[GRAPHIC OMITTED]
K E N M A R
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Allocation of
Assets to Advisors
July 1 June 1
1999 1999
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Dreiss
15% 15%
Hirst
25% 24%
Hyman Beck
23% 25%
Sunrise
26% 25%
Willowbridge
11% 11%
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KENMAR GLOBAL TRUST
June 1999 Summary
July l4, 1999
Kenmar Global Trust ("KGT") generated gains of 4.0% in June. As of June 30, 1999
the Net Asset Value per unit was $104.73, down 7.5% year to date. The gains of
the recent month largely reflected profitable positions in global interest
rates, stock indices, metals and energy markets with smaller profits in meats
and lumber. These gains offset losses in currencies, tropicals and meats.
Fed-watching was the name of the game in June as many global investors stayed on
the sidelines until the U.S. central bank's interest-rate announcement on
June 30. Trading volume in the financial markets was extremely light until the
final trading hours of the month, when a modest rate hike and a surprise shift
by the Fed to a "neutral bias" created a virtual frenzy of buying in U.S.
markets.
Global investors could take heart in the accompanying Fed statement which
indicated the rate hike had been driven, in part, by improving financial markets
overseas. In particular, Asian equity markets captured headlines in June as some
of them soared to levels not seen in two years. KGT recorded solid gains in
positions on the Japanese index, which rallied sharply during the month on
robust growth data.
Meanwhile, investor uncertainty during the month on the direction of U.S.
interest rates sent the yield on the 30-year U.S. Treasury bond to its highest
level since late 1997. KGT's positions in U.S. and European interest rates
produced solid gains. Also profitable for the Fund were positions in crude oil,
as prices rose on a surprise decline in U.S. inventories. In the negative
column, losses were incurred in Japanese yen positions as the Bank of Japan
intervened four times to weaken the currency in world markets. Positions in
coffee also were unprofitable as prices fell on the reduced threat of frost
damage to the Brazilian crop.
Cautious investors will continue to keep close watch on the underlying
fundamentals of the U.S. economy which will be the ultimate drivers of Fed
policy. Uncertainty in the markets remains a factor. We firmly believe that
diversification through investments historically noncorrelated with stock and
bond markets may prove prudent as we move into the new millenium.
To the best of my knowledge and belief, the information above is accurate and
complete.
Sincerely,
/s/ Bob
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
TWO AMERICAN LANE o PO BOX 5150 o GREENWICH, CT 06831-8150 o TEL 203.861.1000
FAX 203.861.1095
<PAGE>
KENMAR GLOBAL TRUST
Unaudited Account Statement
For the Month Ending June 3O~ 1999
STATEMENT OF INCOME (LOSS)
Trading Income (Loss)
Realized Trading Gain/(Loss) $276,096.77
Change in Unrealized Gain/(Loss) $879,005.55
Gain/(Loss) on Other Investments $ 0.00
Brokerage Commission ($225,892.12)
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Total Trading Income $929,210.20
Expenses
Audit Fees
Administrative and Legal Fees $ 8,767.82
Management Fees $ 0.00
Incentive Fees $ 32,030.21
Other Expenses $ 0.00
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Total Expenses $ 40,798.03
Interest income $ 89,414.91
Net Income(Loss) from the Period $972,217.30
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STATEMENT OF CHANGES IN NET ASSET VALUE (NAV)
Beginning of Month $24,642,771.98
Addition $1,207.1 00.00
Withdrawal ($ 82,563.54)
Net Income/(Loss) $ 972,217.30
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Month End $ 26,739,525.74
Month End NAV Per Unit $ 104.73
Monthly Rate of Return 3.95%
Year to Date Rate of Return -7.48%
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
