- -----------------------------------
Allocation of
Assets to Advisors
Sep 1 Aug 1
1999 1999
------ ------
Dreiss 18% 17%
Hirst 25% 25%
Hyman Beck 23% 23%
Sunrise 25% 25%
Willowbridge 9% 10%
- -----------------------------------
KGI's assets deposited in bank
accounts are currently
maintained with Brown Brothers
Harriman & Co. in New York, NY
and Georgetown, Grand
Cayman Island.
KENMAR GLOBAL TRUST
August 1999 Summary
September 13, 1999
Kenmar Global Trust ("KGT") recorded small gains for the month, up 1.7% as
profitable positions in energy markets, metals and currencies offset losses in
global interest rates, U.S. stock indices and agricultural commodities. As of
August 31, 1999, the Net Asset Value per Unit was $102.93 down 9.1%
year-to-date.
FUND PERFORMANCE
There was little doubt as to the direction of the U.S. dollar in August: down
against the Japanese yen and euro. For the most part, the dollar remained
heavily pressured by concerns about U.S. asset weakness in a rate-tightening
environment. Meanwhile, Japanese and European economic data continued, for the
most part, to impress. The Fund realized solid gains in yen positions. The yen
also climbed against the euro as Japanese investors and European fund managers
increased their allocation to Japanese equity markets. The Fund's positions in
the euro/yen cross rate were profitable, offsetting losses in the euro. Small
gains were also recorded in the British pound/yen cross rate and in Australian
and Canadian dollar positions.
Positions in the energy markets also were profitable. Crude oil prices reached a
two-year high early in the month, but fell back later, following news that
Germany planned to sell 34 million barrels of its crude oil reserves. Rumors of
refinery outages at month end pushed crude prices higher again. Positions in
crude oil, heating oil and natural gas resulted in gains. Elsewhere, in the base
metals, aluminum prices declined on a proposed merger of Swiss and French firms
with a Canadian firm; the Fund's positions in aluminum were profitable.
Positions in copper, zinc and nickel also generated gains as world demand for
these metals increased.
Except for small gains in the ECU notional bond, short sterling, Swiss bond,
Italian bond and Euroyen, the Fund incurred losses in most interest rates
traded. Angst levels were high in European bond markets, which continued to
track the movement of the U.S. Treasury market; yields on both sides of the
Atlantic rose. Meanwhile, small gains in the Hang Seng index, which declined on
interest rate concerns, failed to offset losses in other stock indices traded.
Elsewhere, weather-related concerns continued to roil agricultural markets,
resulting in unfavorable trading conditions. Positions in grains and tropicals
were unprofitable, despite small gains in cotton, soybean meal, coffee and
cocoa.
To the best of my knowledge and belief, the above information is accurate and
complete.
Sincerely,
/s/ ROBERT L. CRUIKSHANK
- ------------------------------------
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
<PAGE>
KENMAR GLOBAL TRUST
Unaudited Account Statement
For the Month Ending August 31, 1999
STATEMENT OF INCOME (LOSS)
TRADING INCOME (LOSS)
Realized Trading Gain/(Loss) $(130,301.63)
Change in Unrealized Gain/(Loss) $ 738,596.94
Gain/(Loss) on Other Investments $ (4,849.91)
Brokerage Commission $(242,364.50)
------------
Total Trading Income $ 361,080.90
EXPENSES
Audit Fees $ 0.00
Administrative and Legal Fees $ 12,016.57
Management Fees $ 0.00
Incentive Fees $ 0.00
Other Expenses $ 0.00
------------
Total Expenses $ 12,016.57
INTEREST INCOME $ 94,704.68
NET INCOME(LOSS) FROM THE PERIOD $ 443,769.01
============
STATEMENT OF CHANGES IN NET ASSET VALUE (NAV)
Beginning of Month $26,439,761.75
Addition $ 1,057,400.00
Withdrawal $ (773,253.20)
Net Income/(Loss) $ 443,769.01
--------------
Month End $27,167,677.57
Month End NAV Per Unit $102.93
Monthly Rate of Return 1.68%
Year to Date Rate of Return -9.07%
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
