We attended the biannual International Dental Show (IDS) from March 12 to 16 2019 in Cologne, Germany, including a booth tour, the Straumann investor breakfast and expert and management conversations.
IDS is the landmark trade summit in dentistry with more than 140’000 visitors and ~2’300 exhibitors from around the world. Given the huge audience and the biannual frequency dental supply manufactures use the IDS traditionally to showcase their newest product innovations. However, this year we had the impression that introductions overall were more evolutionary. Digitalisation of dentistry remains the hot topic with intra oral scanners seen as gateway technology.
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.