KENMAR GLOBAL TRUST
JANUARY 1999 SUMMARY
February 11, 1999
The net asset value per unit of Kenmar Global Trust (KGT) was down 4.5% for the
month of January. As of January 31, 1999, the net asset value per unit was
$108.14.
In the currency markets, the U.S. Dollar began the year higher against its major
global counterparts, despite concerns about the fragile Brazilian economy and
the prospect of a drawn-out U.S. Senate trial of President Clinton. Early in the
month, much of the attention in the currency markets was centered around the
launch of the Euro. After a strong early showing, the new currency later tumbled
on a combination of settlement jitters, strengthening equity prices in the U.S.,
and rumors of central bank Dollar purchases. In addition, signs that the U.S.
economy was strengthening bolstered the Dollar against most European currencies.
In the U.S. financial markets, benchmark bond prices ended the month largely
unchanged after vacillating broadly throughout the period. Early in the month,
prices sank as the popularity of the Euro and renewed faith in Japanese fixed
income issues lured money away from U.S. securities. However, intervention by
the Bank of Japan to reign in the Yen against the Dollar and a devaluation of
the Brazilian Real, sent many investors scurrying to the safety of U.S.
Treasury's.
In the precious metals, gold prices ended the month slightly lower after
vacillating along with the U.S. Dollar; because gold is priced in Dollars,
fluctuations in the currency often directly effect the movement in gold.
Meanwhile, silver prices soared on rumors that Warren Buffett's Berkshire
Hathaway had resumed active trading in the metal. In the agricultural markets,
wheat prices rose early in the month on reports that Russian stocks were
approaching their lowest level in more than 50 years. Corn and soybean prices
climbed on this early rally in wheat, only to plummet later in the month
depressed by bearish government crop reports.
Given the crosscurrents in the various markets as explained above, trading
results were very mixed within the different sectors. The profits achieved in
grains, energy and precious metals were not enough to offset losses in
currencies, tropicals and base metals. While there is no guarantee of profit, we
believe events that unfolded in January, among which were the introduction of
the Euro currency, devaluation of the Brazilian currency and continued
uncertainty in Latin America, could possibly provide trading opportunities for
KGT over the months ahead. Stay tuned!
To the best of my knowledge and belief, the information above is accurate and
complete.
Sincerely,
Robert L. Cruikshank
Executive Vice President
Kenmar Advisory Corp., as Managing Owner
Kenmar Global Trust
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ALLOCATION OF
ASSETS TO ADVISORS
FEB 1 JAN 1
1999 1999
---- ----
Dreiss
19% 19%
Hirst
22% 23%
Hyman Beck
25% 25%
Sunrise
22% 21%
Willowbridge
12% 12%
- ----------------------
PERFORMANCE SHOWN IS NET OF ALL FEES AND EXPENSES.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS
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KENMAR GLOBAL TRUST
UNAUDITED ACCOUNT STATEMENT
FOR THE MONTH ENDING DECEMBER 31,1998
STATEMENT OF INCOME (LOSS)
TRADING INCOME (LOSS)
Realized Trading Gain (Loss) $ (44,193.09)
Change in Unrealized Gain (Loss) 964,419.68
Gain/Loss on Other Investments 0.00
Brokerage Commission (206,134,09)
------------
Total Trading Income $ 714,092.50
EXPENSES
Audit Fees $ 0.00
Administrative and Legal Fees 9,369.73
Management Fees 0.00
Incentive Fees 47,079.21
Other Expenses 110,483.17
------------
Total Expenses $ 166,932.11
INTEREST INCOME $ 74,056.04
NET INCOME (LOSS) FOR THE PERIOD $ 621,216.43
============
STATEMENT OF CHANGES IN NET ASSET VALUE (NAV)
Total Fund
Beginning of Month $22,485,348.69
Addition 2,463,667.40
Withdrawal (207,135.05)
Net Income (Loss) 621, 216.43
--------------
Month End $25,363,097.47
Month End NAV Per Unit $113.19
Monthly Rate of Return 2.76%
Year to Date Rate of Return 13.08%
To the best of our knowledge and belief,
the information is accurate and complete:
Kenneth A Shewer, Chairman Marc S. Goodman, President
KENMAR ADVISORY CORP., Managing Owner of
Kenmar Global Trust
