Large language models are increasingly used to read markets, assess risk, and allocate capital. However, reported results for LLM trading agents can be inflated by look-ahead leakage, optimistic execution, and risk mandates that are described but not enforced. We present OpenPM, an auditable point-in-time evaluation framework for LLM portfolio-management agents. In OpenPM, an agent manages a \$1M long-only book over the S\&P 500 universe using market data at five-minute intervals. Every record visible to the agent must be available at the decision time. Natural-language risk mandates are converted into typed constraints and enforced on the executed portfolio. Each run produces audit artifacts, including a contamination certificate, a cost-sensitivity curve, and a constraint-adherence report. We also build a reference agent named the tiered allocator, where typed analysts score candidates, a constructor LLM proposes weights, and a deterministic critic guarantees feasibility. We isolate constructor behavior by capturing analyst evidence once and replaying it across constructor models. In our short-window case study, stronger constructors show modest and model-dependent gains over equal weighting on the same pool, but analyst quality matters more than constructor choice, and turnover is the main cost driver. All returns are upper bounds on a single frozen window without market impact, not validated alpha.
Xinying Cai, Minghao Guo, Jiahe Liu et al.· 0 citations
Visual prompting (VP) has emerged as a parameter-efficient method for adapting pre-trained models to downstream tasks. However, existing approaches encounter a trade-off between flexibility and efficiency. Some methods apply a fixed prompt to all images, ignoring individual image characteristics, while others introduce auxiliary networks to generate diverse prompts. Although the latter can improve performance, it also significantly increases parameter usage and the potential for overfitting to specific datasets. Furthermore, the auxiliary networks, combined with inherent biases in pre-trained models, limit scalability and generalization. In this paper, we propose Energy-Shaped Visual Prompting (ES-VP), a novel approach that generates image-specific prompts using low-rank initialization and energy-guided dynamic adaptation, achieving superior performance with fewer parameters compared to single-prompt methods. ES-VP directly utilizes the pre-trained model for adaptive prompt generation, ensuring both parameter efficiency and improved generalization. Extensive experiments conducted on five architectures across fifteen datasets demonstrate that ES-VP consistently outperforms current state-of-the-art (SOTA) single and diverse VP methods. For instance, using the CLIP architecture across four datasets, ES-VP outperforms the SOTA method DAM-VP by an average of 2.6\% in accuracy while utilizing 590$\times$ fewer VP parameters, thereby establishing a new benchmark for efficient and generalizable model adaptation.
Can Jin, Ying Li, Jingchen Sun et al.· 0 citations
