CLQT: A Closed-Loop, Cost-Aware, Strategy-Consistent Benchmark for Diagnostic Evaluation of LLM Portfolio-Management Agents

תקציר מקורי באנגליתarXiv:2606.29771v3 Announce Type: replace Abstract: LLM agents are increasingly cast as autonomous portfolio managers, yet the dominant evaluation idiom, a leaderboard of returns over a fixed window, certifies neither the soundness of an agent's process nor the durability of its edge: one period's return is dominated by the market path, and apparent alpha can dissolve once look-ahead bias and trading costs are controlled. We introduce CLQT, a closed-loop benchmark that reframes LLM trading evaluation as diagnosis rather than ranking. CLQT enforces point-in-time data access through a hard TimeGate, models institutional transaction and financing costs, scores strategy consistency across rounds, and seals every gather-analyze-decide-execute-reflect cycle into a recompute-verifiable audit chai