{"id":518,"date":"2016-07-02T15:47:46","date_gmt":"2016-07-02T06:47:46","guid":{"rendered":"http:\/\/finance-gfp.com\/?page_id=518"},"modified":"2025-06-16T06:47:34","modified_gmt":"2025-06-15T21:47:34","slug":"%e3%83%98%e3%83%83%e3%82%b8%e3%83%95%e3%82%a1%e3%83%b3%e3%83%89%e3%81%ab%e3%81%a4%e3%81%84%e3%81%a6","status":"publish","type":"post","link":"https:\/\/finance-gfp.com\/?p=518","title":{"rendered":"\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306e\u5168\u3066\u3092\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac"},"content":{"rendered":"<p><span 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class=\"ymarker-s\">\u4e00\u822c\u7684\u306a\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306e\u7279\u5fb4\u3092\u6319\u3052\u308b\u3068\u4e0b\u8a18\u306e\u901a\u308a\u3067\u3059<\/span>\u3002\uff08\u3082\u3061\u308d\u3093\u5168\u3066\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306b\u5168\u3066\u306e\u7279\u5fb4\u304c\u5f53\u3066\u306f\u307e\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\uff09<\/p>\n<ul>\n<li>\u30de\u30fc\u30b1\u30c3\u30c8\u74b0\u5883\u306b\u95a2\u4fc2\u306a\u304f\u300c<span class=\"rmarker-s\">\u7d76\u5bfe\u53ce\u76ca<\/span>\u300d\u3092\u76ee\u6307\u3059<\/li>\n<li>\u5404\u8cc7\u7523\u306e\u8cb7\u3044\u6301\u3061\u3060\u3051\u3067\u306a\u304f\u300c<span class=\"rmarker-s\">\u58f2\u308a\u305f\u3066\uff08\u7a7a\u58f2\u308a\uff09<\/span>\u300d\u3082\u6d3b\u7528\u3059\u308b<\/li>\n<li>\u300c<span class=\"rmarker-s\">\u30ec\u30d0\u30ec\u30c3\u30b8<\/span>\u300d\u3092\u7a4d\u6975\u7684\u306b\u6d3b\u7528\u3059\u308b<\/li>\n<li>\u5148\u7269\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u3084\u4e00\u822c\u306e\u6295\u8cc7\u5bb6\u3067\u306f\u30a2\u30af\u30bb\u30b9\u304c\u96e3\u3057\u3044\u300c\u7279\u6b8a\u306a\u6295\u8cc7\u5546\u54c1\u300d\u3082\u6295\u8cc7\u5bfe\u8c61\u3068\u306a\u308b<\/li>\n<li>\u89e3\u7d04\u307e\u3067\u306e\u671f\u9593\u304c\u9577\u304f<span class=\"rmarker-s\">\u6d41\u52d5\u6027\u304c\u4f4e\u3044<\/span>\u3002\uff08\u89e3\u7d04\u306e\u4f8b\u3092\u6319\u3052\u308b\u3068\u300c\u89e3\u7d04\u65e5\u306f\u6bce\u6708\u672b\u65e5\u300145\u65e5\u524d\u307e\u3067\u306b\u901a\u77e5\u3001\u8cc7\u91d1\u306e\u652f\u6255\u3044\u306f\u89e3\u7d04\u65e5\u304b\u308930\u65e5\u300d\u306e\u3088\u3046\u306a\u6761\u4ef6\u3068\u306a\u308b\u3002\u3053\u306e\u5834\u5408\u3001\u89e3\u7d04\u3092\u7533\u3057\u8fbc\u3093\u3067\u304b\u3089\u8cc7\u91d1\u304c\u8fd4\u9084\u3055\u308c\u308b\u307e\u3067\u6700\u4f4e75\u65e5\u304b\u304b\u308b\u3053\u3068\u306b\u306a\u308b\uff09<\/li>\n<li><span class=\"rmarker-s\">\u30b3\u30b9\u30c8\u306f\u76f8\u5bfe\u7684\u306b\u9ad8\u3044<\/span>\u3002\u8cbb\u7528\u306f\u4fd7\u306b\u8a00\u308f\u308c\u308b\u300c2\u306e20\u300d\u304c\u57fa\u672c\u3067\u3001\u4fe1\u8a17\u5831\u916c2\uff05\u3001\u6210\u529f\u5831\u916c20% \uff08\u6700\u8fd1\u306f\u5b89\u304f\u63d0\u4f9b\u3057\u3066\u3044\u308b\u30d5\u30a1\u30f3\u30c9\u3082\u5897\u52a0\u50be\u5411\uff09<\/li>\n<li>\u6295\u8cc7\u5bb6\u304b\u3089\u306e\u4fe1\u983c\u3092\u5f97\u308b\u305f\u3081\u306b\u30d5\u30a1\u30f3\u30c9\u30de\u30cd\u30b8\u30e3\u30fc\u304c\u81ea\u5df1\u8cc7\u91d1\u3092\u6295\u5165\uff08\u30bb\u30a4\u30e0\u30dc\u30fc\u30c9\u51fa\u8cc7\uff09<\/li>\n<\/ul>\n<p>\u4e0a\u8a18\u306f\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306e\u4e00\u822c\u7684\u306a\u7279\u5fb4\u3067\u3059\u304c\u3001\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306b\u3082\u69d8\u3005\u306a\u6226\u7565\u304c\u3042\u308a\u3001\u5546\u54c1\u6027\u30fb\u30ea\u30b9\u30af\u30ea\u30bf\u30fc\u30f3\u30fb\u6d41\u52d5\u6027\u306f\u305d\u308c\u305e\u308c\u7570\u306a\u308a\u307e\u3059\uff61<\/p>\n<p>\u307e\u305f\u3001\u4e16\u754c\u4e2d\u306b\u6570\u591a\u304f\u306e\u30d5\u30a1\u30f3\u30c9\u304c\u3042\u308a\u3001\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u306f\u30d5\u30a1\u30f3\u30c9\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u306e\u624b\u8155\u306b\u5f71\u97ff\u3055\u308c\u308b\u305f\u3081\u4e00\u6982\u306b\u306f\u8a00\u3048\u307e\u305b\u3093\u3002<\/p>\n<p>\u9577\u671f\u9593\u306b\u6e21\u308a\u9ad8\u3044\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3092\u7dad\u6301\u3057\u3066\u3044\u308b\u30d5\u30a1\u30f3\u30c9\u3082\u3042\u308c\u3070\u3001\u9ad8\u3044\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u306f\u4e00\u6642\u7684\u3067\u8cc7\u91d1\u304c\u96c6\u307e\u308b\u3068\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u304c\u4f4e\u4e0b\u3059\u308b\u30d5\u30a1\u30f3\u30c9\u3082\u591a\u304f\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u8a2d\u7acb\u5f53\u521d\u304b\u3089\u904b\u7528\u304c\u3046\u307e\u304f\u3044\u304b\u305a\u3001\u65e9\u3005\u306b\u9589\u9396\u306b\u306a\u308b\u30d5\u30a1\u30f3\u30c9\u3082\u304b\u306a\u308a\u591a\u304f\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u9577\u671f\u9593\u306b\u308f\u305f\u3063\u3066\u9ad8\u3044\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3092\u7dad\u6301\u3057\u3066\u3044\u308b\u30d5\u30a1\u30f3\u30c9\u3067\u306f\u30d5\u30a1\u30f3\u30c9\u898f\u6a21\u304c\u5927\u304d\u304f\u306a\u308a\u904e\u304e\u308b\u3068\u904b\u7528\u52b9\u7387\u304c\u4e0b\u304c\u308b\u306e\u3067\u3001\u65b0\u898f\u8cc7\u91d1\u3092\u53d7\u3051\u4ed8\u3051\u3066\u3044\u306a\u3044\u30b1\u30fc\u30b9\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u307e\u305f\u3001\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u4ee5\u964d\u3067\u306f\u3001\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306e\u60c5\u5831\u958b\u793a\u898f\u5236\u304c\u53b3\u3057\u304f\u306a\u308a\u3001\u30b8\u30e7\u30fc\u30b8\u30bd\u30ed\u30b9\u306e\u30af\u30aa\u30f3\u30bf\u30e0\u30d5\u30a1\u30f3\u30c9\u306e\u3088\u3046\u306b\u4ed6\u4eba\u306e\u8cc7\u91d1\u306f\u8fd4\u9084\u3057\u3066\u3001\u30d5\u30a1\u30df\u30ea\u30fc\u306e\u8cc7\u91d1\u306e\u307f\u3067\u904b\u7528\u3092\u884c\u3063\u3066\u3044\u308b\u30d5\u30a1\u30f3\u30c9\u3082\u3042\u308a\u307e\u3059\u3002\uff08\u305d\u308c\u3067\u3082\u6570\u5146\u5186\u3042\u308a\u307e\u3059\u304c\uff09<\/p>\n<p>\u6b21\u306b\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306e\u6b74\u53f2\u3092\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/p>\n<h2>\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306e\u6b74\u53f2\uff081949\u5e74\uff5e\uff09<\/h2>\n<p>1949\u5e74<\/p>\n<ul>\n<li><span class=\"bmarker-s\">\u30a2\u30eb\u30d5\u30ec\u30c3\u30c8\u30fb\u30b8\u30e7\u30fc\u30f3\u30ba<\/span>\u304c\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306e\u8d77\u6e90\u3068\u8a00\u308f\u308c\u308b\u30d5\u30a1\u30f3\u30c9\u3092\u8a2d\u7acb\u3002<\/li>\n<li>\u7a7a\u58f2\u308a\u306e\u6d3b\u7528\u3001\u30ec\u30d0\u30ec\u30c3\u30b8\u306e\u6d3b\u7528\u3001\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u30d5\u30a3\u30fc\u306e\u5c0e\u5165\u3068\u3044\u3063\u305f\u73fe\u5728\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306e\u6700\u3082\u57fa\u790e\u3068\u306a\u308b\u4ed5\u7d44\u307f\u3092\u53d6\u308a\u5165\u308c\u305f\u3053\u3068\u304b\u3089\u3001\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306e\u7b2c1\u53f7\u30d5\u30a1\u30f3\u30c9\u3068\u8a00\u308f\u308c\u3066\u3044\u308b\u3002<\/li>\n<li>\u3053\u306e\u30d5\u30a1\u30f3\u30c9\u306f\u9ad8\u3044\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3092\u6b8b\u3057\u30011966\u5e74\u306b\u96d1\u8a8c\u300cFortune\u300d\u3067\u7d39\u4ecb\u3055\u308c\u305f\u3053\u3068\u306b\u3088\u308a\u3001\u65b0\u3057\u3044\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u304c\u6b21\u3005\u3068\u8a95\u751f\u3057\u305f\u3002<\/li>\n<\/ul>\n<p>1969\u5e74<\/p>\n<ul>\n<li><span class=\"bmarker-s\">\u30b8\u30e7\u30fc\u30b8\u30bd\u30ed\u30b9\u3068\u30b8\u30e0\u30ed\u30b8\u30e3\u30fc\u30ba\u304c\u30af\u30aa\u30f3\u30bf\u30e0\u30d5\u30a1\u30f3\u30c9\u3092\u8a2d\u7acb\u3002<\/span><\/li>\n<li>10\u5e74\u306730\u500d\u4ee5\u4e0a\u3068\u3044\u3046\u9a5a\u7570\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3092\u5b9f\u73fe\u3057\u305f\u3002<\/li>\n<li>\u4e21\u8005\u306f1980\u5e74\u306b\u6c7a\u5225\u3057\u500b\u3005\u306b\u904b\u7528\u3092\u884c\u3046\u3053\u3068\u3068\u306a\u3063\u305f\u3002<\/li>\n<li>\u30b8\u30e7\u30fc\u30b8\u30bd\u30ed\u30b9\u306f1992\u5e74\u306b\u30a4\u30ae\u30ea\u30b9\u653f\u5e9c\u306e\u70ba\u66ff\u4ecb\u5165\u306b\u5bfe\u6297\u3057\u3066\u30dd\u30f3\u30c9\u3092\u5927\u91cf\u306b\u7a7a\u58f2\u308a\u3057\u3001\u7d0415\u5104\u30c9\u30eb\u306e\u5229\u76ca\u3092\u5f97\u3066\u300c\u30a4\u30f3\u30b0\u30e9\u30f3\u30c9\u9280\u884c\uff08BOE)\u306b\u52dd\u3063\u305f\u7537\u300d\u3068\u3057\u3066\u6709\u540d\u306b\u306a\u308b\u3002<\/li>\n<\/ul>\n<p>1980\u5e74<\/p>\n<ul>\n<li><span class=\"bmarker-s\">\u30b8\u30e5\u30ea\u30a2\u30f3\u30fb\u30ed\u30d0\u30fc\u30c8\u30bd\u30f3\u304c\u30bf\u30a4\u30ac\u30fc\u30d5\u30a1\u30f3\u30c9\u3092\u8a2d\u7acb\u3002<\/span><\/li>\n<li>2000\u5e74\u306b\u30d5\u30a1\u30f3\u30c9\u3092\u9589\u9396\u3059\u308b\u307e\u3067\u3001\u5272\u5b89\u682a\u306b\u6295\u8cc7\u3059\u308b\u30d0\u30ea\u30e5\u30fc\u6295\u8cc7\u3067\u5b9f\u7e3e\u3092\u4e0a\u3052\u305f\u3002<\/li>\n<li>1999\u5e74\uff5e2000\u5e74\u306eIT\u30d0\u30d6\u30eb\u6642\u306f\u30a4\u30f3\u30bf\u30fc\u30cd\u30c3\u30c8\u95a2\u9023\u7b49\u306e\u9ad8\u3044\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306e\u682a\u5f0f\u304c\u4e0a\u6607\u3059\u308b\u5e02\u5834\u3067\u3001\u30d0\u30ea\u30e5\u30fc\u30b9\u30bf\u30a4\u30eb\u306e\u904b\u7528\u306b\u306f\u9006\u98a8\u3067\u3042\u308a\u3001\u904b\u7528\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u4f4e\u4e0b\u306b\u3088\u3063\u3066\u30d5\u30a1\u30f3\u30c9\u3092\u9589\u9396\u3057\u305f\u3002<\/li>\n<\/ul>\n<p>1994\u5e74\uff5e1998\u5e74<\/p>\n<ul>\n<li><span class=\"bmarker-s\">1994\u5e74\u3001Long-Term Capital Management\uff08LTCM\uff09\u304c\u8a2d\u7acb\u3055\u308c\u308b\u3002<\/span><\/li>\n<li>\u30de\u30a4\u30ed\u30f3\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u3068\u30ed\u30d0\u30fc\u30c8\u30fb\u30de\u30fc\u30c8\u30f3\u306e2\u4eba\u306e\u30ce\u30fc\u30d9\u30eb\u7d4c\u6e08\u5b66\u8cde\u53d7\u8cde\u8005\u3092\u30e1\u30f3\u30d0\u30fc\u306b\u52a0\u3048\u3001\u30c9\u30ea\u30fc\u30e0\u30c1\u30fc\u30e0\u3068\u547c\u3070\u308c\u5f53\u521d\u304b\u3089\u6ce8\u76ee\u3055\u308c\u305f\u3002<\/li>\n<li>\u904b\u7528\u30b9\u30bf\u30a4\u30eb\u306f\u9ad8\u5ea6\u306a\u91d1\u878d\u5de5\u5b66\u306b\u57fa\u3065\u3044\u305f\u3001\u9ad8\u30ec\u30d0\u30ec\u30c3\u30b8\u306e\u50b5\u5238\u88c1\u5b9a\u53d6\u5f15\uff08\u50b5\u5238\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8\uff09\u3067\u3042\u308a\u3001\u5f53\u521d\u306f\u9ad8\u3044\u30ea\u30bf\u30fc\u30f3\u3092\u5b9f\u73fe\u3057\u3066\u3044\u305f\u3002<\/li>\n<li><span class=\"bmarker-s\">1997\u5e74\u306e\u30a2\u30b8\u30a2\u901a\u8ca8\u5371\u6a5f\u30681998\u5e74\u306e\u30ed\u30b7\u30a2\u5371\u6a5f\u306e\u969b\u3001\u904b\u7528\u304c\u4f4e\u8ff7\u3057\u30011998\u5e74\u306b\u30d5\u30a1\u30f3\u30c9\u306f\u7834\u305f\u3093\u3057\u305f<\/span>\u3002\uff08\u30de\u30a4\u30ed\u30f3\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u306f\u305d\u306e\u5f8c\u306b\u7acb\u3061\u4e0a\u3052\u305f\u5225\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u30822008\u5e74\u306e\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u6642\u306b\u7834\u7dbb\u3055\u305b\u305f\uff09<\/li>\n<li>\u3053\u306e\u6642\u3001\u6700\u7d42\u7684\u306b\u30ed\u30b7\u30a2\u56fd\u50b5\u306f\u30c7\u30d5\u30a9\u30eb\u30c8\u3057\u305f\u304c\u3001LTCM\u306e\u904b\u7528\u30e2\u30c7\u30eb\u3067\u306f\u30ed\u30b7\u30a2\u304c\u30c7\u30d5\u30a9\u30eb\u30c8\u3057\u306a\u3044\u524d\u63d0\u3067\u904b\u7528\u3055\u308c\u3066\u3044\u305f\u70ba\u3001\u5024\u6bb5\u304c\u4e0b\u304c\u308c\u3070\u4e0b\u304c\u308b\u307b\u3069\u306b\u300c\u5272\u5b89\u306b\u306a\u3063\u305f\u300d\u3068\u5224\u65ad\u3055\u308c\u8cb7\u3044\u9032\u3093\u3060\u3053\u3068\u304c\u81f4\u547d\u50b7\u3068\u8a00\u308f\u308c\u3066\u3044\u308b\u3002<\/li>\n<\/ul>\n<p>1990\u5e74\u4ee3<\/p>\n<ul>\n<li>\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306f\u4e00\u90e8\u306e\u5bcc\u88d5\u5c64\u306e\u305f\u3081\u306e\u3082\u306e\u3067\u4e00\u822c\u7684\u306a\u91d1\u878d\u5546\u54c1\u3067\u306f\u306a\u304b\u3063\u305f\u304c\u30011990\u5e74\u4ee3\u5f8c\u534a\u304b\u3089\u6a5f\u95a2\u6295\u8cc7\u5bb6\u3082\u6295\u8cc7\u3092\u59cb\u3081\u305f\u3053\u3068\u3068\u3001\u30d5\u30a1\u30f3\u30c9\u30fb\u30aa\u30d6\u30fb\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30ba\u3068\u3044\u3046\u5546\u54c1\u304c\u73fe\u308c\u305f\u3053\u3068\u3067\u4e00\u6c17\u306b\u6295\u8cc7\u5bb6\u5c64\u304c\u5e83\u304c\u308a\u3001\u904b\u7528\u6b8b\u9ad8\u304c\u6025\u62e1\u5927\u3057\u305f\u3002<\/li>\n<\/ul>\n<p>2000\u5e74\u4ee3\u524d\u534a<\/p>\n<ul>\n<li>1990\u5e74\u4ee3\u5f8c\u534a\u304b\u3089\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306b\u5e83\u307e\u3063\u305f\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306f\u30012000\u5e74\u4ee3\u306b\u5165\u308b\u3068\u500b\u4eba\u6295\u8cc7\u5bb6\u5411\u3051\u306e\u5546\u54c1\u3082\u767b\u5834\u3057\u305f\u3002<\/li>\n<li>\u65e5\u672c\u56fd\u5185\u3067\u3082\u516c\u52df\u6295\u4fe1\u30fb\u79c1\u52df\u6295\u4fe1\u3067\u591a\u304f\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u304c\u8ca9\u58f2\u3055\u308c\u305f\u3002<\/li>\n<\/ul>\n<p>2008\u5e74\u306e\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u6642<\/p>\n<ul>\n<li>\u591a\u304f\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u304c\u7834\u305f\u3093\u306b\u8ffd\u3044\u8fbc\u307e\u308c\u3001\u696d\u754c\u5168\u4f53\u306e\u6b8b\u9ad8\u3082\u6e1b\u5c11\u3057\u305f\u3002<\/li>\n<li>\u89e3\u7d04\u505c\u6b62\u30fbNAV\u7b97\u51fa\u505c\u6b62\u3068\u306a\u3063\u305f\u30d5\u30a1\u30f3\u30c9\u304c\u7d9a\u51fa\u3057\u3001\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306e\u4fe1\u983c\u6027\u3082\u5927\u304d\u304f\u4f4e\u4e0b\u3057\u305f\u3002<\/li>\n<li>\u3053\u306e\u6642\u3001\u7c73\u56fd\u306e\u4f4f\u5b85\u30d0\u30d6\u30eb\u5d29\u58ca\u3092\u4e88\u60f3\u3057\u3001<span class=\"bmarker-s\">\u30b5\u30d6\u30d7\u30e9\u30a4\u30e0\u30ed\u30fc\u30f3\u306e\u4e0b\u843d\u306b\u8ced\u3051\u3066\u3044\u305f\u30b8\u30e7\u30f3\u30fb\u30dd\u30fc\u30eb\u30bd\u30f3\u304c\u9ad8\u3044\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3092\u5b9f\u73fe\u3057\u3001\u4e00\u8e8d\u6709\u540d\u306b\u306a\u3063\u305f<\/span>\u3002<\/li>\n<\/ul>\n<p>2008\u5e74\u301c2012\u5e74<\/p>\n<ul>\n<li><span class=\"bmarker-s\">CTA\u3068\u547c\u3070\u308c\u308b\u5148\u7269\u3092\u6d3b\u7528\u3057\u305f\u3001\u5b9a\u91cf\u904b\u7528\uff08\u30e2\u30c7\u30eb\u306b\u3088\u308b\u904b\u7528\uff09\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u304c\u4eba\u6c17\u5316\u3057\u3001\u65e5\u672c\u3067\u3082\u591a\u304f\u306e\u516c\u52df\u6295\u4fe1\u304c\u8ca9\u58f2\u3055\u308c\u305f<\/span>\u3002\uff08CTA\u306e\u904b\u7528\u6226\u7565\u306b\u3064\u3044\u3066\u306f\u4e0b\u6bb5\u306b\u63b2\u8f09\uff09<\/li>\n<li>CTA\u306e\u4ee3\u8868\u7684\u306a\u30d5\u30a1\u30f3\u30c9\uff1a\u30de\u30f3AHL\u3001\u30a6\u30a3\u30f3\u30c8\u30f3\u3001\u30a2\u30b9\u30da\u30af\u30c8<\/li>\n<li>CTA\u306e\u8001\u8217\u30d5\u30a1\u30f3\u30c9\u3067\u3042\u308b\u300c\u30de\u30f3AHL\u300d\u306eAHL\u306f\u5f53\u521d\u306e\u904b\u7528\u30e2\u30c7\u30eb\u3092\u958b\u767a\u3057\u305f\u30e1\u30f3\u30d0\u30fc3\u540d\u306e\u982d\u6587\u5b57\u3002\u3010Adam\u3001Harding\u3001Lueck\u3011<\/li>\n<li>\u305d\u306e\u5f8c\u3001Harding\u304c\u30a6\u30a3\u30f3\u30c8\u30f3\u3001Lueck\u304c\u30a2\u30b9\u30da\u30af\u30c8\u3092\u8a2d\u7acb\u3057\u3066CTA\u3092\u904b\u7528\u3057\u3066\u3044\u308b\u3002<\/li>\n<\/ul>\n<p>2014\u5e74\u301c2024\u5e74<\/p>\n<ul>\n<li><span class=\"bmarker-s\">\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u304c\u4f4e\u8ff7\u3002\u300cHFRI Fund Weighted Composite Index\uff08HFRI\u6307\u6570\uff09\u300d\u3067\u306f2015\u5e74\u30fb2018\u5e74\u30fb2022\u5e74\u306f\u30de\u30a4\u30ca\u30b9\u30ea\u30bf\u30fc\u30f3\u3068\u306a\u308a\u3001\u30d7\u30e9\u30b9\u306e\u5e74\u3082\u4f4e\u8abf\u306a\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u306b\u7d42\u308f\u3063\u305f\u3002<\/span><\/li>\n<li>\u30ab\u30eb\u30d1\u30fc\u30b9\uff08CalPERS\uff09\u306a\u3069\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u6295\u8cc7\u304b\u3089\u64a4\u9000\u3059\u308b\u6a5f\u95a2\u6295\u8cc7\u5bb6\u3082\u5897\u52a0\u3057\u305f<\/li>\n<li>\u4e00\u65b9\u3001\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306e\u5927\u578b\u5316\u304c\u9032\u307f\u3001\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u304c\u7387\u3044\u308b\u30d6\u30ea\u30c3\u30b8\u30a6\u30a9\u30fc\u30bf\u30fc\u306e\u3088\u3046\u306b1,000\u5104\u30c9\u30eb\u3092\u8d85\u3048\u308b\u30d5\u30a1\u30f3\u30c9\u304c\u8907\u6570\u8a95\u751f\u3057\u3001\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u696d\u754c\u304c2\u6975\u5316\u3057\u305f\u3002\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u696d\u754c\u5168\u4f53\u306e\u904b\u7528\u8cc7\u7523\u6b8b\u9ad8\u306f\u5f15\u304d\u7d9a\u304d\u5897\u52a0\u3057\u30012024\u5e74\u306b\u306f4.5\u5146\u30c9\u30eb\u307e\u3067\u62e1\u5927\u3057\u305f\u3002<\/li>\n<\/ul>\n<p>\u6b21\u306b\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306e\u904b\u7528\u6226\u7565\u3092\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/p>\n<h2>\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306e\u904b\u7528\u6226\u7565\uff08\u6295\u8cc7\u624b\u6cd5\uff09\u3092\u5206\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac<\/h2>\n<p>\u4e00\u822c\u7684\u306b\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306e\u904b\u7528\u6226\u7565\uff08\u6295\u8cc7\u624b\u6cd5\uff09\u306f\u4e0b\u8a18\u306e8\u30d1\u30bf\u30fc\u30f3\u3067\u3059\u3002<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-24207\" src=\"https:\/\/finance-gfp.com\/wp-content\/uploads\/2016\/07\/hedgefund_strategy_list.png\" alt=\"\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306e\u904b\u7528\u6226\u7565\uff08\u6295\u8cc7\u624b\u6cd5\uff09\u4e00\u89a7\" width=\"505\" height=\"315\" srcset=\"https:\/\/finance-gfp.com\/wp-content\/uploads\/2016\/07\/hedgefund_strategy_list.png 505w, https:\/\/finance-gfp.com\/wp-content\/uploads\/2016\/07\/hedgefund_strategy_list-300x187.png 300w\" sizes=\"auto, (max-width: 505px) 100vw, 505px\" \/><\/p>\n<p>\u305d\u308c\u305e\u308c\u306e\u6226\u7565\u306e\u30dd\u30a4\u30f3\u30c8\u3092\u5206\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n<h3>\u30b0\u30ed\u30fc\u30d0\u30eb\u30fb\u30de\u30af\u30ed<\/h3>\n<ul>\n<li>\u30b0\u30ed\u30fc\u30d0\u30eb\u30fb\u30de\u30af\u30ed\u6226\u7565\u3092\u4e00\u8a00\u3067\u8868\u73fe\u3059\u308b\u3068\u300c\u4f55\u3067\u3082\u30a2\u30ea\u300d\u904b\u7528\u3067\u3059\u3002<\/li>\n<li>\u4e16\u754c\u4e2d\u306e\u3042\u3089\u3086\u308b\u30de\u30af\u30ed\u7d4c\u6e08\u6307\u6a19\u306b\u7740\u76ee\u3057\u3066\u3001\u682a\u5f0f\u30fb\u50b5\u5238\u30fb\u70ba\u66ff\u30fb\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u306a\u3069\u306e\u58f2\u8cb7\u3092\u884c\u3044\u307e\u3059\u3002<\/li>\n<li>1992\u5e74\u306e\u30dd\u30f3\u30c9\u58f2\u308a\u3067\u6709\u540d\u306a\u30b8\u30e7\u30fc\u30b8\u30bd\u30ed\u30b9\u3084\u30d6\u30ea\u30c3\u30b8\u30a6\u30a9\u30fc\u30bf\u30fc\u30fb\u30a2\u30bd\u30b7\u30a8\u30a4\u30c4\u3001\uff21\uff31\uff32\u30ad\u30e3\u30d4\u30bf\u30eb\u30fb\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u306a\u3069\u904b\u7528\u8cc7\u7523\u898f\u6a21\u304c1\u5146\u5186\u4ee5\u4e0a\u306e\u5927\u578b\u30d5\u30a1\u30f3\u30c9\u304c\u591a\u304f\u5b58\u5728\u3057\u307e\u3059\u3002\uff0810\u5146\u5186\u4ee5\u4e0a\u306e\u8d85\u5927\u578b\u30d5\u30a1\u30f3\u30c9\u3082\u5b58\u5728\u3057\u307e\u3059\uff09<\/li>\n<\/ul>\n<h3>\u682a\u5f0f\u30ed\u30f3\u30b0\u30b7\u30e7\u30fc\u30c8<\/h3>\n<ul>\n<li>\u5272\u5b89\u682a\u306e\u8cb7\u3044\uff08\u30ed\u30f3\u30b0\u30dd\u30b8\u30b7\u30e7\u30f3\uff09\u3068\u5272\u9ad8\u682a\u306e\u58f2\u308a\uff08\u30b7\u30e7\u30fc\u30c8\u30dd\u30b8\u30b7\u30e7\u30f3\uff09\u3092\u7d44\u307f\u5408\u308f\u305b\u305f\u904b\u7528\u3067\u3059\u3002\u4e00\u822c\u7684\u306b\u306f\u30ed\u30f3\u30b0\u30d0\u30a4\u30a2\u30b9\u3068\u8a00\u3063\u3066\u8cb7\u3044\u304c\u3084\u3084\u4e0a\u56de\u308b\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u53d6\u308b\u30b1\u30fc\u30b9\u304c\u591a\u304f\u306a\u308a\u307e\u3059\u3002<\/li>\n<li>\u4f8b\u3048\u3070\u300c\u8cb7\u304460\u30fb\u58f2\u308a40\u300d\u3067\u30cd\u30c3\u30c820\u306e\u8cb7\u3044\u6301\u3061\u306e\u3088\u3046\u306a\u30d1\u30bf\u30fc\u30f3\u3067\u3059\u3002\u30ec\u30d0\u30ec\u30c3\u30b8\u3092\u52b9\u304b\u305b\u3066\u300c\u8cb7\u304480\u30fb\u58f2\u308a60\u300d\u3067\u30b0\u30ed\u30b9140\u3001\u30cd\u30c3\u30c820\u306e\u8cb7\u3044\u6301\u3061\u3068\u3044\u3046\u30d1\u30bf\u30fc\u30f3\u3082\u3042\u308a\u307e\u3059\u3002<\/li>\n<li>2000\u5e74\u4ee3\u306e\u4e00\u6642\u671f\u3001130\/30\uff08\u30ef\u30f3\u30b5\u30fc\u30c6\u30a3\u30fc\u30fb\u30b5\u30fc\u30c6\u30a3\u30fc\uff09\u3068\u3044\u3046\u624b\u6cd5\u304c\u6d41\u884c\u3057\u307e\u3057\u305f\u3002130\u30ed\u30f3\u30b0\u30fb30\u30b7\u30e7\u30fc\u30c8\u3067\u30cd\u30c3\u30c8100\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u3068\u306a\u308a\u307e\u3059\u3002\u30ed\u30f3\u30b0\u30aa\u30f3\u30ea\u30fc\u306e\u30a2\u30af\u30c6\u30a3\u30d6\u30d5\u30a1\u30f3\u30c9\u306b\u8fd1\u3044\u5546\u54c1\u6027\u304c\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306b\u53d7\u3051\u5165\u308c\u3089\u308c\u3084\u3059\u304b\u3063\u305f\u3068\u8003\u3048\u3089\u308c\u307e\u3059\u3002<\/li>\n<li>\u58f2\u308a\u30fb\u8cb7\u3044\u5171\u306b\u500b\u5225\u9298\u67c4\u3092\u4f7f\u3046\u300c\u30c0\u30d6\u30eb\u30a2\u30eb\u30d5\u30a1\u904b\u7528\u300d\u3068\u8cb7\u3044\u306e\u307f\u500b\u5225\u9298\u67c4\u3067\u58f2\u308a\u306f\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u3092\u4f7f\u3046\u300c\u30b7\u30f3\u30b0\u30eb\u30a2\u30eb\u30d5\u30a1\u904b\u7528\u300d\u304c\u3042\u308a\u307e\u3059\u3002<\/li>\n<li>\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306e\u6226\u7565\u306e\u4e2d\u3067\u306f\u6700\u3082\u6b74\u53f2\u304c\u9577\u304f\u30011950\u5e74\u9803\u304b\u3089\u904b\u7528\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/li>\n<li>\u682a\u5f0f\u30ed\u30f3\u30b0\u30b7\u30e7\u30fc\u30c8\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306f\u65e5\u672c\u56fd\u5185\u3067\u3082\u591a\u304f\u8ca9\u58f2\u3055\u308c\u307e\u3057\u305f\u304c\u3001\u7d50\u679c\u7684\u306b\u826f\u3044\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u306e\u30d5\u30a1\u30f3\u30c9\u306f\u305d\u308c\u307b\u3069\u591a\u304f\u3042\u308a\u307e\u305b\u3093\u3067\u3057\u305f\u3002<\/li>\n<\/ul>\n<h3>\u30de\u30fc\u30b1\u30c3\u30c8\u30cb\u30e5\u30fc\u30c8\u30e9\u30eb<\/h3>\n<ul>\n<li>\u5272\u5b89\u682a\u306e\u8cb7\u3044\uff08\u30ed\u30f3\u30b0\u30dd\u30b8\u30b7\u30e7\u30f3\u3068\u5272\u9ad8\u682a\u306e\u58f2\u308a\uff08\u30b7\u30e7\u30fc\u30c8\u30dd\u30b8\u30b7\u30e7\u30f3\uff09\u3092\u540c\u3058\u91d1\u984d\u4fdd\u6709\u3059\u308b\u6226\u7565\u3067\u3059\u3002\u305d\u308c\u306b\u3088\u308a\u5e02\u5834\u5909\u52d5\u30ea\u30b9\u30af\u3092\u6291\u3048\u305f\u5f62\u3067\u30ea\u30bf\u30fc\u30f3\u3092\u72d9\u3046\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/li>\n<li>\u4f8b\u3048\u3070\u8cb7\u304450\u3001\u58f2\u308a50\u3067\u30cd\u30c3\u30c80\uff08\u30cb\u30e5\u30fc\u30c8\u30e9\u30eb\uff09\u306e\u3088\u3046\u306a\u30dd\u30b8\u30b7\u30e7\u30f3\u3067\u3059\u3002<\/li>\n<li>\u30ed\u30f3\u30b0\u30fb\u30b7\u30e7\u30fc\u30c8\u306e\u4e00\u90e8\u3067\u3001\u58f2\u308a\u8cb7\u3044\u6bd4\u7387\u304c\u540c\u4e00\u306e\u3082\u306e\u3067\u3059\u3002<\/li>\n<li>\u30ec\u30d0\u30ec\u30c3\u30b8\u3092\u6d3b\u7528\u3057\u3066\u3001\u8cb7\u3044100\u3001\u58f2\u308a100\u3067\u30cd\u30c3\u30c80\uff08\u30cb\u30e5\u30fc\u30c8\u30e9\u30eb\uff09\u306e\u3088\u3046\u306a\u30d1\u30bf\u30fc\u30f3\u3082\u3042\u308a\u307e\u3059\u3002<\/li>\n<\/ul>\n<h3>\u30a4\u30d9\u30f3\u30c8\u30c9\u30ea\u30d6\u30f3<\/h3>\n<ul>\n<li>\u5408\u4f75\u30fb\u8cb7\u53ce\u306a\u3069\u4f01\u696d\u306e\u30a4\u30d9\u30f3\u30c8\u767a\u751f\u6642\u306b\u5272\u5b89\u30fb\u5272\u9ad8\u306b\u306a\u3063\u305f\u9298\u67c4\u3092\u767a\u6398\u3057\u6295\u8cc7\u3059\u308b\u624b\u6cd5\u3067\u3059\u3002<\/li>\n<li>\u30a4\u30d9\u30f3\u30c8\u30c9\u30ea\u30d6\u30f3\u306b\u306f\u30b5\u30d6\u30ab\u30c6\u30b4\u30ea\u30fc\u3068\u3057\u3066\u3001\u8cb7\u53ce\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8\u6226\u7565\u3084\u30c7\u30a3\u30b9\u30c8\u30ec\u30b9\u30c8\u6226\u7565\u306a\u3069\u304c\u3042\u308a\u307e\u3059\u3002<\/li>\n<li>\u5408\u4f75\u30fb\u8cb7\u53ce\u306e\u6210\u7acb\u30fb\u4e0d\u6210\u7acb\u3084\u8cb7\u53ce\u4fa1\u683c\u306e\u5909\u5316\u3092\u4e88\u60f3\u3057\u3066\u3001\u5bfe\u8c61\u682a\u5f0f\u306e\u58f2\u8cb7\u3092\u884c\u3063\u305f\u308a\u3057\u307e\u3059\u3002<\/li>\n<li>\u30a4\u30d9\u30f3\u30c8\u30c9\u30ea\u30d6\u30f3\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3067\u306f\u3001\u30b8\u30e7\u30f3\u30fb\u30dd\u30fc\u30eb\u30bd\u30f3\u306e\u300c\u30dd\u30fc\u30eb\u30bd\u30f3\uff06\u30ab\u30f3\u30d1\u30cb\u30fc\u300d\u304c\u6709\u540d\u3067\u3059\u3002\u305f\u3060\u3057\u3001\u30dd\u30fc\u30eb\u30bd\u30f3\u793e\u306f\u8907\u6570\u306e\u30d5\u30a1\u30f3\u30c9\u3092\u904b\u7528\u3057\u3066\u3044\u307e\u3059\u3002\u30dd\u30fc\u30eb\u30bd\u30f3\u304c\u6709\u540d\u306b\u306a\u3063\u305f\u306e\u306f\u3001\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u6642\u306b\u30b5\u30d6\u30d7\u30e9\u30a4\u30e0\u30ed\u30fc\u30f3\u306e\u30b7\u30e7\u30fc\u30c8\u30dd\u30b8\u30b7\u30e7\u30f3\u3067\u5927\u304d\u306a\u5229\u76ca\u3092\u4e0a\u3052\u305f\u3053\u3068\u304c\u304d\u3063\u304b\u3051\u3067\u3059\u3002\u305d\u306e\u30d5\u30a1\u30f3\u30c9\u306f\u7d14\u7c8b\u306a\u30a4\u30d9\u30f3\u30c8\u30c9\u30ea\u30d6\u30f3\u306e\u30d5\u30a1\u30f3\u30c9\u3067\u306f\u306a\u304f\u3001\u30b0\u30ed\u30fc\u30d0\u30eb\u30de\u30af\u30ed\u306b\u8fd1\u3044\u6027\u683c\u306e\u30d5\u30a1\u30f3\u30c9\u3067\u3059\u3002<\/li>\n<\/ul>\n<h3>\u50b5\u5238\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8<\/h3>\n<ul>\n<li>\u50b5\u5238\u306e\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8\uff08\u88c1\u5b9a\u53d6\u5f15\uff09\u306f\u50b5\u5238\u5e02\u5834\u306e\u30df\u30b9\u30d7\u30e9\u30a4\u30b7\u30f3\u30b0\u306b\u7740\u76ee\u3057\u3001\u5272\u9ad8\u306a\u50b5\u5238\u306e\u58f2\u308a\u3068\u5272\u5b89\u306a\u50b5\u5238\u306e\u8cb7\u3044\u3092\u7d44\u307f\u5408\u308f\u305b\u3066\u30b5\u30e4\u3092\u53d6\u308b\u624b\u6cd5\u3067\u3059\u3002<\/li>\n<li>\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u306e\u6b6a\u307f\u306a\u3069\u306b\u6ce8\u76ee\u3057\u3066\u6295\u8cc7\u6a5f\u4f1a\u3092\u3046\u304b\u304c\u3044\u307e\u3059\u3002\uff08\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u306b\u3064\u3044\u3066\u306f\u3053\u3061\u3089\u3092\u53c2\u7167\uff1a<a href=\"https:\/\/finance-gfp.com\/?p=506\" target=\"_blank\" rel=\"noopener noreferrer\">\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u306b\u3064\u3044\u3066\u306e\u5206\u304b\u308a\u3084\u3059\u304f\u3066\u8a73\u3057\u3044\u8aac\u660e<\/a>\uff09<\/li>\n<li>\u50b5\u5238\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8\u6226\u7565\u306f\u9ad8\u3044\u30ec\u30d0\u30ec\u30c3\u30b8\u3092\u6d3b\u7528\u3059\u308b\u306e\u304c\u4e00\u822c\u7684\u3067\u3059\u3002\u305d\u306e\u5206\u3001\u898b\u901a\u3057\u304c\u5916\u308c\u305f\u5834\u5408\u306e\u30ea\u30b9\u30af\u306f\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u3002<\/li>\n<li>\u50b5\u5238\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8\u6226\u7565\u306e\u5931\u6557\u4f8b\u3068\u3057\u3066\u6709\u540d\u306a\u306e\u306f\u30011998\u5e74\u306b\u7834\u7dbb\u3057\u305f\u300cLong-Term Capital Management\uff08LTCM\uff09\u300d\u3067\u3059\u3002\uff08\u4e0a\u8a18\u300c\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306e\u6b74\u53f2\u300d\u3092\u53c2\u7167\uff09<\/li>\n<\/ul>\n<h3>\u30c7\u30a3\u30b9\u30c8\u30ec\u30b9\u30c8<\/h3>\n<ul>\n<li>\u7834\u305f\u3093\u4f01\u696d\u3084\u7834\u305f\u3093\u61f8\u5ff5\u306e\u4f01\u696d\u306e\u50b5\u5238\u306a\u3069\u3067\u3001\u56de\u53ce\u7387\u7b49\u3092\u8003\u616e\u3057\u305f\u5834\u5408\u306e\u7406\u8ad6\u4fa1\u683c\u304b\u3089\u5927\u5e45\u306b\u4e0b\u843d\u3057\u305f\u3082\u306e\u3092\u4fdd\u6709\u3059\u308b\u6226\u7565\u3067\u3059\u3002<\/li>\n<li>\u4e8b\u696d\u518d\u751f\u3084\u30ea\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30ea\u30f3\u30b0\u7b49\u306b\u3088\u308b\u30ea\u30bf\u30fc\u30f3\u306e\u62e1\u5927\u3082\u72d9\u3044\u307e\u3059<\/li>\n<li>\u30c7\u30c3\u30c8\u30a8\u30af\u30a4\u30c6\u30a3\u30b9\u30ef\u30c3\u30d7\u306b\u3088\u308b\u682a\u5f0f\u8ee2\u63db\u3067\u7d4c\u55b6\u306b\u53c2\u52a0\u3057\u4e8b\u696d\u518d\u751f\u3092\u884c\u3046\u3053\u3068\u3082\u3042\u308a\u307e\u3059<\/li>\n<\/ul>\n<h3>CTA\uff08\u30de\u30cd\u30fc\u30b8\u30c9\u30fb\u30d5\u30e5\u30fc\u30c1\u30e3\u30fc\u30ba\uff09<\/h3>\n<ul>\n<li>\u682a\u5f0f\u30fb\u50b5\u5238\u30fb\u70ba\u66ff\u30fb\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u306e\u5148\u7269\u3092\u5229\u7528\u3057\u3001\u52d5\u304d\u306b\u30c8\u30ec\u30f3\u30c9\u304c\u51fa\u305f\u3082\u306e\u306b\u8ffd\u968f\u3057\u3066\u3044\u304f\u624b\u6cd5\u3067\u3059\u3002<\/li>\n<li>\u30c8\u30ec\u30f3\u30c9\u30d5\u30a9\u30ed\u30fc\u3068\u3082\u3044\u308f\u308c\u307e\u3059\u3002<\/li>\n<li>\u5404\u8cc7\u7523\u30af\u30e9\u30b9\u304c\u4e0a\u3067\u3082\u4e0b\u3067\u3082\u30c8\u30ec\u30f3\u30c9\u304c\u51fa\u3066\u5927\u304d\u304f\u5909\u52d5\u3059\u308b\u3068\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u304c\u826f\u304f\u306a\u308a\u307e\u3059\u3002\u9006\u306b\u591a\u304f\u306e\u8cc7\u7523\u30af\u30e9\u30b9\u304c\u65b9\u5411\u611f\u306e\u306a\u3044\u52d5\u304d\u3068\u306a\u308b\u3068\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u304c\u60aa\u5316\u3057\u307e\u3059\u3002<\/li>\n<li>\u30aa\u30d7\u30b7\u30e7\u30f3\u6226\u7565\u306e\u30b9\u30c8\u30e9\u30c9\u30eb\u306e\u8cb7\u3044\u3068\u540c\u3058\u904b\u7528\u3068\u306a\u308a\u307e\u3059\u3002(\u30aa\u30d7\u30b7\u30e7\u30f3\u3084\u30b9\u30c8\u30e9\u30c9\u30eb\u306e\u8cb7\u3044\u306b\u3064\u3044\u3066\u306e\u8a73\u7d30\u306f\u3053\u3061\u3089\u3092\u53c2\u7167\uff1a<a href=\"https:\/\/finance-gfp.com\/?p=7970\" target=\"_blank\" rel=\"noopener noreferrer\">\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u306b\u3064\u3044\u3066\u306e\u5206\u304b\u308a\u3084\u3059\u304f\u3066\u8a73\u3057\u3044\u8aac\u660e<\/a>\uff09<\/li>\n<li>\u904e\u53bb\u3001\u65e5\u672c\u306e\u516c\u52df\u6295\u4fe1\u3067\u3082\u591a\u304f\u8ca9\u58f2\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/li>\n<li>\u30de\u30f3\u3001\u30a6\u30a3\u30f3\u30c8\u30f3\u3001\u30a2\u30b9\u30da\u30af\u30c8\u306a\u3069\u304c\u6709\u540d\u3067\u3059\u3002\uff08\u4e0a\u8a18\u300c\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306e\u6b74\u53f2\u300d\u306e2008\u5e74\u301c2012\u5e74\u3092\u53c2\u7167\uff09<\/li>\n<li>\u6295\u8cc7\u5bfe\u8c61\u306f\u5148\u7269\u3067\u3042\u308b\u70ba\u3001\u900f\u660e\u6027\u304c\u9ad8\u3044\u70b9\u3068\u6d41\u52d5\u6027\u30ea\u30b9\u30af\u304c\u4f4e\u3044\u70b9\u304c\u30e1\u30ea\u30c3\u30c8\u3068\u306a\u308a\u307e\u3059\u3002<\/li>\n<\/ul>\n<h3>\u30d5\u30a1\u30f3\u30c9\u30fb\u30aa\u30d6\u30fb\u30d5\u30a1\u30f3\u30ba\uff08\u30d5\u30a1\u30f3\u30c9\u30fb\u30aa\u30d6\u30fb\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30ba\uff09<\/h3>\n<ul>\n<li>\u8907\u6570\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3092\u7d44\u307f\u5165\u308c\u308b\u30d5\u30a1\u30f3\u30c9\u3067\u3059\u3002<\/li>\n<li>\u69d8\u3005\u306a\u6226\u7565\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3092\u7d44\u307f\u5408\u308f\u305b\u308b\u4e8b\u3067\u5206\u6563\u52b9\u679c\u304c\u671f\u5f85\u3067\u304d\u307e\u3059\u3002<\/li>\n<li>\u305f\u3060\u3057\u3001\u30b3\u30b9\u30c8\u9ad8\u306b\u306a\u308a\u3084\u3059\u3044\u50be\u5411\u304c\u3042\u308a\u307e\u3059\u3002\u6295\u8cc7\u5148\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3067\u4fe1\u8a17\u5831\u916c\u3068\u6210\u529f\u5831\u916c\u3092\u5dee\u3057\u5f15\u304b\u308c\u3001\u305d\u306e\u4e0a\u3067\u30d5\u30a1\u30f3\u30c9\u30fb\u30aa\u30d6\u30fb\u30d5\u30a1\u30f3\u30ba\u3067\u3082\u4fe1\u8a17\u5831\u916c\u3068\u6210\u529f\u5831\u916c\u304c\u5dee\u3057\u5f15\u304b\u308c\u307e\u3059\u3002<\/li>\n<li>\u307e\u305f\u3001\u30ea\u30b9\u30af\u5206\u6563\u3059\u308b\u306e\u306f\u826f\u3044\u306e\u3067\u3059\u304c\u3001\u30ea\u30bf\u30fc\u30f3\u307e\u3067\u3082\u4f4e\u4e0b\u3057\u3066\u3001\u9762\u767d\u307f\u306e\u306a\u3044\u30d5\u30a1\u30f3\u30c9\u306b\u306a\u308b\u30b1\u30fc\u30b9\u3082\u591a\u304f\u3042\u308a\u307e\u3059\u3002<\/li>\n<\/ul>\n<h2>\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u696d\u754c\u306e\u8cc7\u7523\u6b8b\u9ad8\u3068\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u306e\u63a8\u79fb<\/h2>\n<p>\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u696d\u754c\u5168\u4f53\u306e\u904b\u7528\u8cc7\u7523\u6b8b\u9ad8\u306f\u6025\u6fc0\u306b\u62e1\u5927\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<ul>\n<li>1995\u5e74\uff1a1,860\u5104\u30c9\u30eb<\/li>\n<li>2000\u5e74\uff1a4,910\u5104\u30c9\u30eb<\/li>\n<li>2005\u5e74\uff1a1\u51461,050\u5104\u30c9\u30eb\uff081\u5146\u30c9\u30eb\u7a81\u7834\uff09<\/li>\n<li>2007\u5e74\uff1a1\u51468,680\u5104\u30c9\u30eb<\/li>\n<li>2008\u5e74\uff1a1\u51464,070\u5104\u30c9\u30eb\uff08\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u3067\u4e00\u6642\u7684\u306b\u6e1b\u5c11\uff09<\/li>\n<li>2011\u5e74\uff1a2\u5146800\u5104\u30c9\u30eb\uff082\u5146\u30c9\u30eb\u7a81\u7834\uff09<\/li>\n<li>2016\u5e74\uff1a3\u5146180\u5146\u30c9\u30eb\uff083\u5146\u30c9\u30eb\u7a81\u7834\uff09<\/li>\n<li>2021\u5e74\uff1a4\u5146100\u5104\u30c9\u30eb\uff084\u5146\u30c9\u30eb\u7a81\u7834\uff09<\/li>\n<li>2022\u5e74\uff1a3\u51468,300\u5104\u30c9\u30eb<\/li>\n<li>2024\u5e74\uff1a4\u51465,100\u5104\u30c9\u30eb<\/li>\n<\/ul>\n<p>\u305f\u3060\u3057\u3001\u904b\u7528\u8cc7\u7523\u6b8b\u9ad8\u304c\u6025\u6fc0\u306b\u5897\u52a0\u3059\u308b\u4e00\u65b9\u3001\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u306f\u60aa\u5316\u50be\u5411\u3067\u3059\u3002<\/p>\n<p><span class=\"ymarker-s\">\u57fa\u672c\u7684\u306b\u904b\u7528\u8cc7\u7523\u6b8b\u9ad8\u3068\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u306f\u53cd\u6bd4\u4f8b\u3057\u307e\u3059\u3002<\/span><\/p>\n<p>1990\u5e74\u4ee3\u306f\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d9\u30fc\u30b9\u3067\u308210\uff05\u4ee5\u4e0a\u306e\u30ea\u30bf\u30fc\u30f3\u304c\u5f53\u305f\u308a\u524d\u3067\u3057\u305f\u304c\u30012010\u5e74\u4ee3\u306e\u30ea\u30bf\u30fc\u30f3\u306f\u5927\u304d\u304f\u4f4e\u4e0b\u3057\u307e\u3057\u305f\u3002<\/p>\n<p>\u3057\u304b\u3082\u300110\u5e74\u9593\u306e\u5185\u30013\u5e74\u306f\u5e74\u7387\u30ea\u30bf\u30fc\u30f3\u304c\u30de\u30a4\u30ca\u30b9\u3068\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n<ul>\n<li><span class=\"rmarker-s\">\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u696d\u754c\u306e\u904b\u7528\u8cc7\u7523\u6b8b\u9ad8\u3068\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u306e\u8a73\u7d30\u306a\u30c7\u30fc\u30bf<\/span>\u306f\u3053\u3061\u3089\u3092\u53c2\u7167\uff1a<a href=\"https:\/\/finance-gfp.com\/?p=1215\" target=\"_blank\" rel=\"noopener noreferrer\">\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u304c\u6614\u307b\u3069\u5132\u304b\u3089\u306a\u3044\u7406\u7531\uff08\u5e74\u9593\u53ce\u76ca\u7387\u3068\u904b\u7528\u8cc7\u7523\u6b8b\u9ad8\u306e\u63a8\u79fb\uff09<\/a><\/li>\n<\/ul>\n<h2>\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u30fb\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u3068\u306f\uff08\u751f\u5b58\u30d0\u30a4\u30a2\u30b9\u306b\u6ce8\u610f\uff09<\/h2>\n<p>\u4e0b\u8a18\u306f\u4ee3\u8868\u7684\u306a\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u30fb\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u3067\u3059\u3002<\/p>\n<ul>\n<li>HFRX\u30b0\u30ed\u30fc\u30d0\u30eb\u30fb\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u30fb\u30a4\u30f3\u30c7\u30c3\u30af\u30b9<\/li>\n<li>\u30c0\u30a6\u30fb\u30b8\u30e7\u30fc\u30f3\u30ba\u30fb\u30af\u30ec\u30c7\u30a3\u30fb\u30b9\u30a4\u30b9\u30fb\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u30fb\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\uff08\u65e7CS\u30c8\u30ec\u30e2\u30f3\u30c8\u30fb\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u30fb\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\uff09<\/li>\n<li>MSCI\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u6307\u6570<\/li>\n<\/ul>\n<p>\u3053\u308c\u3089\u306e\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u306f\u5404\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u304b\u3089\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3092\u96c6\u8a08\u3057\u3066\u3001\u305d\u308c\u3092\u6307\u6570\u5316\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u305d\u308c\u305e\u308c\u306e\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u306f\u7b97\u51fa\u30eb\u30fc\u30eb\u3084\u30d5\u30a1\u30f3\u30c9\u306e\u30e6\u30cb\u30d0\u30fc\u30b9\u304c\u7570\u306a\u308b\u70ba\u3001\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3082\u82e5\u5e72\u7570\u306a\u308a\u307e\u3059\u3002<\/p>\n<p><span class=\"ymarker-s\">\u307e\u305f\u3001\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u306e\u7279\u5fb4\u3068\u3057\u3066\u300c\u751f\u5b58\u30d0\u30a4\u30a2\u30b9\u300d\uff08survivorship bias\uff09\u3068\u3044\u3046\u3082\u306e\u304c\u5b58\u5728\u3057\u307e\u3059\u3002<\/span><\/p>\n<p>\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u6642\u304c\u7279\u306b\u9855\u8457\u3067\u3057\u305f\u304c\u3001\u904b\u7528\u304c\u3046\u307e\u304f\u3044\u304b\u305a\u3001\u4fdd\u6709\u3057\u3066\u3044\u308b\u8cc7\u7523\u3082\u3059\u3050\u306b\u58f2\u5374\u3067\u304d\u306a\u3044\u3088\u3046\u306a\u5834\u5408\u3001\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306f\u57fa\u6e96\u4fa1\u683c\u306e\u8a08\u7b97\u3092\u6b62\u3081\u3066\u3057\u307e\u3044\u3001\u305d\u306e\u307e\u307e\u30d5\u30a1\u30f3\u30c9\u304c\u6e05\u7b97\u3055\u308c\u308b\u30b1\u30fc\u30b9\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u3053\u306e\u6642\u3001\u57fa\u6e96\u4fa1\u683c\u306e\u8a08\u7b97\u3092\u6b62\u3081\u305f\u6642\u70b9\u3067\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u304b\u3089\u9664\u5916\u3055\u308c\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u5b9f\u969b\u306b\u4fdd\u6709\u8cc7\u7523\u3092\u58f2\u5374\u3057\u305f\u5834\u5408\u306f\u3082\u3063\u3068\u4f4e\u3044\u8a55\u4fa1\u306b\u306a\u308b\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u305d\u306e\u6642\u70b9\u3067\u306f\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u304b\u3089\u9664\u5916\u3055\u308c\u3066\u3044\u307e\u3059\u306e\u3067\u3001\u4e00\u822c\u7684\u306b\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u306f\u5b9f\u969b\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u5e02\u5834\u3088\u308a\u3001\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u304c\u826f\u304f\u898b\u3048\u3066\u3044\u308b\u30b1\u30fc\u30b9\u304c\u591a\u3044\u3067\u3059\u3002<\/p>\n<p>\u3053\u308c\u304c<strong>\u300c<span class=\"ymarker-s\">\u751f\u5b58\u30d0\u30a4\u30a2\u30b9<\/span>\u300d<\/strong>\u3068\u547c\u3070\u308c\u308b\u3082\u306e\u3067\u3059\u3002<\/p>\n<p>\u751f\u5b58\u30d0\u30a4\u30a2\u30b9\u304c\u3042\u308b\u305f\u3081\u3001\u9577\u671f\u7684\u306b\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u3092\u4e0a\u56de\u308b\u904b\u7528\u3092\u884c\u3046\u306e\u306f\u304b\u306a\u308a\u96e3\u3057\u3044\u3068\u8a00\u3048\u307e\u3059\u3002<\/p>\n<p>\u305d\u3057\u3066\u3001\u5b9f\u969b\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u696d\u754c\u5168\u4f53\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u306f\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3092\u4e0b\u56de\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u307e\u305f\u3001\u3053\u306e\u3088\u3046\u306a\u7406\u7531\u304b\u3089\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u306b\u9023\u52d5\u3059\u308bETF\u3092\u7d44\u6210\u3059\u308b\u3053\u3068\u306f\u304b\u306a\u308a\u96e3\u3057\u3044\u3068\u8a00\u3048\u307e\u3059\u3002<\/p>\n<p>ETN\u3067\u3042\u308c\u3070\u53ef\u80fd\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u304c\u3001\u4eca\u306e\u3068\u3053\u308d\u305d\u306e\u3088\u3046\u306a\u5546\u54c1\u306f\u306a\u3044\u3088\u3046\u3067\u3059\u3002<\/p>\n<p>\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3092\u518d\u73fe\u3059\u308b\u3053\u3068\u3092\u76ee\u6a19\u3068\u3059\u308b\u3001\u3044\u308f\u3086\u308b\u300c\u30ec\u30d7\u30ea\u30b1\u30fc\u30b7\u30e7\u30f3\u30d5\u30a1\u30f3\u30c9\u300d\u306a\u3069\u306f\u3053\u308c\u307e\u3067\u3082\u5b58\u5728\u3057\u307e\u3057\u305f\u304c\u3001\u5e83\u304f\u6d78\u900f\u3057\u3066\u3044\u308b\u3068\u306f\u8a00\u3048\u307e\u305b\u3093\u3002<\/p>\n<h2>\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306e\u30ea\u30b9\u30af<\/h2>\n<h3>\u6d41\u52d5\u6027\u30ea\u30b9\u30af<\/h3>\n<p>\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306e\u6295\u8cc7\u5bfe\u8c61\u306f\u4e00\u822c\u7684\u306a\u682a\u5f0f\u3084\u50b5\u5238\u3060\u3051\u3067\u306f\u306a\u304f\u6d41\u52d5\u6027\u304c\u4f4e\u3044\u30a2\u30bb\u30c3\u30c8\u30af\u30e9\u30b9\u3082\u542b\u307e\u308c\u307e\u3059\uff61<\/p>\n<p>\u307e\u305f\u3001\u4e00\u822c\u7684\u306a\u682a\u5f0f\u3084\u50b5\u5238\u3092\u4fdd\u6709\u3059\u308b\u969b\u3082\u30ec\u30d0\u30ec\u30c3\u30b8\u3092\u6d3b\u7528\u3057\u3066\u7a4d\u6975\u7684\u306a\u904b\u7528\u3092\u884c\u3046\u3053\u3068\u304b\u3089\u3001\u591a\u304f\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3067\u306f\u904b\u7528\u306e\u5b89\u5b9a\u6027\u3092\u62c5\u4fdd\u3059\u308b\u76ee\u7684\u3067\u6295\u8cc7\u5bb6\u304b\u3089\u306e\u89e3\u7d04\u306b\u4e00\u5b9a\u306e\u5236\u9650\u3092\u8a2d\u3051\u3066\u3044\u307e\u3059\u3002<\/p>\n<p><strong>\u89e3\u7d04\u898f\u5b9a\u306e\u4f8b<\/strong><\/p>\n<p>\u2460\uff62\u89e3\u7d04\u65e5\u306f\u6bce\u6708\u6708\u672b\u300145\u65e5\u524d\u307e\u3067\u306b\u7533\u8fbc\u307f\u3001\u8cc7\u91d1\u306e\u652f\u6255\u3044\u306f\u89e3\u7d04\u65e5\u304b\u308930\u65e5\u76ee\uff63<\/p>\n<p>\u2461\uff62\u89e3\u7d04\u65e5\u306f3\u30fb6\u30fb9\u30fb12\u6708\u672b\u300130\u65e5\u524d\u307e\u3067\u306b\u7533\u8fbc\u307f\u3001\u8cc7\u91d1\u306e\u652f\u6255\u3044\u306f\u89e3\u7d04\u65e5\u304b\u308930\u65e5\u76ee\uff63<\/p>\n<p>\u5143\u3005\u3001\u4e0a\u8a18\u306e\u3088\u3046\u306a\u89e3\u7d04\u5236\u9650\u304c\u4ed8\u4e0e\u3055\u308c\u3066\u3044\u308b\u3053\u3068\u304c\u4e00\u822c\u7684\u3067\u3059\u304c\u3001\u305d\u308c\u4ee5\u5916\u3067\u3082\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u306e\u3088\u3046\u306b\u5927\u304d\u306a\u6df7\u4e71\u304c\u767a\u751f\u3057\u305f\u969b\u306b\u306f\u3001\u89e3\u7d04\u505c\u6b62\uff08\u57fa\u6e96\u4fa1\u683c\u306e\u7b97\u51fa\u505c\u6b62\uff09\u3068\u3044\u3063\u305f\u63aa\u7f6e\u304c\u53d6\u3089\u308c\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u30df\u30e5\u30fc\u30c1\u30e5\u30a2\u30eb\u30d5\u30a1\u30f3\u30c9\u3067\u3082\u89e3\u7d04\u505c\u6b62\u306e\u53ef\u80fd\u6027\u306f\u30bc\u30ed\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u983b\u5ea6\u3067\u306f\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u304c\u5727\u5012\u7684\u306b\u591a\u304f\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<h3>\u900f\u660e\u6027\u304c\u4f4e\u3044\u3001\u60c5\u5831\u304c\u5c11\u306a\u3044<\/h3>\n<p>\u4ee5\u524d\u3068\u6bd4\u3079\u3066\u5927\u304d\u304f\u6539\u5584\u3055\u308c\u3066\u3044\u307e\u3059\u304c\u3001\u60c5\u5831\u306e\u958b\u793a\u306b\u306f\u305d\u308c\u307b\u3069\u7a4d\u6975\u7684\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>\u30ac\u30a4\u30c9\u30e9\u30a4\u30f3\u3092\u9038\u8131\u3059\u308b\u3088\u3046\u306a\u904b\u7528\u3092\u884c\u3046\u3053\u3068\u306f\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306e\u5834\u5408\u306f\u5e45\u5e83\u3044\u904b\u7528\u304c\u53ef\u80fd\u306a\u30ac\u3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class=\"ymarker-s\">\u3088\u304f\u3001\u30ea\u30b9\u30af\u30ea\u30bf\u30fc\u30f3\u8868\u306b\u682a\u5f0f\u3084\u50b5\u5238\u3068\u4e26\u3093\u3067\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3092\u63b2\u8f09\u3057\u3066\u3044\u308b\u3082\u306e\u3092\u898b\u304b\u3051\u307e\u3059\u304c\u3001\u672c\u6765\u3053\u308c\u306f\u30df\u30b9\u30ea\u30fc\u30c9\u3068\u3044\u3048\u307e\u3059\u3002<\/span><\/p>\n<p>\u30ea\u30b9\u30af\u30ea\u30bf\u30fc\u30f3\u8868\u3067\u6bd4\u3079\u3089\u308c\u308b\u30a2\u30bb\u30c3\u30c8\u30af\u30e9\u30b9\u306f\u30ea\u30bf\u30fc\u30f3\u306e\u5206\u5e03\u304c\u6b63\u898f\u5206\u5e03\u306b\u306a\u308b\u3068\u3044\u3046\u524d\u63d0\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u30ea\u30b9\u30af\u30ea\u30bf\u30fc\u30f3\u8868\u3084\u6b63\u898f\u5206\u5e03\u306b\u3064\u3044\u3066\u306e\u8a73\u3057\u3044\u8aac\u660e\u306f\u3053\u3061\u3089\u3092\u3054\u89a7\u304f\u3060\u3055\u3044\uff1a<a href=\"https:\/\/finance-gfp.com\/?p=3547\" target=\"_blank\" rel=\"noopener noreferrer\">\u30ea\u30b9\u30af(\u6a19\u6e96\u504f\u5dee)\u3084\u76f8\u95a2\u4fc2\u6570\u306e\u8cc7\u6599\u3092\u30a8\u30af\u30bb\u30eb\u3067\u4f5c\u6210\/\u30ea\u30b9\u30af\u30ea\u30bf\u30fc\u30f3\u306e\u610f\u5473\u3092\u5177\u4f53\u7684\u306b\u8aac\u660e<\/a><\/li>\n<\/ul>\n<h3>\u30b3\u30b9\u30c8\u304c\u9ad8\u3044<\/h3>\n<p>\u30df\u30e5\u30fc\u30c1\u30e5\u30a2\u30eb\u30d5\u30a1\u30f3\u30c9\u3068\u6bd4\u8f03\u3059\u308b\u3068\u30b3\u30b9\u30c8\u304c\u9ad8\u304f\u3001\u4e0a\u8a18\u3067\u3082\u89e6\u308c\u307e\u3057\u305f\u304c\u4e00\u822c\u7684\u306a\u76ee\u5b89\u3068\u3057\u3066\u300c2\u306e20\u300d\u3068\u8a00\u308f\u308c\u308b\u300c\u4fe1\u8a17\u5831\u916c2\uff05\u3001\u6210\u529f\u5831\u916c20\uff05\u300d\u304c\u57fa\u6e96\u3068\u306a\u308a\u307e\u3059\uff61<\/p>\n<p>\u8fd1\u5e74\u306f\u3001\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u4f4e\u4e0b\u3084\u7af6\u4e89\u6fc0\u5316\u306b\u3088\u308a\u3001\u30b3\u30b9\u30c8\u3092\u5272\u5b89\u306b\u8a2d\u5b9a\u3057\u3066\u3044\u308b\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3082\u5897\u3048\u3066\u304d\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u307e\u305f\u3001\u30d5\u30a1\u30f3\u30c9\u30fb\u30aa\u30d6\u30fb\u30d5\u30a1\u30f3\u30ba\u306e\u5834\u5408\u3001\u6295\u8cc7\u5148\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306e\u30b3\u30b9\u30c8\u3068\u30d5\u30a1\u30f3\u30c9\u30fb\u30aa\u30d6\u30fb\u30d5\u30a1\u30f3\u30ba\u306e\u30b3\u30b9\u30c8\u304c2\u91cd\u3067\u639b\u304b\u308a\u3001\u5272\u9ad8\u3068\u306a\u308b\u30b1\u30fc\u30b9\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<h2>\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3092\u8cfc\u5165\u3059\u308b\u969b\u306e\u30dd\u30a4\u30f3\u30c8<\/h2>\n<p>\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3092\u8cfc\u5165\u3059\u308b\u30d1\u30bf\u30fc\u30f3\u3068\u3057\u3066\u3001\u56fd\u5185\u306e\u91d1\u878d\u6a5f\u95a2\u7d4c\u7531\uff08\u8a3c\u5238\u4f1a\u793e\u30fb\u9280\u884c\u30fb\u305d\u306e\u4ed6\u4ef2\u4ecb\u696d\u8005\uff09\u3068\u30d5\u30a1\u30f3\u30c9\u3078\u306e\u76f4\u63a5\u6295\u8cc7\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u30d5\u30a1\u30f3\u30c9\u3078\u306e\u76f4\u63a5\u6295\u8cc7\u306e\u5834\u5408\u3001\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u306e\u826f\u3044\u30d5\u30a1\u30f3\u30c9\u3078\u306e\u6295\u8cc7\u306f\u8d85\u5927\u578b\uff08\u6570\u5341\u5104\u5186\uff09\u304b\u4f59\u7a0b\u306e\u4eba\u8108\u304c\u306a\u3044\u3068\u96e3\u3057\u3044\u3067\u3057\u3087\u3046\u3002<\/p>\n<p>\u91d1\u878d\u6a5f\u95a2\u7d4c\u7531\u306e\u5834\u5408\u306f\u91d1\u878d\u6a5f\u95a2\u3067\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u3092\u884c\u306a\u3063\u3066\u3044\u308b\u306e\u3067\u3001\u8a50\u6b3a\u306a\u3069\u6700\u4f4e\u9650\u306e\u554f\u984c\u306f\u30af\u30ea\u30a2\u3067\u304d\u307e\u3059\u3002\u307e\u305f\u3001\u6295\u8cc7\u5358\u4f4d\u3082\u6570\u767e\u4e07\u5186\u5358\u4f4d\u304b\u3089\u6295\u8cc7\u3067\u304d\u308b\u30b1\u30fc\u30b9\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u305f\u3060\u3057\u3001\u305d\u308c\u3067\u3082\u904b\u7528\u304c\u4e0a\u624b\u304f\u3044\u304f\u304b\u5426\u304b\u306f\u5225\u3067\u3059\u3002<\/p>\n<p>\u672c\u5f53\u306b\u826f\u3044\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306f\u308f\u3056\u308f\u3056\u65e5\u672c\u306e\u91d1\u878d\u6a5f\u95a2\u3092\u4f7f\u3063\u3066\u8ca9\u58f2\u3059\u308b\u30b1\u30fc\u30b9\u306f\u7a00\u3067\u3059\u3002<\/p>\n<p>\u3069\u3046\u3057\u3066\u65e5\u672c\u306e\u91d1\u878d\u6a5f\u95a2\u7d4c\u7531\u3067\u8ca9\u58f2\u3059\u308b\u306e\u304b\u3001\u7406\u7531\u3092\u78ba\u8a8d\u3057\u3066\u7d0d\u5f97\u3067\u304d\u308b\u304b\u5426\u304b\u304c\u30dd\u30a4\u30f3\u30c8\u3067\u3059\u3002<\/p>\n<p>\u307e\u305f\u3001CTA\u306a\u3069\u3067\u4e00\u90e8\u516c\u52df\u6295\u4fe1\u3068\u3057\u3066\u8ca9\u58f2\u3057\u3066\u3044\u308b\u30b1\u30fc\u30b9\u3082\u3042\u308a\u307e\u3059\u304c\u3001\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306f\u79c1\u52df\u6295\u4fe1\u3068\u3057\u3066\u7d44\u6210\u3055\u308c\u308b\u30b1\u30fc\u30b9\u3082\u591a\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u305d\u306e\u5834\u5408\u3001\u500b\u4eba\u3067\u8cfc\u5165\u3059\u308b\u3068\u7dcf\u5408\u8ab2\u7a0e\u3068\u306a\u308a\u307e\u3059\u306e\u3067\u6ce8\u610f\u304c\u5fc5\u8981\u3067\u3059\u3002\u5bcc\u88d5\u5c64\u306e\u5834\u5408\u306f\u500b\u4eba\u306e\u8cc7\u91d1\u3067\u3082\u8cc7\u7523\u7ba1\u7406\u4f1a\u793e\u3067\u8cfc\u5165\u3059\u308b\u30b1\u30fc\u30b9\u304c\u4e00\u822c\u7684\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u500b\u4eba\u304c\u79c1\u52df\u6295\u4fe1\u306b\u6295\u8cc7\u3057\u305f\u5834\u5408\u306e\u8ab2\u7a0e\u306b\u3064\u3044\u3066\u306f\u3053\u3061\u3089\u3092\u53c2\u7167\uff1a<a href=\"https:\/\/finance-gfp.com\/?p=474\" target=\"_blank\" rel=\"noopener noreferrer\">\u500b\u4eba\u304c\u79c1\u52df\u6295\u4fe1\u30fb\u533f\u540d\u7d44\u5408\u30fb\u6295\u8cc7\u7d44\u5408\u306b\u6295\u8cc7\u3057\u305f\u5834\u5408\u306e\u8ab2\u7a0e<\/a><\/li>\n<\/ul>\n<h2>\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3068\u30a2\u30af\u30c6\u30a3\u30d6\u30d5\u30a1\u30f3\u30c9\uff08\u6295\u8cc7\u4fe1\u8a17\uff09\u306e\u9055\u3044<\/h2>\n<p>\u3053\u3061\u3089\u3067\u306f\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3068\u30a2\u30af\u30c6\u30a3\u30d6\u30d5\u30a1\u30f3\u30c9\uff08\u6295\u8cc7\u4fe1\u8a17\uff1d\u3044\u308f\u3086\u308b\u30df\u30e5\u30fc\u30c1\u30e5\u30a2\u30eb\u30d5\u30a1\u30f3\u30c9\uff09\u306e\u9055\u3044\u3092\u4e00\u89a7\u3067\u63b2\u8f09\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u3061\u306a\u307f\u306b\u6295\u8cc7\u4fe1\u8a17\u306b\u304a\u3051\u308b\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\u3068\u30a2\u30af\u30c6\u30a3\u30d6\u30d5\u30a1\u30f3\u30c9\u306e\u9055\u3044\u306f\u4e0b\u8a18\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\uff1a\u682a\u4fa1\u30fb\u50b5\u5238\u7b49\u306e\u6307\u6570\uff08\u30d9\u30f3\u30c1\u30de\u30fc\u30af\uff09\u306b\u9023\u52d5\u3059\u308b\u3088\u3046\u306b\u904b\u7528<\/li>\n<li>\u30a2\u30af\u30c6\u30a3\u30d6\u30d5\u30a1\u30f3\u30c9\uff1a\u682a\u4fa1\u30fb\u50b5\u5238\u7b49\u306e\u6307\u6570\uff08\u30d9\u30f3\u30c1\u30de\u30fc\u30af\uff09\u3092\u4e0a\u56de\u308b\u904b\u7528\u3092\u76ee\u6307\u3059<\/li>\n<\/ul>\n<p><span class=\"ymarker-s\">\u305d\u308c\u3067\u306f\u3001\u300c\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u300d\u3068\u300c\u30a2\u30af\u30c6\u30a3\u30d6\u30d5\u30a1\u30f3\u30c9\u300d\u306e\u9055\u3044\u3092\u3054\u89a7\u304f\u3060\u3055\u3044\u3002<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-15877\" src=\"https:\/\/finance-gfp.com\/wp-content\/uploads\/2016\/07\/hedgefund_hikaku3.png\" alt=\"\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3068\u30a2\u30af\u30c6\u30a3\u30d6\u30d5\u30a1\u30f3\u30c9\uff08\u6295\u8cc7\u4fe1\u8a17\uff09\u306e\u6bd4\u8f03\uff08\u9055\u3044\uff09\" width=\"936\" height=\"439\" srcset=\"https:\/\/finance-gfp.com\/wp-content\/uploads\/2016\/07\/hedgefund_hikaku3.png 936w, https:\/\/finance-gfp.com\/wp-content\/uploads\/2016\/07\/hedgefund_hikaku3-300x141.png 300w, https:\/\/finance-gfp.com\/wp-content\/uploads\/2016\/07\/hedgefund_hikaku3-768x360.png 768w\" sizes=\"auto, (max-width: 936px) 100vw, 936px\" 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class=\"ymarker-s\">\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306b\u6295\u8cc7\u3092\u3057\u3066\u30de\u30a4\u30ca\u30b9\u306b\u306a\u3063\u305f\u5834\u5408\u3001\u305d\u308c\u306f\u5168\u3066\u30d5\u30a1\u30f3\u30c9\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u306e\u8cac\u4efb\u3068\u8a00\u3048\u307e\u3059\u304c\u3001\u30a2\u30af\u30c6\u30a3\u30d6\u30d5\u30a1\u30f3\u30c9\u306b\u6295\u8cc7\u3092\u3057\u3066\u30de\u30a4\u30ca\u30b9\u306b\u306a\u3063\u305f\u5834\u5408\u306f\u3001\u30d9\u30f3\u30c1\u30de\u30fc\u30af\uff08\u6307\u6570\uff09\u306e\u30de\u30a4\u30ca\u30b9\u5206\u306f\u6295\u8cc7\u5bb6\u306e\u8cac\u4efb\u3067\u3001\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u4ee5\u4e0a\u306b\u30de\u30a4\u30ca\u30b9\u306b\u306a\u3063\u305f\u90e8\u5206\u304c\u3042\u308c\u3070\u305d\u308c\u306f\u30d5\u30a1\u30f3\u30c9\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u306e\u8cac\u4efb\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<p>\u307e\u305f\u3001\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306f\u591a\u304f\u306e\u5834\u5408\u3001\u30ec\u30d0\u30ec\u30c3\u30b8\u30fb\u5148\u7269\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u306a\u3069\u3092\u6d3b\u7528\u3059\u308b\u306e\u306b\u5bfe\u3057\u3001\u30a2\u30af\u30c6\u30a3\u30d6\u30d5\u30a1\u30f3\u30c9\u306f\u73fe\u7269\u306e\u682a\u5f0f\u30fb\u50b5\u5238\u30fbREIT\u306a\u3069\u304c\u5927\u90e8\u5206\u3092\u5360\u3081\u307e\u3059\u3002<\/p>\n<p>\u6d41\u52d5\u6027\u306b\u95a2\u3057\u3066\u306f\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306f\u89e3\u7d04\u307e\u3067\u306e\u65e5\u6570\u304c\u305d\u308c\u306a\u308a\u306b\u304b\u304b\u308b\u306e\u304c\u4e00\u822c\u7684\u3067\u3059\u3002\u4e0a\u8a18\u306e\u8868\u306b\u63b2\u8f09\u3057\u305f\u4f8b\u3067\u306f\u300c45\u65e5\u524d\u901a\u77e5+30\u65e5\u5f8c\u306e\u53d7\u6e21\u3057\u300d\u3067\u3059\u306e\u3067\u3001\u89e3\u7d04\u3092\u7533\u3057\u51fa\u3066\u304b\u3089\u5165\u91d1\u3055\u308c\u308b\u307e\u3067\u6700\u4f4e\u3067\u308275\u65e5\u9593\u304b\u304b\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<h2>\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306e\u95a2\u9023\u30da\u30fc\u30b8<\/h2>\n<p>\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u306b\u3064\u3044\u3066\u306f\u3053\u3061\u3089\u3092\u53c2\u7167\u3057\u3066\u304f\u3060\u3055\u3044\uff01<\/p>\n<ul>\n<li><a 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