From October 16th to 18th 2019 we have attended the 64th EUHA (European Association of Hearing Acousticians) congress in Nuremberg, Germany. With more than 8’000 participants, 140 exhibitors and 20 expert lectures the EUHA congress is among the largest in the world in this field.
For the major hearing aid manufacturers, the focus this year was on form factor or category additions to existing platforms rather than new launches (Sivanto’s “Xperience” being the exception). With current platform cycles of 2 to 3 years, this was highly expected, as the current technology platforms in place are relatively young in age (Widex Evoke launched in April 2018 and being the oldest in the peer group).
The MSCI World Healthcare NR Index gained 3.0% in June, while the MSCI World NR Index rose 1.5%. The decline in 10-year yields provided a booster shot to growth stocks, relative to their value peers. It is likely that the next months will continue to be dominated by debates on Fed and interest rates topics, and related growth/value factor pivots. More clarity on tapering can be expected after the summer break and the Jackson Hole summit.
Kieger AG is a main sponsor of the ”Swiss Sustainable Investment Market Study 2021”. This sponsored page by our Kieger Healthcare Portfolio Managers Urban Fritsche and Dr. Maria Specogna discusses: “Covid-19: a trigger for impact investors in global healthcare”.
In May, Healthcare gained 2.1%, while Global Equities rose 1.6%. The shift into value at the expense of growth and momentum continued over the past weeks, with Energy, Financials and Materials posting the top performances. IT returns, given the sector’s growth characteristics, were again subdued.