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ALLOCATION OF
ASSETS TO ADVISORS
FEB 1 JAN 1
2000 2000
----- -----
Beacon
4% 4%
Bridgewater
32% 33%
Grinham
25% 25%
Sunrise
18% 17%
Transtrend
21% 21%
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KENMAR GLOBAL TRUST
JANUARY 2000 SUMMARY
February 14, 2000
With a new line-up of core and non-core traders, Kenmar Global Trust ("KGT")
ended January up 0.6% reflecting profitable positions in currencies, energy
markets and global stock indices, even as U.S. equity markets declined in the
period. These gains offset declines chiefly in grains. As of January 31, 2000,
the Net Asset Value per Unit was $100.14, net of fees and expenses.
As explained in our letter last month, while the majority of the original
portfolio's traders were long-term trend followers, approximately 60% of KGT's
assets are now allocated to a mix of fundamental (non-technical) and short-term
trend followers. We believe these recent changes in KGT offer the potential for
a more consistent level of returns with lower risk.
MARKET OVERVIEW
Global stockmarkets lurched into the new millenium as investors periodically
tested the brakes on the furiously rising New Economy stocks. Strong economic
momentum in the U.S. improved the odds of another interest rate hike in
February, raised the possibility of additional increases in the new year, and
added to the unusual degree of volatillity in financial markets. Elsewhere, the
euro lost it tenous grip above parity with the U.S. dollar, also slipping to a
new low against the British pound. In the commodity markets, continuing worries
about U.S. inventories and a deep freeze in the Northeast sent heating oil
prices soaring and crude oil prices to a nine-year high.
FUND PERFORMANCE
The Funds's largest gains were generated in the currency markets, particulary in
the Swiss franc and Japanese yen. The latter languished against the U.S. dollar
for much of the month on disappointing retail sales data out of Japan and Bank
of Japan intervention in the currency markets. These gains offset declines in
the sagging euro as well as in the Australian dollar, which dropped 4% against
the U.S. dollar at month-end on diminished expectations for a rate hike by
Australia's central bank. Meanwhile, positions in European and U.S. stock
indices generated gains, offsetting declines in most Pacific rim inidces.
Elsewhere, energy prices soared amid increased demand and continuing concerns
about supply, gains in crude oil and heating oil offset declines in natural gas.
Except for soybean meal and red beans, positions in all gains traded were
unprofitable.
We expect to mail the 1999 K-1s during the first week of March.
To the best of my knowledge and belief, the above information is accurate and
complete.
Sincerely,
Robert L. Cruikshank
Executive Vice President
Kenmar Advisory Corp., as Managing Owner
Kenmar Global Trust
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS
<PAGE>
KENMAR GLOBAL TRUST
Unaudited Account Statement
For the Month Ending January 31, 2000
STATEMENT OF INCOME(LOSS)
------------------------
TRADING INCOME (LOSS)
Realized Trading Gain/(Loss) ($161,096.53)
Change in Unrealized Gain/(Loss) $469,810.70
Gain/(Loss) on Other Investments 690.09
Brokerage Commission ($208,792.44)
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Total Trading Income $100,611.82
EXPENSES
Audit Fees $0.00
Administrative and Legal Fees $18,263.57
Management Fees $0.00
Incentive Fees $57,202.04
Other Expenses $0.00
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Total Expenses $75,465.61
INTEREST INCOME $103,219.73
NET INCOME(LOSS) FROM THE PERIOD $128,365.94
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STATEMENT OF CHANGES IN NET ASSET VALUE (NAV)
Beginning of Month $22,777,352.86
Addition $ 702,600.00
Withdrawal ($ 580,469.69)
Net Income/(Loss) $ 128,365.94
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Month End $23,027,849.10
Month End NAV Per Unit $100.14
Monthly Rate of Return 0.56%
Year to Date Rate of Return 0.56%
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
