No, I work in VC and OP is right. If you have a $100M fund, you invest it all, and you don't lose any money, but you also don't make any money, then you will return $100M to your LPs. Your fund will be a 1x fund and you will return 100% of capital invested. So, I'd stick with the 1340% number.

I understand we are really just disagreeing about the semantics of the word "return", but I'm just including how I see it most commonly used in my line of work.