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ALLOCATION OF
ASSETS TO ADVISORS
OCT 1 SEP 1
1999 1999
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Dreiss 20% 18%
Hirst 26% 25%
Hyman Beck 24% 23%
Sunrise 25% 25%
Willowbridge 5% 9%
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KGT's assets deposited in bank
accounts are currently
maintained with Brown Brothers
Harriman & Co. in New York, NY
and Georgetown, Grand
Cayman Island.
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KENMAR GLOBAL TRUST
SEPTEMBER 1999 SUMMARY
October 13, 1999
September was a profitable month for Kenmar Global Trust ("KGT") as it
successfully capitalized on strong price moves in diversified global sectors,
offsetting declines in financial markets. KGT ended the period up 3.0% as gains
in metals, energy markets and currencies, and smaller profits in tropicals and
meat, offset losses in global stock indices, interest rates and gains. As of
September 30,1999, the Net Asset Value per Share was $106.00
FUND PERFORMANCE
KGT recorded its largest gains in gold as the price of the precious metal rose
nearly 20% during the month, coming off 20-year lows at the beginning of
September. Much of the attention centered on the announcement by European
central banks that there would be only limited gold sales over the next five
years. In fact, the gold rally had already begun as the U.S. Fed remained
"hawkish" on inflation and U.S. equity investments looked more vulnerable.
Positions in base metals also were profitable, as increasing demand and news on
industry consolidations in some sectors pressured prices higher.
Elsewhere, energy prices soared during the month, invigorated by OPEC's
announcement that it will keep oil production low throughout the U.S. winter
heating season. Petroleum inventory reports showing dwindling U.S. supplies
confirmed that outputs cuts were having a significant impact. KGT recorded gains
as crude oil futures rose to $25 a barrel for the first time since January 1997.
Meanwhile, profits were also recorded in currency markets, notably in the
Japanese yen, which maintained its strength against the U.S. dollar for much of
the month, declining only at month-end.
These gains offset unfavorable positions in global stock indices and U.S.
interest rates as investor sentiment took a decidedly negative turn on inflation
jitters. Although yield rose on both sides of the Atlantic, KGT was able to
generate gains on its positions in European rates; Pacific Rim interest rates
also were profitable.
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 SEPTEMBER 30, 1999
STATEMENT OF INCOME (LOSS)
TRADING INCOME (LOSS)
Realized Trading Gain/(Loss) $776,903.92
Change in Unrealized Gain/(Loss) $178,009.00
Gain/(Loss) on Other Investments $ 18,623.90
Brokerage Commission ($249,037.08)
------------
Total Trading Income $724,499.74
EXPENSES
Audit Fees $ 0.00
Administrative and Legal Fees $ 12,319.87
Management Fees $ 0.00
Incentive Fees $ 0.00
Other Expenses $ 0.00
------------
Total Expenses $ 12,319.87
INTEREST INCOME $ 97,907.31
NET INCOME (LOSS) FROM THE PERIOD $810,087.18
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STATEMENT OF CHANGES IN NET ASSET VALUE (NAV)
Beginning of Month $27,167,677.59
Addition $ 1,185,672.00
Withdrawal ($ 358,108.86)
Net Income/(Loss) $ 810,087.18
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Month End $28,805,327.91
Month End NAV Per Unit $ 106.00
Monthly Rate of Return 2.98%
Year to Date Rate of Return -6.36%
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
