================================================================================
ALLOCATION OF
ASSETS TO ADVISORS
DEC 1 NOV 1
1999 1999
Beacon
9% 0%
Dreiss
17% 18%
Grinham
25% 0%
Hirst
14% 26%
Hyman Beck
0% 24%
Sunrise
17.5% 26%
Transtrend
17.5% 0%
Willowbridge
0% 6%
KGT's assets deposited in
bank accounts are currently
maintained with Brown Broth-
ers Harriman & Co. in New
York, NY and Georgetown,
Grand Cayman Island.
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KENMAR GLOBAL TRUST
NOVEMBER 1999 SUMMARY
December 14, 1999
Kenmar Global Trust ("KGT") closed the month of November up 4.15% largely
reflecting profitable positions in energies, currencies and tropicals. Gains
were also recorded in global stock indices, grain and meats, offsetting losses
in global interest rates and metals. As of November 30, 1999, the Net Asset
Value per Unit was $100.51, net of fees and expenses. Year-to-date performance
is -11.2%.
As we mentioned in our letter to investors last month, the ability to modify the
number and mix of trading advisors as markets change is a significant strategic
element of a multi-advisor fund like KGT. For much of 1999, we have seen a
marked increase in market volatility resulting in fewer profit opportunities for
the longer-term traders in the fund. After a period of less than optimal
performance, we began the process of making significant structural changes in
the KGT porfolio--eliminating some trading advisors and adding others--to offer
a broader range of trading strategies while maintaining KGT's participation in
highly diversified global markets. Our goal in this effort is to lower the
volatility of KGT's performance without reducing significantly its potential for
returns. SOME CHANGES ARE BEING INITIATED IN DECEMBER AND OTHERS WILL FOLLOW AS
PART OF AN EVOLUTIONARY PORTFOLIO-DESIGN PROCESS OVER THE NEXT FEW MONTHS.
Details of these changes will be set forth in KGT's new prospectus expected to
be available in early January, such changes are summarized below, for your
convenience:
INVESTMENT PHILOSOPHY
In brief, KGT's assets are being allocated to two groups of trading advisors: a
core group and a non-core group. Each non-core advisor will have less than 10%
of KGT's assets. The percentage of KGT assets allocated to the core advisors
will change over time, as a result of differing performance results and due to
allocation and reallocation decisions by Kenmar. It is not anticipated, however,
that these adjustments will be frequent. The percentage of KGT assets allotted
to the non-core group will be allocated and reallocated to these advisors as
part of a strategic effort to enhance KGT's performance. Such allocation
decisions will be based on a variety of considerations which may include, but
are not limited to: focus on a particular market or sector; cyclical performance
analysis; or strategy diversification. (For example, changes in the trading
environment may require a greater emphasis on shorter term trend-following
strategies than on longer term, or on fundamental strategies over technical.)
This methodology is intended to augument the ongoing portfolio performance and
risk management of KGT.
REALLOCATIONS
Effective month-end November, the allocations to Willowbridge Associates and
Hyman Beck & Company were eliminated, and allocations to Hirst Investment
Management were reduced. Added to KGT, effective December 1, are Transtrend
B.V., Beacon Management Corporation and Grinham Managed Futures Pty. Ltd. Dreiss
Research and Sunrise Capital Partners, two of November's performers, remain in
KGT's line-up.
Over the next few months, additional changes will be made which we believe will
result in a portfolio that offers the potential for a more consistent level of
returns and lower risk given the substantial changes in our trading environment.
We will keep you informed as these changes are finalized.
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
<PAGE>
KENMAR GLOBAL TRUST
UNAUDITED ACCOUNT STATEMENT
FOR THE MONTH ENDING NOVEMBER 30, 1999
STATEMENT OF INOCME(LOSS)
TRADING INCOME (LOSS)
Realized Trading Gain/(Loss) $484,912.47
Change in Unrealized Gain/(Loss) $770,169.73
Gain/(Loss) on Other Investments ($2,846.81)
Brokerage Commission ($240,892.90)
-------------
Total Trading Income $1,011,342.49
EXPENSES
Audit Fees 0.00
Administrative and Legal Fees $31,870.96
Management Fees $0.00
Incentive Fees $0.00
Other Expenses $0.00
-------------
Total Expenses $31,870.96
INTEREST INCOME $112,038.38
NET INCOME(LOSS) FROM THE PERIOD $1,091,509.91
==============
STATEMENT OF CHANGES IN NET ASSET VALUE(NAV)
Beginning of Month $26,279,222.41
Addition $0.00
Withdrawal ($549,646.50)
net Income/(Loss) $1,091,509.91
---------------
Month End $26,821,085.82
Month End NAV Per Unit $100.51
Monthly Rate of Return 4.15%
Year to Date Rate of Return -11.20%
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
