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
Large language model (LLM)-based search agents answer questions through multi-step interactions with external environments. However, providing complete execution trajectories to the LLM causes unbounded context growth and introduces noise. Existing compression methods reduce context at the cost of important details and often replace erroneous facts without repairing downstream reasoning derived from them. To address this problem, we propose ReTree, a self-correcting tree-structured memory mechanism for search agents. ReTree constructs a bounded per-step reasoning context while preserving source-linked evidence. It models search as an evidence tree whose nodes store bounded summaries, evidence, and revision histories. When newly retrieved evidence contradicts an earlier claim, ReTree traces back to the node where the claim was introduced, replaces outdated evidence, regenerates summaries, prunes affected branches, and resumes search. Source-grounded evidence provenance supports reliable conflict localization and keeps final claims traceable to retrieved passages. Experiments on four public question-answering and search benchmarks show that ReTree consistently outperforms Full-Trajectory ReAct, improving answer accuracy by up to 25.6 percentage points (pp); the average maximum per-step reasoning context of Full-Trajectory ReAct is $1.27$--$1.51\times$ that of ReTree. These results establish ReTree as an effective self-correcting memory abstraction for long-horizon search.
Aijun Yang, Qianxue Guo, Ziyi Huang et al.· 0 citations