KENMAR GLOBAL TRUST
APRIL 1999 SUMMARY
May 14, 1999
The net asset value per unit of KGT was up +5.24% for the month. As of April
30, 1999, the net asset value per unit was $108.95.
We were pleased with the positive results in April, as all but one of our
traders posted gains. This performance came in a month that was punctuated by a
spectacular rally in the stock market of over 10%. It is interesting to note the
parallel with last September where both the fund and the market moved up in
tandem, illustrating that managed futures have the ability to make money when
stocks are performing well. Although our short-term results lag the major stock
averages, over a longer-term period, the comparison is much more favorable.
While the fund is down (3.7)% year to date, over the last 12 months KGT is up
+11.6% as compared to the Dow at +18%, the S&P 500 at +19.1% and the NASDAQ,
heavily laden with technology, at +35.7%.
Adding diversification to a portfolio by using a historically non-correlated
asset class continues to be favored by many investors. As volatility in the
traditional markets, i.e. stock and bond markets, becomes more prevalent, assets
not necessarily tied to those markets are becoming more widely used. We believe
volatility should be expected when investing in the market place today. Daily
movements of 10-40% in significant stocks are occurring on an increasingly
frequent basis. Investors understanding this have taken a longer-term view,
looking past the peaks and valleys and being more concerned with the long-term
results of having those investments in their portfolio. We believe the same
approach is appropriate when investing in Managed Futures.
Of the major sectors traded, all were profitable except for small losses in the
financials and grains. The majority of the gains were in currencies and
tropicals with lesser gains in stock indices, base metals and energy.
To the best of my knowledge and belief, the information above is accurate and
complete.
Sincerely,
/s/ ROBERT L. CRUIKSHANK
- -----------------------------------------
Robert L. Cruikshank
Executive Vice President
Kenmar Advisory Corp., as Managing Owner
Kenmar Global Trust
- -------------------------------
ALLOCATION OF
ASSETS TO ADVISORS
MAY 1 APR 1
1999 1999
---- ----
Dreiss 17% 15%
Hirst 24% 24%
Hyman Beck 24% 24%
Sunrise 24% 24%
Willowbridge 11% 13%
- -------------------------------
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 MARCH 30,1999
STATEMENT OF INCOME(LOSS)
TRADING INCOME (LOSS)
Realized Trading Gain/(Loss) $ (760,326.04)
Change in Unrealized Gain/(Loss) 2,303,953.19
Gain/(Loss) on Other Investments 0.00
Brokerage Commission (231,505.41)
--------------
Total Trading Income $ 1,312,121.74
EXPENSES
Audit Fees $ 0.00
Administrative and Legal Fees 16,739.97
Management Fees 0.00
Incentive Fees 51,620.44
Other Expenses 5,352.90
--------------
Total Expenses $ 73,713.31
INTEREST INCOME $ 84,580.50
NET INCOME (LOSS) FOR THE PERIOD $ 1,322,988.93
==============
STATEMENT OF CHANGES IN NET ASSET VALUE(NAV)
Total Fund
Beginning of Month $25,255,132.19
Addition 445,600.00
Withdrawal (512,128.46)
Net Income/(Loss) 1,322,988.93
--------------
Month End $26,511,592.66
Month End NAV Per Unit $108.95
Monthly Rate of Return 5.24%
Year to Date Rate of Return -3.74%
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., Managing Owner of
Kenmar Global Trust
