The "Trump trade," which propelled stocks to record highs after President Donald Trump's election victory, has been flipped upside down.

Jack Ablin, chief investment officer at BMO Private Bank, said in a note Monday that "skeptical investors have reversed between 50-75% of their Trump trades, according to our calculations."

Stocks surged after the election on the prospects for tax reform, deregulation and fiscal stimulus. More specifically, investors flocked into financials and industrials between Nov. 8 and Jan. 20, with the sectors rising 15.8 percent and 8.8 percent, respectively.

Wall Street was betting that the administration would be able to easily move forward with its agenda since both the House and the Senate are Republican controlled. However, the administration has been bogged down by failed attempts at health-care reform and an ongoing investigation into whether Trump's campaign colluded with Russia to influence the election outcome.