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 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.
Healthcare started 2021 on a very positive note, outperforming most of the other sectors (Energy, 3.0%, being the sole exception). The MSCI World Healthcare Net Return (NR) Index gained 1.1% in January 2021, while the MSCI World NR Index declined 1.0%.
The MSCI World Healthcare Net Return (NR) Index rose by 9.0% in November 2020 and the MSCI World NR Index gained 12.8%. November was the best month for global equities year-to-date (12.8%), with cyclicals outperforming defensive sectors.