{"id":11444,"date":"2026-09-24T09:00:00","date_gmt":"2026-09-24T00:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/?p=11444"},"modified":"2026-09-24T18:45:57","modified_gmt":"2026-09-24T09:45:57","slug":"cfa-l3-aa-glossary","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/24\/cfa-l3-aa-glossary\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L3 Asset Allocation \u7528\u8a9e\u96c6\u3011Asset Allocation \u306e\u91cd\u8981\u7528\u8a9e48\u8a9e\uff5c\u82f1\u8a9e\u30fb\u65e5\u672c\u8a9e\u8a33\u30fb\u610f\u5473\u3092\u5358\u5143\u5225\u306b\u6574\u7406"},"content":{"rendered":"<style> .cfagl-nav{background:#f6f7fb;border-radius:6px;padding:1em 1.2em;margin:1em 0;line-height:1.9;word-break:normal;overflow-wrap:anywhere} .cfagl-nav a{display:block;margin:.15em 0} .cfagl-lm{font-size:.9em;margin:.2em 0 1em} .cfagl-t{border:1px solid #d5d9e3;border-left:4px solid #172152;border-radius:4px;padding:.75em 1em;margin:0 0 .8em;background:#fff} .cfagl-t .en{display:block;font-weight:bold;color:#172152;line-height:1.5;word-break:normal;overflow-wrap:anywhere} .cfagl-t .ja{display:block;font-size:.9em;color:#555;margin:.15em 0 .4em;line-height:1.5} .cfagl-t .df{display:block;line-height:1.75} .cfafm-c{border:1px solid #d5d9e3;border-top:4px solid #172152;border-radius:4px;padding:.9em 1em;margin:0 0 1.2em;background:#fff} .cfafm-c .nm{display:block;font-weight:bold;color:#172152;line-height:1.5} .cfafm-c .ne{display:block;font-size:.85em;color:#667;margin-bottom:.5em;word-break:normal;overflow-wrap:anywhere} .cfafm-x{background:#f6f7fb;border-radius:4px;padding:.6em .8em;margin:.4em 0 .7em;overflow-x:auto;overflow-y:hidden;-webkit-overflow-scrolling:touch} .cfafm-x .katex-display{margin:.3em 0!important} .cfafm-lg{margin:.3em 0 .6em;padding:0;font-size:.92em} .cfafm-lg div{display:flex;gap:.8em;padding:.25em 0;border-bottom:1px dotted #d5d9e3;line-height:1.6} .cfafm-lg .s{flex:0 0 auto;min-width:4.5em;max-width:45%;overflow-x:auto} .cfafm-lg .d{flex:1 1 auto} .cfafm-u{display:block;line-height:1.75;font-size:.95em} .cfafm-u b{color:#172152} .cfahub-g{display:grid;grid-template-columns:repeat(auto-fill,minmax(250px,1fr));gap:.8em;margin:1em 0} .cfahub-g a{display:block;border:1px solid #d5d9e3;border-left:4px solid #172152;border-radius:4px;padding:.8em 1em;background:#fff;text-decoration:none;color:#172152;line-height:1.5} .cfahub-g a .n{display:block;font-weight:bold} .cfahub-g a .j{display:block;font-size:.88em;color:#555} .cfagl-t p:empty,.cfafm-c p:empty,.cfahub-g p:empty,.cfagl-nav p:empty{display:none} .cfagl-lsc{border:2px solid #c9a227;background:#fffbea;border-radius:6px;padding:.9em 1.1em;margin:1em 0 1.4em;line-height:1.75} .cfagl-lsc b{display:block;color:#8a6d1d;margin-bottom:.3em} .cfagl-lsc a{display:inline-block;margin-top:.4em;font-weight:bold} .cfahub-g a .c{display:block;font-size:.82em;color:#8a6d1d;margin-top:.3em} <\/style>\n<div class=\"box05\">CFA\u00ae\ufe0e Level 3\u300cAsset Allocation\uff08\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\uff09\u300d\u3067\u4f7f\u308f\u308c\u308b\u91cd\u8981\u7528\u8a9e\u3092\u3001\u5b66\u7fd2\u5358\u5143\uff08Learning Module\uff09\u3054\u3068\u306b<strong>\u82f1\u8a9e\u30fb\u65e5\u672c\u8a9e\u8a33\u30fb\u610f\u5473<\/strong>\u306e3\u70b9\u30bb\u30c3\u30c8\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002\u51685\u5358\u5143\u30fb48\u8a9e\u3092\u53ce\u9332\u3057\u3066\u3044\u307e\u3059\u3002\u82f1\u8a9e\u306e\u5354\u4f1a\u30c6\u30ad\u30b9\u30c8\u3092\u8aad\u3080\u3068\u304d\u306e\u8f9e\u66f8\u4ee3\u308f\u308a\u306b\u304a\u4f7f\u3044\u304f\u3060\u3055\u3044\u3002<\/div>\n<div class=\"cfagl-lsc\"><b>Leveraged Support Course \u3092\u3054\u5229\u7528\u306e\u65b9\u3078<\/b>FA-Academy \u306e Leveraged Support Course\uff08LSC\uff09\u3092\u3054\u5229\u7528\u306e\u65b9\u306b\u306f\u3001\u3053\u306e\u7528\u8a9e\u96c6\u3068\u516c\u5f0f\u96c6\u3092\u30ec\u30d9\u30eb\u5225\u306b\u6574\u7406\u3057\u305f\u8cc7\u6599\uff08PDF\uff09\u3092\u304a\u6e21\u3057\u3057\u3066\u3044\u307e\u3059\u3002\u30aa\u30d5\u30e9\u30a4\u30f3\u3067\u306e\u78ba\u8a8d\u3084\u8a66\u9a13\u76f4\u524d\u306e\u898b\u76f4\u3057\u306b\u3054\u6d3b\u7528\u304f\u3060\u3055\u3044\u3002<a href=\"https:\/\/triumphmind.com\/cfa\/gokuhi\/\">Level 3 Leveraged Support Course \u306e\u8a73\u7d30\u3092\u898b\u308b<\/a><\/div>\n<h2>\u5358\u5143\uff08LM\uff09\u4e00\u89a7<\/h2>\n<div class=\"cfagl-nav\"><a href=\"#l3-aa-g-lm1\">LM1 \u8cc7\u672c\u5e02\u5834\u671f\u5f85 Part 1\uff1a\u67a0\u7d44\u307f\u3068\u30de\u30af\u30ed\u8981\u56e0<\/a><a href=\"#l3-aa-g-lm2\">LM2 \u8cc7\u672c\u5e02\u5834\u671f\u5f85 Part 2\uff1a\u8cc7\u7523\u30af\u30e9\u30b9\u5225\u30ea\u30bf\u30fc\u30f3\u4e88\u6e2c<\/a><a href=\"#l3-aa-g-lm3\">LM3 \u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u306e\u6982\u8981<\/a><a href=\"#l3-aa-g-lm4\">LM4 \u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u306e\u539f\u5247<\/a><a href=\"#l3-aa-g-lm5\">LM5 \u73fe\u5b9f\u306e\u5236\u7d04\u4e0b\u3067\u306e\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3<\/a><\/div>\n<h2>Asset Allocation \u306e\u91cd\u8981\u7528\u8a9e\uff08LM\u5225\uff09<\/h2>\n<h3 id=\"l3-aa-g-lm1\">LM1 Capital Market Expectations, Part 1: Framework and Macro Considerations\uff08\u8cc7\u672c\u5e02\u5834\u671f\u5f85 Part 1\uff1a\u67a0\u7d44\u307f\u3068\u30de\u30af\u30ed\u8981\u56e0\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-aa-lm1\/\">LM1 \u8cc7\u672c\u5e02\u5834\u671f\u5f85 Part 1\uff1a\u67a0\u7d44\u307f\u3068\u30de\u30af\u30ed\u8981\u56e0<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Capital Market Expectations (CME)<\/div>\n<div class=\"ja\">\u8cc7\u672c\u5e02\u5834\u671f\u5f85<\/div>\n<div class=\"df\">\u8cc7\u7523\u30af\u30e9\u30b9\u3054\u3068\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u30fb\u30ea\u30b9\u30af\u30fb\u76f8\u95a2\u306b\u95a2\u3059\u308b\u4e88\u6e2c\u3002\u6226\u7565\u7684\u30fb\u6226\u8853\u7684\u8cc7\u7523\u914d\u5206\u306e\u5165\u529b\u3068\u306a\u308a\u3001\u500b\u3005\u306e\u7cbe\u5ea6\u3088\u308a\u8cc7\u7523\u30af\u30e9\u30b9\u9593\u3068\u671f\u9593\u9593\u306e\u6574\u5408\u6027\u304c\u91cd\u8996\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Cross-Sectional Consistency<\/div>\n<div class=\"ja\">\u30af\u30ed\u30b9\u30bb\u30af\u30b7\u30e7\u30f3\u306e\u6574\u5408\u6027<\/div>\n<div class=\"df\">\u7570\u306a\u308b\u8cc7\u7523\u30af\u30e9\u30b9\u306b\u3064\u3044\u3066\u306e\u4e88\u6e2c\u304c\u4e92\u3044\u306b\u77db\u76fe\u3057\u306a\u3044\u3053\u3068\u3002\u540c\u3058\u524d\u63d0\u304b\u3089\u5c0e\u304b\u308c\u305f\u76f8\u5bfe\u7684\u306a\u30ea\u30b9\u30af\u30fb\u30ea\u30bf\u30fc\u30f3\u306e\u95a2\u4fc2\u304c\u4fdd\u305f\u308c\u3066\u3044\u308b\u72b6\u614b\u3092\u6307\u3059\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Intertemporal Consistency<\/div>\n<div class=\"ja\">\u7570\u6642\u70b9\u9593\u306e\u6574\u5408\u6027<\/div>\n<div class=\"df\">\u77ed\u671f\u30fb\u4e2d\u671f\u30fb\u9577\u671f\u306a\u3069\u7570\u306a\u308b\u4e88\u6e2c\u671f\u9593\u306e\u671f\u5f85\u304c\u4e92\u3044\u306b\u6574\u5408\u3057\u3066\u3044\u308b\u3053\u3068\u3002\u77ed\u671f\u306e\u898b\u901a\u3057\u3092\u7a4d\u307f\u91cd\u306d\u305f\u7d50\u679c\u304c\u9577\u671f\u306e\u898b\u901a\u3057\u3068\u98df\u3044\u9055\u308f\u306a\u3044\u72b6\u614b\u3092\u3044\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Ex Post Risk<\/div>\n<div class=\"ja\">\u4e8b\u5f8c\u7684\u30ea\u30b9\u30af<\/div>\n<div class=\"df\">\u5b9f\u969b\u306b\u306f\u8d77\u304d\u306a\u304b\u3063\u305f\u4f4e\u78ba\u7387\u306e\u5927\u304d\u306a\u4e8b\u8c61\u306e\u53ef\u80fd\u6027\u304c\u904e\u53bb\u306e\u4fa1\u683c\u306b\u7e54\u308a\u8fbc\u307e\u308c\u3066\u3044\u305f\u305f\u3081\u3001\u4e8b\u5f8c\u306e\u5b9f\u73fe\u30c7\u30fc\u30bf\u304b\u3089\u6e2c\u3063\u305f\u30ea\u30b9\u30af\u304c\u5b9f\u614b\u3068\u305a\u308c\u308b\u3053\u3068\u3002\u904e\u53bb\u30c7\u30fc\u30bf\u306b\u3088\u308b\u63a8\u5b9a\u3092\u3086\u304c\u3081\u308b\u8981\u56e0\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Exogenous Shock<\/div>\n<div class=\"ja\">\u5916\u751f\u7684\u30b7\u30e7\u30c3\u30af<\/div>\n<div class=\"df\">\u653f\u7b56\u5909\u66f4\u3001\u65b0\u6280\u8853\u3001\u5730\u653f\u5b66\u7684\u4e8b\u4ef6\u3001\u81ea\u7136\u707d\u5bb3\u3001\u8cc7\u6e90\u4fa1\u683c\u306e\u6025\u5909\u3001\u91d1\u878d\u5371\u6a5f\u306a\u3069\u3001\u7d4c\u6e08\u306e\u5916\u5074\u304b\u3089\u751f\u3058\u4e88\u6e2c\u3067\u304d\u306a\u3044\u51fa\u6765\u4e8b\u3002\u6210\u9577\u30c8\u30ec\u30f3\u30c9\u3092\u5909\u3048\u308b\u3053\u3068\u304c\u3042\u308a\u3001\u5f71\u97ff\u306e\u628a\u63e1\u306b\u306f\u6642\u9593\u304c\u304b\u304b\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Trend Growth Rate<\/div>\n<div class=\"ja\">\u30c8\u30ec\u30f3\u30c9\u6210\u9577\u7387<\/div>\n<div class=\"df\">\u666f\u6c17\u5faa\u74b0\u3092\u306a\u3089\u3057\u305f\u7d4c\u6e08\u306e\u4e2d\u9577\u671f\u7684\u306a\u6210\u9577\u30da\u30fc\u30b9\u3002\u52b4\u50cd\u6295\u5165\u306e\u4f38\u3073\uff0b\u52b4\u50cd\u751f\u7523\u6027\u306e\u4f38\u3073\u3067\u8fd1\u4f3c\u3055\u308c\u3001\u9577\u671f\u306e\u50b5\u5238\u5229\u56de\u308a\u3084\u682a\u4fa1\u4e0a\u6607\u7387\u306e\u76ee\u5b89\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Econometric Modeling<\/div>\n<div class=\"ja\">\u8a08\u91cf\u7d4c\u6e08\u30e2\u30c7\u30eb<\/div>\n<div class=\"df\">\u7d4c\u6e08\u5909\u6570\u9593\u306e\u95a2\u4fc2\u3092\u7d71\u8a08\u7684\u306b\u63a8\u5b9a\u3057\u305f\u65b9\u7a0b\u5f0f\u4f53\u7cfb\u3067\u7d4c\u6e08\u3092\u4e88\u6e2c\u3059\u308b\u624b\u6cd5\u3002\u5b9a\u91cf\u7684\u3067\u4e00\u8cab\u6027\u304c\u3042\u308a\u3001\u30b7\u30e7\u30c3\u30af\u306e\u5f71\u97ff\u3082\u5206\u6790\u3067\u304d\u308b\u304c\u3001\u69cb\u9020\u304c\u8907\u96d1\u3067\u8ee2\u63db\u70b9\u306e\u4e88\u6e2c\u306f\u82e6\u624b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Leading Economic Indicators<\/div>\n<div class=\"ja\">\u5148\u884c\u6307\u6a19<\/div>\n<div class=\"df\">\u666f\u6c17\u306e\u5909\u5316\u306b\u5148\u7acb\u3063\u3066\u52d5\u304f\u7d4c\u6e08\u5909\u6570\u3084\u3001\u305d\u308c\u3089\u3092\u5408\u6210\u3057\u305f\u6307\u6570\u3002\u666f\u6c17\u306e\u8ee2\u63db\u70b9\u3092\u7c21\u4fbf\u306b\u6349\u3048\u3089\u308c\u308b\u4e00\u65b9\u3001\u8aa4\u3063\u305f\u30b7\u30b0\u30ca\u30eb\u3092\u51fa\u3059\u3053\u3068\u3082\u3042\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Checklist Approach<\/div>\n<div class=\"ja\">\u30c1\u30a7\u30c3\u30af\u30ea\u30b9\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/div>\n<div class=\"df\">\u95a2\u9023\u3059\u308b\u7d4c\u6e08\u30fb\u5e02\u5834\u306e\u9805\u76ee\u3092\u9806\u306b\u70b9\u691c\u3057\u3001\u5206\u6790\u8005\u306e\u5224\u65ad\u3067\u7dcf\u5408\u3057\u3066\u898b\u901a\u3057\u3092\u7acb\u3066\u308b\u4e88\u6e2c\u624b\u6cd5\u3002\u67d4\u8edf\u306b\u69cb\u9020\u5909\u5316\u3092\u53d6\u308a\u8fbc\u3081\u308b\u304c\u3001\u4e3b\u89b3\u7684\u3067\u624b\u9593\u304c\u304b\u304b\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Taylor Rule<\/div>\n<div class=\"ja\">\u30c6\u30a4\u30e9\u30fc\u30fb\u30eb\u30fc\u30eb<\/div>\n<div class=\"df\">\u4e2d\u7acb\u91d1\u5229\u306b\u4e88\u60f3\u30a4\u30f3\u30d5\u30ec\u7387\u3092\u52a0\u3048\u3001\u6210\u9577\u7387\u30ae\u30e3\u30c3\u30d7\u3068\u30a4\u30f3\u30d5\u30ec\u30fb\u30ae\u30e3\u30c3\u30d7\u306b\u5fdc\u3058\u3066\u8abf\u6574\u3059\u308b\u3053\u3068\u3067\u653f\u7b56\u91d1\u5229\u306e\u76ee\u5b89\u3092\u793a\u3059\u30eb\u30fc\u30eb\u3002\u91d1\u878d\u653f\u7b56\u306e\u5f15\u304d\u7de0\u3081\u30fb\u7de9\u548c\u306e\u5ea6\u5408\u3044\u306e\u8a55\u4fa1\u306b\u7528\u3044\u308b\u3002<\/div>\n<\/div>\n<h3 id=\"l3-aa-g-lm2\">LM2 Capital Market Expectations, Part 2: Forecasting Asset Class Returns\uff08\u8cc7\u672c\u5e02\u5834\u671f\u5f85 Part 2\uff1a\u8cc7\u7523\u30af\u30e9\u30b9\u5225\u30ea\u30bf\u30fc\u30f3\u4e88\u6e2c\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-aa-lm2\/\">LM2 \u8cc7\u672c\u5e02\u5834\u671f\u5f85 Part 2\uff1a\u8cc7\u7523\u30af\u30e9\u30b9\u5225\u30ea\u30bf\u30fc\u30f3\u4e88\u6e2c<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Building Block Approach<\/div>\n<div class=\"ja\">\u30d3\u30eb\u30c7\u30a3\u30f3\u30b0\u30fb\u30d6\u30ed\u30c3\u30af\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/div>\n<div class=\"df\">\u77ed\u671f\u30c7\u30d5\u30a9\u30eb\u30c8\u30fb\u30d5\u30ea\u30fc\u91d1\u5229\u3092\u571f\u53f0\u306b\u3001\u671f\u9593\u30fb\u4fe1\u7528\u30fb\u6d41\u52d5\u6027\u306a\u3069\u306e\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u7a4d\u307f\u4e0a\u3052\u3066\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3092\u63a8\u5b9a\u3059\u308b\u65b9\u6cd5\u3002\u50b5\u5238\u3084\u4e0d\u52d5\u7523\u306a\u3069\u306b\u9069\u7528\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Term Premium<\/div>\n<div class=\"ja\">\u671f\u9593\u30d7\u30ec\u30df\u30a2\u30e0\uff08\u30bf\u30fc\u30e0\u30d7\u30ec\u30df\u30a2\u30e0\uff09<\/div>\n<div class=\"df\">\u6e80\u671f\u306e\u9577\u3044\u50b5\u5238\u3092\u4fdd\u6709\u3059\u308b\u3053\u3068\u3067\u6c42\u3081\u3089\u308c\u308b\u8ffd\u52a0\u7684\u306a\u30ea\u30bf\u30fc\u30f3\u3002\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u306b\u307b\u307c\u6bd4\u4f8b\u3057\u3001\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u306e\u50be\u304d\u3068\u6b63\u306e\u95a2\u4fc2\u3092\u6301\u3064\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Grinold\u2013Kroner Model<\/div>\n<div class=\"ja\">\u30b0\u30ea\u30ce\u30eb\u30c9\u30fb\u30af\u30ed\u30fc\u30ca\u30fc\u30fb\u30e2\u30c7\u30eb<\/div>\n<div class=\"df\">\u682a\u5f0f\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3092\u3001\u914d\u5f53\u5229\u56de\u308a\u304b\u3089\u682a\u6570\u5909\u5316\u7387\u3092\u5dee\u3057\u5f15\u3044\u305f\u90e8\u5206\u3001\u540d\u76ee\u5229\u76ca\u6210\u9577\u7387\u3001PER\u306e\u5909\u5316\u306b\u3088\u308b\u518d\u8a55\u4fa1\u90e8\u5206\u306b\u5206\u89e3\u3057\u3066\u63a8\u5b9a\u3059\u308b\u30e2\u30c7\u30eb\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Singer\u2013Terhaar Model<\/div>\n<div class=\"ja\">\u30b7\u30f3\u30ac\u30fc\u30fb\u30c6\u30eb\u30cf\u30fc\u30eb\u30fb\u30e2\u30c7\u30eb<\/div>\n<div class=\"df\">\u56fd\u969bCAPM\u3092\u62e1\u5f35\u3057\u3001\u5e02\u5834\u304c\u5b8c\u5168\u306b\u7d71\u5408\u3055\u308c\u3066\u3044\u308b\u5834\u5408\u3068\u5b8c\u5168\u306b\u5206\u65ad\u3055\u308c\u3066\u3044\u308b\u5834\u5408\u306e\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u3001\u7d71\u5408\u5ea6\u3067\u52a0\u91cd\u5e73\u5747\u3057\u3066\u8cc7\u7523\u30af\u30e9\u30b9\u306e\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u63a8\u5b9a\u3059\u308b\u30e2\u30c7\u30eb\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Capitalization Rate (Cap Rate)<\/div>\n<div class=\"ja\">\u30ad\u30e3\u30c3\u30d7\u30ec\u30fc\u30c8\uff08\u9084\u5143\u5229\u56de\u308a\uff09<\/div>\n<div class=\"df\">\u4e0d\u52d5\u7523\u306e\u5f53\u671f\u7d14\u55b6\u696d\u53ce\u76ca\uff08NOI\uff09\u00f7\u7269\u4ef6\u4fa1\u5024\u3067\u8868\u3055\u308c\u308b\u5229\u56de\u308a\u3002\u4e0d\u52d5\u7523\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306f\u30ad\u30e3\u30c3\u30d7\u30ec\u30fc\u30c8\uff0bNOI\u6210\u9577\u7387\u2212\u30ad\u30e3\u30c3\u30d7\u30ec\u30fc\u30c8\u306e\u5909\u5316\u7387\u3067\u8fd1\u4f3c\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Return Smoothing<\/div>\n<div class=\"ja\">\u30ea\u30bf\u30fc\u30f3\u306e\u5e73\u6ed1\u5316<\/div>\n<div class=\"df\">\u9451\u5b9a\u8a55\u4fa1\u306b\u57fa\u3065\u304f\u4fa1\u683c\u306a\u3069\u3001\u5b9f\u969b\u306e\u53d6\u5f15\u4fa1\u683c\u3092\u53cd\u6620\u3057\u306b\u304f\u3044\u30c7\u30fc\u30bf\u3067\u30ea\u30bf\u30fc\u30f3\u304c\u306a\u3060\u3089\u304b\u306b\u306a\u308b\u73fe\u8c61\u3002\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3084\u4ed6\u8cc7\u7523\u3068\u306e\u76f8\u95a2\u304c\u904e\u5c0f\u306b\u8868\u308c\u308b\u539f\u56e0\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Purchasing Power Parity (PPP)<\/div>\n<div class=\"ja\">\u8cfc\u8cb7\u529b\u5e73\u4fa1<\/div>\n<div class=\"df\">\u70ba\u66ff\u30ec\u30fc\u30c8\u306f\u5404\u56fd\u306e\u7269\u4fa1\u6c34\u6e96\u306e\u5dee\u3092\u53cd\u6620\u3057\u3066\u52d5\u304f\u3068\u3044\u3046\u8003\u3048\u65b9\u3002\u30a4\u30f3\u30d5\u30ec\u7387\u306e\u9ad8\u3044\u56fd\u306e\u901a\u8ca8\u306f\u6e1b\u4fa1\u3059\u308b\u3068\u307f\u308b\u3082\u306e\u3067\u3001\u77ed\u4e2d\u671f\u306e\u8aac\u660e\u529b\u306f\u5f31\u3044\u304c\u9577\u671f\u306e\u76ee\u5b89\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Portfolio Balance Approach<\/div>\n<div class=\"ja\">\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u30fb\u30d0\u30e9\u30f3\u30b9\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/div>\n<div class=\"df\">\u6295\u8cc7\u5bb6\u304c\u3042\u308b\u901a\u8ca8\u5efa\u3066\u8cc7\u7523\u3092\u3069\u308c\u3060\u3051\u4fdd\u6709\u3057\u305f\u3044\u304b\u3068\u3044\u3046\u9700\u7d66\u304b\u3089\u70ba\u66ff\u3092\u6349\u3048\u308b\u8996\u70b9\u3002\u7d4c\u5e38\u8d64\u5b57\u306e\u62e1\u5927\u3067\u6d77\u5916\u4fdd\u6709\u304c\u5897\u3048\u308b\u3068\u3001\u901a\u8ca8\u5b89\u3084\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u4e0a\u6607\u304c\u5fc5\u8981\u306b\u306a\u308b\u3068\u307f\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Shrinkage Estimation<\/div>\n<div class=\"ja\">\u7e2e\u5c0f\u63a8\u5b9a<\/div>\n<div class=\"df\">\u6a19\u672c\u304b\u3089\u5f97\u305f\u63a8\u5b9a\u5024\u3068\u3001\u5225\u9014\u8a2d\u5b9a\u3057\u305f\u30bf\u30fc\u30b2\u30c3\u30c8\u5024\u3068\u306e\u52a0\u91cd\u5e73\u5747\u3092\u7528\u3044\u308b\u63a8\u5b9a\u65b9\u6cd5\u3002\u6a19\u672c\u306e\u63a8\u5b9a\u8aa4\u5dee\u3092\u6291\u3048\u3001\u5171\u5206\u6563\u884c\u5217\u3084\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306e\u7cbe\u5ea6\u3092\u9ad8\u3081\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">ARCH \/ GARCH Models<\/div>\n<div class=\"ja\">ARCH\u30fbGARCH\u30e2\u30c7\u30eb<\/div>\n<div class=\"df\">\u76f4\u8fd1\u306e\u30b7\u30e7\u30c3\u30af\u3084\u524d\u671f\u306e\u5206\u6563\u304b\u3089\u4eca\u671f\u306e\u5206\u6563\u3092\u4e88\u6e2c\u3059\u308b\u6642\u7cfb\u5217\u30e2\u30c7\u30eb\u3002\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u6642\u9593\u3068\u3068\u3082\u306b\u5909\u52d5\u3057\u3001\u9ad8\u3044\u6642\u671f\u3068\u4f4e\u3044\u6642\u671f\u304c\u304b\u305f\u307e\u3063\u3066\u73fe\u308c\u308b\u6027\u8cea\u3092\u6349\u3048\u308b\u3002<\/div>\n<\/div>\n<h3 id=\"l3-aa-g-lm3\">LM3 Overview of Asset Allocation\uff08\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u306e\u6982\u8981\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-aa-lm3\/\">LM3 \u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u306e\u6982\u8981<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Investment Governance<\/div>\n<div class=\"ja\">\u6295\u8cc7\u30ac\u30d0\u30ca\u30f3\u30b9<\/div>\n<div class=\"df\">\u6295\u8cc7\u306b\u95a2\u3059\u308b\u610f\u601d\u6c7a\u5b9a\u3092\u3001\u5fc5\u8981\u306a\u77e5\u8b58\u3068\u80fd\u529b\u3092\u6301\u3064\u8005\u304c\u8cac\u4efb\u3092\u3082\u3063\u3066\u884c\u3046\u305f\u3081\u306e\u7d44\u7e54\u7684\u306a\u4ed5\u7d44\u307f\u3002\u76ee\u7684\u306e\u660e\u78ba\u5316\u3001\u6a29\u9650\u914d\u5206\u3001IPS\u3084\u8cc7\u7523\u914d\u5206\u306e\u627f\u8a8d\u624b\u7d9a\u3001\u5831\u544a\u4f53\u5236\u3001\u5b9a\u671f\u7684\u306a\u76e3\u67fb\u3092\u542b\u3080\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Economic Balance Sheet<\/div>\n<div class=\"ja\">\u7d4c\u6e08\u7684\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8<\/div>\n<div class=\"df\">\u91d1\u878d\u8cc7\u7523\u30fb\u8ca0\u50b5\u306b\u52a0\u3048\u3001\u4eba\u7684\u8cc7\u672c\u3084\u5e74\u91d1\u53d7\u7d66\u6a29\u3001\u5c06\u6765\u306e\u751f\u6d3b\u8cbb\u30fb\u6559\u80b2\u8cbb\u306e\u73fe\u5728\u4fa1\u5024\u306a\u3069\u975e\u91d1\u878d\u306e\u8cc7\u7523\u30fb\u8ca0\u50b5\u3082\u542b\u3081\u3066\u4f5c\u308b\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u3002\u91d1\u878d\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u914d\u5206\u5224\u65ad\u306e\u57fa\u790e\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Human Capital<\/div>\n<div class=\"ja\">\u4eba\u7684\u8cc7\u672c<\/div>\n<div class=\"df\">\u500b\u4eba\u304c\u5c06\u6765\u5f97\u308b\u52b4\u50cd\u6240\u5f97\u306e\u73fe\u5728\u4fa1\u5024\u3002\u5b89\u5b9a\u53ce\u5165\u306a\u3089\u50b5\u5238\u7684\u3001\u696d\u7e3e\u9023\u52d5\u306a\u3089\u682a\u5f0f\u7684\u306a\u6027\u8cea\u3092\u6301\u3061\u3001\u91d1\u878d\u8cc7\u7523\u306e\u914d\u5206\u3092\u88dc\u5b8c\u7684\u306b\u6c7a\u3081\u308b\u969b\u306e\u91cd\u8981\u306a\u8981\u7d20\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Asset-Only Approach<\/div>\n<div class=\"ja\">\u30a2\u30bb\u30c3\u30c8\u30fb\u30aa\u30f3\u30ea\u30fc\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/div>\n<div class=\"df\">\u8ca0\u50b5\u3092\u660e\u793a\u7684\u306b\u8003\u616e\u305b\u305a\u3001\u8cc7\u7523\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u81ea\u4f53\u306e\u30ea\u30b9\u30af\u30fb\u30ea\u30bf\u30fc\u30f3\u306e\u52b9\u7387\u6027\u3092\u8ffd\u6c42\u3059\u308b\u8cc7\u7523\u914d\u5206\u306e\u8003\u3048\u65b9\u3002\u5e73\u5747\u5206\u6563\u6700\u9069\u5316\u304c\u4ee3\u8868\u7684\u3067\u3001\u30ea\u30b9\u30af\u306f\u6a19\u6e96\u504f\u5dee\u3084\u30c8\u30e9\u30c3\u30ad\u30f3\u30b0\u30fb\u30a8\u30e9\u30fc\u3067\u6e2c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Liability-Relative Approach<\/div>\n<div class=\"ja\">\u8ca0\u50b5\u5bfe\u6bd4\u30a2\u30d7\u30ed\u30fc\u30c1<\/div>\n<div class=\"df\">\u5c06\u6765\u306e\u8ca0\u50b5\u3092\u8cc4\u3046\u3053\u3068\u3092\u76ee\u7684\u306b\u3001\u8cc7\u7523\u3092\u8ca0\u50b5\u3068\u306e\u95a2\u4fc2\u3067\u914d\u5206\u3059\u308b\u8003\u3048\u65b9\u3002\u5e74\u91d1\u57fa\u91d1\u3084\u4fdd\u967a\u4f1a\u793e\u306a\u3069\u304c\u7528\u3044\u3001\u30b5\u30fc\u30d7\u30e9\u30b9\u306e\u5909\u52d5\u3084\u7a4d\u7acb\u4e0d\u8db3\u3092\u30ea\u30b9\u30af\u3068\u6349\u3048\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Goals-Based Approach<\/div>\n<div class=\"ja\">\u30b4\u30fc\u30eb\u30fb\u30d9\u30fc\u30b9\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/div>\n<div class=\"df\">\u500b\u4eba\u306e\u8907\u6570\u306e\u76ee\u6a19\u3054\u3068\u306b\u671f\u9593\u3068\u5fc5\u8981\u306a\u9054\u6210\u78ba\u7387\u3092\u8a2d\u5b9a\u3057\u3001\u76ee\u6a19\u5225\u306e\u30b5\u30d6\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u7d44\u307f\u5408\u308f\u305b\u308b\u8cc7\u7523\u914d\u5206\u306e\u8003\u3048\u65b9\u3002\u30ea\u30b9\u30af\u306f\u76ee\u6a19\u3092\u9054\u6210\u3067\u304d\u306a\u3044\u78ba\u7387\u3067\u6349\u3048\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Risk Factor<\/div>\n<div class=\"ja\">\u30ea\u30b9\u30af\u30fb\u30d5\u30a1\u30af\u30bf\u30fc<\/div>\n<div class=\"df\">\u30a4\u30f3\u30d5\u30ec\u3001\u5b9f\u8cea\u91d1\u5229\u3001\u666f\u6c17\u3001\u30af\u30ec\u30b8\u30c3\u30c8\u3001\u6d41\u52d5\u6027\u306a\u3069\u3001\u5206\u6563\u3067\u306f\u6d88\u305b\u305a\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u4f34\u3046\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u306a\u30ea\u30b9\u30af\u6e90\u6cc9\u3002\u8cc7\u7523\u30af\u30e9\u30b9\u306f\u8907\u6570\u306e\u30d5\u30a1\u30af\u30bf\u30fc\u3078\u306e\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u306e\u7d44\u5408\u305b\u3068\u307f\u306a\u305b\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Global Market Portfolio<\/div>\n<div class=\"ja\">\u30b0\u30ed\u30fc\u30d0\u30eb\u5e02\u5834\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa<\/div>\n<div class=\"df\">\u4e16\u754c\u306e\u6295\u8cc7\u53ef\u80fd\u306a\u8cc7\u7523\u3092\u6642\u4fa1\u7dcf\u984d\u6bd4\u7387\u3067\u4fdd\u6709\u3059\u308b\u3001\u9ad8\u5ea6\u306b\u5206\u6563\u3055\u308c\u305f\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3002\u30a2\u30bb\u30c3\u30c8\u30fb\u30aa\u30f3\u30ea\u30fc\u306e\u8cc7\u7523\u914d\u5206\u3092\u8003\u3048\u308b\u969b\u306e\u57fa\u6e96\uff08\u30d9\u30fc\u30b9\u30e9\u30a4\u30f3\uff09\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Tactical Asset Allocation (TAA)<\/div>\n<div class=\"ja\">\u6226\u8853\u7684\u8cc7\u7523\u914d\u5206<\/div>\n<div class=\"df\">\u77ed\u671f\u7684\u306a\u898b\u901a\u3057\u306b\u57fa\u3065\u304d\u3001\u6226\u7565\u7684\u8cc7\u7523\u914d\u5206\u306e\u30a6\u30a8\u30a4\u30c8\u304b\u3089\u4e00\u6642\u7684\u306b\u4e56\u96e2\u3055\u305b\u308b\u904b\u7528\u3002\u30ea\u30b9\u30af\u8abf\u6574\u5f8c\u30ea\u30bf\u30fc\u30f3\u306e\u5411\u4e0a\u3092\u72d9\u3044\u3001\u4e56\u96e2\u306e\u5e45\u306f\u901a\u5e38IPS\u3067\u5236\u9650\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Range (Corridor) Rebalancing<\/div>\n<div class=\"ja\">\u30ec\u30f3\u30b8\uff08\u30b3\u30ea\u30c9\u30fc\uff09\u30fb\u30ea\u30d0\u30e9\u30f3\u30b9<\/div>\n<div class=\"df\">\u76ee\u6a19\u30a6\u30a8\u30a4\u30c8\u306e\u5468\u308a\u306b\u8a31\u5bb9\u5e45\u3092\u8a2d\u3051\u3001\u5b9f\u969b\u306e\u30a6\u30a8\u30a4\u30c8\u304c\u305d\u306e\u5e45\u3092\u8d85\u3048\u305f\u3068\u304d\u306b\u623b\u3059\u65b9\u5f0f\u3002\u4e00\u5b9a\u671f\u9593\u3054\u3068\u306b\u623b\u3059\u30ab\u30ec\u30f3\u30c0\u30fc\u30fb\u30ea\u30d0\u30e9\u30f3\u30b9\u3088\u308a\u8cc7\u7523\u69cb\u6210\u3092\u53b3\u5bc6\u306b\u7ba1\u7406\u3067\u304d\u308b\u3002<\/div>\n<\/div>\n<h3 id=\"l3-aa-g-lm4\">LM4 Principles of Asset Allocation\uff08\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u306e\u539f\u5247\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-aa-lm4\/\">LM4 \u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u306e\u539f\u5247<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Mean\u2013Variance Optimization (MVO)<\/div>\n<div class=\"ja\">\u5e73\u5747\u5206\u6563\u6700\u9069\u5316<\/div>\n<div class=\"df\">\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u304b\u3089\u3001\u30ea\u30b9\u30af\u56de\u907f\u5ea6\u306b\u5fdc\u3058\u305f\u5206\u6563\u306e\u30da\u30ca\u30eb\u30c6\u30a3\u3092\u5dee\u3057\u5f15\u3044\u305f\u5024\u3092\u6700\u5927\u5316\u3059\u308b\u8cc7\u7523\u914d\u5206\u3092\u6c42\u3081\u308b\u624b\u6cd5\u3002\u5165\u529b\u3078\u306e\u654f\u611f\u3055\u3084\u7279\u5b9a\u8cc7\u7523\u3078\u306e\u96c6\u4e2d\u304c\u5f31\u70b9\u3068\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Reverse Optimization<\/div>\n<div class=\"ja\">\u9006\u6700\u9069\u5316\uff08\u30ea\u30d0\u30fc\u30b9\u30fb\u30aa\u30d7\u30c6\u30a3\u30de\u30a4\u30bc\u30fc\u30b7\u30e7\u30f3\uff09<\/div>\n<div class=\"df\">\u5e02\u5834\u306e\u6642\u4fa1\u7dcf\u984d\u30a6\u30a8\u30a4\u30c8\u3092\u6700\u9069\u914d\u5206\u3068\u307f\u306a\u3057\u3001\u305d\u3053\u304b\u3089\u6574\u5408\u7684\u306a\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3092\u9006\u7b97\u3059\u308b\u624b\u6cd5\u3002\u901a\u5e38\u306eMVO\u3068\u306f\u5165\u529b\u3068\u51fa\u529b\u304c\u9006\u306b\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Black\u2013Litterman Model<\/div>\n<div class=\"ja\">\u30d6\u30e9\u30c3\u30af\u30fb\u30ea\u30bf\u30fc\u30de\u30f3\u30fb\u30e2\u30c7\u30eb<\/div>\n<div class=\"df\">\u9006\u6700\u9069\u5316\u3067\u5f97\u305f\u5e02\u5834\u5747\u8861\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3092\u51fa\u767a\u70b9\u306b\u3001\u6295\u8cc7\u5bb6\u72ec\u81ea\u306e\u898b\u901a\u3057\u3092\u78ba\u4fe1\u5ea6\u306b\u5fdc\u3058\u3066\u53cd\u6620\u3055\u305b\u3066\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3092\u4fee\u6b63\u3059\u308b\u30e2\u30c7\u30eb\u3002\u6975\u7aef\u306a\u914d\u5206\u3092\u6291\u3048\u3089\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Monte Carlo Simulation<\/div>\n<div class=\"ja\">\u30e2\u30f3\u30c6\u30ab\u30eb\u30ed\u30fb\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3<\/div>\n<div class=\"df\">\u78ba\u7387\u5206\u5e03\u306b\u5f93\u3063\u3066\u30ea\u30bf\u30fc\u30f3\u306e\u7d4c\u8def\u3092\u591a\u6570\u751f\u6210\u3057\u3001\u591a\u671f\u9593\u306b\u308f\u305f\u308b\u8cc7\u7523\u914d\u5206\u306e\u7d50\u679c\u306e\u5206\u5e03\u3092\u793a\u3059\u624b\u6cd5\u3002\u62e0\u51fa\u30fb\u5f15\u304d\u51fa\u3057\u3001\u7a0e\u3001\u30ea\u30d0\u30e9\u30f3\u30b9\u3092\u53cd\u6620\u3057\u3001\u76ee\u6a19\u9054\u6210\u78ba\u7387\u306a\u3069\u3092\u8a55\u4fa1\u3067\u304d\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Marginal Contribution to Total Risk (MCTR)<\/div>\n<div class=\"ja\">\u7dcf\u30ea\u30b9\u30af\u3078\u306e\u9650\u754c\u5bc4\u4e0e<\/div>\n<div class=\"df\">\u3042\u308b\u8cc7\u7523\u306e\u30a6\u30a8\u30a4\u30c8\u3092\u308f\u305a\u304b\u306b\u5897\u3084\u3057\u305f\u3068\u304d\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u5168\u4f53\u306e\u30ea\u30b9\u30af\u306e\u5897\u52a0\u5206\u3002\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u5bfe\u3059\u308b\u305d\u306e\u8cc7\u7523\u306e\u30d9\u30fc\u30bf\u00d7\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u6a19\u6e96\u504f\u5dee\u3067\u8868\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Absolute Contribution to Total Risk (ACTR)<\/div>\n<div class=\"ja\">\u7dcf\u30ea\u30b9\u30af\u3078\u306e\u7d76\u5bfe\u5bc4\u4e0e<\/div>\n<div class=\"df\">\u3042\u308b\u8cc7\u7523\u304c\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u5168\u4f53\u306e\u30ea\u30b9\u30af\u306b\u3069\u308c\u3060\u3051\u5bc4\u4e0e\u3057\u3066\u3044\u308b\u304b\u3092\u793a\u3059\u91cf\u3067\u3001\u30a6\u30a8\u30a4\u30c8\u00d7MCTR\u3067\u6c42\u3081\u308b\u3002\u5168\u8cc7\u7523\u306eACTR\u3092\u5408\u8a08\u3059\u308b\u3068\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u7dcf\u30ea\u30b9\u30af\u306b\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Surplus Optimization<\/div>\n<div class=\"ja\">\u30b5\u30fc\u30d7\u30e9\u30b9\u6700\u9069\u5316<\/div>\n<div class=\"df\">\u8cc7\u7523\u304b\u3089\u8ca0\u50b5\u3092\u5dee\u3057\u5f15\u3044\u305f\u30b5\u30fc\u30d7\u30e9\u30b9\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u5bfe\u8c61\u306b\u3001\u5e73\u5747\u5206\u6563\u6700\u9069\u5316\u3092\u9069\u7528\u3059\u308b\u8ca0\u50b5\u5bfe\u6bd4\u306e\u8cc7\u7523\u914d\u5206\u624b\u6cd5\u3002\u3069\u306e\u7a4d\u7acb\u6c34\u6e96\u3067\u3082\u4f7f\u3048\u308b\u304c\u3001\u5358\u4e00\u671f\u9593\u306e\u30e2\u30c7\u30eb\u3067\u3042\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Hedging\/Return-Seeking Portfolios Approach<\/div>\n<div class=\"ja\">\u30d8\u30c3\u30b8\uff0f\u30ea\u30bf\u30fc\u30f3\u8ffd\u6c42\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/div>\n<div class=\"df\">\u8cc7\u7523\u3092\u3001\u8ca0\u50b5\u306e\u5909\u52d5\u3092\u30d8\u30c3\u30b8\u3059\u308b\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3068\u3001\u6b8b\u308a\u3067\u30ea\u30bf\u30fc\u30f3\u3092\u72d9\u3046\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u5206\u3051\u308b\u8ca0\u50b5\u5bfe\u6bd4\u306e\u624b\u6cd5\u3002\u57fa\u672c\u578b\u306f\u7a4d\u7acb\u6bd4\u7387\u304c1\u3092\u4e0a\u56de\u308b\u5834\u5408\u306b\u306e\u307f\u4f7f\u3048\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Integrated Asset\u2013Liability Approach<\/div>\n<div class=\"ja\">\u7d71\u5408\u7684\u8cc7\u7523\u8ca0\u50b5\u30a2\u30d7\u30ed\u30fc\u30c1<\/div>\n<div class=\"df\">\u8cc7\u7523\u5074\u306e\u914d\u5206\u3068\u8ca0\u50b5\u5074\u306e\u69cb\u6210\u306b\u95a2\u3059\u308b\u610f\u601d\u6c7a\u5b9a\u3092\u540c\u6642\u306b\u6700\u9069\u5316\u3059\u308b\u8ca0\u50b5\u5bfe\u6bd4\u306e\u624b\u6cd5\u3002\u9280\u884c\u3084\u4fdd\u967a\u4f1a\u793e\u306a\u3069\u3001\u8ca0\u50b5\u306e\u4e2d\u8eab\u3092\u81ea\u3089\u8abf\u6574\u3067\u304d\u308b\u6a5f\u95a2\u3067\u7528\u3044\u3089\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Risk Parity<\/div>\n<div class=\"ja\">\u30ea\u30b9\u30af\u30fb\u30d1\u30ea\u30c6\u30a3<\/div>\n<div class=\"df\">\u5404\u8cc7\u7523\u30af\u30e9\u30b9\u304c\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u7dcf\u30ea\u30b9\u30af\u306b\u7b49\u3057\u304f\u5bc4\u4e0e\u3059\u308b\u3088\u3046\u306b\u30a6\u30a8\u30a4\u30c8\u3092\u6c7a\u3081\u308b\u914d\u5206\u624b\u6cd5\u3002\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3092\u8003\u616e\u3057\u306a\u3044\u70b9\u304c\u6279\u5224\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<h3 id=\"l3-aa-g-lm5\">LM5 Asset Allocation with Real-World Constraints\uff08\u73fe\u5b9f\u306e\u5236\u7d04\u4e0b\u3067\u306e\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-aa-lm5\/\">LM5 \u73fe\u5b9f\u306e\u5236\u7d04\u4e0b\u3067\u306e\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Asset Location<\/div>\n<div class=\"ja\">\u30a2\u30bb\u30c3\u30c8\u30fb\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\uff08\u8cc7\u7523\u914d\u7f6e\uff09<\/div>\n<div class=\"df\">\u7a0e\u52b9\u7387\u306e\u4f4e\u3044\u8cc7\u7523\u3092\u975e\u8ab2\u7a0e\u30fb\u8ab2\u7a0e\u7e70\u5ef6\u53e3\u5ea7\u306b\u3001\u7a0e\u52b9\u7387\u306e\u9ad8\u3044\u8cc7\u7523\u3092\u8ab2\u7a0e\u53e3\u5ea7\u306b\u7f6e\u304f\u306a\u3069\u3001\u53e3\u5ea7\u306e\u7a0e\u5236\u4e0a\u306e\u6027\u8cea\u306b\u5fdc\u3058\u3066\u8cc7\u7523\u306e\u7f6e\u304d\u5834\u6240\u3092\u6c7a\u3081\u308b\u3053\u3068\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Tax-Loss Harvesting<\/div>\n<div class=\"ja\">\u30bf\u30c3\u30af\u30b9\u30fb\u30ed\u30b9\u30fb\u30cf\u30fc\u30d9\u30b9\u30c6\u30a3\u30f3\u30b0<\/div>\n<div class=\"df\">\u542b\u307f\u640d\u306e\u3042\u308b\u8cc7\u7523\u3092\u58f2\u5374\u3057\u3066\u640d\u5931\u3092\u5b9f\u73fe\u3057\u3001\u4ed6\u306e\u5229\u76ca\u3068\u76f8\u6bba\u3057\u3066\u5f53\u671f\u306e\u7a0e\u8ca0\u62c5\u3092\u8efd\u6e1b\u3059\u308b\u624b\u6cd5\u3002\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u7a0e\u5f15\u5f8c\u30ea\u30bf\u30fc\u30f3\u306e\u5411\u4e0a\u3092\u72d9\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Glide Path<\/div>\n<div class=\"ja\">\u30b0\u30e9\u30a4\u30c9\u30fb\u30d1\u30b9<\/div>\n<div class=\"df\">\u5e74\u9f62\u3084\u76ee\u6a19\u6642\u671f\u306a\u3069\u306e\u7bc0\u76ee\u306b\u5fdc\u3058\u3066\u3001\u3042\u3089\u304b\u3058\u3081\u5b9a\u3081\u305f\u9053\u7b4b\u3067\u8cc7\u7523\u914d\u5206\u3092\u5909\u3048\u3066\u3044\u304f\u8a08\u753b\u3002\u30bf\u30fc\u30b2\u30c3\u30c8\u30fb\u30c7\u30fc\u30c8\u30fb\u30d5\u30a1\u30f3\u30c9\u306e\u682a\u5f0f\u6bd4\u7387\u306e\u6bb5\u968e\u7684\u306a\u5f15\u4e0b\u3052\u304c\u4ee3\u8868\u4f8b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Discretionary TAA<\/div>\n<div class=\"ja\">\u88c1\u91cf\u578b\u306e\u6226\u8853\u7684\u8cc7\u7523\u914d\u5206<\/div>\n<div class=\"df\">\u653f\u6cbb\u30fb\u7d4c\u6e08\u30fb\u5e02\u5834\u74b0\u5883\u306b\u3064\u3044\u3066\u306e\u904b\u7528\u8005\u306e\u5b9a\u6027\u7684\u306a\u5224\u65ad\u306b\u57fa\u3065\u3044\u3066\u77ed\u671f\u7684\u306b\u914d\u5206\u3092\u5909\u3048\u308b\u6226\u8853\u7684\u8cc7\u7523\u914d\u5206\u3002\u77ed\u671f\u306e\u4e88\u6e2c\u80fd\u529b\u304c\u6301\u7d9a\u3059\u308b\u3053\u3068\u304c\u524d\u63d0\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Systematic TAA<\/div>\n<div class=\"ja\">\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u306a\u6226\u8853\u7684\u8cc7\u7523\u914d\u5206<\/div>\n<div class=\"df\">\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u3084\u30e2\u30e1\u30f3\u30bf\u30e0\u306a\u3069\u306e\u5b9a\u91cf\u7684\u30b7\u30b0\u30ca\u30eb\u3092\u7528\u3044\u3066\u3001\u898f\u5247\u306b\u5f93\u3063\u3066\u77ed\u671f\u7684\u306b\u914d\u5206\u3092\u5909\u3048\u308b\u6226\u8853\u7684\u8cc7\u7523\u914d\u5206\u3002\u8cc7\u7523\u30af\u30e9\u30b9\u306e\u30ea\u30bf\u30fc\u30f3\u306e\u30a2\u30ce\u30de\u30ea\u30fc\u3092\u6349\u3048\u308b\u3053\u3068\u3092\u72d9\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Loss Aversion<\/div>\n<div class=\"ja\">\u640d\u5931\u56de\u907f<\/div>\n<div class=\"df\">\u540c\u3058\u5927\u304d\u3055\u306e\u5229\u76ca\u3088\u308a\u640d\u5931\u3092\u5f37\u304f\u5acc\u3046\u50be\u5411\u3002\u8cc7\u7523\u914d\u5206\u3067\u306f\u904e\u5ea6\u306b\u4fdd\u5b88\u7684\u306a\u914d\u5206\u306b\u3064\u306a\u304c\u308a\u3084\u3059\u304f\u3001\u91cd\u8981\u306a\u76ee\u6a19\u3092\u4f4e\u30ea\u30b9\u30af\u8cc7\u7523\u3067\u8cc4\u3046\u3053\u3068\u306a\u3069\u3067\u5bfe\u51e6\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Illusion of Control<\/div>\n<div class=\"ja\">\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u306e\u932f\u899a<\/div>\n<div class=\"df\">\u81ea\u5206\u304c\u7d50\u679c\u3092\u5b9f\u969b\u4ee5\u4e0a\u306b\u5de6\u53f3\u3067\u304d\u308b\u3068\u601d\u3044\u8fbc\u3080\u50be\u5411\u3002\u8cc7\u7523\u914d\u5206\u3067\u306f\u4e88\u6e2c\u3078\u306e\u904e\u4fe1\u304b\u3089\u904e\u5ea6\u306a\u96c6\u4e2d\u3084\u983b\u7e41\u306a\u914d\u5206\u5909\u66f4\u306b\u3064\u306a\u304c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Mental Accounting<\/div>\n<div class=\"ja\">\u30e1\u30f3\u30bf\u30eb\u30fb\u30a2\u30ab\u30a6\u30f3\u30c6\u30a3\u30f3\u30b0<\/div>\n<div class=\"df\">\u304a\u91d1\u3092\u76ee\u7684\u3084\u51fa\u6240\u3054\u3068\u306b\u5225\u306e\u52d8\u5b9a\u3068\u3057\u3066\u6271\u3044\u3001\u5168\u4f53\u3068\u3057\u3066\u8003\u3048\u306a\u3044\u50be\u5411\u3002\u30b4\u30fc\u30eb\u30fb\u30d9\u30fc\u30b9\u306e\u914d\u5206\u3067\u306f\u3001\u3053\u306e\u50be\u5411\u3092\u76ee\u6a19\u5225\u30b5\u30d6\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3068\u3057\u3066\u53d6\u308a\u8fbc\u3080\u3053\u3068\u304c\u3067\u304d\u308b\u3002<\/div>\n<\/div>\n<h2>\u3042\u308f\u305b\u3066\u4f7f\u3044\u305f\u3044\u30da\u30fc\u30b8<\/h2>\n<ul>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/24\/cfa-l3-aa-formulas\/\">CFA\u00ae\ufe0e Level 3 Asset Allocation \u516c\u5f0f\u96c6\uff08\u8a18\u53f7\u306e\u610f\u5473\u3068\u4f7f\u3044\u3069\u3053\u308d\uff09<\/a><\/li>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/cfa-level3-glossary\/\">CFA\u00ae\ufe0e Level 3 \u7528\u8a9e\u96c6\uff08\u5168\u79d1\u76ee\u306e\u4e00\u89a7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l3-aa\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 3 Asset Allocation\uff09<\/a><\/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\u3001\u7528\u8a9e\u3084\u516c\u5f0f\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\/present1\/\" target=\"_blank\" rel=\"noopener\">Level 1 \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<li><a href=\"https:\/\/triumphmind.com\/cfa\/gokuhi\/\" target=\"_blank\" rel=\"noopener\">Level 3 Leveraged Support Course\uff08\u7528\u8a9e\u96c6\u30fb\u516c\u5f0f\u96c6\u306e\u6574\u7406\u8cc7\u6599\u3064\u304d\uff09\u3092\u898b\u308b<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 3 Asset Allocation\uff08\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\uff09\u306e\u91cd\u8981\u7528\u8a9e48\u8a9e\u3092\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306e\u5358\u5143\uff08LM\uff09\u5225\u306b\u3001\u82f1\u8a9e\u30fb\u65e5\u672c\u8a9e\u8a33\u30fb\u610f\u5473\u306e3\u70b9\u30bb\u30c3\u30c8\u3067\u6574\u7406\u3057\u305f\u7528\u8a9e\u96c6\u3067\u3059\u3002<\/p>\n","protected":false},"author":1,"featured_media":11624,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[101],"tags":[],"class_list":["post-11444","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-glossary"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11444","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=11444"}],"version-history":[{"count":2,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11444\/revisions"}],"predecessor-version":[{"id":11565,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11444\/revisions\/11565"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11624"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=11444"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=11444"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=11444"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}