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

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