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ALLOCATION OF
ASSETS TO ADVISORS
MAR 1 FEB 1
2000 2000
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Beacon
4% 4%
Bridgewater
34% 32%
Grinham
24% 25%
Sunrise
17% 18%
Transtrend
21% 21%
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KENMAR GLOBAL TRUST
FEBRUARY 2000 SUMMARY
March 13, 2000
Kenmar Global Trust ("KGT") ended February essentially flat (-0.2%), with
neither out-sized gains nor losses. KGT recorded gains in energies, global stock
indices, currencies and tropicals. Positions in global interest rates, metals,
grains and meats were unprofitable overall. As of February 29, 2000, the Net
Asset Value per Unit was $99.98, net of all fees and expenses.
As explained in our letter last month, the restructured KGT portfolio consists
of 60% fundamental (non-technical) and short-term trend followers -- a strategic
shift reflecting the increasing volatility of markets. In volatile markets,
where trends are few, this mix of trading strategies is designed to lower risk
and provide a more consistent level of returns over the long term. While we are
encouraged so far by KGT's ability to navigate the increasingly choppy financial
markets, we will continue to monitor the results of our recent trader changes in
the months ahead.
MARKET OVERVIEW
America's economy began its 107th month of growth in February. The U.S. Federal
Reserve, concerned that the economic boom is triggering inflationary pressures,
raised interest rates again by a quarter-point to 5.75% and hinted at additional
rate hikes in March. Elsewhere, euro-zone inflation hit its highest level since
January 1997, forcing the European Central Bank (ECB) to raise a key interest
rate. Despite the February rate increase, the euro fell to new lows against its
major counterparts as the ECB indicated that no further rate hikes would be
forthcoming. Meanwhile, economic reports out of Japan raised the possibility
that the nation was slipping back into recession. Global equity markets moved in
two spheres: almost irrespective of economic reports, the New Economy sector
roared ahead, leaving most Old Economy stocks in correction territory, despite
occasional spikes upward. Global bond markets were volatile, largely following
the gyrations of the stock markets. Energy markets continued to capture
headlines, with crude oil reaching $30 a barrel. In the metals markets,
palladium prices rocketed higher; platinum prices also soared on supply
concerns.
FUND PERFORMANCE
Modest gains were recorded in energies, as crude oil prices continued their
drive upward, surpassing $30 a barrel during the month. Also profitable for KGT
were positions in the S&P 500 index, which declined for the period. Elsewhere
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS
<PAGE>
KENMAR GLOBAL TRUST
UNAUDITED ACCOUNT STATEMENT
FOR THE MONTH ENDING FEBRUARY 29, 2000
STATEMENT OF INCOME(LOSS)
-------------------------
TRADING INCOME(LOSS)
Realized Trading Gain/(Loss) ............................... ($ 88,173.70)
Change in Unrealized Gain/(Loss) ........................... $250,501.78
Gain/(Loss) on Other Investments............................ $3,922.70
Brokerage Commission ....................................... ($211,088.65)
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Total Trading Income ($ 44,837.87)
EXPENSES
Audit Fees ................................................. $0.00
Administrative and Legal Fees .............................. $ 61,874.49
Management Fees ............................................ $ 25,914.85
Incentive Fees ............................................. $0.00
Other Expenses ............................................. $0.00
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Total Expenses ............................................. $ 87,789.34
Interest Income ............................................ $ 96,426.70
Net Income(Loss) from the Period ........................... ($ 36,200.51)
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STATEMENT OF CHANGES IN NET ASSET VALUE (NAV)
Beginning of Month ......................................... $23,027,849.10
Addition ................................................... $ 204,000.00
Withdrawal ................................................. ($ 671,988.08)
Net Income/(Loss) .......................................... ($ 36,200.51)
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Month End .................................................. $22,523,660.51
Month End NAV Per Unit ..................................... $99.98
Monthly Rate of Return ..................................... -0.16%
Year to Date Rate of Return ................................ 0.41%
To the best of our knowledge and belief, the information
above is accurate and complete:
Kenneth A. Shewer, Chairman Marc S. Goodman, Presidnet
Kenmar Advisory Corp., General Partner of
Kenmar Global Trust
<PAGE>
KENMAR GLOBAL TRUST
FEBRUARY 2000 SUMMARY
KGT generated profits in the Japanese yen, which lost ground against the U.S.
dollar on disappointing economic reports out of Japan. In the traditional
commodities, KGT generated profits in tropicals, chiefly in coffee, cocoa and
sugar. Prices of all three commodities fell on continued over-supply worldwide.
Except for Pacific Rim rates, positions in global interest rates were
unprofitable. Bond markets in Europe and the U.S. became more volatile,
reflecting sharp swings in global equity markets. In the Pacific Rim, the
deteriorating outlook for economic recovery in Japan boosted Australian
government bond prices on expectations that the potential for inflation would
lessen in Australia; the two economies are linked by trade between the two
nations. KGT recorded gains in the Australian 10-year bond, Australian bank
bill, euroyen and Japanese Government bond. In the metals, small gains in
precious metals were offset by unprofitable positions in base metals.
Your K1 was mailed during the first week of March. If you have not received it,
please let us know.
To the best of my knowledge and belief, the above information is accurate
and complete.
Sincerely,
/s/ ROBERT L. CRUIKSHANK
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Robert L. Cruikshank
Executive Vice President
Kenmar Advisory Corp., as Managing Owner
Kenmar Global Trust
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS
