AlphaAgents: Large Language Model based Multi-Agents for Equity Portfolio Constructions

Tianjiao Zhao, Jingrao Lyu, Stokes Jones, Harrison Garber, Stefano Pasquali +1 more
8/15/2025
q-fin.STcs.AI

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Abstract

The field of artificial intelligence (AI) agents is evolving rapidly, driven by the capabilities of Large Language Models (LLMs) to autonomously perform and refine tasks with human-like efficiency and adaptability. In this context, multi-agent collaboration has emerged as a promising approach, enabling multiple AI agents to work together to solve complex challenges. This study investigates the application of role-based multi-agent systems to support stock selection in equity research and portfolio management. We present a comprehensive analysis performed by a team of specialized agents and evaluate their stock-picking performance against established benchmarks under varying levels of risk tolerance. Furthermore, we examine the advantages and limitations of employing multi-agent frameworks in equity analysis, offering critical insights into their practical efficacy and implementation challenges.

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Cite this paper

@article{zhao2025alphaagents,
  title  = {AlphaAgents: Large Language Model based Multi-Agents for Equity Portfolio Constructions},
  author = {Tianjiao Zhao and Jingrao Lyu and Stokes Jones and Harrison Garber and Stefano Pasquali and Dhagash Mehta},
  year   = {2025},
  eprint = {2508.11152},
  archivePrefix = {arXiv},
  url    = {http://arxiv.org/abs/2508.11152v1}
}

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