Reuters/Eduardo Munoz
They're being attacked on all sides, he said, with Warren Buffett taking pot shots, and investors complaining about poor performance.
Hedge funds are even turning on other hedge funds.
Investors should stick by them, though, Robbins told the audience at the Sohn Investing Conference.
He said that hedge funds have been hit by "waves" of fear, uncertainty, and doubt.
Using an extended metaphor on boating, Robbins said that the hedge funds (the "boat") are on the right course. These waves are hitting investors, who are riding behind the boat on an inflatable tube. They're being thrown around, even though the hedge fund is maintaining its course.
Robbins urged investors to hang on for the ride.
"If you own something where the fundamentals have been good, but the stock prices have been bad - just hold on," said Robbins.
Robbins, the CEO of hedge fund Glenview Capital Management, has had a tough times in recent months. In a letter at the end of 2015, he apologized to investors for his poor performance and promised to open a no-fee fund in order to make up for it.