{"id":13257,"date":"2019-01-06T14:40:26","date_gmt":"2019-01-06T22:40:26","guid":{"rendered":"https:\/\/www.jinmei.org\/blog\/?p=13257"},"modified":"2019-01-07T13:00:30","modified_gmt":"2019-01-07T21:00:30","slug":"2018%e5%b9%b4%e8%b3%87%e7%94%a3%e9%81%8b%e7%94%a8%e3%83%ac%e3%83%93%e3%83%a5%e3%83%bc","status":"publish","type":"post","link":"https:\/\/www.jinmei.org\/blog\/2019\/01\/06\/13257","title":{"rendered":"2018\u5e74\u8cc7\u7523\u904b\u7528\u30ec\u30d3\u30e5\u30fc"},"content":{"rendered":"<p>\u4f8b\u5e74\u3001\u6b63\u6708\u306b\u524d\u5e74\u306e\u53ce\u652f\u3092\u5143\u306b\u5bb6\u8a08\u3092\u898b\u76f4\u3057\u3066\u3001\u3064\u3044\u3067\u306b\u8cc7\u7523\u904b\u7528\u72b6\u6cc1\u3082\u78ba\u8a8d\u3059\u308b\u3053\u3068\u306b\u3057\u3066\u3044\u308b\u3002\u6628\u5e74\u3001\u6e21\u7c7310\u5468\u5e74\u3092\u795d\u3057\u3066(?)\u3044\u308d\u3044\u308d\u7d71\u8a08\u30c7\u30fc\u30bf\u3092\u307e\u3068\u3081\u3066<a href=\"https:\/\/www.jinmei.org\/blog\/2018\/01\/04\/12924\">blog\u5316<\/a>\u3057\u305f\u306e\u3060\u304c\u3001\u305d\u306e\u6750\u6599\u30672018\u5e74\u7248\u3082\u601d\u3063\u305f\u3088\u308a\u7c21\u5358\u306b\u307e\u3068\u3081\u3089\u308c\u305f\u306e\u3067\u4eca\u5e74\u3082blog\u5316\u3059\u308b\u3053\u3068\u306b\u3057\u305f\u2026\u3068\u601d\u3063\u3066\u66f8\u304d\u59cb\u3081\u305f\u304c\u3001\u5b9f\u969b\u306b\u66f8\u3044\u3066\u307f\u308b\u3068\u3044\u308d\u3044\u308d\u6c17\u304c\u3064\u304f\u3053\u3068\u304c\u3042\u308a\u3001\u7d50\u5c40\u7d50\u69cb\u6642\u9593\u3092\u53d6\u3089\u308c\u3066\u3057\u307e\u3063\u305f\u3002<br \/>\n<!--more--><\/p>\n<h3>\u904b\u7528\u8cc7\u7523\u5168\u4f53\u306e\u72b6\u6cc1<\/h3>\n<p>2018\u5e74\u306e\u904b\u7528\u5229\u56de\u308a(\u5185\u90e8\u53ce\u76ca\u7387\u3067\u8a08\u7b97)\u306f-7.64%\u3002\u5e74\u672b\u306b\u304b\u3051\u3066\u4e16\u754c\u4e2d\u306e\u307b\u307c\u3042\u3089\u3086\u308b\u5e02\u5834\u304c\u5927\u5e45\u306b\u4e0b\u843d\u3057\u3066\u30de\u30a4\u30ca\u30b9\u30ea\u30bf\u30fc\u30f3\u3068\u306a\u3063\u305f\u306e\u3067\u3001\u30bf\u30a4\u30df\u30f3\u30b0\u3092\u898b\u8a08\u3089\u3063\u3066\u5229\u76ca\u3092\u4e0a\u3052\u3089\u308c\u308b\u5929\u624d\u3092\u5225\u3068\u3059\u308b\u3068\u591a\u304f\u306e\u4eba\u306e\u904b\u7528\u5b9f\u7e3e\u3082\u30de\u30a4\u30ca\u30b9\u3068\u306a\u3063\u305f\u306e\u3067\u306f\u306a\u3044\u304b\u3068\u3082\u601d\u3046\u304c\u3001\u7b46\u8005\u500b\u4eba\u3068\u3057\u3066\u306f\u516817\u5e74\u306e\u8cc7\u7523\u904b\u7528\u6b74\u306e\u4e2d\u3067\u3082great 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\/><\/p>\n<p>\u30b0\u30e9\u30d5\u306e\u901a\u308a\u3001\u524d\u5e74\u6bd4\u306e\u8cc7\u7523\u6b8b\u9ad8\u3082\u30de\u30a4\u30ca\u30b9\u3068\u306a\u308a\u3001\u3053\u308c\u306f\u904e\u53bb17\u5e74\u3067\u306f\u3058\u3081\u3066\u3067\u3042\u308b\u3002\u305f\u3060\u3001\u6b8b\u9ad8\u304c\u5897\u3048\u308b\u306e\u306b\u3064\u308c\u3066\u5358\u5e74\u306e\u904b\u7528\u6210\u7e3e\u304c\u7dcf\u6b8b\u9ad8\u306b\u4e0e\u3048\u308b\u5f71\u97ff\u3082\u5927\u304d\u304f\u306a\u308b\u306e\u3067\u3053\u308c\u306b\u3064\u3044\u3066\u306f\u4ed5\u65b9\u306a\u3044\u9762\u3082\u3042\u308b\u3002<\/p>\n<h3>\u8cc7\u7523\u30af\u30e9\u30b9\u3054\u3068\u306e\u6210\u7e3e<\/h3>\n<p>\u540c\u69d8\u306b\u3001\u4ee5\u4e0b\u306f\u4e3b\u306a\u8cc7\u7523\u30af\u30e9\u30b9\u3054\u3068\u304a\u3088\u3073\u904b\u7528\u8cc7\u7523\u5168\u4f53\u306e2018\u5e74\u5229\u56de\u308a\u3092\u307e\u3068\u3081\u305f\u3082\u306e(\u524d\u8005\u306f\u7a0e\u5f15\u304d\u524d\u30ea\u30bf\u30fc\u30f3\u3001\u5f8c\u8005\u306f\u73fe\u6642\u70b9\u3067\u652f\u6255\u3063\u3066\u3044\u308b\u7a0e\u91d1(\u307b\u3068\u3093\u3069\u306f\u914d\u5f53\u306b\u5bfe\u3059\u308b\u3082\u306e)\u3092\u5dee\u3057\u5f15\u3044\u305f\u5f8c\u306e\u30ea\u30bf\u30fc\u30f3)\u3002<\/p>\n<p class=\"mainimage\"><img decoding=\"async\" src=\"\/image\/20190105\/perf18.png\" alt=\"\" width=\"480\" \/><\/p>\n<p>\u300c\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u300d\u3082\u6628\u5e74\u306eblog\u540c\u69d8\u306b\u3001\u8cc7\u7523\u30af\u30e9\u30b9\u5225\u306b\u306f<a href=\"https:\/\/investor.vanguard.com\/mutual-funds\/profile\/performance\/vtsax\">VTSAX<\/a>\u3001<a href=\"https:\/\/investor.vanguard.com\/mutual-funds\/profile\/performance\/vtmgx\">VTMGX<\/a>\u3001<a href=\"https:\/\/investor.vanguard.com\/mutual-funds\/profile\/performance\/vemax\">VEMAX<\/a>\u3001<a href=\"https:\/\/investor.vanguard.com\/mutual-funds\/profile\/performance\/vgslx\">VGSLX<\/a>\u3001<a href=\"https:\/\/investor.vanguard.com\/mutual-funds\/profile\/performance\/vbtlx\">VBTLX<\/a>\u3092\u3001PF\u5168\u4f53\u306b\u5bfe\u3057\u3066\u306f\u30d0\u30e9\u30f3\u30b9\u30d5\u30a1\u30f3\u30c9\u306e<a href=\"https:\/\/investor.vanguard.com\/mutual-funds\/profile\/performance\/vasgx\">VASGX<\/a>\u3092\u63a1\u7528\u3057\u3066\u3044\u308b(VASGX\u306e\u5834\u5408\u306f\u5206\u914d\u3078\u306e\u7a0e\u5f15\u304d\u5f8c\u30ea\u30bf\u30fc\u30f3)\u3002<\/p>\n<p>\u3069\u306e\u30af\u30e9\u30b9\u3082\u898b\u4e8b\u306a\u307e\u3067\u306b\u30de\u30a4\u30ca\u30b9\u3068\u306a\u3063\u3066\u3044\u308b(\u53b3\u5bc6\u306b\u306f\u50b5\u6a29\u306f\u3054\u304f\u308f\u305a\u304b\u306b\u30d7\u30e9\u30b9\u3067\u3042\u3063\u305f\u304c\u3001\u30b0\u30e9\u30d5\u3067\u306f\u3064\u3076\u308c\u3066\u3057\u307e\u3046\u7a0b\u5ea6\u306e\u8aa4\u5dee\u3067\u3042\u308b)\u3002\u7c73\u56fd\u304a\u3088\u3073\u305d\u306e\u4ed6\u5148\u9032\u56fd\u306e\u682a\u5f0f\u304c\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3088\u308a\u60aa\u3044\u306e\u306f\u30012018\u5e74\u306b\u8cb7\u3044\u5897\u3057\u3057\u305f\u5206\u304c\u3042\u308b\u305b\u3044\u3060\u308d\u3046\u3002\u7b46\u8005\u306e\u5834\u5408\u3001\u901a\u5e38\u5e74\u306e\u524d\u534a\u306b\u7a0e\u512a\u9047\u53e3\u5ea7\u3092\u4e2d\u5fc3\u306b\u53ef\u80fd\u306a\u9650\u308a\u305f\u304f\u3055\u3093\u62e0\u51fa\u30fb\u6295\u8cc7\u3057\u3066\u3001\u5e74\u306e\u5f8c\u534a\u306f&#8221;<a href=\"https:\/\/www.jinmei.org\/blog\/2017\/04\/06\/12573\">safe harbor\u5165\u308a<\/a>&#8220;\u306e\u305f\u3081\u306b\u7d66\u4e0e\u304b\u3089\u306e\u6e90\u6cc9\u5fb4\u53ce\u984d\u3092\u5897\u3084\u3059(\u306e\u3067\u6295\u8cc7\u4f59\u529b\u306f\u3042\u307e\u308a\u306a\u3044)\u3068\u306a\u308b\u3053\u3068\u304c\u591a\u3044\u306e\u3067\u3001\u6628\u5e74\u306e\u3088\u3046\u306b\u300c<a href=\"https:\/\/yhoo.it\/2Ax1paz\">\u4e0a\u304c\u3063\u3066\u4e0b\u304c\u308b<\/a>\u300d\u3088\u3046\u306a\u5024\u52d5\u304d\u3068\u306a\u308b\u3068\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3092\u4e0b\u56de\u308a\u3084\u3059\u304f\u306a\u308b\u3002\u65b0\u8208\u56fd\u682a\u5f0f\u304c\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u6bd4\u3067\u6bd4\u8f03\u7684\u300c\u307e\u3057\u300d\u306a\u306e\u306f\u3001\u3053\u306e\u30af\u30e9\u30b9\u304c<a href=\"https:\/\/yhoo.it\/2SDL8aM\">\u5e74\u9593\u3092\u901a\u3058\u3066\u307b\u307c\u305a\u3063\u3068\u4e0b\u843d<\/a>\u3057\u3066\u304a\u308a\u3001\u8cb7\u3044\u5897\u3057\u304c\u6709\u5229\u306b\u50cd\u3044\u305f\u305f\u3081\u3060\u308d\u3046\u3002\u4e00\u65b9\u3001REIT(\u306a\u3069)\u304c\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3092\u4e0a\u56de\u3063\u3066\u3044\u308b\u306e\u306f\u3001\u5e74\u521d\u306e\u5927\u304d\u306a\u4e0b\u843d\u6642\u306b\u305f\u307e\u305f\u307e\u8cb7\u3044\u5897\u3057\u3066\u3044\u305f\u308a\u3001\u9006\u306b\u5e74\u306e\u9014\u4e2d\u3067\u30ea\u30d0\u30e9\u30f3\u30b9\u306e\u305f\u3081\u306b\u7121\u8996\u3067\u304d\u306a\u3044\u304f\u3089\u3044\u306e\u91d1\u984d\u3092(\u7b46\u8005\u306b\u3057\u3066\u306f\u73cd\u3057\u304f)\u58f2\u5374\u3057\u3066\u3044\u305f\u3068\u3044\u3063\u305f\u7279\u6b8a\u4e8b\u60c5\u306b\u3088\u308b\u3068\u601d\u308f\u308c\u308b\u3002<\/p>\n<p>\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u5168\u4f53\u3067\u306f\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3088\u308a\u3082\u82e5\u5e72\u300c\u307e\u3057\u300d\u3068\u3044\u3046\u7d50\u679c\u306b\u306a\u3063\u305f\u3002\u305f\u3060\u3001\u4e0a\u8a18\u306e\u901a\u308a\u500b\u5225\u8cc7\u7523\u30af\u30e9\u30b9\u5225\u306b\u306f\u30d7\u30e9\u30b9\u30fb\u30de\u30a4\u30ca\u30b9\u4e21\u65b9\u306e\u9762\u304c\u3042\u3063\u305f\u306e\u3067\u3001\u4f55\u304c\u3069\u306e\u7a0b\u5ea6\u52b9\u3044\u305f\u7d50\u679c\u306a\u306e\u304b\u306f\u76f4\u3061\u306b\u306f\u660e\u3089\u304b\u3067\u306f\u306a\u3044\u3002<\/p>\n<h3>\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u6210\u7e3e<\/h3>\n<p>\u4eca\u56de\u306f\u3001\u4ee5\u4e0a\u306b\u52a0\u3048\u3066\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u5168\u4f53\u306e\u904e\u53bb10,5,3,1\u5e74\u306e\u30ea\u30bf\u30fc\u30f3\u306b\u3064\u3044\u3066\u3082\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3068\u6bd4\u8f03\u3057\u3066\u307f\u305f\u3002\u305d\u306e\u7d50\u679c\u304c\u4ee5\u4e0b\u306e\u30b0\u30e9\u30d5\u3067\u3042\u308b\u3002\u307e\u305f\u3001\u5f8c\u306e\u8b70\u8ad6\u306e\u305f\u3081\u306b\u3001\u7c73\u56fd\u682a\u5f0f100%\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3068\u3057\u3066<a href=\"https:\/\/investor.vanguard.com\/mutual-funds\/profile\/overview\/vtsmx\">VTSMX<\/a>\u306e\u307f\u306b\u6295\u8cc7\u3057\u305f\u5834\u5408\u3068\u3001\u7c73\u56fd\u5916\u682a\u5f0f100%\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3068\u3057\u3066<a href=\"https:\/\/investor.vanguard.com\/mutual-funds\/profile\/overview\/vgtsx\">VGTSX<\/a>\u306e\u307f\u306b\u6295\u8cc7\u3057\u305f\u5834\u5408\u306e\u8a08\u7b97\u7d50\u679c\u3082\u542b\u3081\u3066\u3044\u308b(\u3053\u306e2\u3064\u306f\u305d\u308c\u305e\u308cVASGX\u5185\u306e\u8a72\u5f53\u8cc7\u7523\u30af\u30e9\u30b9\u3092\u69cb\u6210\u3059\u308b\u30d5\u30a1\u30f3\u30c9\u3067\u3082\u3042\u308b)\u3002<\/p>\n<p class=\"mainimage\"><img decoding=\"async\" src=\"\/image\/20190105\/perf18-2.png\" alt=\"\" width=\"480\" \/><\/p>\n<p>\u3053\u3053\u3067\u3001\u76f4\u8fd11\u5e74\u4ee5\u5916\u306e\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u30ea\u30bf\u30fc\u30f3\u306e\u8a08\u7b97\u306f\u3084\u3084\u8fbc\u307f\u5165\u3063\u3066\u3044\u308b\u3002\u30d5\u30a1\u30f3\u30c9\u306e<a href=\"https:\/\/investor.vanguard.com\/mutual-funds\/profile\/performance\/vasgx\">\u6210\u7e3e\u30da\u30fc\u30b8<\/a>\u306b\u51fa\u3066\u3044\u308b\u30ea\u30bf\u30fc\u30f3\u306f\u8ffd\u52a0\u6295\u8cc7\u306a\u3057\u3068\u3057\u305f\u5834\u5408\u306e\u6570\u5b57\u3067\u3042\u308b(\u3068\u601d\u308f\u308c\u308b)\u306e\u3067\u3001\u968f\u6642\u8ffd\u52a0\u6295\u8cc7\u3057\u3066\u3044\u308b\u7b46\u8005\u306e\u5834\u5408\u3068\u305d\u306e\u307e\u307e\u3067\u306f\u6bd4\u8f03\u3067\u304d\u306a\u3044(\u53b3\u5bc6\u306b\u306f\u76f4\u8fd11\u5e74\u306e\u5834\u5408\u3067\u3082\u540c\u3058\u554f\u984c\u306f\u3042\u308b\u306e\u3060\u304c\u3001\u305d\u3053\u307e\u3067\u306f\u8abf\u6574\u3057\u5207\u308c\u306a\u3044\u3057\u3001\u8aa4\u5dee\u3082\u6bd4\u8f03\u7684\u5c0f\u3055\u305d\u3046\u306a\u306e\u3067\u305d\u306e\u307e\u307e\u6bd4\u8f03\u3057\u3066\u3044\u308b)\u3002\u305d\u3053\u3067\u3001<a href=\"https:\/\/investor.vanguard.com\/mutual-funds\/profile\/performance\/vasgx\/cumulative-returns\">\u904e\u53bb10\u5e74\u306e\u5404\u5e74\u306b\u3064\u3044\u3066\u306e\u7a0e\u5f15\u524d\u30ea\u30bf\u30fc\u30f3\u30c7\u30fc\u30bf<\/a>\u3092\u3082\u3068\u306b\u3001\u305d\u308c\u305e\u308c\u306e\u671f\u9593\u306b\u6bce\u5e74\u5e74\u521d\u306b\u7b46\u8005\u306e\u8a72\u5f53\u5e74\u306e\u904b\u7528\u6295\u5165\u91d1\u984d\u3068\u540c\u984d\u3060\u3051\u7a4d\u307f\u7acb\u3066\u3066\u3044\u3063\u305f\u3068\u3057\u305f\u5834\u5408\u306e\u7d2f\u8a08\u30ea\u30bf\u30fc\u30f3\u3092\u8a08\u7b97\u3057\u3066\u30d5\u30a1\u30f3\u30c9\u306e\u30ea\u30bf\u30fc\u30f3\u3068\u3057\u3066\u3044\u308b\u3002\u307e\u305f\u3001\u5206\u914d\u91d1\u306b\u3064\u3044\u3066\u306e\u7a0e\u5f15\u304d\u5f8c\u30ea\u30bf\u30fc\u30f3\u3067\u6bd4\u8f03\u3059\u308b\u305f\u3081\u306b\u3001\u5206\u914d\u5229\u56de\u308a\u30922.58%(\u57f7\u7b46\u6642\u70b9\u306eSEC yield)\u3001\u7a0e\u7387\u309215%\u3068\u3057\u3066\u6bce\u5e74\u5dee\u3057\u5f15\u3044\u305f\u3082\u306e\u3068\u3057\u3066\u8a08\u7b97\u3057\u3066\u3044\u308b\u3002VTSMX\u304a\u3088\u3073VGTSX\u306b\u3064\u3044\u3066\u3082\u540c\u69d8\u3067\u3042\u308b(\u305f\u3060\u3057\u5f8c\u8005\u306b\u3064\u3044\u3066\u306fSEC yield\u304c\u4e0e\u3048\u3089\u308c\u3066\u3044\u306a\u3044\u3088\u3046\u306a\u306e\u3067<a href=\"https:\/\/www.morningstar.com\/funds\/XNAS\/VGTSX\/quote.html\">Morningstar<\/a>\u63b2\u8f09\u306eTTM yield\u3067\u4ee3\u7528\u3057\u305f)\u3002\u306a\u304a\u3001\u7b46\u8005\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3067\u306f\u5c11\u306a\u304f\u306a\u3044\u90e8\u5206\u304c\u7a0e\u512a\u9047\u53e3\u5ea7\u3067\u7ba1\u7406\u3055\u308c\u3066\u304a\u308a\u3001\u305d\u3053\u304b\u3089\u306e\u5206\u914d\u91d1\u306f\u975e\u8ab2\u7a0e\u306e\u3082\u306e\u3068\u3057\u3066\u8a08\u7b97\u3055\u308c\u3066\u3044\u308b\u3002\u3053\u306e\u70b9\u3067\u306f\u3053\u306e\u6bd4\u8f03\u306f\u3084\u3084unfair\u3067\u3042\u308b\u3002<\/p>\n<p>\u7b46\u8005\u306b\u3068\u3063\u3066\u306f\u6b8b\u5ff5\u306a\u3053\u3068\u306b\u3001\u671f\u9593\u304c\u4f38\u3073\u308b\u3068VASGX\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u304b\u306a\u308a\u4e0b\u56de\u308b\u7d50\u679c\u3068\u306a\u3063\u3066\u3044\u308b\u3002\u8a73\u7d30\u306a\u539f\u56e0\u306f\u8ffd\u6c42\u3057\u3066\u3044\u306a\u3044\u304c\u3001\u304a\u305d\u3089\u304f\u6700\u5927\u306e\u8981\u56e0\u306f\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u5360\u3081\u308b\u7c73\u56fd\u682a\u5f0f\u306e\u5272\u5408\u3067\u3042\u308d\u3046\u3002VASGX\u306f\u6628\u5e7411\u670830\u65e5\u6642\u70b9\u3067\u7c73\u56fd\u682a\u5f0f\u306b48.40%\u3092\u5272\u308a\u5f53\u3066\u3066\u3044\u308b\u304c\u3001\u7b46\u8005\u306e\u5834\u5408\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u76ee\u6a19\u5024\u306724%\u3001\u7c73\u56fdREIT\u3068\u5408\u308f\u305b\u3066\u308238%\u3067\u3042\u308b(\u4e0b\u8a18\u53c2\u7167)\u3002\u904e\u53bb10\u5e74\u306e\u30de\u30fc\u30b1\u30c3\u30c8\u3067\u306f\u7c73\u56fd\u682a\u5f0f\u304c\u307b\u307c\u4e00\u4eba\u52dd\u3061\u306e\u69d8\u76f8\u3060\u3063\u305f\u306e\u3067\u3001\u3053\u306e\u5272\u5408\u306e\u5dee\u304c\u305d\u306e\u307e\u307e\u30ea\u30bf\u30fc\u30f3\u306e\u5dee\u306b\u3064\u306a\u304c\u3063\u3066\u3044\u308b\u306e\u3067\u306f\u306a\u3044\u304b\u3068\u601d\u308f\u308c\u308b\u3002\u5b9f\u969b\u3001VTSMX 100%\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306f\u3069\u306e\u671f\u9593\u306e\u5834\u5408\u3067\u3082\u98db\u3073\u629c\u3051\u3066\u512a\u308c\u3066\u3044\u308b\u3057\u3001\u4e00\u65b9VGTSX 100%\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306f\u3069\u306e\u671f\u9593\u3067\u3082\u660e\u3089\u304b\u306a\u6700\u4e0b\u4f4d\u3067\u3042\u308b\u3002<\/p>\n<p>\u3042\u308c\u3053\u308c\u8003\u3048\u3066\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u30ab\u30b9\u30bf\u30de\u30a4\u30ba\u3057\u3066\u307f\u3066\u3082\u304a\u4efb\u305b\u30d0\u30e9\u30f3\u30b9\u30d5\u30a1\u30f3\u30c9\u306b\u306f\u3063\u304d\u308a\u52a3\u308b\u3088\u3046\u3067\u306f\u7acb\u3064\u702c\u304c\u306a\u3044\u304c\u3001\u3082\u3057\u539f\u56e0\u304c\u7c73\u56fd\u682a\u5f0f\u30af\u30e9\u30b9\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u5360\u3081\u308b\u5272\u5408\u306b\u3042\u308b\u3068\u3044\u3046\u3053\u3068\u306a\u3089\u7b46\u8005\u3068\u3057\u3066\u306f\u7d0d\u5f97\u3057\u3066\u53d7\u3051\u5165\u308c\u308b\u3057\u3001\u3053\u306e\u7d50\u679c\u3092\u53d7\u3051\u3066\u7c73\u56fd\u682a\u5f0f\u306e\u5272\u5408\u3092\u5897\u3084\u3059\u3064\u3082\u308a\u3082\u306a\u3044\u3002\u30a2\u30e1\u30ea\u30ab\u306e\u682a\u5f0f\u5e02\u5834\u304c\u3053\u306e\u307e\u307e\u597d\u8abf\u3067\u3042\u308a\u7d9a\u3051\u308b\u4fdd\u8a3c\u3082\u3001\u3042\u308b\u3044\u306f\u76f8\u5bfe\u7684\u306a\u4e00\u4eba\u52dd\u3061\u3092\u7d9a\u3051\u308b\u4fdd\u8a3c\u3082\u306a\u3044\u3057\u3001\u3088\u308a\u9577\u3044\u76ee\u3067\u898b\u308c\u3070\u3080\u3057\u308d\u3053\u308c\u307e\u3067\u51fa\u9045\u308c\u3044\u3066\u305f\u5e02\u5834(\u306e\u3046\u3061\u306e\u3069\u3053\u304b)\u304c\u4f38\u3073\u3066\u304f\u308b\u53ef\u80fd\u6027\u306e\u65b9\u304c\u9ad8\u3044\u3088\u3046\u306b\u601d\u308f\u308c\u308b\u304b\u3089\u3067\u3042\u308b(\u305d\u308c\u306b\u305d\u3082\u305d\u3082\u3001\u3042\u308b\u5e02\u5834\u304c\u904e\u53bbx\u5e74\u8abf\u5b50\u304c\u3088\u304b\u3063\u305f\u3068\u3044\u3046\u306e\u3092\u898b\u3066\u305d\u308c\u306btilt\u3057\u3088\u3046\u3068\u3059\u308b\u306e\u306f\u3001\u3044\u304b\u306b\u3082\u5f8c\u8ffd\u3044\u7684\u3060\u3057\u904e\u53bb\u306e\u5b9f\u7e3e\u304c\u5c06\u6765\u306e\u6210\u7e3e\u306b\u3064\u306a\u304c\u308b\u3068\u671f\u5f85\u3059\u308b\u3053\u3068\u3092\u610f\u5473\u3059\u308b\u3068\u3044\u3046\u610f\u5473\u3067\u3082\u30c0\u30e1\u305d\u3046\u306a\u884c\u52d5\u3060)\u3002\u5b9f\u969b\u30012018\u5e74\u306e\u6210\u7e3e\u3067\u306f\u308f\u305a\u304b\u306a\u304c\u3089VASGX\u3092\u4e0a\u56de\u3063\u3066\u304a\u308a\u3001\u4e0a\u3067\u898b\u305f\u3088\u3046\u306b\u3001\u7c73\u56fd\u682a\u5f0f\u5916\u3078\u306e\u6295\u8cc7\u6bd4\u7387\u3092\u76f8\u5bfe\u7684\u306b\u5897\u3084\u3057\u3066\u3044\u308b\u3053\u3068\u304c\u305d\u306e\u4e00\u56e0\u3068\u306a\u3063\u3066\u3044\u308b\u3002\u3055\u3089\u306b10\u5e74\u5f8c\u304f\u3089\u3044\u306b\u3069\u306e\u3088\u3046\u306a\u7d50\u679c\u306b\u306a\u3063\u3066\u3044\u308b\u304b\u304c\u898b\u3082\u306e\u3067\u3042\u308b\u3002<\/p>\n<h3>\u8cc7\u7523\u914d\u5206\u72b6\u6cc1\u3068\u30ea\u30d0\u30e9\u30f3\u30b9\u8a08\u753b<\/h3>\n<p>\u4e0b\u306e\u30b0\u30e9\u30d5\u306f2018\u5e74\u672b\u306b\u304a\u3051\u308b\u7b46\u8005\u306e\u904b\u7528\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u5185\u8a33\u3092\u3001\u76ee\u6a19(target)\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3068\u4e26\u3079\u3066\u8868\u3057\u305f\u3082\u306e\u3067\u3042\u308b\u3002\u79cb\u3054\u308d\u307e\u3067\u306f(\u7a4d\u6975\u7684\u306a\u30ea\u30d0\u30e9\u30f3\u30b9\u3092\u3057\u305f\u304f\u306a\u308b\u307b\u3069\u306b\u306f)\u76ee\u6a19\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u304b\u3089\u306e\u4e56\u96e2\u306f\u306a\u304b\u3063\u305f(\u8af8\u4e8b\u60c5\u3067\u65e5\u672c\u306e\u682a\u5f0f\u304c\u4e0d\u5fc5\u8981\u306b\u591a\u3044\u306e\u3060\u304c\u3001\u5168\u4f53\u3067\u898b\u308b\u3068\u8aa4\u5dee\u306a\u306e\u3067\u73fe\u72b6\u653e\u7f6e\u3057\u3066\u3044\u308b)\u306e\u3060\u304c\u3001\u305d\u308c\u307e\u3067\u8abf\u5b50\u306e\u3088\u304b\u3063\u305f\u7c73\u56fd\u682a\u5f0f\u304c\u6025\u6fc0\u306b\u5024\u4e0b\u304c\u308a\u3057\u305f\u305f\u3081\u3001\u5e74\u672b\u6642\u70b9\u3067\u306f\u3053\u306e\u30af\u30e9\u30b9\u304c\u3084\u3084\u4e0d\u8db3\u3001\u5024\u52d5\u304d\u304c\u5c0f\u3055\u304b\u3063\u305f\u50b5\u6a29\u30af\u30e9\u30b9\u306e\u5272\u5408\u304c\u76f8\u5bfe\u7684\u306b\u8d85\u904e\u3057\u305f\u72b6\u614b\u306b\u306a\u3063\u3066\u3044\u308b\u3002\u7387\u3067\u3044\u3048\u3070\u624b\u52d5\u3067\u306e\u30ea\u30d0\u30e9\u30f3\u30b9\u3092\u3059\u308b\u304b\u3069\u3046\u304b\u5fae\u5999\u306a\u304f\u3089\u3044\u306e\u5dee\u3067\u306f\u3042\u308b\u304c\u3001\u91d1\u984d\u7684\u306b\u306f\u304b\u306a\u308a\u306e\u3082\u306e\u306b\u306a\u3063\u3066\u3044\u308b\u306e\u3067\u3001\u591a\u5c11\u50b5\u6a29\u30af\u30e9\u30b9\u304b\u3089\u7c73\u56fd\u682a\u5f0f\u30af\u30e9\u30b9\u3078\u306e\u30ea\u30d0\u30e9\u30f3\u30b9\u3092\u5b9f\u65bd\u3059\u308b\u3053\u3068\u306b\u306a\u308b\u3060\u308d\u3046\u3002\u7b46\u8005\u306e\u5834\u5408\u3001\u3053\u306e2\u3064\u306e\u8cc7\u7523\u30af\u30e9\u30b9\u9593\u306e\u30ea\u30d0\u30e9\u30f3\u30b9\u306f401(k)\u53e3\u5ea7\u5185\u3060\u3051\u3067\u5b8c\u7d50\u3055\u305b\u3089\u308c\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class=\"mainimage\"><img decoding=\"async\" src=\"\/image\/20190105\/portfolio18.png\" alt=\"\" width=\"480\" \/><\/p>\n<h3>2019\u5e74\u4e88\u60f3<\/h3>\n<p>\u6700\u5f8c\u306b\u3001\u6163\u4f8b\u306b\u306a\u3089\u3063\u3066\u4eca\u5e74\u306e\u904b\u7528\u6210\u7e3e\u3092\u4e88\u60f3\u3057\u3066\u304a\u304f\u3002\u6bce\u5e74\u5927\u5e45\u306b\u30cf\u30ba\u3057\u3066\u304a\u308a\u3001<a 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