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KENMAR GLOBAL TRUST
UNAUDITED ACCOUNT STATEMENT
FOR THE MONTH ENDING MAY 31, 2000
STATEMENT OF INCOME (LOSS)
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TRADING INCOME (LOSS)
Realized Trading Gain/(Loss) $6,601.60
Change in Unrealized Gain/(Loss) $881,354.86
Gain/(Loss) on Other Investments $20.03
Brokerage Commission ($193,006.07)
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Total Trading Income $694,970.42
EXPENSES
Audit Fees 0.00
Administrative and Legal Fees $9,773.01
Management Fees $0.00
Incentive Fees $64,388.00
Other Expenses 0.00
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Total Expenses $74,161.01
Interest Income $101,924.03
NET INCOME (LOSS) FROM THE PERIOD $722,733.44
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STATEMENT OF CHANGES IN NET ASSET VALUE (NAV)
Beginning of Month $21,055,206.57
Addition $236,000.00
Withdrawal ($742,299.10)
Net Income/(Loss) $722,733.44
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Month End $21,271,640.92
Month End NAV Per Unit $99.19
Monthly Rate of Return 3.43%
Year to Date Rate of Return -0.39%
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
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ALLOCATION OF
ASSETS TO ADVISORS
JUN 1 MAY 1
2000 2000
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Beacon
4% 5%
Bridgewater
36% 34%
Grinham
24% 24%
Sunrise
16% 17%
Transtrend
20% 20%
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KENMAR GLOBAL TRUST
MAY 2000 SUMMARY
JUNE 12, 2000
The potential for interest rate increases in the U.S., Europe and elsewhere was
the key focus of investors in May, generating considerable volatility in stock
bond and currency markets. Despite the volatility, Kenmar Global Trust ("KGT")
ended the period up 3.4% benefiting from short-term directional movements in
currencies, global interest rates, global stock indices, energies and rubber.
Positions in grains, metals, tropicals and metals were unprofitable. The Net
Asset Value per Unit of KGT was $99.19 as of May 31, 2000.
We continue to be pleased with the performance of the newly restructured KGT
portfolio, which is demonstrating an ability to capture profit potential in
short-term as well as long-term trend movements. This is an important capability
in today's increasingly volatile markets.
MARKET OVERVIEW
As expected, the U.S. Federal Reserve raised interest rates by half a percentage
point to 6.5%, the highest rate since 1991 and the first time that rates have
been raised by more than a quarter point since 1995. The Fed also signaled that
it was by no means finished raising rates as, thus far, America's overheated
economy had shown few signs of cooling off. By month's end, however, new data
was challenging that outlook. The euro strengthened against the U.S. dollar on
the prospect that America was, indeed, vulnerable to a slowdown. Economic
recovery in the euro-zone was gathering pace and, some investors reasoned the
Euro and European markets in general would benefit from any slump in U.S.
markets. Others worried that a slowdown in U.S. economic growth would weigh on
global growth, including in Asia and, more specifically, Japan as progress there
remained a conundrum. These doubts about the nation's economic recovery were
reflected in the performance of the Nikkei as it fell for much of the month.
Meanwhile, traditional commodity markets kept investors on edge. Prices in the
soybean complex collapsed to their lowest levels in months as fears of a drought
in the U.S. Midwest were eased by rainfall. Prices of crude oil and gasoline
rose again on increasing demand. In the metals, gold fell to a seven-month low
and nickel slipped, dragging all base metals lower.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS
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KENMAR GLOBAL TRUST
MAY 2000 SUMMARY
FUND PERFORMANCE
KGT's largest gains were recorded in currency markets, particularly in the euro,
which reversed its downward course against the U.S. dollar at mid-month. The
euro climbed 3.9% against the dollar, reflecting investor optimism that the
European Central Bank will intervene to stem the euro's recent slide in world
markets. Also supporting the currency was growing evidence of a slowdown in the
American economy compared with strong growth in the euro-zone. Gains were
recorded in the British pound, which fell to a six-year low against the U.S.
dollar. KGT was profitable in all interest rate sectors, with no out-size gains
in any market traded. Positions in European and U.S. stock indices also resulted
in profits; in Asian markets, gains in the Nikkei were offset by declines in the
Hang Seng and Australian All Ordinaire indices. Outside of the financial
markets, KGT benefited from a sharp rise in natural gas prices, which increased
39% for the month. Positions in grains posed the greatest challenge for KGT as
markets seesawed back and forth reflecting changing weather forecasts for key
growing regions.
Attached, please find an Amendment, effective June 1, 2000, to the Kenmar Global
Trust Disclosure Document.
To the best of my knowledge and belief, the above information is accurate and
complete.
Sincerely,
/s/ ESTHER ECKERLING GOODMAN
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
