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ALLOCATION OF
ASSETS TO ADVISORS
NOV 1 OCT 1
1999 1999
------ ------
Dreiss 18% 20%
Hirst 26% 26%
Hyman Beck 24% 24%
Sunrise 26% 25%
Willowbridge 6% 5%
- -----------------------------------
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
OCTOBER 1999 SUMMARY
November 15, 1999
Regrettably, the difficult trading environment that has been with us for much of
1999 continued in October. In fact, the month delivered a "one-two" punch to
trend-following futures traders as the few trends that resulted in profits in
the prior month were interrupted and markets grew increasingly
volatile--reaching levels not seen since the early part of this decade. Kenman
Global Trust ("KGT") was able to generate modest profits in European interest
rates, but these gains were offset by unprofitable positions in other markets
traded, resulting in a decline of 9.0% for the month. As of October 30, 1999,
the Net Asset Value per Unit was $96.50, net of fees and expenses.
One of the significant characteristics of a multi-advisor fund like KGT is its
ability to modify the number and mix of traders in response to changes that
occur in the market place. Over the last few months, Kenmar has been analyzing
various characteristics of the investment industry as a whole, as well as
factors that are exclusive to the global financial and futures markets. Our
primary observation is that volatility in the markets today has picked up
dramatically (recent intraday moves in the S&P 500, gold and crude oil are good
examples) and that long-term trends are fewer and farther between. Despite the
fact the managed futures industry is dominated by long-term trend followers, we
have concluded as a result of our research, that we must try to diversify KGT's
investment exposure with additional strategies.
As a result, we are in the process of evaluating significant changes in the
trader mix of KGT as well as our approach to the size and frequency of asset
reallocations. We believe that these changes, when implemented, will
significantly increase the potential for KGT to achieve trading success in
today's more complex trading environment.
We will provide additional information to Unitholders as soon as the changes to
KGT are finalized (anticipated to be on or before December 1, 1999). While no
assurance can be provided that positive results will be generated, we are very
enthusiastic about the changes which we anticipate making.
NEWS FROM KENMAR
We are please to report that Ms. Joanne Rosenthal, formerly Senior Portfolio
Manager at Chase Alternative Asset Management, Inc. joined Kenmar in October as
Director of Research. While at Chase, Ms. Rosenthal was responsible for 12
multi-manager portfolios with total assets under management of $800 million. She
also directed the firm's research, analysis and due diligence of commodity
trading advisors, and was responsible for the ongoing portfolio and risk
management of the firm's funds. The expertise that Ms. Rosenthal brings to
Kenmar will help the firm further enhance its investment management process.
To the best of my knowledge and belief, the above information is accurate and
complete.
Sincerely,
/s/ ROBERT L. CRUIKSHANK
- ------------------------
Robert L. Cruikshank
Executive Vice President
Kenmar Advisory Corp., as Managing Owner
Kenmar Global Trust
PERFORMANCE SHOWN IS NET OF ALL FEES AND EXPENSES.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS
<PAGE>
KENMAR GLOBAL TRUST
UNAUDITED ACCOUNT STATEMENT
FOR THE MONTH ENDING OCTOBER 31, 1999
STATEMENT OF INCOME (LOSS)
TRADING INCOME (LOSS)
Realized Trading Gain/(Loss) ($ 534,640.95)
Change in Unrealized Gain/(Loss) $1,852,474.34)
Gain/(Loss) on Other Investments $ 14,122.69
Brokerage Commission ($ 264,048.86)
-------------
Total Trading Income ($2,665,286.84)
EXPENSES
Audit Fees $ 0.00
Administrative and Legal Fees $ 13,002.22
Management Fees $ 0.00
Incentive Fees $ 0.00
Other Expenses $ 0.00
-------------
Total Expenses $ 13,002.22
INTEREST INCOME $ 98,703.29
NET INCOME (LOSS) FROM THE PERIOD ($2,579,585.77)
=============
STATEMENT OF CHANGES IN NET ASSET VALUE (NAV)
Beginning of Month $28,805,327.84
Addition $ 221,075.36
Withdrawal ($ 167,595.05)
Net Income/(Loss) $ 2,579,585.77
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Month End ($26,279,222.38)
Month End NAV Per Unit $ 96.50
Monthly Rate of Return -8.96%
Year to Date Rate of Return -14.74%
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
