2016ᖺ ᖺ9᭶䚷No.47 フィデューシャリー・リサーチ Fiduciary Research 㼇䝬䝛䞊䝆䝱䞊䞉䝇䝖䝷䜽䝏䝱䞊㼉 ከᵝ䛧䛯䝬䝹䝏䜰䝉䝑䝖ᡓ␎䛾ά⏝ᡭἲ ┠ḟ 㻵㻚䚷䚷䛿䛨䜑䛻 㻵㻵㻚䚷䝬䝹䝏䜰䝉䝑䝖ᡓ␎䛜ከᵝ䛧䛯⫼ᬒ 䚷㻝㻚䚷䝬䝹䝏䜰䝉䝑䝖ᡓ␎䛾᥇⏝≧ἣ 䚷㻞㻚䚷䝬䝹䝏䜰䝉䝑䝖ᡓ␎䛾ኚ㑄 䚷㻟㻚䚷䝬䝹䝏䜰䝉䝑䝖ᡓ␎䛾ศ㢮 㻵㻵㻵㻚 䚷䝸䝇䜽䞉䝸䝍䞊䞁≉ᛶ䛻䛴䛔䛶 䚷㻝㻚䚷ศ㢮ẖ䛾䝸䝇䜽䞉䝸䝍䞊䞁≉ᛶ 䚷㻞㻚䚷ᶵືⓗ㓄ศ䛜䝟䝣䜷䞊䝬䞁䝇䛻䛘䛶䛔䜛ຠᯝ 䚷㻟㻚䚷䝣䜯䞁䝗㛫䛾᱁ᕪ 㻵䠲㻚䚷 䝫䞊䝖䝣䜷䝸䜸䜈䛾⤌䜏ධ䜜䛻䛴䛔䛶 䚷㻝㻚䚷⤌䜏ධ䜜ᡭἲ䛾⪃ᐹ 䚷㻞㻚䚷ᾏእᖺ㔠䛻䛚䛡䜛ά⏝ 䚷㻟㻚䚷ᮏ㑥ᖺ㔠ᇶ㔠䜈䛾♧၀ 䠲㻚䚷 䜎䛸䜑 野村證券 フィデ ーシャリー・サービス研究センター 䝳 ከᵝࡋࡓ࣐ࣝࢳࢭࢵࢺᡓ␎ࡢά⏝ᡭἲ ┠ ḟ I. ࡣࡌࡵ ·········································································································· 2 II. ࣐ࣝࢳࢭࢵࢺᡓ␎ࡀከᵝࡋࡓ⫼ᬒ ·································································· 3 1. ࣐ࣝࢳࢭࢵࢺᡓ␎ࡢ᥇⏝≧ἣ ···································································· 3 2. ࣐ࣝࢳࢭࢵࢺᡓ␎ࡢኚ㑄 ·········································································· 5 3. ࣐ࣝࢳࢭࢵࢺᡓ␎ࡢศ㢮 ········································································· 10 III. 1. ศ㢮ẖࡢࣜࢫࢡ࣭ࣜࢱ࣮ࣥ≉ᛶ ··································································· 13 2. ᶵືⓗ㓄ศࡀࣃࣇ࢛࣮࣐ࣥࢫ࠼࡚࠸ࡿຠᯝ ·············································· 18 3. ࣇࣥࢻ㛫ࡢ᱁ᕪ ····················································································· 20 IV. V. ࣜࢫࢡ࣭ࣜࢱ࣮ࣥ≉ᛶࡘ࠸࡚ ········································································· 13 ࣏࣮ࢺࣇ࢛ࣜ࢜ࡢ⤌ࡳධࢀࡘ࠸࡚ ································································ 21 1. ⤌ࡳධࢀᡭἲࡢ⪃ᐹ ·················································································· 21 2. ᾏእᖺ㔠࠾ࡅࡿά⏝ ········································································· 25 3. ᮏ㑥ᖺ㔠ᇶ㔠ࡢ♧၀ ··············································································· 29 ࡲࡵ ··········································································································· 30 ⪅➹ ی ྂᯘ ㍜㸦ࡇࡤࡸࡋ ࡔ࠸ࡍࡅ㸧 㔝ᮧㆇๆᰴᘧ♫㻌 䝣䜱䝕䝳䞊䝅䝱䝸䞊䞉䝃䞊䝡䝇◊✲䝉䞁䝍䞊㻌 䝣䜱䝕䝳䞊䝅䝱䝸䞊䞉䝬䝛䝆䝯䞁䝖㒊㻌 䝁䞁䝃䝹䝍䞁䝖㻌 Nomura - Fiduciary Research No.47 せ ⣙ ࣭ ࣐ࣝࢳࢭࢵࢺᡓ␎ࡣࠊᮏ㑥ᖺ㔠ᇶ㔠ࡽࡢホ౯ࡀࡁࡃศࢀࡿᡓ␎࡛࠶ࡿࠋၥ㢟 ࡢⓎ➃ࡣከᵝࡋ࡚࠸ࡿ࣐ࣝࢳࢭࢵࢺᡓ␎ࡢᐃ⩏ࡸศ㢮ࡀᐃࡲࡗ࡚࠸࡞࠸Ⅼࡸࠊ㐠 ⏝♫ࡽศ㢮ẖࡢ㐺ษ࡞ᢞ㈨యࡸά⏝ᡭἲࡢᥦࡀ༑ศ⾜ࢃࢀ࡚࠸࡞࠸Ⅼ࠶ ࡿ⪃࠼࡚࠸ࡿࠋ ࣭ ᐇ㝿ࠊ࣐ࣝࢳࢭࢵࢺᡓ␎ࡣᢞ㈨ᐙࡢࢽ࣮ࢬࡸ㈨⏘㐠⏝ᴗ⏺ࡢつไ࡞ࡢせᅉࡼ ࡗ࡚ᢞ㈨ᑐ㇟㈨⏘ࡸ㐠⏝ࣉࣟࢭࢫࡀከᵝࡋ࡚࠾ࡾࠊࣇࣥࢻẖࡢࣜࢫࢡ࣭ࣜࢱ࣮ࣥ ≉ᛶࡀࡁࡃ␗࡞ࡗ࡚ࡁ࡚࠸ࡿࠋ ࣭ ୍᪉࡛ࠊ࣐ࣝࢳࢭࢵࢺᡓ␎ࡣᴗᖺ㔠ࡀ᥇⏝ࡋ࡚࠸ࡿ࢜ࣝࢱࢼࢸࣈ㈨⏘ࡢ୰࡛ࠊ ࣊ࢵࢪࣇࣥࢻḟࡄ㈨⏘つᶍ࡛࠶ࡾࠊᚋࡶቑ㢠ࡀ᳨ウࡉࢀ࡚࠸ࡿ㈨⏘ࢡࣛࢫࡋ ࡚ᮇᚅࡣࡁ࠸ࠋ ࣭ ࡑࡇ࡛ࠊ┈※ἨࣜࢫࢡỈ‽ࡢ 2 ㍈ࢆ⏝࠸ࡓᐃ㔞ⓗ࡞ࢫࢡ࣮ࣜࢽࣥࢢࡼࡗ࡚࣐ࣝ ࢳࢭࢵࢺᡓ␎ࢆ 4 ㇟㝈㸦ࣝࣇ⋓ᚓᆺࠊ࣮࣋ࢱᣑᙇᆺࠊࣜࢫࢡᢚไᆺࠊศᩓຠᯝ ᆺ㸧ศ㢮ࡍࡿࡇ࡛ࠊຠ⋡ⓗ࡞ࣇࣥࢻ㑅ᐃྜ⌮ⓗ࡞ᢞ㈨ุ᩿ࢆྍ⬟ࡍࡿᡭἲ ࢆᥦ♧ࡋࡓࠋ ࣭ ྛศ㢮ᒓࡍࡿࣇࣥࢻ㐺ࡋࡓᙺࡋ࡚ࠊࣝࣇ⋓ᚓᆺࡣᕷሙኚືᕥྑࡉࢀ ࡞࠸▷࣭୰ᮇⓗ࡞⤯ᑐ┈ࡢ⋓ᚓࠊ࣮࣋ࢱᣑᙇᆺࡣᖜᗈ࠸ᕷሙ࠾ࡅࡿ㛗ᮇⓗ࡞⤯ᑐ ┈ࡢ⋓ᚓࠊࣜࢫࢡᢚไᆺࡣᶵືⓗ㓄ศࡼࡿୗࢀࣜࢫࢡᢚไࠊศᩓຠᯝᆺࡣఏ⤫ ⓗ㈨⏘ࡢప┦㛵ࡼࡿ࣏࣮ࢺࣇ࢛ࣜ࢜యࡢࣜࢫࢡపῶࠊࡀᣲࡆࡽࢀࡿࠋ ࣭ ྛศ㢮ᒓࡍࡿࣇࣥࢻ⩌ࡀࠊᐃࡋࡓᙺ㐺ࡋࡓࣜࢫࢡ࣭ࣜࢱ࣮ࣥ≉ᛶࢆᣢࡗ࡚ ࠸ࡿࡇࢆศᯒࡍࡿඹࠊಶูࣇࣥࢻࡲ࡛ⴠࡋ㎸ࢇ࡛ẚ㍑ࡍࡿ㐠⏝ࢫ࢟ࣝࡢ ඃຎࡸᢞ㈨ᑐ㇟࣭ᢞ㈨ࣉࣟࢭࢫࡢ㐪࠸࡞ࡼࡗ࡚ࣃࣇ࢛࣮࣐ࣥࢫᕪࡀฟ࡚ࡃࡿࡇ ࡽࠊᐃ㔞࣭ᐃᛶศᯒࠊ୧㠃ࡢࣉ࣮ࣟࢳ࡛㐺ษ࡞ࣇࣥࢻࢆ㑅ᐃࡍࡿࡇࡀ㔜せ ࡛࠶ࡿࡇࢆᣦࡋࡓࠋ ࣭ ࡲࡓࠊ࣐ࣝࢳࢭࢵࢺᡓ␎ࡢ࣏࣮ࢺࣇ࢛ࣜ࢜ࡢ⤌ࡳධࢀᡭἲࡋ୍࡚⯡ⓗ᳨ウࡉ ࢀࡿࠊᰴᘧ௦᭰ࠊമๆ௦᭰ࠊ࢜ࣝࢱࢼࢸࣈᯟࠊ⊂❧ᯟࠊTPA㸦ࢺ࣮ࢱ࣏࣮ࣝࢺࣇ࢛ ࣜ࢜ࣉ࣮ࣟࢳ㸧ࠊࡑࢀࡒࢀࡘ࠸࡚⪃ᐹࡋࡓࠋ ࣭ ᭱ᚋࠊᾏእᖺ㔠ࡼࡿ௦⾲ⓗ࡞ά⏝ࢆ㏻ࡌ࡚ᚓࡽࢀࡿᮏ㑥ᖺ㔠ᇶ㔠ᑐࡍࡿ♧ ၀ࡋ࡚ࠕᨻ⟇ࢭࢵࢺ࣑ࢵࢡࢫࡘࠖࠊࠕᰴᘧࣜࢫࢡᢚไࠖࠊࠕእ㒊ࡢ࢘ࢺࢯ࣮ ࢫࠖࠊࠕࢼࣞࢵࢪ࣭ࢺࣛࣥࢫࣇ࣮ࠖࡢ 4 Ⅼࢆᣲࡆࠊ᫂☜࡞┠ⓗࢆᣢࡗࡓᖺ㔠ᇶ㔠ࡀ㐺 ษ࡞ࣇࣥࢻ㑅ᐃࢆ⾜࠺ࡇࡀ࡛ࡁࢀࡤࠊ࣐ࣝࢳࢭࢵࢺᡓ␎ࡣ༑ศព⩏ࡀ࠶ࡿᡓ ␎࡛࠶ࡾࠊᢞ㈨ᑐ㇟ࡋ࡚㑅ᢥ⫥࡞ࡾᚓࡿࡇࡘ࠸࡚㏙ࡓࠋ -1- ከᵝࡋࡓ࣐ࣝࢳࢭࢵࢺᡓ␎ࡢά⏝ᡭἲ I. ࡣࡌࡵ ➹⪅ࡣࠊᮏ✏࡛ྲྀࡾᢅ࠺࣐ࣝࢳࢭࢵࢺᡓ␎ࡘ࠸࡚ࠊᮏ㑥ᖺ㔠ᇶ㔠ࡽࡢホ౯ࡀࡁ ࡃศࢀࡿᡓ␎࡛࠶ࡿㄆ㆑ࡋ࡚࠸ࡿࠋዲពⓗ࡞ពぢࡋ࡚ࡣࠊࠕᖺ㔠ᇶ㔠ࡣ㞴ࡋ࠸ᶵື ⓗ࡞㈨⏘㓄ศኚ᭦ࡢᮇᚅࠖࡸࠕᑡ㢠ࡽᖜᗈ࠸㈨⏘㸦ᡓ␎㸧ࡢศᩓᢞ㈨ࡀྍ⬟ࠖ࡞ ࡀᣲࡆࡽࢀࡿࠋ୍᪉࡛ࠊྰᐃⓗ࡞ពぢࡋ࡚ࡣࠊࠕ㐠⏝♫ࡢ⤯ᑐ┈ࢆ⋓ᚓࡍࡿࢫ࢟ࣝ ࡢಙࠖࡸࠕ≉ᆺ㐠⏝ࢆ⤌ࡳྜࢃࡏࡿ᪉ࡀⰋ࠸ࠖ࡞ࡀᣲࡆࡽࢀࡿࠋ ࡇࢀࡽࡢពぢࡣࡕࡽࡶṇࡋ࠸ࡀࠊ୍㒊ㄗゎࡶᏑᅾࡋ࡚࠸ࡿᛮࢃࢀࡿࠋၥ㢟ࡢⓎ➃ ࡣከᵝࡋ࡚࠸ࡿ࣐ࣝࢳࢭࢵࢺᡓ␎ࡢᐃ⩏ࡸศ㢮ࡀᐃࡲࡗ࡚࠸࡞࠸Ⅼࡸࠊ㐠⏝♫ࡽ ศ㢮ẖࡢ㐺ษ࡞ᢞ㈨యࡸά⏝ᡭἲࡢᥦࡀ༑ศ⾜ࢃࢀ࡚࠸࡞࠸Ⅼ࠶ࡿ⪃࠼࡚࠸ࡿࠋ ⤖ᯝࡋ࡚ከࡃࡢ㐠⏝♫ࡀࢭ࣮ࣝࢫࢺ࣮ࢡ࡛⏝࠸ࡿࠕ⤯ᑐ┈ࡢ⋓ᚓࢆ┠ᣦࡋࡲࡍࠖࠊ ࠕୗ ᪉ࣜࢫࢡࡢഛ࠼ࡣ࡛ࡍࠖ࠸ࡗࡓゝⴥࡀ୍ேṌࡁࡋࠊ࣐ࣝࢳࢭࢵࢺᡓ␎ࡀ⬟࡞ ၟရࡋ࡚ᥦࡉࢀ࡚࠸ࡿࠊ࠸࠺ㄗゎࢆ୍㒊ࡢᢞ㈨ᐙ࠼࡚ࡋࡲࡗ࡚࠸ࡿឤࡌ࡚࠸ ࡿࠋ ࡋࡋࠊᑡ࡞ࡃࡶ 2016 ᖺ 8 ᭶Ⅼ࡛㐠⏝♫ࡼࡗ࡚࣐ࣝࢳࢭࢵࢺᡓ␎ࡋ࡚⤂ ࡉࢀࠊ➹⪅ࡀࣔࢽࢱࣜࣥࢢࡋ࡚࠸ࡿ 70 ௨ୖࡢࣇࣥࢻࡣࡑࢀࡒࢀ㐠⏝ࣉࣟࢭࢫࡸᢞ㈨ᑐ ㇟㈨⏘ࡼࡿᚓᡭᚓᡭࡀ࠶ࡾࠊࣜࢫࢡ࣭ࣜࢱ࣮ࣥ≉ᛶࡣࡁࡃ␗࡞ࡗ࡚࠸ࡿࠋࡲࡓࠊᖺ 㔠ᇶ㔠ࡢᒓᛶࡼࡗ࡚࣐ࣝࢳࢭࢵࢺᡓ␎ࡢᢞ㈨ࡀ㐺ษ࡛ࡣ࡞࠸ࢣ࣮ࢫࡀᏑᅾࡍࡿ୍᪉ ࡛ࠊ༑ศ࡞࣓ࣜࢵࢺࡀᚓࡽࢀࡿࢣ࣮ࢫࡶᏑᅾࡍࡿࠋ ࡑࡇ࡛ᮏ✏࡛ࡣࠊ࣐ࣝࢳࢭࢵࢺᡓ␎ࢆࣜࢫࢡ࣭ࣜࢱ࣮ࣥ≉ᛶࡼࡗ࡚ 4 ㇟㝈ศ㢮ࡋࠊ ࡘࠊศ㢮ẖ㐺ษࡔ⪃࠼ࡽࢀࡿᢞ㈨యά⏝ᡭἲࡢᥦࢆ⾜࠺ࡇࢆ㏻ࡌ࡚ࠊᖺ㔠 ᇶ㔠ࡀྜ⌮ⓗ࡞ᢞ㈨ุ᩿ࢆ⾜࠺୍ຓ࡞ࡿࡇࢆ┠ⓗࡋ࡚࠸ࡿࠋ᭱ึ➨ϩ❶࡛࣐ࣝࢳ ࢭࢵࢺᡓ␎ࡀࡇࡇࡲ࡛ከᵝࡋࡓ⫼ᬒࢆࡾ㏉ࡾࠊศ㢮ศࡅࡢᚲせᛶࢆㄝ᫂ࡍࡿࠋḟ ➨Ϫ❶࡛ศ㢮ẖࡢࣜࢫࢡ࣭ࣜࢱ࣮ࣥ≉ᛶࡘ࠸࡚ศᯒࡍࡿࠋ᭱ᚋ➨ϫ❶࡛ࡣᾏእࢆ ࠼࡞ࡀࡽࠊ࣐ࣝࢳࢭࢵࢺᡓ␎ࡢά⏝ᡭἲࡘ࠸࡚⪃ᐹᥦࢆ⾜࠺ࠋ -2- Nomura - Fiduciary Research No.47 II. ࣐ࣝࢳࢭࢵࢺᡓ␎ࡀከᵝࡋࡓ⫼ᬒ 1. ࣐ࣝࢳࢭࢵࢺᡓ␎ࡢ᥇⏝≧ἣ ࣐ࣝࢳࢭࢵࢺᡓ␎ࡣࠊᮏ㑥ᖺ㔠ᇶ㔠ࡽࡣ୍⯡ⓗ࢜ࣝࢱࢼࢸࣈ㈨⏘ࡋ࡚ᢞ㈨ࡀ ⾜ࢃࢀ࡚࠸ࡿࠋᴗᖺ㔠㐃ྜࡀ 2014 ᖺᗘᐇࡋࡓ㈨⏘㐠⏝ᐇែㄪᰝ1ࡼࡿࠊ☜ᐃ ⤥ᴗᖺ㔠ࡢ࢜ࣝࢱࢼࢸࣈ㈨⏘ṧ㧗ࡢෆࠊ࣊ࢵࢪࣇࣥࢻḟࡄ 6.2%ࢆ࣐ࣝࢳࢭࢵ ࢺᡓ␎ࡀ༨ࡵ࡚࠸ࡓ㸦ᅗ⾲ϩ-1-1 ᕥᅗཧ↷㸧ࠋࡲࡓࠊᡭಙク㖟⾜ࡀ 2015 ᖺᗘᖺ㔠㐠⏝ 㛵ಀ⪅ࢆᑐ㇟ࡋ࡚ᐇࡋࡓࣥࢣ࣮ࢺㄪᰝ2ࡼࡿࠊᚋ 1 ᖺ⛬ᗘ࡛ቑ㢠ࢆ᳨ウࡋࡓ࠸ ࢜ࣝࢱࢼࢸࣈ㈨⏘࡛ࡣ࣐ࣝࢳࢭࢵࢺᡓ␎ࡀ᭱ࡶேẼࡀ㧗ࡃ࡞ࡗ࡚࠸ࡿ㸦ᅗ⾲ϩ-1-1 ྑ ᅗཧ↷㸧ࠋ ᅗ⾲ϩ-1-1 ࣐ࣝࢳࢭࢵࢺᡓ␎᥇⏝㛵ࡍࡿࣥࢣ࣮ࢺㄪᰝ 㸦ᕥᅗ㸧࢜ࣝࢱࢼࢸࣈᢞ㈨ࡢၟရᵓᡂྜ 㸦ྑᅗ㸧ᚋ 1 ᖺ⛬ᗘ࡛ቑ㢠ࡍࡿពྥࡢྜ ࣊ࢵࢪࣇࣥࢻ㸦FoF㸧 24.4% ࣊ࢵࢪࣇࣥࢻ㸦ࢩࣥࢢࣝ㸧 ࣐ࣝࢳࢭࢵࢺ 17.1% 23.7% ࣥࣇࣛ ࣐ࣝࢳࢭࢵࢺ ࣊ࢵࢪࣇࣥࢻ ୖሙREIT 㠀ୖሙ⚾ເREIT 12.2% 6.2% 11.4% 4.5% ಖ㝤ᡓ␎ 3.4% ⚾ເື⏘ࣇࣥࢻ 3.9% ࣐ࢿ࣮ࢪࢻ࣭ࣇ࣮ࣗࢳ࣮ࣕࢬ 3.5% PE㸦ࢩࣥࢢࣝ㸧 3.5% PE㸦FoF㸧 3.4% 10.6% PE㸦ᾏእ㸧 7.3% ⚾ເREIT ᦆᐖಖ㝤 ⏕ಖ㝤 ࣥࣇࣛ PE㸦ᅜෆ㸧 4.6% 1.1% 4.1% ⚾ເື⏘ࣇࣥࢻ㸦ᅜෆ㸧 4.1% 2.7% 3.3% 3.2% ࡑࡢ 0.0% 5.7% ⚾ເື⏘ࣇࣥࢻ㸦ᾏእ㸧 ࢸ࣮ࣝࣜࢫࢡ࣊ࢵࢪ ࣂࣥࢡ࣮ࣟࣥ 6.5% ୖሙREIT 11.9% 10.0% 20.0% 30.0% 0.0% 2.4% 5.0% 10.0% 15.0% 20.0% 㸦ฟᡤ㸧ྛ✀㈨ᩱࡼࡾ㔝ᮧㆇๆࣇࢹ࣮ࣗࢩ࣮࣭ࣕࣜࢧ࣮ࣅࢫ◊✲ࢭࣥࢱ࣮సᡂ ୍᪉࡛ࠊ㐠⏝ሗㄅࡢࣥࢣ࣮ࢺㄪᰝ3࡛ࡣ࣐ࣝࢳࢭࢵࢺᡓ␎ᚋࡶᢞ㈨ࡍࡿணᐃࡀ ↓࠸ᅇ⟅ࡍࡿᖺ㔠ᇶ㔠ࡀ 50%ᙅࢆ༨ࡵࡿ࡞ࠊෑ㢌ゐࢀࡓ㏻ࡾࠊᖺ㔠㐠⏝ᢸᙜ⪅ ࡗ࡚ホ౯ࡀศࢀ࡚࠸ࡿࡇࡀศࡿࠋ 㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃 1 370 ᇶ㔠ࡀᅇ⟅ࠋ 2 ୕⳻ UFJ ಙク㖟⾜ࡀᐇࠊ123 ᇶ㔠ࡀᅇ⟅ࠋ 3 ࣭࢜ࣝࣥ㸦2015 ᖺ㸧ࡢࣥࢣ࣮ࢺㄪᰝࡼࡾࠊ66 ᇶ㔠ࡀᅇ⟅ࠋ -3- ከᵝࡋࡓ࣐ࣝࢳࢭࢵࢺᡓ␎ࡢά⏝ᡭἲ ྠࣥࢣ࣮ࢺࡼࡿࠊᐇ㝿࣐ࣝࢳࢭࢵࢺᡓ␎ࢆ᥇⏝ࡋ࡚࠸ࡿࠊࡶࡋࡃࡣ᥇⏝ࢆ᳨ ウࡋ࡚࠸ࡿᖺ㔠ᇶ㔠ࡀᙜᡓ␎ᮇᚅࡋ࡚࠸ࡿᙺࡣࠕࣜࢫࢡᢚไࠖࠊ ࠕᶵືⓗ㓄ศࡢᮇᚅࠖࠊ ࠕศᩓᢞ㈨ຠᯝࠖࠊࠕ⤯ᑐ┈ࡢ⋓ᚓࠖ࡞ᖜᗈࡃࠊࡲࡓࠊࡑࢀࡒࢀࡢྜࡢ㧗ࡉࡽఱⅬ 㔜」ࡋࡓᮇᚅࢆᣢࡗ࡚࠸ࡿࡇࡀఛ࠼ࡿ㸦ᅗ⾲ϩ-1-2 ཧ↷㸧ࠋ ᅗ⾲ϩ-1-2 ࣐ࣝࢳࢭࢵࢺᡓ␎ࢆ᥇⏝᳨࣭ウࡍࡿ┠ⓗ ୗࢀࣜࢫࢡᢚไຠᯝ 78.1% ᶵືⓗ㓄ศࡢᮇᚅ 59.4% ᖜᗈ࠸㈨⏘ࡢศᩓᢞ㈨ຠᯝ 53.1% ⤯ᑐ┈ࡢ⋓ᚓ 50.0% ఏ⤫㈨⏘ࡢప┦㛵 18.8% മๆࡢ௦᭰ 9.4% ㏱᫂ᛶࡢ㧗ࡉ࣭ࢥࢫࢺࡢపࡉ 9.4% ሗ㞟 3.1% ࢞ࣂࢼࣥࢫ㈇Ⲵࡢ㍍ῶ 3.1% ࡑࡢ 3.1% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 㸦ฟᡤ㸧࣭࢜ࣝࣥࡼࡾ㔝ᮧㆇๆࣇࢹ࣮ࣗࢩ࣮࣭ࣕࣜࢧ࣮ࣅࢫ◊✲ࢭࣥࢱ࣮సᡂ ࡇࡢᵝᖜᗈ࠸ᮇᚅࢆᣢࡓࢀࡿࡼ࠺࡞ࡗࡓ⫼ᬒࢆ⌮ゎࡍࡿࡓࡵࡣࠊ࣐ࣝࢳࢭࢵࢺ ᡓ␎ࡢኚ㑄ࢆ⌮ゎࡍࡿᚲせࡀ࠶ࡿࠋᖺ㔠ᇶ㔠ࡀᮇᚅࡍࡿᙺࢆ࡚ഛ࠼ࡓࣇࣥࢻࠊ࠼ ࡤࠕᶵືⓗ࡞㓄ศኚ᭦ࢆ⾜࠺ࡇ࡛ୗࢀࣜࢫࢡࢆᢚ࠼࡞ࡀࡽ⤯ᑐ┈ࢆ⋓ᚓࡋࠊศᩓᢞ ㈨ຠᯝࡼࡗ࡚ఏ⤫ⓗ㈨⏘ࡢప┦㛵ࢆ⥔ᣢࡍࡿࡀࠊಙクሗ㓘ࡣᏳ࠸ࠖ࠸ࡗࡓࣇࣥࢻ ࢆ⤌ᡂࡍࡿࡇࡣ㞴ࡋ࠸ࠋᢞ㈨ᐙࡢᖜᗈ࠸ࢽ࣮ࢬᛂ࠼ࡿࡓࡵࠊ㐠⏝♫ࡀ୍ᐃࡢ㒊ศࡣ ≛≅ࡋ࡞ࡀࡽࠊ≉ᐃࡢࢽ࣮ࢬ≉ࡋࡓከᵝ࡞ࣇࣥࢻࢆᥦ౪ࡋ࡚࠸ࡿࡢࡀ⌧ᐇ࡛࠶ࡿࠋ -4- Nomura - Fiduciary Research No.47 2. ࣐ࣝࢳࢭࢵࢺᡓ␎ࡢኚ㑄 ࣐ࣝࢳࢭࢵࢺᡓ␎ࡢฟⓎⅬࡣࠊᚑ᮶ࡽ࠶ࡿఏ⤫ⓗࣂࣛࣥࢫᆺ㐠⏝࡛࠶ࡿࠋఏ⤫ⓗࣂ ࣛࣥࢫᆺ㐠⏝ࡣࠊᅜෆᰴᘧ࣭ᅜෆമๆ࣭ඛ㐍ᅜᰴᘧ࣭ඛ㐍ᅜമๆࡢఏ⤫ⓗ 4 ㈨⏘ࢆᢞ㈨ ᑐ㇟ࡋࠊ㈨⏘㓄ศࡢㄪᩚࡣᇶᮏ㓄ศẚ⋡ࡽࡢチᐜ㞳ᖜෆ࡛ᐇࡍࡿ㐠⏝࡛࠶ࡿࠋࡲ ࡓࠊタᐃࡉࢀࡓ࣋ࣥࢳ࣐࣮ࢡᑐࡋ࡚㉸㐣┈ࢆ⋓ᚓࡍࡿࡀ┠ᶆ࡛࠶ࡾࠊཎ๎ࣟࣥࢢ࢜ ࣮ࣥࣜࡢࣇࣝࣥ࣋ࢫࢺ࣓ࣥࢺࢆ⾜࠺ࡶࡢࡀὶ࡛࠶ࡗࡓ㸦ᅗ⾲ϩ-2-1 ཧ↷㸧ࠋ ᅗ⾲ϩ-2-1 ࣐ࣝࢳࢭࢵࢺᡓ␎ࡢኚ㑄 ఏ⤫ⓗ ࣂࣛࣥࢫᆺ • • • • ఏ⤫ⓗ4㈨⏘ ㈨⏘㓄ศࡢㄪᩚࡣࠊ୍ᐃࡢ㞳ᖜෆ࡛ᐇ ࣋ࣥࢳ࣐࣮ࢡᑐࡋ࡚㉸㐣┈ࢆ⋓ᚓࡍࡿࡇࡀ┠ᶆ ཎ๎ࣟࣥࢢ࣮࢜ࣥࣜࡢࣇࣝࣥ࣋ࢫࢺ࣓ࣥࢺ • • • ఏ⤫ⓗ࣐ࣝࢳ • ఏ⤫ⓗ4㈨⏘ + ᪂⯆ᅜࠊࢥࣔࢹࢸࠊື⏘ࠊ࣊ࢵࢪࣇࣥࢻ࡞ᖜᗈ࠸㈨⏘㸦ᡓ␎㸧 ㈨⏘㓄ศࡢㄪᩚࡣࠊࣜࢫࢡ㈨⏘ࡽᏳ㈨⏘ࡢධ᭰࠼ࡸ࢟ࣕࢵࢩࣗ࡞ࢆ୰ᚰᐇ ࣋ࣥࢳ࣐࣮ࢡࢆᣢࡓࡎࠊ୰㛗ᮇⓗ࡞⤯ᑐ┈ࡢ⋓ᚓࢆ┠ᣦࡍ ཎ๎ࣟࣥࢢ࣮࢜ࣥࣜࡔࡀࠊࣜࢫࢡᢚไࢆ┠ⓗࡋ୍࡚㒊ࢩ࣮ࣙࢺࡶά⏝ • • • 㠀ఏ⤫ⓗ࣐ࣝࢳ • ఏ⤫ⓗ4㈨⏘ + ᪂⯆ᅜࠊࢥࣔࢹࢸࠊື⏘ࠊ࣊ࢵࢪࣇࣥࢻ࡞ᖜᗈ࠸㈨⏘㸦ᡓ␎㸧 ㈨⏘㓄ศࡢㄪᩚࡣࠊඛ≀ࡸࢹࣜࣂࢸࣈ࡞ࢆά⏝ࡋ࡚ᶵືⓗᐇ ࣋ࣥࢳ࣐࣮ࢡࢆᣢࡓࡎࠊ▷ᮇⓗ࡞⤯ᑐ┈ࡢ⋓ᚓࢆ┠ᣦࡍ ࣜࢫࢡᢚไࡸ┈㏣ồࢆ┠ⓗࡋ࡚ࢩ࣮ࣙࢺࡸࣞࣂࣞࢵࢪࢆ✚ᴟⓗά⏝ ࢭࢵࢺᡓ␎ ࢭࢵࢺᡓ␎ 㸦ฟᡤ㸧㔝ᮧㆇๆࣇࢹ࣮ࣗࢩ࣮࣭ࣕࣜࢧ࣮ࣅࢫ◊✲ࢭࣥࢱ࣮సᡂ ࡑࡢᚋࠊ㔠⼥ᕷሙࡢࢢ࣮ࣟࣂࣝక࠺ྛ✀ࣥࢹࢵࢡࢫࡢⓏሙࡸつไ⦆࡞ࢆ⫼ᬒ ࠊఏ⤫ⓗ 4 ㈨⏘௨እࡢ᪂⯆ᅜࡸࢥࣔࢹࢸࠊ࣊ࢵࢪࣇࣥࢻ࡞ࠊ࠸ࢃࡺࡿ࢜ࣝࢱࢼ ࢸࣈ㈨⏘ࡢᢞ㈨ࡀᬑཬࡍࡿඹࠊࡇࢀࡽ࢜ࣝࢱࢼࢸࣈ㈨⏘ࡢᢞ㈨ࢆྵࡵࡓ࣐ࣝ ࢳࢭࢵࢺᡓ␎ࡀⓏሙࡋࡓࠋࡇࢀࢆఏ⤫ⓗ࣐ࣝࢳࢭࢵࢺᡓ␎ࡧࡓ࠸ࠋ ᙜࡣ࣊ࢵࢪࣇࣥࢻྠᵝࡢᙺࠊ༶ࡕ▷ᮇⓗ࡞⤯ᑐ┈ࡢ⋓ᚓࢆ┠ⓗࡏࡎࠊⱥᅜ ࡛ᗈࡃᬑཬࡋࡓ DGF㸦Diversified Growth Fund㸧ࡢࡼ࠺ࠊ㛗ᮇⓗᰴᘧࡼࡾࡶప࠸ࣜ ࢫࢡ࡛ᰴᘧྠ➼ࡢࣜࢱ࣮ࣥ⋓ᚓࢆ┠ᣦࡍࣇࣥࢻࡸࠊ⡿ᅜ࡛ᬑཬࡋࡓࣜࢫࢡࣃࣜࢸᡓ ␎ࡢࡼ࠺ࠊTIPS㸦≀౯㐃ືമ㸧ࡸࢥࣔࢹࢸ࠸ࡗࡓࣥࣇࣞᑐᛂ㈨⏘ࢆከࡃ⤌ࡳධ ࢀࠊ㛗ᮇⓗ࡞≀౯ୖ᪼⋡ࢆୖᅇࡿࣜࢱ࣮ࣥࡢ⋓ᚓࢆ┠ᣦࡍࣇࣥࢻࡀὶ࡛࠶ࡗࡓࠋ ࡲࡓࠊୗ᪉ࣜࢫࢡࢆᢚไࡍࡿࡓࡵࠊ⥭ᛴࡣᰴᘧ࡞ࡢࣜࢫࢡ㈨⏘ࢆᏳ㈨⏘ࡉࢀ ࡿᅜമධࢀ᭰࠼ࡓࡾࠊ࢟ࣕࢵࢩࣗࡋࡓࡾࡍࡿ࡞㈨⏘㓄ศᰂ㌾ᛶࢆᣢࡓࡏࡿࡀࠊᇶ ᮏⓗࡣࣟࣥࢢ࣮࢜ࣥࣜࡋ࡚࠸ࡿࡇࡀከ࠸ࠋ -5- ከᵝࡋࡓ࣐ࣝࢳࢭࢵࢺᡓ␎ࡢά⏝ᡭἲ ఏ⤫ⓗ࣐ࣝࢳࢭࢵࢺᡓ␎ࡣࠊᚑ᮶ࡢఏ⤫ⓗࣂࣛࣥࢫ㐠⏝ẚ㍑ࡋ࡚ࠊ࢜ࣝࢱࢼࢸࣈ ㈨⏘ࡲ࡛ᢞ㈨ᑐ㇟ࢆᣑࡋࡓࡇࡼࡿศᩓᢞ㈨ຠᯝࡸࠊᰂ㌾࡞㈨⏘㓄ศㄪᩚࡼࡿୗ᪉ ࣜࢫࢡࡢ㧗࠸⪏ᛶ࡞ࡀᮇᚅࡉࢀ࡚࠸ࡓࠋ ࡋࡋࠊ2007 ᖺࡽ 2008 ᖺࡅ࡚Ⓨ⏕ࡋࡓୡ⏺㔠⼥༴ᶵࡸ 2013 ᖺࡢࣂ࣮ࢼࣥ࢟ࢩࣙ ࢵࢡ࡞ࡢࣜࢫࢡᅇ㑊ᒁ㠃ఏ⤫ⓗ㈨⏘ࡸ࢜ࣝࢱࢼࢸࣈ㈨⏘㛫ࡢ┦㛵ࡀ㧗ࡲࡗࡓ⤖ᯝࠊ ᐃࡋ࡚࠸ࡓ௨ୖࡢࢻ࣮ࣟࢲ࢘ࣥࡀⓎ⏕ࡋࠊ㐠⏝ไ⣙ࡀཝࡋ࠸ಖᏲⓗ࡞ᢞ㈨ᐙࡽࡶࠊ▷ ᮇⓗ࡞⤯ᑐ┈ࡢ⋓ᚓཝ᱁࡞ࢻ࣮ࣟࢲ࢘ࣥ⟶⌮ࢆồࡵࡿኌࡀᙉࡲࡗࡓࠋ ୍᪉࡛ࠊ2008 ᖺⓎぬࡋࡓ࣐ࢻࣇ௳ࢆࡁࡗࡅࡋ࡚ࠊ▷ᮇⓗ࡞⤯ᑐ┈ࡢ⋓ᚓࢆᶆ ᴶࡋ࡚࠸ࡓ࣊ࢵࢪࣇࣥࢻࡢಙㄆࡀపୗࡋࠊ≉Ḣᕞᢞ㈨ᐙࡽࡣࡇࢀࡲ࡛ᢞ㈨ࡋ࡚࠸ ࡓ࣊ࢵࢪࣇࣥࢻ௦ࢃࡿᢞ㈨ᑐ㇟ࡋ࡚ࠊUCITS4࡞ࡢᢞ㈨ᐙಖㆤつไୗ࠾ࢀࡓ㏱ ᫂ᛶ࣭ὶືᛶࡢ㧗࠸⤯ᑐ┈㏣ồࣇࣥࢻࡢ㟂せࡀ㧗ࡲࡗࡓࠋ ࡇ࠺ࡋࡓὶࢀࡢ୰࡛ࠊᚑ᮶ࡢ࣊ࢵࢪࣇࣥࢻྠᵝࠊ▷ᮇⓗ࡞⤯ᑐ┈ࡢ⋓ᚓࢆ┠ᶆ ࡋࡘࡘࠊᙜᒁࡢ┘どつไୗ࠾ࢀࡓࡇࡼࡾ㧗࠸㏱᫂ᛶࡸὶືᛶࡀᢸಖࡉࢀࡿ UCITS ࡞‽ᣐࡋࡓ࣐ࣝࢳࢭࢵࢺᡓ␎ࡀᖜᗈ࠸ᢞ㈨ᐙᒙᬑཬࡋࡓࠋࡇࢀࢆ㠀ఏ⤫ⓗ࣐ࣝࢳ ࢭࢵࢺᡓ␎ࡋ࡚༊ูࡍࡿࡇࡋࡓ࠸ࠋ ᙜᡓ␎ࡣఏ⤫ⓗ࣐ࣝࢳࢭࢵࢺᡓ␎ẚ㍑ࡍࡿࠊࢩ࣮ࣙࢺࡸࣞࣂࣞࢵࢪࢆ✚ᴟⓗά ⏝ࡍࡿࡇࡼࡾࣜࢫࢡᢚไࡸ┈㏣ồࢆᅗࡿⅬࡸࠊඛ≀ࡸࢹࣜࣂࢸࣈࢆ⏝࠸࡚࢚ࢡࢫ ࣏࣮ࢪ࣮ࣕ⟶⌮ࢆࡼࡾᶵືⓗࠊపࢥࢫࢺ࡛⾜࠼ࡿࡼ࠺ࡋ࡚࠸ࡿⅬࡀ␗࡞ࡗ࡚࠸ࡿࠋ ࡲࡓࠊ࢜ࣇࢩࣙ⡠5࡛つไࢆཷࡅ࡚࠸࡞࠸࣊ࢵࢪࣇࣥࢻẚ㍑ࡍࡿࠊ㏱᫂ᛶࡸὶື ᛶࡢࡶಙクሗ㓘ࡢỈ‽ࡸࣞࣂࣞࢵࢪୖ㝈ࠊᢞ㈨ᑐ㇟㈨⏘ࠊࣜࢫࢡ⟶⌮ᡭἲ࡞ࡶᢞ ㈨ᐙಖㆤࢆ๓ᥦࡋࡓᵝࠎ࡞つᐃࢆタࡅ࡚࠸ࡿ㸦ᅗ⾲ϩ-2-2 ཧ↷㸧ࠋ 㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃 4 Undertaking for the Collective Investment in Transferable Securities㸦ㆡΏྍ⬟ドๆࡢ㞟ᅋᢞ㈨ ᴗ㸧ࡢ㢌ᩥᏐࢆྲྀࡗ࡚ UCITS ࡤࢀ࡚࠸ࡿࠋ 5 ࢜ࣇࢩࣙࡣࠊ ࠕᾏእࡢࠖࡸࠕᅜෆࡢἲᚊࡀ㐺⏝ࡉࢀ࡞࠸ࠖ࠸ࡗࡓព࡛ࠊ㔠⼥⏝ㄒࡋ࡚ࡣࠕࢱࢵ ࢡࢫ࣊ࣈࣥ㸦⛒⛯ᅇ㑊ᆅ㸧 ࠖྠព⏝࠸ࡽࢀࡿࡇࡀከ࠸ࠋ࣊ࢵࢪࣇࣥࢻࡣ⛯ไ㠃ࡢඃ㐝ࡸつไࡀ᭱ ᑠ㝈࡛⮬⏤ᗘࡀ㧗࠸࡞ࡢ⌮⏤࡛࢜ࣇࢩࣙ⡠ࡢࣇࣥࢻࢆ⤌ᡂࡍࡿࡇࡀ୍⯡ⓗ࡛࠶ࡿࠋ௦⾲ⓗ࡞ᆅᇦ ࡋ࡚ࢣ࣐ࣥㅖᓥ࡞ࡀ࠶ࡿࠋᑐ⩏ㄒࡣࠕ࢜ࣥࢩࣙࠖ ࠋ -6- Nomura - Fiduciary Research No.47 ᅗ⾲ϩ-2-2 UCITS ࣇࣥࢻ࣊ࢵࢪࣇࣥࢻࡢ㐪࠸ 㡯┠ タᐃᅜ ὶືᛶ ゎ⣙๓㏻▱ 䝻䝑䜽䜰䝑䝥 ㈨㔠ൾ㑏 䝺䝞䝺䝑䝆ไ㝈 䝅䝵䞊䝖ไ㝈 㐠⏝ሗ㓘 䝦䝑䝆䝣䜯䞁䝗 䛻䜸䝣䝅䝵䜰 UCITS 䛻Ḣᕞ ᭱ప᭶2ᅇ ㏻ᖖ䚸᪥ḟ䛛㐌ḟ 䛺䛧 䛺䛧 ▷ᮇ 䜾䝻䝇䜶䜽䝇䝫䞊䝆䝱䞊䜔 ┠ⓗ䛺䛹䛻䜘䜚ไ㝈䛒䜚 䛒䜚 䛺䛧 ᅛᐃሗ㓘䛿㏻ᖖప䛔Ỉ‽ ᡂຌሗ㓘䛿タᐃྍ⬟䛰䛜䚸ᑡ䛺䛔 ᅛᐃሗ㓘䛿㏻ᖖ㧗䛔Ỉ‽ ᡂຌሗ㓘䛿㏻ᖖ䛒䜚 ⤌䜏ධ䜜㈨⏘ไ㝈 ື⏘䚸䝁䝰䝕䜱䝔䜱䛺䛹 㠀ὶືᛶ㈨⏘10% ⤌䜏ධ䜜㈨⏘ୖ㝈 Ⓨ⾜య䛺䛹䛷ୖ㝈䛒䜚 ᖺḟ䜎䛯䛿༙ᮇ䛾ἲᐃᖒ⚊㛤♧䛜⩏ົ䛡 ᢞ㈨ᐙ䜈䛾ሗ㛤♧ ㏻ᖖ䚸᭶ḟ䛷䜒㛤♧ NAVィ⟬ ᪥ḟ 99%VaR䛜NAV䛾20% ௨ୗ䚸䛺䛹䜢⩏ົ䛡 䝸䝇䜽⟶⌮ ㏻ᖖ䚸᭶ḟ䛛ᅄ༙ᮇ 30-90᪥䛺䛹 䛒䜚䛾ሙྜ䜒 ୰䞉㛗ᮇ 䛺䛧 䛺䛧 䛺䛧 ⩏ົ䛿䛺䛧 ㏻ᖖ䚸᭶ḟ つᐃ䛿䛺䛧 㸦ฟᡤ㸧㔝ᮧㆇๆࣇࢹ࣮ࣗࢩ࣮࣭ࣕࣜࢧ࣮ࣅࢫ◊✲ࢭࣥࢱ࣮సᡂ ୍᪉࡛ࠊὶືᛶ☜ಖࡢࡓࡵࡢᢞ㈨ᡭἲไ⣙ࡸࠊ㏱᫂ᛶ☜ಖࡢࡓࡵࡢ㏣ຍࢥࢫࢺ࡞ࡼ ࡾࠊ࣊ࢵࢪࣇࣥࢻྠᵝࡢᢞ㈨ᡓ␎ࢆ⤌ࡳධࢀࡓ UCITS ࣇࣥࢻࡢࣃࣇ࢛࣮࣐ࣥࢫࡣᡓ ␎ࡼࡗ࡚ࡣ࣊ࢵࢪࣇࣥࢻຎᚋࡍࡿྍ⬟ᛶࡀ࠶ࡿ⪃࠼ࡽࢀ࡚࠸ࡿࠋ㠀ఏ⤫ⓗ࣐ࣝࢳ ࢭࢵࢺᡓ␎ࡣࡇࢀࡽ࣊ࢵࢪࣇࣥࢻᡓ␎ࡢ୍㒊ࡀᢞ㈨ᡭἲࡋ࡚⤌ࡳධࢀࡽࢀ࡚࠸ࡿ ࢣ࣮ࢫࡀከࡃࠊ᥇⏝ࢆ᳨ウࡍࡿ㝿ࡣ␃ពࡀᚲせ࡛࠶ࡿࠋ ᅗ⾲ϩ-2-3 ࡣྠ୍ࡢ࣐ࢿࢪ࣮ࣕࡀ࣊ࢵࢪࣇࣥࢻ UCITS ࣇࣥࢻࢆྠ୍ᡓ␎࡛㐠⏝ࡋ ࡚࠸ࡿࡶࡢࢆᢳฟࡋ࡚ࠊࡑࡢᐇ⦼ࢆศᯒࡋࡓ⤖ᯝ࡛࠶ࡿࠋὶືᛶࡀప࠸㈨⏘ᢞ㈨ࡍࡿ ྜࡀከ࠸ゝࢃࢀࡿ࣋ࣥࢺ࣭ࢻࣜࣈࣥࡸ࣐࣮ࢣࢵࢺ࣭ࢽ࣮ࣗࢺࣛࣝࡘ࠸࡚ࡣࣜࢱ࣮ࣥ ࡢᕪࡀࡁࡃ⤫ィⓗࡶ᭷ព࡞Ỉ‽࡞ࡗ࡚࠸ࡿࡀࠊᇳ⾜ὶືᛶࡢ㧗࠸ᢞ㈨ᑐ㇟ࢆ࠺ ࢢ࣮ࣟࣂ࣭࣐ࣝࢡࣟࡸ࣐ࢿ࣮ࢪࢻ࣭ࣇ࣮ࣗࢳ࣮ࣕࢬࡢሙྜࡣࡁ࡞ᙳ㡪ࢆ࠼࡚࠸࡞࠸ ⪃࠼ࡽࢀࡿࠋ ᅗ⾲ϩ-2-3 ྠ୍࣐ࢿࢪ࣮ࣕࡀ㐠⏝ࡍࡿࣇࣥࢻࡢẚ㍑ ᡓ␎ 䜲䝧䞁䝖䞉䝗䝸䝤䞁 䝬䞊䜿䝑䝖䞉䝙䝳䞊䝖䝷䝹 ᰴᘧL/S 䜽䝺䝆䝑䝖 䝬䝹䝏䝇䝖䝷䝔䝆䞊 䝬䝛䞊䝆䝗䞉䝣䝳䞊䝏䝱䞊䝈 䜾䝻䞊䝞䝹䞉䝬䜽䝻 䝸䝍䞊䞁䛾ᕪ 0.98% 2.26% 2.24% 1.07% 0.95% 0.61% 0.48% 0.22% ẚ㍑ᩘ 148 15 10 49 22 3 22 23 t್ 3.23 5.14 2.50 1.86 0.92 0.24 1.11 0.26 㸦ὀ㸧 ࣜࢱ࣮ࣥࡢᕪࡣࠊ࣊ࢵࢪࣇࣥࢻࡢࣜࢱ࣮ࣥ㸫UCITS ࣇࣥࢻࡢࣜࢱ࣮ࣥ 㸦ฟᡤ㸧Cliffwater ㈨ᩱࡼࡾ㔝ᮧㆇๆࣇࢹ࣮ࣗࢩ࣮࣭ࣕࣜࢧ࣮ࣅࢫ◊✲ࢭࣥࢱ࣮సᡂ -7- ከᵝࡋࡓ࣐ࣝࢳࢭࢵࢺᡓ␎ࡢά⏝ᡭἲ ࡲࡓࠊ㠀ఏ⤫ⓗ࣐ࣝࢳࢭࢵࢺᡓ␎ࡣࠊᚑ᮶ࡽ࣐ࣝࢳࢭࢵࢺᡓ␎ࢆᥦ౪ࡋ࡚࠸ࡓఏ ⤫ⓗ㐠⏝♫࣊ࢵࢪࣇࣥࢻ♫ࠊࡕࡽࡀᥦ౪ࡋ࡚࠸ࡿࡼࡗ࡚ࡶ≉ᚩࡀ␗࡞ࡿࠋ ఏ⤫ⓗ㐠⏝♫ࡢᙉࡳࡣ࢜ࣥࢩࣙࡢつไ⢭㏻ࡋ࡚࠾ࡾᙉᅛ࡞࢞ࣂࢼࣥࢫ࣭ࢥࣥࣉࣛ ࣥࢫయไࡀᵓ⠏ࡉࢀ࡚࠸ࡿⅬ࡛ࠊᙅࡳࡣ㧗ᗘ࡞㐠⏝࣭ࣜࢫࢡ⟶⌮⬟ຊࡀ༑ศ࡛࡞ࡗࡓ Ⅼ࡛࠶ࡿࠋ࣊ࢵࢪࣇࣥࢻࡽ㐠⏝⪅ࢆᘬࡁᢤࡃࠊࢫࢱࢵࣇࡢᩍ⫱ຊࢆධࢀࡿ࡞ᑐ⟇ ࢆㅮࡌ࡚ᨵၿࡋࡘࡘ࠶ࡿࠋ ࣊ࢵࢪࣇࣥࢻ♫ࡣࡇࡢ㏫࡛ࠊ㐠⏝⪅ࡢࢫ࢟ࣝࡣ㧗࠸ࡀࠊ࢞ࣂࢼࣥࢫ࣭ࢥࣥࣉࣛ ࣥࢫయไࡀ⬤ᙅ࡛࠶ࡿࡇࡀከ࠸ࠋయไᙉࡣ⭾࡞ࢥࢫࢺࡀࡿࡓࡵࠊࡇࢀࡲ࡛ࡣ つไࣇࣥࢻࡢཧධ๓ྥࡁ࡛ࡣ࡞࠸࣊ࢵࢪࣇࣥࢻ♫ࡀከࡗࡓࡀࠊḢᕞ࠾ࡅࡿ ࢜ࣇࢩࣙࣇࣥࢻࡢㄢ⛯ᙉࡸ AIFMD つไ6ᑟධ࡞ࡢእⓗせᅉຍ࠼ࠊ㐠⏝ᡂ⦼ࡢ పㄪࡸ㧗࠸ሗ㓘Ỉ‽ࢆ⫼ᬒࡋࡓ⡿ CalPERS ࡢ㠃᧔㏥࡞ࠊ㈨㔠ὶධࡀఙࡧᝎࢇࡔࡇ ࡼࡿᢞ㈨ᐙᒙᣑࢆồࡵࡿෆⓗせᅉࡶാࡁࠊ㏆ᖺཧධࡀ㐍ࢇ࡛࠸ࡿࠋ ࡇࡢࡼ࠺࡞⫼ᬒࡽࠊඖࠎ㐠⏝ࡋ࡚࠸ࡿࣇࣥࢻࡢ≉ᚩࢆᘬࡁ⥅࠸࡛࠸ࡿ㠃ࡀከࡃぢཷ ࡅࡽࢀࠊ࠼ࡤ࣊ࢵࢪࣇࣥࢻ♫ࡀ㐠⏝ࡍࡿࣇࣥࢻࡣᡂຌሗ㓘ࢆᚩࡍࡿࡇࡀከࡃࠊ ୍᪉࡛ఏ⤫ⓗ㐠⏝♫ࡀ㐠⏝ࡍࡿࣇࣥࢻࡣᅛᐃሗ㓘ࡢࡳ࡛࠶ࡿࡇࡀከ࠸ࠋࡲࡓࠊὶື ᛶࡘ࠸࡚ࡶ࣊ࢵࢪࣇࣥࢻ♫ࡀ㐠⏝ࡍࡿ UCITS ࣇࣥࢻࡢ༙ᩘ⛬ᗘࡣ㐌ḟὶືᛶ࡛࠶ ࡿ㸦ᅗ⾲ϩ-2-4 ཧ↷㸧ࠋ ᅗ⾲ϩ-2-4 UCITS ࣇࣥࢻࡢ࣐ࢿࢪ࣮ࣕࢱࣉูὶືᛶ 100% 95% 80% 60% 51% 47% 40% 20% 3% 2% 1% 0% ᪥ḟ 㐌ḟ ఏ⤫ⓗ㐠⏝♫ ᭶2ᅇ ࣊ࢵࢪࣇࣥࢻ 㸦ฟᡤ㸧Barclays ㈨ᩱࡼࡾ㔝ᮧㆇๆࣇࢹ࣮ࣗࢩ࣮࣭ࣕࣜࢧ࣮ࣅࢫ◊✲ࢭࣥࢱ࣮సᡂ 㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃㺃 6 ࢜ࣝࢱࢼࢸࣈᢞ㈨ࣇࣥࢻ࣭࣐ࢿࢪ࣮ࣕᣦ௧ࠋ2014 ᖺ 7 ᭶ EU ຍ┕ྛᅜ࡛ẁ㝵ⓗ㐺⏝㛤ጞࡉࢀࠊ EU ᇦෆ࡛ UCITS ௨እࡢࣇࣥࢻࢆ㈍ࡍࡿ㐠⏝♫ᑐࡋ࡚つไࢆᙉࡍࡿࡇࢆ┠ⓗࡋ࡚࠸ࡿࠋ -8- Nomura - Fiduciary Research No.47 ௨ୖࡢࡼ࠺ࠊᮏ㑥ᖺ㔠ᇶ㔠ࡀᢞ㈨ྍ⬟࡞࣐ࣝࢳࢭࢵࢺᡓ␎ࡣࠊᢞ㈨࣍ࣛࢬࣥࡸ ᢞ㈨ᡭἲࡀ␗࡞ࡿఏ⤫ⓗ࣐ࣝࢳࢭࢵࢺᡓ␎㠀ఏ⤫ⓗ࣐ࣝࢳࢭࢵࢺᡓ␎ࡀ࠶ࡾࠊࡑࢀ ࡒࢀ␗࡞ࡗࡓᢞ㈨┠ⓗ㐺ࡋࡓࣜࢫࢡ࣭ࣜࢱ࣮ࣥ≉ᛶࢆᣢࡗ࡚࠸ࡿࠋ༢⣧ᖺ⋡ࣜࢱ࣮ࣥ ᶆ‽೫ᕪࡢศᕸࢆ☜ㄆࡋ࡚ࡶศࡿᵝࣇࣥࢻ㛫ࡢ᱁ᕪࡣࡁࡃ㸦ᅗ⾲ϩ-2-5 ཧ↷㸧ࠊ ከᵝࡀ㐍ࢇ࡛࠸ࡿࡇࡀఛ࠼ࡿࠋࡑࡢࡓࡵࠊᐃ㔞ⓗ࡞ࢫࢡ࣮ࣜࢽࣥࢢࡼࡗ࡚ 4 ㇟㝈 ศ㢮ࡍࡿࡇ࡛ຠ⋡ⓗ࡞ࣇࣥࢻ㑅ᐃྜ⌮ⓗ࡞ᢞ㈨ุ᩿ࢆྍ⬟ࡋࡓ࠸⪃࠼࡚࠸ࡿࠋ ᅗ⾲ϩ-2-5 ࣐ࣝࢳࢭࢵࢺᡓ␎ࡢࣜࢫࢡ࣭ࣜࢱ࣮ࣥศᕸ 㸦ᕥᅗ㸧ᖺ⋡ࣜࢱ࣮ࣥ 㸦ྑᅗ㸧ᖺ⋡ᶆ‽೫ᕪ 20.0% 35.0% ࡣی୰ኸ್ 30.6% 30.0% 16.0% 25.0% 16.1% 16.0% 20.0% 15.4% 15.0% 13.4% 17.4% 12.0% 14.2% 10.7% 11.5% 11.4% 11.5% 10.2% 10.0% 8.8% 7.8% 5.0% 5.8% 4.7% 3.3% 4.1% 8.0% 8.0% 2.7% 6.1% 0.0% -5.0% -3.3% -1.1% 1.4% -2.3% 5.5% -1.7% 4.4% 4.0% -5.5% 5.7% 5.1% -3.4% 2.7% 2.4% -10.0% 1.5% -12.1% 5.6% 3.9% 2.1% 1.2% 1.2% 0.8% 0.0% -15.0% 5ᖺ 3ᖺ 2011ᖺᗘ 2012ᖺᗘ 2013ᖺᗘ 2014ᖺᗘ 2015ᖺᗘ 5ᖺ 3ᖺ 2011ᖺᗘ 2012ᖺᗘ 2013ᖺᗘ 2014ᖺᗘ 2015ᖺᗘ 㸦ฟᡤ㸧71 ࣇࣥࢻࢆᑐ㇟㔝ᮧㆇๆࣇࢹ࣮ࣗࢩ࣮࣭ࣕࣜࢧ࣮ࣅࢫ◊✲ࢭࣥࢱ࣮సᡂ ࡞࠾ࠊᮏ✏࡛ࡣ࣐ࣝࢳࢭࢵࢺᡓ␎ࢆᅗ⾲ϩ-2-6 ࡢᵝᐃ⩏ࡋࡓୖ࡛ࠊ᪥ᮏ࡛ᥦ౪ࡉࢀ ࡚࠸ࡿࠊࡘ᭶ḟࢹ࣮ࢱࢆྲྀᚓ࡛ࡁࡓ 71 ࣇࣥࢻࡘ࠸࡚ศᯒࢆ⾜࡞ࡗ࡚࠸ࡿࠋ㠀ఏ⤫ⓗ ࣐ࣝࢳࢭࢵࢺᡓ␎ࡢ୍㒊ࡣ㈍ᅜࡼࡗ࡚࣊ࢵࢪࣇࣥࢻㄆ㆑ࡉࢀ࡚࠸ࡿࡶࡢࡶ࠶ ࡿࡀࠊᅜ㝿ⓗ⤫୍ࡉࢀࡓᐃ⩏ࡀ࡞࠸ࡇ㉳ᅉࡋ࡚࠾ࡾࠊὶືᛶࡸ㏱᫂ᛶ࡞௨ୗࡢᐃ ⩏ࡢ⠊ᅖෆ࡛࠶ࡿሙྜࡣศᯒᑐ㇟ྵࡵࡓࠋ ᅗ⾲ϩ-2-6 ࣐ࣝࢳࢭࢵࢺᡓ␎ࡢᐃ⩏ ᢞ㈨ᑐ㇟ タᐃ䞉ゎ⣙ ゎ⣙๓㏻▱ 䝻䝑䜽䜰䝑䝥 ㈨㔠ൾ㑏 NAVィ⟬ 」ᩘ䛾㈨⏘䠄ᡓ␎䠅 ᪥ḟ䛛㐌ḟ 䛺䛧 䛺䛧 ▷ᮇ ᪥ḟ ᅛᐃሗ㓘䠖ᖺ⋡1% ௨ୗ 㐠⏝ሗ㓘 ᡂຌሗ㓘䠖䛺䛧 䈜䛂ᢞ㈨ᑐ㇟䛃䛻ຍ䛘䚸䛭䜜௨እ䛾7㡯┠䛾ෆ6㡯┠䛻ヱᙜ䛩䜛䜢᮲௳䛸䛩䜛 㸦ฟᡤ㸧㔝ᮧㆇๆࣇࢹ࣮ࣗࢩ࣮࣭ࣕࣜࢧ࣮ࣅࢫ◊✲ࢭࣥࢱ࣮సᡂ -9- ከᵝࡋࡓ࣐ࣝࢳࢭࢵࢺᡓ␎ࡢά⏝ᡭἲ 3. ࣐ࣝࢳࢭࢵࢺᡓ␎ࡢศ㢮 ᐃ㔞ࢫࢡ࣮ࣜࢽࣥࢢࡣ 2 ࡘࡢ㍈ࢆ⏝࠸࡚⾜࠺ࠋ1 ࡘࡣࣇࣥࢻࡢ┈※Ἠࡀ࣮࣋ࢱࣝ ࣇࠊࡕࡽ౫Ꮡࡋ࡚࠸ࡿࡢྜࡼࡗ࡚ศ㢮ࡋࠊࡶ࠺ 1 ࡘࡣࣇࣥࢻࡢࣜࢫࢡỈ ‽ࡢ㧗పࡼࡗ࡚ศ㢮ࡍࡿ㸦ᅗ⾲ϩ-3-1 ཧ↷㸧 ࠋ ࡇࡇ࡛ゝ࠺࣮࣋ࢱࡣྛ✀ドๆᕷሙࡢ౯᱁ኚືᑐࡍࡿ㐃ືᛶࡢࡇࢆពࡋ࡚࠾ࡾࠊ ࣝࣇࡣ࣐ࢿࢪ࣮ࣕࡢ㖭㑅ᢥࡸ࣏࣮ࢺࣇ࢛ࣜ࢜ࡢᶵືⓗ㓄ศࢫ࢟ࣝࡢࡇࢆពࡋ ࡚࠸ࡿࠋ࣐ࣝࢳࢭࢵࢺᡓ␎ࡢሙྜࠊ」ᩘ㈨⏘ᢞ㈨ࡍࡿࡇࡀ๓ᥦ࡛࠶ࡿࡓࡵࠊ࣮࣋ࢱ ᐤࢆィ⟬ࡍࡿ㝿ࡣእᅜᰴᘧࠊእᅜമๆࠊࢡࣞࢪࢵࢺࠊࣥࣇࣞࠊࢥࣔࢹࢸࠊ5 ࡘࡢࣇ ࢡࢱ࣮ࢆ⏝ࡋࠊࡇࢀࡽࡢࣇࢡࢱ࣮࡛ㄝ࡛᫂ࡁ࡞࠸ࣜࢱ࣮ࣥࢆࣝࣇࡍࡿࠋࣇ ࣥࢻࡢࣜࢫࢡỈ‽ࡘ࠸࡚ࡣᶆ‽೫ᕪࢆ⏝ࡋ࡚࠸ࡿࠋ ࡞࠾ࠊࣇࢡࢱ࣮ࡋ࡚⏝ࡋࡓࣥࢹࢵࢡࢫࡣ௨ୗࡢ㏻ࡾࠋෆእ⡠ࡢࣇࣥࢻࡀᑐ㇟ ࡞ࡿࡓࡵࠊࣇࣥࢻࣜࢱ࣮ࣥࡶྵࡵࠊ࡚࣊ࢵࢪ࣮࣋ࢫࡋ࡚࠸ࡿࠋ እᅜᰴᘧ㸦ᰴᘧ㸧 㸸MSCI-࣮࣭࢜ࣝ࢝ࣥࢺ࣮࣭࣮ࣜ࣡ࣝࢻ㸦㓄ᙜ㎸ࡳࠊ࣊ࢵࢪ࣮࣋ ࢫ㸧 እᅜമๆ㸦㔠㸧㸸ࢩࢸୡ⏺ᅜമࣥࢹࢵࢡࢫ㸦㝖ࡃ᪥ᮏࠊ࣊ࢵࢪ࣮࣋ࢫ㸧 ࢡࣞࢪࢵࢺ㸸ࣂ࣮ࢡࣞࢬ⡿ᅜᢞ㈨㐺᱁♫മࣥࢹࢵࢡࢫ㸦࣊ࢵࢪ࣮࣋ࢫ㸧ࡽ እᅜമๆࢆῶࡌࡓ್ ࣥࣇࣞ㸸ࣂ࣮ࢡࣞࢬୡ⏺≀౯㐃ືᅜമࣥࢹࢵࢡࢫ㸦㝖ࡃ᪥ᮏࠊ࣊ࢵࢪ࣮࣋ ࢫ㸧ࡽእᅜമๆࢆῶࡌࡓ್ ࢥࣔࢹࢸ㸸S&P GSCI ࢥࣔࢹࢸ࣭ࣥࢹࢵࢡࢫ㸦࣊ࢵࢪ࣮࣋ࢫ㸧 ᅗ⾲ϩ-3-1 ᐃ㔞ࢫࢡ࣮ࣜࢽࣥࢢࡢ࣓࣮ࢪᅗ 㸦ᕥᅗ㸧┈※Ἠࡢྜ 㸦ྑᅗ㸧ࣜࢫࢡỈ‽ ࣇࣥࢻA ࣜࢱ勖ࣥ ࣇࣥࢻB పࣜࢫࢡ 㧗ࣜࢫࢡ 㸦ฟᡤ㸧㔝ᮧㆇๆࣇࢹ࣮ࣗࢩ࣮࣭ࣕࣜࢧ࣮ࣅࢫ◊✲ࢭࣥࢱ࣮సᡂ - 10 - Nomura - Fiduciary Research No.47 ┈※ἨࡢྜࣜࢫࢡỈ‽ࢆᐃ㔞ⓗ⟬ฟࡋࡓᚋࠊ๓⪅ࢆᶓ㍈ࠊᚋ⪅ࢆ⦪㍈ྲྀࡾࠊ ᩓᕸᅗࢆసᡂࡍࡿࠊձࣝࣇ౫Ꮡᗘࡀ㧗ࡃࠊࣜࢫࢡࡶ㧗࠸ࣇࣥࢻ㸦5 ࣇࣥࢻ㸧ࠊղ ࣮࣋ࢱ౫Ꮡᗘࡀ㧗ࡃࠊࣜࢫࢡࡶ㧗࠸ࣇࣥࢻ㸦40 ࣇࣥࢻ㸧ࠊճ࣮࣋ࢱ౫Ꮡᗘࡀ㧗ࡃࠊࣜࢫ ࢡࡣప࠸ࣇࣥࢻ㸦20 ࣇࣥࢻ㸧ࠊմࣝࣇ౫Ꮡᗘࡀ㧗ࡃࠊࣜࢫࢡࡣప࠸ࣇࣥࢻ㸦6 ࣇ ࣥࢻ㸧ࠊࡢ 4 ㇟㝈ศࡅࡿࡇࡀฟ᮶ࡿ㸦ᅗ⾲ϩ-3-2 ཧ↷㸧ࠋ࡞࠾ࠊᶓ㍈ࡢ࣮࣋ࢱ/ࣝࣇ ࡣ 50%ࠊ⦪㍈ࡢࣜࢫࢡỈ‽ࡣᴗᖺ㔠ᖹᆒࡉࢀࡿ 4.5%ࢆⅬࡋ࡚ศ㢮ࡋ࡚࠸ࡿࠋ ᅗ⾲ϩ-3-2 4 ㇟㝈ศ㢮ࡋࡓ࣐ࣝࢳࢭࢵࢺᡓ␎ 㧗䝸䝇䜽㻌 ղ ձ 䝧䞊䝍ᣑᙇ 䜰䝹䝣䜯⋓ᚓ 䠄40 䝣䜯䞁䝗䠅 䠄5 䝣䜯䞁䝗䠅 䝇䜻䝹㻛ᶵືⓗ㓄ศ㻌 䠄䜰䝹䝣䜯䠅㻌 ᕷሙኚື 䠄䝧䞊䝍䠅㻌 ճ մ 䝸䝇䜽ᢚไ ศᩓຠᯝ 䠄20 䝣䜯䞁䝗䠅 䠄6 䝣䜯䞁䝗䠅 ప䝸䝇䜽㻌 㸦ฟᡤ㸧㔝ᮧㆇๆࣇࢹ࣮ࣗࢩ࣮࣭ࣕࣜࢧ࣮ࣅࢫ◊✲ࢭࣥࢱ࣮సᡂ ࡲࡓࠊᮏ✏࡛ࡣࡑࢀࡒࢀࡢ㇟㝈ศ㢮ࡉࢀࡿࣇࣥࢻࡢࣜࢫࢡ࣭ࣜࢱ࣮ࣥ≉ᛶࠊᢞ㈨ ᐙࡀᮇᚅ࡛ࡁࡿᢞ㈨┠ⓗࡢ࣓࣮ࢪࢆ⤖ࡧࡅࡿࡓࡵࠊձࢆࠕࣝࣇ⋓ᚓࠖᆺࠊղࢆ ࠕ࣮࣋ࢱᣑᙇࠖᆺࠊճࢆࠕࣜࢫࢡᢚไࠖᆺࠊմࢆࠕศᩓຠᯝࠖᆺྡࡋࡓࠋ ձࡢࣝࣇ⋓ᚓᆺࡣᕷሙኚືᕥྑࡉࢀ࡞࠸▷࣭୰ᮇⓗ࡞⤯ᑐ┈ࡢ⋓ᚓࢆ┠ⓗࡍ ࡿࣇࣥࢻ࡛ࠊ㠀ఏ⤫ⓗ࣐ࣝࢳࢭࢵࢺᡓ␎࡛࠶ࡿࠋࡲࡓࠊղࡢ࣮࣋ࢱᣑᙇᆺࡣᖜᗈ ࠸ᕷሙ࠾ࡅࡿ㛗ᮇⓗ࡞⤯ᑐ┈ࡢ⋓ᚓࢆ┠ⓗࡍࡿࣇࣥࢻ࡛ࠊఏ⤫ⓗ࣐ࣝࢳࢭࢵࢺ ᡓ␎ࡢከࡃࡀࡇࡇ⨨ࡅࡽࢀࡿࠋḟࠊճࡢࣜࢫࢡᢚไᆺࡣᶵືⓗ㓄ศࡼࡿୗࢀ ࣜࢫࢡᢚไࢆ┠ⓗࡍࡿࣇࣥࢻ࡛࠶ࡾࠊ㠀ఏ⤫ⓗ࣭ఏ⤫ⓗ࣐ࣝࢳࢭࢵࢺᡓ␎ࡢ୧᪉ࡀ ぢࡽࢀࡿࠋ᭱ᚋࠊմࡢศᩓຠᯝᆺࡣఏ⤫ⓗ㈨⏘ࡢ┦㛵ࡀప࠸ࡓࡵ࣏࣮ࢺࣇ࢛ࣜ࢜య ࡢࣜࢫࢡపῶᐤࡍࡿࣇࣥࢻ࡛ࠊ㠀ఏ⤫ⓗ࣐ࣝࢳࢭࢵࢺᡓ␎ࡀ࡛࠶ࡿࠋ - 11 - ከᵝࡋࡓ࣐ࣝࢳࢭࢵࢺᡓ␎ࡢά⏝ᡭἲ ࠼ࡤࠊ᪤≉ᆺ㐠⏝ࢆ⤌ࡳྜࢃࡏ࡚」ᩘ㈨⏘ࡢศᩓᢞ㈨ࡀ༑ศฟ᮶࡚࠸ࡿࡼ࠺ ࡞㈨⏘つᶍࡢࡁ࠸ᖺ㔠ᇶ㔠ࡗ࡚ࡣղࡢ࣮࣋ࢱᣑᙇᆺࡣ࣓ࣜࢵࢺࡀᑠࡉࡃ㐺ࡉ࡞࠸ྍ ⬟ᛶࡀ࠶ࡿࠋ୍᪉࡛ࠊ㈨⏘つᶍࡀᑠࡉ࠸ᴗᖺ㔠ࡗ࡚ࡣᑡ㢠࡛ศᩓᢞ㈨ࡀྍ⬟࡞ࡿ ࡢ࡛࣓ࣜࢵࢺࡣࡁ࠸ࡀࠊ▷࣭୰ᮇⓗ࡞⤯ᑐ┈ࡢ⋓ᚓࡣ㞴ࡋ࠸ྍ⬟ᛶࡀ࠶ࡿ㸦ᅗ⾲ϩ-3-3 ཧ↷㸧ࠋ ᅗ⾲ϩ-3-3 ࣐ࣝࢳࢭࢵࢺᡓ␎ᮇᚅ࡛ࡁࡿᙺ 㸦ฟᡤ㸧㔝ᮧㆇๆࣇࢹ࣮ࣗࢩ࣮࣭ࣕࣜࢧ࣮ࣅࢫ◊✲ࢭࣥࢱ࣮సᡂ ௨ୖࡢᵝࠊᐃ㔞ࢫࢡ࣮ࣜࢽࣥࢢࢆ㏻ࡌ࡚ᖺ㔠ᇶ㔠ࡀᮇᚅࡍࡿᙺ㐺ࡋࡓࣇࣥࢻࢆ ศ㢮ࡍࡿࡇ࡛ࠊྜ⌮ⓗ࡞ࣇࣥࢻ㑅ᐃࡸࠊ๓ᮇᚅࡋࡓᙺࡀᮏᙜᯝࡓࡏ࡚࠸ࡿ ࢆ☜ㄆࡍࡿ࠸࠺ពࡢ࠶ࡿࣔࢽࢱࣜࣥࢢࢆ⾜࠺ࡇࡀྍ⬟࡞ࡿࠋḟ❶࡛ࡣࠊ4 ㇟㝈ศ 㢮ࡋࡓࣇࣥࢻ⩌ẖࣜࢫࢡ࣭ࣜࢱ࣮ࣥ≉ᛶࡢศᯒࢆ⾜࠺ඹࠊࡇࢀࡽࡢศ㢮ࡀ㐺ษ࡛ ࠶ࡿࠊ᳨ドࡋ࡚࠸ࡁࡓ࠸ࠋ - 12 - 以降のページは、「野村年金マネジメント研究会ウェブ」の 会員様専用ページでご覧いただけます。 ࠓᙜ࣏࣮ࣞࢺ⏝ୖࡢὀពⅬࠔ MSCI ࢹ࣮ࢱࡢ⏝㛵ࡍࡿὀព㡯 ᮏ㈨ᩱ୰ྵࡲࢀࡿ MSCI ࡽᚓࡓሗࡣ MSCI Inc.㸦ࠕMSCIࠖ㸧ࡢ⊂༨ⓗ㈈⏘࡛ࡍࠋMSCI ࡼࡿ๓ࡢ᭩㠃࡛ࡢチྍࡀ࡞࠸㝈ࡾࠊᙜヱሗ࠾ࡼࡧࡢ MSCI ࡢ▱ⓗ㈈⏘ࡢ」〇ࠊ 㓄ᕸ࠶ࡿ࠸ࡣᣦᩘ࡞ࡢ࠸࡞ࡿ㔠⼥ၟရࡢసᡂ࠾ࡅࡿ⏝ࡣㄆࡵࡽࢀࡲࡏࢇࠋᙜヱ ሗࡣ⌧≧ࡢᙧ࡛ᥦ౪ࡉࢀ࡚࠸ࡲࡍࠋ⏝⪅ࡣᙜヱሗࡢ⏝㛵ࢃࡿࡍ࡚ࡢࣜࢫࢡࢆ㈇ ࠸ࡲࡍࠋࡇࢀࡼࡾࠊMSCIࠊࡑࡢ㛵㐃♫ࡲࡓࡣᙜヱሗࡢィ⟬࠶ࡿ࠸ࡣ⦅㞟㛵࠶ࡿ ࠸ࡣ㛵ಀࡍࡿ➨୕⪅ࡣᙜヱሗࡢࡍ࡚ࡢ㒊ศࡘ࠸࡚ࠊ⊂ᛶࠊṇ☜ᛶࠊᛶࠊㆡΏ ྍ⬟ᛶࠊ≉ᐃࡢ┠ⓗᑐࡍࡿ㐺ᛶ㛵ࡍࡿಖドࢆ᫂☜ᨺᲠ࠸ࡓࡋࡲࡍࠋ๓㏙ࡢෆᐜ㝈 ᐃࡍࡿࡇ࡞ࡃࠊMSCIࠊࡑࡢ㛵㐃♫ࠊࡲࡓࡣᙜヱሗࡢィ⟬࠶ࡿ࠸ࡣ⦅㞟㛵࠶ࡿ࠸ ࡣ㛵ಀࡍࡿ➨୕⪅ࡣ࠸࡞ࡿ✀㢮ࡢᦆኻᑐࡍࡿ㈐௵ࢆ࠸࡞ࡿሙྜࡶ୍ษ㈇࠸ࡲࡏࢇࠋ MSCI ࠾ࡼࡧ MSCI ᣦᩘࡣ MSCI ࠾ࡼࡧࡑࡢ㛵㐃♫ࡢࢧ࣮ࣅࢫၟᶆ࡛ࡍࠋ ࠓ㔝ᮧㆇๆࡽࡢ࠾▱ࡽࡏࠔ ᙜ♫࡛ྲྀࡾᢅ࠺ၟရ➼ࡢࡈᢞ㈨ࡣࠊྛၟရ➼ᡤᐃࡢᡭᩘᩱ➼㸦ᅜෆᰴᘧྲྀᘬࡢሙྜ ࡣ⣙ᐃ௦㔠ᑐࡋ࡚᭱ 1.404㸣㸦⛯㎸ࡳ㸧 㸦20 ௨ୗࡢሙྜࡣࠊ2,808 㸦⛯㎸ࡳ㸧㸧ࡢ ㈙ᡭᩘᩱࠊᢞ㈨ಙクࡢሙྜࡣ㖭ࡈタᐃࡉࢀࡓ㉎ධᡭᩘᩱ㸦㔠ᡭᩘᩱ㸧࠾ࡼ ࡧ㐠⏝⟶⌮㈝⏝㸦ಙクሗ㓘㸧➼ࡢㅖ⤒㈝ࠊ➼㸧ࢆࡈ㈇ᢸ࠸ࡓࡔࡃሙྜࡀ࠶ࡾࡲࡍࠋࡲࡓࠊ ྛၟရ➼ࡣ౯᱁ࡢኚື➼ࡼࡿᦆኻࡀ⏕ࡌࡿ࠾ࡑࢀࡀ࠶ࡾࡲࡍࠋၟရࡈᡭᩘᩱ➼࠾ ࡼࡧࣜࢫࢡࡣ␗࡞ࡾࡲࡍࡢ࡛ࠊᙜヱၟရ➼ࡢዎ⣙⥾⤖๓᭩㠃ࠊୖሙ᭷౯ドๆ➼᭩㠃ࠊ ┠ㄽぢ᭩ࠊ➼ࢆࡼࡃ࠾ㄞࡳࡃࡔࡉ࠸ࠋ 㔝ᮧㆇๆᰴᘧ♫ 㔠⼥ၟရྲྀᘬᴗ⪅ 㛵ᮾ㈈ົᒁ㛗㸦㔠ၟ㸧 ➨ 142 ྕ ຍධ༠/᪥ᮏドๆᴗ༠ࠊ୍⯡♫ᅋἲே ᪥ᮏᢞ㈨㢳ၥᴗ༠ࠊ୍⯡♫ᅋἲே 㔠⼥ඛ≀ྲྀ ᘬᴗ༠ࠊ୍⯡♫ᅋἲே ➨✀㔠⼥ၟရྲྀᘬᴗ༠ Fiduciary Research No.47 㹙࢝ࢸࢦ࣮ࣜ㸸࣐ࢿ࣮ࢪ࣮࣭ࣕࢫࢺࣛࢡࢳ࣮ࣕ㹛 ከᵝࡋࡓ࣐ࣝࢳࢭࢵࢺᡓ␎ࡢά⏝ᡭἲ ᖹᡂ 28 ᖺ 9 ᭶ ➨ 1 ∧Ⓨ⾜ Ⓨ ⾜ 㔝ᮧㆇๆᰴᘧ♫ ࣇࢹ࣮ࣗࢩ࣮࣭ࣕࣜࢧ࣮ࣅࢫ◊✲ࢭࣥࢱ࣮ ࠛ100-8130 ᮾி㒔༓௦⏣༊ᡭ⏫ 2-2-2 㟁 ヰ 03-6703-3991 㻌 ᘢㄅ䛾グ䛿䝞䝑䜽䝘䞁䝞䞊䜒ྵ䜑䛶䝩䞊䝮䝨䞊䝆䛷䛤ぴ㡬䛡䜎䛩䚹ᙜ䝩䞊䝮䝨䞊䝆䛿䚸ᖺ㔠䝇䝫䞁䝃䞊㝈ᐃ䛾䝃䞊䝡䝇䛸䛺䛳䛶䛚 䜚䜎䛩䚹䛤⏝䜢ᕼᮃ䛥䜜䜛᪉䛿䚸ḟ䛾 㼁㻾㻸 䛻䛶䛤Ⓩ㘓䜢䛚㢪䛔⮴䛧䜎䛩䚹㻌 㼔㼠㼠㼜㻦㻛㻛㼚㼑㼚㼗㼕㼚㻚㼚㼛㼙㼡㼞㼍㻚㼏㼛㻚㼖㼜㻌 㻌 ࡇࡢ࣏࣮ࣞࢺࡣࠊᖺ㔠ᇶ㔠㐠Ⴀཬࡧᴗ㈈ົᴗົࡢཧ⪃࡞ࡿሗࡢᥦ౪ࢆ┠ⓗࡋࡓࡶࡢ࡛ࠊࡇࢀࡽ㛵ࡍࡿ≉ᐃࡢᡓ␎ ࡸᡭἲࢆࡈᥦゝࡍࡿࡓࡵసᡂࡋࡓࡶࡢ࡛ࡣ࠶ࡾࡲࡏࢇࠋᖺ㔠ᇶ㔠㐠Ⴀཬࡧᴗ㈈ົᴗົࡣࡈ⮬㌟ࡢุ᩿࡛࡞ࡉࡿࡼ࠺࠾㢪 ࠸ࡋࡲࡍࠋࡇࡢ࣏࣮ࣞࢺࡣࠊ㔝ᮧㆇๆࡽ┤᥋ᥦ౪ࡍࡿ࠸࠺᪉ἲ࡛ࡢࡳ㓄ᕸ⮴ࡋ࡚࠾ࡾࡲࡍࠋᥦ౪ࡉࢀࡲࡋࡓᚚᐈᵝ㝈ࡾ ࡛ࡈ⏝ୗࡉ࠸ࠋࡇࡢ࣏࣮ࣞࢺࡢ࠸࡞ࡿ㒊ศࡶ୍ษࡢᶒࡣ㔝ᮧㆇๆᖐᒓࡋ࡚࠾ࡾࠊ㟁ᏊⓗࡲࡓࡣᶵᲔⓗ࡞᪉ἲࢆၥࢃ ࡎࠊࡲࡓ࠸࡞ࡿ┠ⓗ࡛࠶ࢀࠊ↓᩿࡛」〇ࡋཪࡣ㌿㏦➼ࢆ⾜ࢃ࡞࠸ࡼ࠺࠾㢪࠸⮴ࡋࡲࡍࠋ 野村證券株式会社 フィデューシャリー・サービス研究センター 〒100-8130 東京都千代田区大手町2-2-2 電話 03−6703−3991
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