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Providing it's routed "✠VIA LONDON", yes (the "NOT VIA LONDON" fare can be excessed for half the difference in one direction or the full difference in both directions).
You have a wide selection of routes to choose from, so much so that you could do a completely different outward & return journey, not covering any of the same ground more than once, with the obvious exception of the junction just north of Hilsea to Fratton and back.
Do you really mean to travel via both London Victoria and Waterloo on the same leg of the journey? That is to travel Rishton - London Victoria - London Waterloo - Fratton or Rishton - London Waterloo - London Victoria - Fratton.
I suspect that some of the answers above have assumed you asked a different question: On an off peak return from rishton to fratton is it valid to travel via either London Victoria or London Waterloo?
Indeed, I believe the question was asking if both stations on permitted routes, for example to go one way there and one way back, and not whether it was possible to travel via both stations on the same journey.
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