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.
In April, Healthcare rebounded after a subdued Q1, with the MSCI World Healthcare NR Index gaining 3.8% during the month. The MSCI World NR Index increased 4.7%. Re-opening/cyclical sectors suffered a temporary sharp selloff during the month. 10-year Treasury yields also backed down (from a peak of 1.74% at March-end to 1.64% today), potentially indicating some risk that it is too early to sound the all-clear on COVID-19.
Global equity markets remained volatile throughout the month due to news surrounding re-opening of economies, upward moving Treasury rates, fears of new COVID-19 waves and political/medical interfering with AstraZeneca’s vaccine. The MSCI World Healthcare NR Index gained 2.5% in March, while the MSCI World NR Index rose 3.3.
The MSCI World Healthcare NR Index returned -2.7% in February, while the MSCI World NR Index rose 2.6%. During the last week of the month, many sectors took a hit because of rising 10-year Treasury rates (now at their highest levels in a year), enhancing on one hand the attractiveness of bonds vs. Equities and on the other hand propelling cyclical stocks.