We examine ChatGPT, a prominent Large Language Model (LLM), in supporting portfolio management with a focus on asset selection and diversification through quantitative methods. We use ChatGPT to select assets from various asset classes and evaluate the diversification effect of its selections. Our results suggest that ChatGPT’s selections are statistically significantly better in diversity index than randomly selected assets. We also construct portfolios based on ChatGPT’s selections and find that they outperform portfolios built on randomly selected assets. Overall, our study contributes to a better understanding of the role of LLMs like ChatGPT as potential assistants for portfolio managers.

中文翻译：

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ChatGPT 能否改善投资决策？从投资组合管理的角度来看

我们研究了 ChatGPT，一种著名的大型语言模型 (LLM)，它支持投资组合管理，重点是通过定量方法进行资产选择和多元化。我们使用ChatGPT从各种资产类别中选择资产并评估其选择的多元化效果。我们的结果表明，ChatGPT 的选择在多样性指数方面明显优于随机选择的资产。我们还根据 ChatGPT 的选择构建投资组合，发现它们的表现优于基于随机选择资产构建的投资组合。总的来说，我们的研究有助于更好地理解像 ChatGPT 这样的法学硕士作为投资组合经理的潜在助手的作用。