e3\u30d4\u30bf\u30eb\u30fb\u30b3\u30fc\u30eb\u3001\u30ea\u30d0\u30e9\u30f3\u30b9\u3001\u62c5\u4fdd\uff09\u3092\u8e0f\u307e\u3048\u3001\u8cc7\u7523\u914d\u5206\u3068\u6d41\u52d5\u6027\u306e\u6c34\u6e96\u3092\u4e00\u4f53\u3067\u7ba1\u7406\u3059\u308b\u5fc5\u8981\u304c\u3042\u308b<\/li>\n<li>\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u306f\u3001\u73fe\u7269\u3092\u58f2\u8cb7\u305b\u305a\u306b\u8cc7\u7523\u30af\u30e9\u30b9\u306e\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3092\u8fc5\u901f\u30fb\u4f4e\u30b3\u30b9\u30c8\u3067\u8abf\u6574\u3067\u304d\u3001\u6226\u8853\u7684\u8cc7\u7523\u914d\u5206\u3084\u30ea\u30d0\u30e9\u30f3\u30b9\u306b\u6d3b\u7528\u3067\u304d\u308b<\/li>\n<li>\u904b\u7528\u4f1a\u793e\u306e\u9078\u5b9a\u306e\u904e\u7a0b\u3067\u306f\u3001\u502b\u7406\u4e0a\u306e\u554f\u984c\u304c\u751f\u3058\u3046\u308b<\/li>\n<li>\u9577\u671f\u306e\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306e\u904b\u7528\u3067\u306f\u3001\u793e\u4f1a\u7684\u306a\u8003\u616e\u4e8b\u9805\uff08ESG\uff09\u3078\u306e\u5bfe\u5fdc\u3082\u6c42\u3081\u3089\u308c\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\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u6d41\u52d5\u6027\u30ea\u30b9\u30af\u7ba1\u7406\u306e\u30c4\u30fc\u30eb<\/h3>\n<p>\u6d41\u52d5\u6027\u30ea\u30b9\u30af\u306e\u7ba1\u7406\u3067\u306f\u3001\u8cc7\u7523\u3092<strong>\u6d41\u52d5\u6027\u306e\u968e\u5c64\uff08\u30c6\u30a3\u30a2\uff09<\/strong>\u306b\u5206\u3051\u3066\u628a\u63e1\u3057\u3001\u652f\u51fa\u30fb\u30ad\u30e3\u30d4\u30bf\u30eb\u30fb\u30b3\u30fc\u30eb\u30fb\u30ea\u30d0\u30e9\u30f3\u30b9\u30fb\u62c5\u4fdd\u306a\u3069\u306e<strong>\u6d41\u52d5\u6027\u30cb\u30fc\u30ba<\/strong>\u3068\u6bd4\u3079\u307e\u3059\u3002<strong>\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u30fb\u30da\u30fc\u30b7\u30f3\u30b0\u30fb\u30e2\u30c7\u30eb<\/strong>\u3067\u5c06\u6765\u306e\u30ad\u30e3\u30d4\u30bf\u30eb\u30fb\u30b3\u30fc\u30eb\u3068\u5206\u914d\u3092\u4e88\u6e2c\u3057\u3001<strong>\u30b9\u30c8\u30ec\u30b9\u30fb\u30c6\u30b9\u30c8<\/strong>\u3067\u53b3\u3057\u3044\u5c40\u9762\u3067\u306e\u8cc7\u91d1\u7e70\u308a\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u6d41\u52d5\u6027\u306e\u5206\u985e\uff1a\u3059\u3050\u73fe\u91d1\u5316\u3067\u304d\u308b\u8cc7\u7523\u304b\u3089\u3001\u9577\u671f\u30ed\u30c3\u30af\u30a2\u30c3\u30d7\u306e\u8cc7\u7523\u307e\u3067<\/li>\n<li>\u6d41\u52d5\u6027\u30cb\u30fc\u30ba\uff1a\u652f\u51fa\u3001\u672a\u6255\u8fbc\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u306e\u30ad\u30e3\u30d4\u30bf\u30eb\u30fb\u30b3\u30fc\u30eb\u3001\u30ea\u30d0\u30e9\u30f3\u30b9\u3001\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u306e\u8a3c\u62e0\u91d1\u30fb\u62c5\u4fdd<\/li>\n<li>\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u30fb\u30da\u30fc\u30b7\u30f3\u30b0\uff1a\u30b3\u30fc\u30eb\u30fb\u5206\u914d\u30fbNAV\u306e\u63a8\u79fb\u3092\u4e88\u6e2c\u3057\u3066\u65b0\u898f\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u984d\u3092\u6c7a\u3081\u308b<\/li>\n<li>\u30b9\u30c8\u30ec\u30b9\u30fb\u30c6\u30b9\u30c8\uff1a\u5e02\u5834\u4e0b\u843d\u6642\u306b\u5206\u914d\u304c\u6b62\u307e\u308a\u30b3\u30fc\u30eb\u304c\u7d9a\u304f\u72b6\u6cc1\u306a\u3069\u3092\u78ba\u8a8d<\/li>\n<li>\u5bfe\u5fdc\u624b\u6bb5\uff1a\u6d41\u52d5\u6027\u306e\u9ad8\u3044\u8cc7\u7523\u306e\u78ba\u4fdd\u3001\u4fe1\u7528\u67a0\u3001\u30bb\u30ab\u30f3\u30c0\u30ea\u30fc\u5e02\u5834\u3067\u306e\u58f2\u5374<\/li>\n<\/ul>\n<h3>LOS 2\uff1a\u9577\u671f\u6226\u7565\u3068\u3057\u3066\u306e\u975e\u6d41\u52d5\u6027\u30d7\u30ec\u30df\u30a2\u30e0\u306e\u7372\u5f97<\/h3>\n<p>\u9577\u671f\u306e\u6295\u8cc7\u671f\u9593\u3092\u6301\u3064\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306f\u3001\u6d41\u52d5\u6027\u306e\u4f4e\u3044\u8cc7\u7523\u306b\u6295\u8cc7\u3059\u308b\u3053\u3068\u3067<strong>\u975e\u6d41\u52d5\u6027\u30d7\u30ec\u30df\u30a2\u30e0<\/strong>\u3092\u5f97\u3089\u308c\u308b\u7acb\u5834\u306b\u3042\u308a\u307e\u3059\u3002\u305f\u3060\u3057\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u8cc7\u7523\u306f<strong>\u904b\u7528\u8005\u9593\u306e\u30ea\u30bf\u30fc\u30f3\u683c\u5dee\u304c\u5927\u304d\u304f<\/strong>\u3001\u624b\u6570\u6599\u304c\u9ad8\u304f\u3001\u6d41\u52d5\u6027\u306e\u5236\u7d04\u3084\u30e2\u30c7\u30eb\u5316\u306e\u96e3\u3057\u3055\u304c\u3042\u308b\u305f\u3081\u3001\u30d7\u30ec\u30df\u30a2\u30e0\u306e\u5b9f\u73fe\u306f\u78ba\u5b9f\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<ul>\n<li>\u9577\u671f\u30fb\u5b89\u5b9a\u3057\u305f\u8cc7\u91d1\u3092\u6301\u3064\u6295\u8cc7\u5bb6\u307b\u3069\u975e\u6d41\u52d5\u6027\u3092\u8ca0\u62c5\u3057\u3084\u3059\u3044<\/li>\n<li>\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u4e0d\u52d5\u7523\u306a\u3069\u304c\u5bfe\u8c61<\/li>\n<li>\u904b\u7528\u8005\u306e\u9078\u5b9a\u304c\u91cd\u8981\uff08\u4e0a\u4f4d\u3068\u4e0b\u4f4d\u306e\u30ea\u30bf\u30fc\u30f3\u5dee\u304c\u5927\u304d\u3044\uff09<\/li>\n<li>\u8a55\u4fa1\u306e\u5e73\u6ed1\u5316\u3067\u30ea\u30b9\u30af\u304c\u904e\u5c0f\u306b\u8868\u308c\u3084\u3059\u304f\u3001\u6700\u9069\u5316\u306e\u7d50\u679c\u304c\u504f\u308b<\/li>\n<li>\u6295\u8cc7\u306e\u5b9f\u884c\u306b\u6642\u9593\u304c\u304b\u304b\u308a\u3001\u76ee\u6a19\u914d\u5206\u306e\u9054\u6210\u30fb\u7dad\u6301\u304c\u96e3\u3057\u3044<\/li>\n<\/ul>\n<h3>LOS 3\uff1a\u6d41\u52d5\u6027\u30cb\u30fc\u30ba\u3068\u30ea\u30b9\u30af\u30fb\u30ea\u30bf\u30fc\u30f3\u8981\u4ef6\u306b\u5373\u3057\u305f\u8cc7\u7523\u914d\u5206<\/h3>\n<p>\u8cc7\u7523\u914d\u5206\u306f\u3001<strong>\u30ea\u30bf\u30fc\u30f3\u76ee\u6a19<\/strong>\uff08\u652f\u51fa\u7387\uff0b\u30a4\u30f3\u30d5\u30ec\uff0b\u30b3\u30b9\u30c8\u306a\u3069\uff09\u3068<strong>\u30ea\u30b9\u30af\u8a31\u5bb9\u5ea6<\/strong>\u3060\u3051\u3067\u306a\u304f\u3001<strong>\u6d41\u52d5\u6027\u30cb\u30fc\u30ba<\/strong>\u306b\u3082\u7167\u3089\u3057\u3066\u691c\u8a0e\u3057\u307e\u3059\u3002\u975e\u6d41\u52d5\u6027\u8cc7\u7523\u306e\u6bd4\u7387\u3092\u9ad8\u3081\u308b\u5834\u5408\u3001\u5e02\u5834\u4e0b\u843d\u6642\u306b\u6bd4\u7387\u304c\u4e0a\u304c\u308b<strong>\u30c7\u30ce\u30df\u30cd\u30fc\u30bf\u30fc\u52b9\u679c<\/strong>\u3084\u3001\u30ea\u30d0\u30e9\u30f3\u30b9\u306e\u96e3\u3057\u3055\u3092\u8003\u616e\u3057\u3066\u884c\u52d5\u3092\u6c7a\u3081\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30ea\u30bf\u30fc\u30f3\u8981\u4ef6\uff1a\u652f\u51fa\u3001\u30a4\u30f3\u30d5\u30ec\u3001\u904b\u7528\u30b3\u30b9\u30c8\u3092\u8cc4\u3046\u6c34\u6e96<\/li>\n<li>\u975e\u6d41\u52d5\u6027\u8cc7\u7523\u306e\u4e0a\u9650\u3092\u6d41\u52d5\u6027\u30cb\u30fc\u30ba\u304b\u3089\u8a2d\u5b9a<\/li>\n<li>\u30c7\u30ce\u30df\u30cd\u30fc\u30bf\u30fc\u52b9\u679c\uff1a\u4e0a\u5834\u8cc7\u7523\u306e\u4e0b\u843d\u3067\u975e\u6d41\u52d5\u6027\u8cc7\u7523\u306e\u6bd4\u7387\u304c\u76ee\u6a19\u3092\u8d85\u3048\u308b<\/li>\n<li>\u5bfe\u5fdc\uff1a\u6d41\u52d5\u6027\u306e\u9ad8\u3044\u8cc7\u7523\u3067\u306e\u8abf\u6574\u3001\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u30fb\u30da\u30fc\u30b9\u306e\u898b\u76f4\u3057\u3001\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u306e\u6d3b\u7528<\/li>\n<li>\u8cc7\u7523\u914d\u5206\u3068\u6d41\u52d5\u6027\u7ba1\u7406\u3092\u4e00\u4f53\u3067\u8003\u3048\u308b<\/li>\n<\/ul>\n<h3>LOS 4\uff1a\u502b\u7406\u898f\u7bc4\u3068\u8077\u696d\u884c\u70ba\u57fa\u6e96\u306e\u9069\u7528<\/h3>\n<p>\u904b\u7528\u4f1a\u793e\u306e\u9078\u5b9a\u306a\u3069\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306e\u5b9f\u52d9\u3067\u306f\u3001<strong>\u72ec\u7acb\u6027\u3068\u5ba2\u89b3\u6027<\/strong>\u3001<strong>\u5229\u76ca\u76f8\u53cd\u306e\u958b\u793a<\/strong>\u3001<strong>\u9867\u5ba2\u3078\u306e\u5fe0\u5b9f\u7fa9\u52d9<\/strong>\u306a\u3069\u306e\u57fa\u6e96\u306b\u7167\u3089\u3057\u3066\u884c\u52d5\u3092\u5224\u65ad\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u8d08\u7b54\u30fb\u63a5\u5f85\u3084\u500b\u4eba\u7684\u306a\u95a2\u4fc2\u306a\u3069\u304c\u5224\u65ad\u3092\u3086\u304c\u3081\u306a\u3044\u3088\u3046\u306b\u3057\u3001\u5229\u76ca\u76f8\u53cd\u306f\u9069\u5207\u306b\u958b\u793a\u30fb\u7ba1\u7406\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u72ec\u7acb\u6027\u3068\u5ba2\u89b3\u6027\uff1a\u5224\u65ad\u306b\u5f71\u97ff\u3057\u3046\u308b\u8d08\u7b54\u30fb\u4fbf\u76ca\u3092\u53d7\u3051\u306a\u3044<\/li>\n<li>\u5229\u76ca\u76f8\u53cd\u306e\u958b\u793a\uff1a\u72ec\u7acb\u6027\u30fb\u5ba2\u89b3\u6027\u3092\u640d\u306a\u3046\u304a\u305d\u308c\u306e\u3042\u308b\u4e8b\u9805\u3092\u958b\u793a<\/li>\n<li>\u5fe0\u5b9f\u7fa9\u52d9\u30fb\u6ce8\u610f\u7fa9\u52d9\uff1a\u53d7\u76ca\u8005\u306e\u5229\u76ca\u3092\u6700\u512a\u5148<\/li>\n<li>\u52e4\u52c9\u3055\u3068\u5408\u7406\u7684\u306a\u6839\u62e0\uff1a\u904b\u7528\u4f1a\u793e\u306e\u8a55\u4fa1\u30fb\u9078\u5b9a\u3092\u5341\u5206\u306a\u5206\u6790\u306b\u3082\u3068\u3065\u3044\u3066\u884c\u3046<\/li>\n<li>\u8a18\u9332\u306e\u4fdd\u6301\u3068\u3001\u65b9\u91dd\u30fb\u624b\u7d9a\u304d\u306e\u6574\u5099<\/li>\n<\/ul>\n<h3>LOS 5\uff1a\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u3068\u73fe\u7269\u306e\u30b3\u30b9\u30c8\u3068\u30d9\u30cd\u30d5\u30a3\u30c3\u30c8<\/h3>\n<p>\u8cc7\u7523\u30af\u30e9\u30b9\u3084\u30ea\u30b9\u30af\u306e\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3092\u4f5c\u308b\u30fb\u5909\u3048\u308b\u624b\u6bb5\u3068\u3057\u3066\u3001<strong>\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6<\/strong>\u306f<strong>\u53d6\u5f15\u30b3\u30b9\u30c8\u304c\u4f4e\u304f\u3001\u8fc5\u901f\u3067\u3001\u65e2\u5b58\u306e\u904b\u7528\u8005\u306e\u904b\u7528\u3092\u59a8\u3052\u306a\u3044<\/strong>\u3068\u3044\u3046\u5229\u70b9\u304c\u3042\u308a\u307e\u3059\u3002\u4e00\u65b9\u3001\u30d9\u30fc\u30b7\u30b9\u30fb\u30ea\u30b9\u30af\u3001\u30ed\u30fc\u30eb\u30fb\u30b3\u30b9\u30c8\u3001\u8a3c\u62e0\u91d1\u30fb\u62c5\u4fdd\u306e\u6d41\u52d5\u6027\u30cb\u30fc\u30ba\u3001\u30ab\u30a6\u30f3\u30bf\u30fc\u30d1\u30fc\u30c6\u30a3\u30fb\u30ea\u30b9\u30af\u306a\u3069\u306e\u6b20\u70b9\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u306e\u5229\u70b9\uff1a\u4f4e\u3044\u53d6\u5f15\u30b3\u30b9\u30c8\u3001\u8fc5\u901f\u306a\u57f7\u884c\u3001\u5c11\u306a\u3044\u8cc7\u91d1\u8ca0\u62c5\u3001\u73fe\u7269\u306e\u904b\u7528\u8005\u3092\u5165\u308c\u66ff\u3048\u305a\u306b\u6e08\u3080<\/li>\n<li>\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u306e\u6b20\u70b9\uff1a\u30d9\u30fc\u30b7\u30b9\u30fb\u30ea\u30b9\u30af\uff08\u6307\u6570\u3068\u5b9f\u969b\u306e\u4fdd\u6709\u8cc7\u7523\u306e\u305a\u308c\uff09\u3001\u30ed\u30fc\u30eb\u30fb\u30b3\u30b9\u30c8\u3001\u8a3c\u62e0\u91d1\u30fb\u62c5\u4fdd\u306e\u7ba1\u7406<\/li>\n<li>\u5e97\u982d\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u306f\u30ab\u30a6\u30f3\u30bf\u30fc\u30d1\u30fc\u30c6\u30a3\u30fb\u30ea\u30b9\u30af<\/li>\n<li>\u73fe\u7269\u306e\u5229\u70b9\uff1a\u4fdd\u6709\u8cc7\u7523\u305d\u306e\u3082\u306e\u3092\u5909\u3048\u308b\u305f\u3081\u3001\u305a\u308c\u304c\u306a\u3044<\/li>\n<li>\u73fe\u7269\u306e\u6b20\u70b9\uff1a\u58f2\u8cb7\u30b3\u30b9\u30c8\u30fb\u6642\u9593\u304c\u304b\u304b\u308b\u3001\u904b\u7528\u8005\u306e\u8cc7\u7523\u3092\u52d5\u304b\u3059\u5fc5\u8981<\/li>\n<\/ul>\n<h3>LOS 6\uff1a\u6226\u8853\u7684\u8cc7\u7523\u914d\u5206\u3068\u30ea\u30d0\u30e9\u30f3\u30b9\u306b\u304a\u3051\u308b\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u30fb\u30aa\u30fc\u30d0\u30fc\u30ec\u30a4<\/h3>\n<p><strong>\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u30fb\u30aa\u30fc\u30d0\u30fc\u30ec\u30a4<\/strong>\u306f\u3001\u73fe\u7269\u306e\u4fdd\u6709\u3092\u5909\u3048\u305a\u306b\u5148\u7269\u3084\u30b9\u30ef\u30c3\u30d7\u3092\u91cd\u306d\u3066\u3001\u8cc7\u7523\u30af\u30e9\u30b9\u306e\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3092\u8abf\u6574\u3059\u308b\u624b\u6cd5\u3067\u3059\u3002<strong>\u6226\u8853\u7684\u8cc7\u7523\u914d\u5206<\/strong>\u3067\u306f\u3001\u305f\u3068\u3048\u3070\u682a\u4fa1\u6307\u6570\u5148\u7269\u3092\u58f2\u308a\u50b5\u5238\u5148\u7269\u3092\u8cb7\u3046\u3053\u3068\u3067\u914d\u5206\u3092\u4e00\u6642\u7684\u306b\u5909\u3048\u3001<strong>\u30ea\u30d0\u30e9\u30f3\u30b9<\/strong>\u3067\u306f\u76ee\u6a19\u914d\u5206\u304b\u3089\u306e\u4e56\u96e2\u3092\u5148\u7269\u3067\u7d20\u65e9\u304f\u57cb\u3081\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u682a\u5f0f\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u306e\u8abf\u6574\uff1a\u682a\u4fa1\u6307\u6570\u5148\u7269\u306e\u58f2\u8cb7\u679a\u6570\u3092\u30d9\u30fc\u30bf\u3067\u8a08\u7b97<\/li>\n<li>\u50b5\u5238\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u306e\u8abf\u6574\uff1aBPV\uff08\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\uff09\u3067\u5148\u7269\u679a\u6570\u3092\u8a08\u7b97<\/li>\n<li>\u73fe\u7269\u306e\u30ea\u30d0\u30e9\u30f3\u30b9\u304c\u5b8c\u4e86\u3059\u308b\u307e\u3067\u306e\u4e00\u6642\u7684\u306a\u8abf\u6574\u306b\u3082\u4f7f\u3048\u308b<\/li>\n<li>\u975e\u6d41\u52d5\u6027\u8cc7\u7523\u306e\u6bd4\u7387\u306e\u4e0a\u6607\u3092\u3001\u6d41\u52d5\u8cc7\u7523\u5074\u306e\u30aa\u30fc\u30d0\u30fc\u30ec\u30a4\u3067\u8abf\u6574<\/li>\n<li>\u8a3c\u62e0\u91d1\u306e\u8cc7\u91d1\u3092\u78ba\u4fdd\u3059\u308b\u5fc5\u8981<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u682a\u4fa1\u6307\u6570\u5148\u7269\u306e\u679a\u6570 Nf = [(\u03b2_T \u2212 \u03b2_P) \u00f7 \u03b2_F] \u00d7 [V_P \u00f7 (F \u00d7 \u4e57\u6570)]<\/div>\n<h3>LOS 7\uff1a\u9577\u671f\u306e\u6a5f\u95a2\u6295\u8cc7\u5bb6\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u304a\u3051\u308bESG\u306e\u8003\u616e<\/h3>\n<p>\u30a8\u30f3\u30c0\u30a6\u30e1\u30f3\u30c8\u306a\u3069\u9577\u671f\u306e\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306f\u3001\u904b\u7528\u306e\u4f7f\u547d\u3084\u95a2\u4fc2\u8005\uff08\u5b66\u751f\u3001\u6559\u8077\u54e1\u3001\u5bc4\u4ed8\u8005\u306a\u3069\uff09\u306e\u610f\u898b\u304b\u3089\u3001<strong>ESG\u3084\u793e\u4f1a\u7684\u306a\u8003\u616e\u4e8b\u9805<\/strong>\u3078\u306e\u5bfe\u5fdc\u3092\u6c42\u3081\u3089\u308c\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<strong>\u30c0\u30a4\u30d9\u30b9\u30c8\u30e1\u30f3\u30c8\uff08\u6295\u8cc7\u64a4\u9000\uff09<\/strong>\u3084<strong>\u30a8\u30f3\u30b2\u30fc\u30b8\u30e1\u30f3\u30c8<\/strong>\u306a\u3069\u306e\u65b9\u6cd5\u3068\u3001\u30ea\u30bf\u30fc\u30f3\u30fb\u30ea\u30b9\u30af\u30fb\u53d7\u8a17\u8005\u8cac\u4efb\u3078\u306e\u5f71\u97ff\u3092\u6bd4\u8f03\u3057\u3066\u5224\u65ad\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>ESG\u306e\u7d71\u5408\uff1a\u30ea\u30b9\u30af\u30fb\u30ea\u30bf\u30fc\u30f3\u8a55\u4fa1\u3078\u306eESG\u8981\u56e0\u306e\u7d44\u307f\u8fbc\u307f<\/li>\n<li>\u9664\u5916\uff08\u30cd\u30ac\u30c6\u30a3\u30d6\u30fb\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\uff09\u30fb\u30c0\u30a4\u30d9\u30b9\u30c8\u30e1\u30f3\u30c8\uff1a\u5206\u6563\u306e\u4f4e\u4e0b\u3084\u30c8\u30e9\u30c3\u30ad\u30f3\u30b0\u30fb\u30a8\u30e9\u30fc\u306e\u5897\u52a0<\/li>\n<li>\u30a8\u30f3\u30b2\u30fc\u30b8\u30e1\u30f3\u30c8\uff1a\u8b70\u6c7a\u6a29\u884c\u4f7f\u3084\u5bfe\u8a71\u3067\u4f01\u696d\u306b\u50cd\u304d\u304b\u3051\u308b<\/li>\n<li>\u30a4\u30f3\u30d1\u30af\u30c8\u6295\u8cc7\u30fb\u30c6\u30fc\u30de\u6295\u8cc7<\/li>\n<li>\u53d7\u8a17\u8005\u8cac\u4efb\u3068\u3001\u95a2\u4fc2\u8005\u306e\u4fa1\u5024\u89b3\u3068\u306e\u8abf\u6574<\/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-lm7\/\">LM7 Trade Strategy and Execution\uff08\u58f2\u8cb7\u6226\u7565\u3068\u57f7\u884c\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 LM8\u300cCase Study in Portfolio Management: Institutional (Endowment)\uff08\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306e\u904b\u7528\u4e8b\u4f8b\uff08\u30a8\u30f3\u30c0\u30a6\u30e1\u30f3\u30c8\uff09\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":11250,"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-10904","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\/10904","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=10904"}],"version-history":[{"count":1,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10904\/revisions"}],"predecessor-version":[{"id":11077,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10904\/revisions\/11077"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11250"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10904"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10904"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10904"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}