"By the looks of it, Mr. Trump's investing prowess is very pedestrian," said Brian Shapiro, chief executive of Simplify LLC, which tracks and analyzes alternative investments like hedge funds.
"For someone who prides himself on being surrounded by the best talent," added Brad Alford, an investment advisor and CEO of Alpha Capital Management, "I'm surprised to see so few winners."
To be sure, some of Trump's funds that fell in 2015 have fared better in previous years. For instance, BlackRock's Obsidian fund has averaged annual returns of 3.39 percent over the last five years, according to a person familiar with the performance.
Obsidian fell 6.17 percent in 2016 through March 11, while other comparable funds rose 0.69 percent, according to a private client report by HSBC's Alternative Investment Group seen by Reuters. BlackRock declined to comment.
"You can't measure it in a short time. I'm way up with BlackRock. I'm way up with Obsidian," Trump told Reuters, without elaborating further.
Trump disclosed a $27.6 million stake in Obsidian in May 2015, his largest fund holding. It is unclear when Trump first invested in Obsidian, which bets on corporate and government bonds, along with interest rates and other securities.
Obsidian was burned by a slide in oil and other commodities, according to a February BlackRock client note seen by Reuters.
Paulson Losses
Trump's stable of funds include two Angelo, Gordon & Co hedge funds, three Paulson & Co hedge funds, and 11 Baron Capital mutual funds. The mutual funds are open to virtually anyone, but hedge funds are only accessible to those that meet minimum wealth requirements, which typically include a net worth of more than $1 million.
A representative for Angelo, Gordon & Co did not respond to a request for comment.