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KENMAR GLOBAL TRUST
MARCH 2000 SUMMARY
elsewhere in Europe knocked the European currencies, and in particular the euro,
back down against the yen. The euro dropped nearly three yen in 24 hours, but
came back from the precipice on warnings the European Central Bank will tighten
monetary policy in coming months. In the financial markets, KGT recorded gains
in Canadian, European and Pacific Rim interest rates as investors, by and large,
sought the safety of government securities amid the volatility in global equity
markets. In the U.S. markets, gains in the US. 30-year Treasury bond, where the
yield fell below 6%, were offset by unprofitable positions in shorter
maturities. Despite the volatility in European stock indices, KGT recorded gains
in the German DAX, French CAC 40, and London FTSE. These gains were offset.
however, by unprofitable positions in Pacific Rim and U.S. stock indices.
To the best of my knowledge and belief, the above information is accurate and
complete.
Sincerely.
/s/ Bob
Robert L Cruikshank
Executive Vice President
Kenmar Advisory Corp., as Managing Owner
Kenmar Global Trust
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS
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KENMAR GLOBAL TRUST
MARCH 2000 SUMMARY
April 13, 2000
Sharp volatility in key markets reduced opportunities for gain in March. Kenmar
Global Trust ("KGT") ended the month down 3.0%, net of fees and expenses, as
profitable positions in European stock indices, precious metals, and Canadian,
European and Pacific Rim interest rates, were offset by declines in other
markets traded. At month end, the Net Asset Value per Unit was $96.98.
We continue to be encouraged by KGT's ability to manage risk in this period of
increasingly volatile markets. As you know, this was the purpose of our
restructuring early in the year: to lower risk while providing a more consistent
level of returns over the long term. As we begin a new month, U.S. equity
markets are experiencing extreme levels of volatility, and movement in the
highly popular Nasdaq is increasingly on the downside. March madness, it seems,
continues into April. In times such as these, an allocation to an investment
strategy such as KGT, which provides broad market diversification and
historically has offered performance non-correlated with that of equities, is
the mark of a prudent investor.
MARKET OVERVIEW
Volatile, trendless price movements were the hallmark of nearly every market in
March. Equity markets, particularly in the U.S., approached a degree of
turbulence not seen since the U.S. stock market crash of October 1987. Currency
markets were directionless, responding to speculation on interest rates and
government intervention. Energy prices declined after nearly a year of steady
increases. Agricultural commodity prices shifted back and forth, reflecting the
potential impact on crops of changing weather conditions. In the metals markets,
platinum and palladium prices diverged after months of moving in the same
direction and gold moved sharply downward. All in all, March reacquainted
investors with the concept of "investment risk" and triggered massive
reallocations to the shelter of government securities and away from high-growth
stocks into the Old Economy stocks of the Dow.
FUND PERFORMANCE
Currency markets proved the most unprofitable for KGT, which recorded declines
largely in the Japanese yen and European currencies. At mid-month, the yen lost
sudden ground against the Swiss franc, British pound and euro when the Swiss
central bank boldly raised a key interest rate above investors' expectations.
Eventually, diminished expectations for a similar rate hike
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ALLOCATION OF
ASSETS TO ADVISORS
APR 1 MAR 1
2000 2000
---- ----
Beacon
4% 4%
Bridgewater
33% 34%
Grinham
25% 24%
Sunrise
18% 17%
Transtrend
20% 21%
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PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS
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KENMAR GLOBAL TRUST
UNAUDITED ACCOUNT STATEMENT
FOR THE MONTH ENDING MARCH 31, 2000
STATEMENT OF INCOME(LOSS)
Trading Income (Loss)
Realized Trading Gain/(Loss) $71,675.31
Change in Unrealized Gain/(Loss) ($640,354.69)
Gain/(Loss) on Other Investments ($4,608.74)
Brokerage Commission ($206,466.92)
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Total Trading Income ($779,755.04)
Expenses
Audit Fees $0.00
Administrative and Legal Fees $31,779.50
Management Fees $0.00
Incentive Fees ($36,085.25)
Other Expenses $0.00
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Total Expenses ($4,305.75)
Interest Income $98,548.73
Net Income(Loss) from the Period ($676,900.56)
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STATEMENT OF CHANGES IN NET ASSET VALUE (NAV)
Beginning of Month $22,523,659.85
Addition $262,900.00
Withdrawal ($524,889.86)
Net Income/(Loss) ($676,900.56)
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Month End $21,584,769.43
Month End NAV Per Unit 596.98
Monthly Rate of Return -3.01%
Year to Date Rate of Return -2.61%
To the best of our knowledge and belief,
the information above is accurate and complete:
Kennets A. Shewer, Chairman Mark S. Goodman, President
Kenmar Advisory Group, General Partner of
Kenmar Global Trust
