KENMAR GLOBAL TRUST
FEBRUARY 1999 SUMMARY
March 10, 1999
The net asset value per unit of Kenmar Global Trust (KGT) was up 4.6% for the
month of February. As of February 28, 1999, the net asset value per unit was
$113.1.
Kenmar Global Trust (KGT) recouped most of its January losses with a positive
February. Four out of five traders were profitable and all but one sector, stock
indices, made net gains. The breakdown was interesting as futures in many of the
traditional commodities, such as grains, metals and energies posted the largest
profits, with lesser participation coming from the tropicals and meats.
Financials were a large contributor, as U.S. rates offset losses in the Euro and
Pacific Rim rates, with currencies weighing in with a small gain.
As you know, most of the equity mutual funds posted losses for February and the
S&P 500 was down 2.49%. While the year is still young there seems to be a
growing volatility in stocks not seen since last August through October. There
has also been a strong retreat in bonds allowing for the possible siphoning of
funds away from stocks as bond yields have risen. We believe this may create an
atmosphere that favors alternative strategies.
The early months of 1999 have provided additional evidence that increased and
non-correlated diversification of a portfolio can be helpful in reducing
volatility. During the past weeks the CRB index (Commodity Research Bureau)
declined to its lowest point since July, 1975, drawn lower by a series of
multi-year lows set by many of the traditional commodities. It is precisely
those areas of trading that have produced our biggest gains recently. Thus, what
might have appeared to many to be negative for trading potential, instead, has
ADDED profitability to KGT's portfolio.
You will be receiving a new KGT prospectus early in April. It will be one of the
first prospectuses to be written in the recently SEC mandated "plain English"
format. We hope you will find it much easier to read and reference.
Your K-1 was mailed during the first week of March. If you have not received it,
please let us know.
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
----------------------
ALLOCATION OF
ASSETS TO ADVISORS
MAR 1 FEB 1
1999 1999
---- ----
Dreiss
19% 19%
Hirst
23% 22%
Hyman Beck
24% 25%
Sunrise
21% 22%
Willowbridge
13% 12%
- ----------------------
PERFORMANCE SHOWN IS NET OF ALL FEES AND EXPENSES.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
Two American Lane o PO Box 5150 o Greenwich, CT 06831.8150
o Tel 203.861.1000 o Fax 203.861.1095
<PAGE>
KENMAR GLOBAL TRUST
UNAUDITED ACCOUNT STATEMENT
FOR THE MONTH ENDING FEBRUARY 28,1998
STATEMENT OF INCOME(LOSS)
-------------------------
TRADING INCOME (LOSS)
Realized Trading Gain/(Loss) $ 829,471.63
Change in Unrealized Gain (Loss) 559,904.27
Gain/Loss on Other Investments 0.00
Brokerage Commission (227,045.67)
------------
Total Trading Income $1,162,330.23
EXPENSES
Audit Fees $ 0.00
Administrative and Legal Fees 10,320.26
Management Fees 0.00
Incentive Fees 94,210.32
Other Expenses 0.00
------------
Total Expenses $ 104,530.58
INTEREST INCOME $ 79,419.51
NET INCOME(LOSS) FOR THE PERIOD $1,137,219.16
=============
STATEMENT OF CHANGES IN NET ASSET VALUE (NAV)
Total Fund
Beginning of Month $24,768,615.34
Addition 773,300.00
Withdrawal (46,211.91)
Net Income/(Loss) 1,137,219.16
--------------
Month End $26,632,922.59
Month End NAV Per Unit $113.10
Monthly Rate of Return 4.59%
Year to Date Rate of Return -0.08%
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
