[GRAPHIC OMITTED]
KENMAR
Allocation of
Assets to Advisors
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June 1 May 1
1999 1999
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Dreiss 15% 17%
Hirst 24% 24%
Hyman Beck 25% 24%
Sunrise 25% 24%
Willowbridge 11% 11%
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KENMAR GLOBAL TRUST
May 1999 Summary
June 14,1999
Following the solid gains of the prior month, Kenmar Global Trust ("KGT")ended
May down 7.5% as formerly trending markets grew more volatile. As of May 31,
1999, the net asset value per unit was $100.75. Profitable positions in interest
rates and grains failed to offset losses in currencies, stock indices, energy,
metals and tropicals.
The largest gains of the period were recorded in U.S. interest rates as bond
prices mirrored the DOW's decline on renewed concerns of higher U.S. rates.
Smaller gains were also achieved in the soybean complex as prices continued a
decline begun in the prior month,
Most of the reversal occurred at month end, when market sentiment seemed to
shift from hopes of a global recovery to a sense that investor optimism had
outpaced economic fundamentals. KGT's decline for the month reflected its
significant weighting in the traditional commodities where prices softened as
expectations for improved demand were dampened. Nonetheless, some of our traders
believe that economic progress in Asia and other emerging markets will
eventually produce increased global interest in agricultural, metals and energy
products, creating profit opportunities for KGT down the road.
As the recent volatility in financial markets demonstrated, a global trading
environment in which the U.S. central bank announces a tightening bias with
regard to monetary policy can be a hazardous one. We believe that investors who
maintain the discipline of diversification and have added a noncorrelated asset
class to their portfolio are practicing a sound investment strategy that may
benefit them over the long term.
To the best of my knowledge and belief, the information above is accurate and
complete.
Sincerely,
/s/ Bob
Robert L Cruikshank
Executive Vice President
Kenmar Advisory Corp., as Managing Owner
Kenmar Global Trust
Performance shown is net of all fees and expenses.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS
TWO AMERICAN LANE o PO BOX 5150 o GREENWICH, CT 0683-8150 o TEL 203.861.1000
o FAX 203.861.1095
<PAGE>
KENMAR GLOBAL TRUST
Unaudited Account Statement
For the Month Ending May 31, 1999
STATEMENT OF INOOME (LOSS)
Trading Income (Loss)
Realized Trading Gain/(Loss) ($ 109,206.07)
Change in Unrealized Gain/(Loss) ($1,663,758.30)
Gain/(Loss) on Other Investments $ 0.00
Brokerage Commission ($ 243,022.97)
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Total Trading income ($2,015,987.34)
Expenses
Audit Fees $ 0.00
Administrative and Legal Fees $ 88,108.38
Management Fees $ 0.00
Incentive Fees ($ 23,167.68)
Other Expenses $ 0.00
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Total Expenses $ 64,940.70
Interest income $ 85,206.11
Net income (Loss) from the Period ($1,995,721.93)
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STATEMENT OF CHANGES IN NET ASSET VALUE (NAV)
Beginning of Month $26,511,592.66
Addition $ 538,800.00
Withdrawal ($ 410,689.10)
Net income/(Loss) ($1,995,721.93)
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Month End $24,643,981.63
Month End NAV Per Unit $ 100.75
Monthly Rate of Return -7.53%
Year to Date Rate of Return -10,99%
To the best of our knowledge and belief, the Information above is
accurate and complete:
Kenneth A. Shewer, Chairman Marc S. Goodman. President
Kenmar Advisory Corp., General Partner of
Kenmar Global Trust
