John A. Paulson is one of the best-known names in the hedge fund industry. But these days, Mr. Paulson is having more success in the political realm than he is managing his business.

Mr. Paulson, 61, was one of the first people on Wall Street to back Donald J. Trump’s bid for the presidency. He counseled Mr. Trump on economic matters during the campaign. He gave $250,000 to Mr. Trump’s inaugural committee. And he recently visited President Trump at the White House for a “C.E.O. Town Hall.”

But his investors are unlikely to be impressed by his political access. His firm, Paulson & Company, has recorded nearly double-digit losses in several of its larger funds as of the end of March.

That dismal record is a far cry from nearly a decade ago, when Mr. Paulson made nearly $15 billion betting on the collapse of the housing market. Back then, state pension funds and investors around the world rushed to give him their money to manage. Even Mr. Trump became an investor with Mr. Paulson — and eventually lost money.