Gabelli and Invesco declined to comment. Both funds are listed as small holdings within Trump's broader brokerage accounts.
Some Funds Outperformed
The 21 funds examined by Reuters were among 23 funds that Trump disclosed last year in a July 15 filing with the Federal Election Commission. The performance of two of the funds could not be discerned.
The Reuters review included performance data publicly disclosed by 14 mutual funds, as well as performance data on seven hedge funds seen in confidential fund reports or shared by people familiar with those firms.
Trump told Reuters the funds are a tiny part of his investment portfolio.
"I do very little hedge funds business. I for the most part don't believe in it," he said.
The 23 funds were worth as much as $120.75 million, according to the FEC filing, a fraction of Trump's self-proclaimed net worth of more than $10 billion.
While Trump selected the funds, their managers are responsible for choosing securities to invest in and the funds' subsequent performance.
Some investing experts who looked at Trump's portfolio and Reuters' compilation of their performance were not impressed, saying he could have earned better returns by investing in other hedge funds.
For instance, Reuters previously reported that Millennium Management's main Millennium International fund gained 12.65 percent in 2015, while Citadel gained 14.3 percent in its main multi-strategy hedge funds.