KENMAR GLOBAL TRUST
UNAUDITED ACCOUNT STATEMENT
FOR THE MONTH ENDING NOVEMBER 30, 2000
STATEMENT OF INCOME (LOSS)
--------------------------
TRADING INCOME (LOSS)
Realized Trading Gain/(Loss) $293,241.87
Change in Unrealized Gain/(Loss) $588,504.92
Gain/(Loss) on Other Investments $ 1,117.68
Brokerage Commission ($157,812.07)
------------
Total Trading Income $725,052.40
EXPENSES
Audit Fees $ 0.00
Administrative and Legal Fees $ 59,157.46
Management Fees $ 0.00
Incentive Fees $ 32,153.39
Other Expenses $ 0.00
------------
Total Expenses $ 91,310.85
INTEREST INCOME $ 83,502.29
NET INCOME (LOSS) FROM THE PERIOD $717,243.84
============
STATEMENT OF CHANGES IN NET ASSET VALUE (NAV)
Beginning of Month $17,215,864.75
Addition $ 79,146.78
Withdrawal ($ 1,221,391.23)
Net Income/(Loss) $ 717,243.84
---------------
Month End $16,790,864.14
Month End NAV Per Unit $ 92.91
Monthly Rate of Return 4.17%
Year to Date Rate of Return -6.69%
To the best of our knowledge and belief, the
information above is accurate and complete:
/s/ KENNETH A. SHEWER /s/ MARC S. GOODMAN
--------------------------- ---------------------------
Kenneth A. Shewer, Chairman Marc S. Goodman, President
Kenmar Advisory Corp., General Partner of
Kenmar Global Trust
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KENMAR GLOBAL TRUST
NOVEMBER 2000 SUMMARY
December 15, 2000
Kenmar Global Trust (KGT) was profitable in November, closing the month up
4.16%, net of fees and expenses. KGT recorded profits in all sectors traded
except metals and meats. Gains were strongest in global interest rates and
currencies; global stock indices, energies, grains and tropicals closed the
month with minor returns. The Net Asset Value per unit of KGT was $92.91 as of
November 30, 2000.
For many equity investors, gains were almost nonexistent in November, as eight
of the ten sectors in the S&P 500 declined. KGT offered performance
non-correlated to that of declining equity markets, realizing profits for its
investors in a wide variety of global markets and in a very difficult trading
environment.
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ALLOCATION
OF ASSETS TO ADVISORS
DEC 1 NOV 1
2000 2000
---- ----
Beacon 5% 6%
Bridgewater 28% 27%
C-View 6% 6%
Grinham 25% 25%
Sunrise 18% 18%
Transferred 18% 18%
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MARKET OVERVIEW
A bear market, according to a Wall Street rule of thumb, occurs when share
prices fall by 20% or more from a previous high. At November's close, the Nasdaq
was deep in bear market territory, pummeled by more warnings of sales and
earnings shortfalls. Although down for the month and the year-to-date, the
bigger Dow Jones Industrial and S&P 500 indices suffered less of decline,
supported by flows of funds out of technology into less volatile stocks. For the
most part, global equity markets also fell, taking their lead from U.S. equity
markets. Meanwhile, prices of government securities rose sharply, sending yields
to their lowest levels in over a year, as investor funds flowed out of stock
into the perceived safe-haven of sovereign debt. In the currency markets, the
U.S. dollar grew more tentative, declining against the euro at month-end on new
signs of a slowing U.S. economy. Political uncertainty and disappointing
economic data in Japan punished the Japanese yen. In commodities, energy prices
continued their march higher, as chilly temperatures in the Northeast threatened
to strain already thin supplies of natural gas and heating oil. In metals,
copper prices enjoyed a technical rebound, reversing a downward trend initially
triggered by a decline in demand for the industrial metal. Elsewhere, soy meal
prices skyrocketed on expectations that Europe would soon be replacing meat meal
with soy meal and other grain products as a source of feed for livestock. Coffee
prices fell to a seven-year low on reports that Brazil would produce more of the
bean than expected.
PERFORMANCE SUMMARY
Global interest rates and currencies provided the greatest profit. KGT generated
gains in all global interest rate markets traded, as investors around the globe
fled stocks for the safe haven of government securities. In the U.S., the price
of the 30-year Treasury bond soared, sending the bond's yield to its lowest
point since February 1999. Prices of the British long gilt and euro bund also
soared, reflecting the sagging performance of equity markets in the region. Also
strengthening bunds was a firmer euro. A weak Nikkei, political uncertainty and
disappointing economic data drive Japanese Government bond prices to a
five-month high; industrial production rose at a slower than expected pace in
October, an indication of waning demand from export markets in the U.S. and
Europe. KGT's gains in this sector included the 30-year Treasury, long gilt,
euro bund and Japanese Government bond.
Meanwhile currency markets were riveted by the political machinations of the
world's two largest economic entities: Japan and the U.S. The Japanese yen
declined against its major counterparts as prospects for an economic recovery
worsened and the Japanese prime minister survived a no-confidence vote - a step
seen as an unsatisfactory compromise by many market participants. By the end of
the month, the U.S. dollar showed signs of slippage as fresh data indicated the
U.S. economy may be heading for a "hard landing" and the presidential election
remained deadlocked. The euro ended November close to where it began - above 87
cents - a fact that belied the currency's volatility during the month. The Swiss
franc followed the course of the euro, also ending the month with little change
in value, as did the British pound. KGT's positions in the yen and euro
generated profits; Swiss franc positions were unprofitable.
To the best of my knowledge and belief, the above information is accurate and
complete.
Sincerely,
/s/ ESTHER ECKERLING GOODMAN
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Esther Eckerling Goodman
Chief Operating Officer and Senior Executive Vice President
Kenmar Advisory Corp., as Managing Owner
Kenmar Global Trust
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS
