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KENMAR GLOBAL TRUST
UNAUDITED ACCOUNT STATEMENT
FOR THE MONTH ENDING JULY 31, 2000
STATEMENT OF INCOME (LOSS)
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TRADING INCOME (LOSS)
Realized Trading Gain/(Loss) ($357,355.50)
Change in Unrealized Gain/(Loss) $119,597.55
Gain/(Loss) on Other Investments ($777.66)
Brokerage Commission ($186,559.98)
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Total Trading Income ($425,095.59)
EXPENSES
Audit Fees $0.00
Administrative and Legal Fees $9,480.00
Management Fees $0.00
Incentive Fees $0.00
Other Expenses $0.00
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Total Expenses $9,480.00
Interest Income $99,134.60
NET INCOME (LOSS) FROM THE PERIOD ($335,440.99)
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STATEMENT OF CHANGES IN NET ASSET VALUE (NAV)
Beginning of Month $20,351,994.99
Addition $69,000.00
Withdrawal ($521,899.32)
Net Income/(Loss) ($335,440.99)
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Month End $19,563,654.68
Month End NAV Per Unit $95.86
Monthly Rate of Return -1.65%
Year to Date Rate of Return -3.73%
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
AUG 1 JUL 1
2000 2000
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Beacon
4% 4%
Bridgewater
38% 37%
Grinham
23% 24%
Sunrise
16% 16%
Transtrend
19% 19%
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KENMAR GLOBAL TRUST
JULY 2000 SUMMARY
AUGUST 14, 2000
Kenmar Global Trust (KGT) ended July down 1.7%, net of fees and expenses. There
were no outstanding gains or losses in the month; instead, performance was
negatively impacted by cumulative small losses in currencies, global stock
indices and energies. Positions in global interest rates, metals, grains and
tropicals generated gains. The Net Asset Value per Unit of KGT was $95.86 as of
July 31, 2000.
MARKET OVERVIEW
The only thing constant in the financial markets, year-to-date, has been the
volatility, and July was no exception. Before recent data showing strong U.S.
growth, investors were cautiously optimistic that the Fed would leave rates
unchanged. There is less optimism today, but no consensus either, regarding the
near-term outlook for interest rates in the U.S. or elsewhere. European bonds
were mixed but prices tumbled at month-end on the stronger-than-expected U.S.
data. Meanwhile, the path of least resistance for the euro was still down,
despite evidence of economic strength in the euro-zone; by month-end the euro
was threatening to slide back toward its record low against the U.S. dollar.
Exacerbated by recent weakness in Japanese stocks, a lack of confidence in the
nation's economic recovery, and corporate bankruptcies, the yen also proved
vulnerable, dropping sharply against major currencies during the month.
Surpluses continued to depress world prices in agricultural commodities, except
for sugar where expectations of a supply shortfall boosted prices to the highest
level in over two years. Elsewhere, palladium prices rose sharply following
repeated export delays from Russia.
PERFORMANCE SUMMARY
Energies proved most challenging for KGT as individual markets grew more
volatile. Crude oil prices fell at the outset on expectations that Saudi Arabia
would increase production, but prices soared at mid-month after OPEC took a
production hike off the agenda. The news surprised the market but was soon
followed by reports that Saudi Arabia would increase
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
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KENMAR GLOBAL TRUST
JULY 2000 SUMMARY
output despite opposition by other OPEC members, pushing prices lower again.
Except for small gains in gasoline, positions in energies were unprofitable.
Elsewhere, KGT recorded gains in the Japanese yen, as the currency fell against
the U.S. dollar; these gains were largely offset by unprofitable positions in
the euro. Meanwhile, small profits in U.S. stock indices were offset by
unprofitable positions in European and Pacific Rim stock indices. European and
Pacific Rim interest rates, on the other hand, were profitable for KGT,
offsetting declines in the U.S. sector. Gains in metals chiefly reflected
profitable positions in copper as prices continued to rise on increasing demand
and in gold where prices fell following disappointing bids at the latest Bank of
England auction. Meanwhile, sugar prices reached their highest level in two
years on continued expectations for a supply shortfall. Positions in sugar
contributed to gains for KGT in tropicals.
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
