While being the husband of Chelsea Clinton certainly comes with some perks, life is not all a bed of roses for Marc Mezvinsky right now. Eaglevale Partners LP, the hedge fund founded by Mezvinsky and two former colleagues from Goldman Sachs, reported a 3.6% loss for 2014, the second losing year out of the last three. Mezvinsky married Chelsea Clinton in 2010.

According to the Wall Street Journal, Eaglevale told investors in a letter sent last week that the fund had been “incorrect” on Greece, which has led to losses for the firm’s main fund again in 2014. The letter notes the firm continues to invest in Greek equities and anticipates a strong performance this year.

The WSJ also reports that Goldman Sachs Chairman and CEO Lloyd Blankfein is an investor in Eaglevale’s main fund.

Recent Eaglevale results

Eaglevale’s main fund was down a disappointing 3.6% last year, way off the the 5.7% increase enjoyed by similar hedge funds followed by HFR during the period. Eaglevale did have a positive rerturn of 2.06% in 2013, but saw a loss of 1.96% in 2012. The main fund was up 6.24% in January, aided by a strong U.S. dollar, pulling the fund into positive territory since its launch in 2012.

Of note, the WSJ article also highlighted that a smaller Eaglevale fund focused only on Greece slumped a stunning 48% last year. The Greek fund has an AUM of $15 million, including an investment from Marc Lasry, founder Avenue Capital, and co-owner of the NBA’s Milwaukee Bucks.

Eaglevale has spent 27 of its 34 months in business below its “high-water mark”. The annualized rate of return from launch is just 0.87%, according to documents reviewed by the WSJ.

Excerpt from the letter to investors from Chelsea Clinton’s husband

“Our recent predictions regarding Greek politics have proved incorrect,” Mezvinsky and the other Eaglevale founders wrote to investors last week, after a radical leftist party won national elections in an upset of Europe’s political order. “We are reticent to render decisive predictions at this time.”

Then again, who can be surprised that a hedge fund trying to predict Greek politics would falter?

"Clinton Hedge Fund" Suffers Big Losses As Greek Political Predictions Turn Sour