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
Real-world retrieval often composes structured constraints with semantic intents over text and images through arbitrary Boolean logic. Existing hybrid pipelines such as reciprocal rank fusion or self-querying retrievers admit only a fixed form of composition, while recent reinforcement-learning retrievers train the language model as a query generator for a single backend, leaving the orchestration of heterogeneous retrieval paths outside its action space. We propose ProRetrieval, which recasts the language model as a retrieval orchestrator: given a natural-language query, it synthesizes an executable program in a hybrid DSL interleaving SQL operators over structured fields with vector-retrieval primitives over text and images, with SQL itself providing the logical algebra that fuses heterogeneous candidate sets. We train Qwen3-4B with GRPO and DAPO under a hierarchical four-term reward, and evaluate on two new benchmarks built from Amazon products and Enron email. Our 4B model surpasses GPT-5.5 (Hit@1 0.81 vs. 0.69 on e-commerce; 0.91 vs. 0.86 on email) and Claude Opus 4.7 and a comprehensive suite of retrieval, LLM-augmented, structured-query, and graph-based baselines. Code: https://anonymous.4open.science/r/ProRetrieval/; data: https://huggingface.co/datasets/anonymous-7219/ProRetrieval.
Chengcheng You, Zhen Sun, Yunhai Hu et al.· 0 citations