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.

As a fund of hedge funds, Net Return relies on internal manager research and due diligence processes to identify and monitor external managers. Selection criteria typically include track record evaluation, operational due diligence, risk management assessment, and strategy fit within the broader portfolio construction framework. The firm does not publicly detail its specific sourcing channels.

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.

Like most fund of hedge funds, Net Return's structure implies that investors face a blended fee arrangement—paying management and performance fees to both Net Return and the underlying hedge fund managers. Liquidity terms are typically determined by the least liquid underlying fund, and specific details would be outlined in offering documents. The firm has not publicly campaigned for or against recent industry trends toward lower-fee structures.