An asymmetric payoff (also called an asymmetric return) is the set of possible results of an investment strategy where the upside potential is greater than the downside risk. [1] Derivative contracts called “options” are the most common instrument with asymmetric payoff characteristics. [2] Hedge funds that employ this kind of investment strategy include Universa Investments, A North Investments, Pershing Square Capital Management, and others. [3] [4] [5]