Net Return Asset Management

The firm allocates across a range of hedge fund strategies. Publicly available references to its approach indicate coverage of long/short equity, global macro, event-driven, and relative value arbitrage, among other categories. The multi-strategy framework is designed to reduce single-manager risk while targeting returns uncorrelated to broader markets.

The firm operates as a fund of hedge funds, meaning it invests in external hedge fund vehicles rather than making direct investments in securities or operating companies. This indirect structure is its defining operational characteristic, pooling client capital into a portfolio of underlying hedge fund managers.

Unlike a direct hedge fund manager that makes its own investment decisions in securities, Net Return's role is that of an allocator—selecting and combining multiple external hedge fund managers into a single portfolio. This fund-of-funds model adds a layer of diversification and manager oversight but also introduces an additional fee layer, which has been a key point of differentiation and debate in the industry.