In this Q&A, our CEO Shane Tremeer reflects on the year that was, what we learned, and where we’re heading next.
- When you look back at 2025 as a whole, what stands out most to you?
A year with a dizzying number of highs and lows. Looking back, we see stellar market performance, the ZAR at a three-year high, a ratings upgrade, lower interest rates, and the extremely successful hosting of the G20. Yet, this didn’t play out in a straight line. Remember Liberation Day and the tariff tantrum in April, when the worst was expected and priced into most global assets except gold? That was only eight months ago!
- What surprised you this year, whether in markets or inside the business?
The resilience of the people of South Africa, and this filters through to markets and to our own business, Denker Capital.
- What do you hope clients valued most about Denker Capital in 2025?
Our accessibility (and investment returns!).
- What did you learn from clients and intermediaries this year?
Trust doesn’t just happen. But if you stay the course and deliver what you say you will, green shoots of magic start appearing all over.
- What did this year teach us about who we are as a business?
As we turned 10, we’ve graduated to an extent. We’re no longer a fledgling or a start-up, and I get the feeling that this is recognised by ourselves, our clients and our industry peers.
- Which of our values showed up most clearly within the business in 2025?
Commitment. We’ve had our best year on record, and this required serious commitment from all staff. Everyone pitched in to make this possible.
Our vision is to be our client’s greatest discovery, and while it’d be both presumptuous and incorrect to say that we are, I think we made some really positive strides this year.
- How do we plan to strengthen as a business in 2026?
We’re growing our staff complement in both business development and the investment team. We’re also running several projects aimed at improving our clients’ experience.
- What’s one team tradition that always lifts the mood, no matter what markets are doing?
The Quarterly Kuier – a lunchtime tradition where individual performances are recognised, business successes celebrated, and delicious (mostly) Denker-prepared food is served.
- If the team had to survive on a desert island using only the skills they bring to work, what would keep them alive longest?
Self-belief.
- What’s your core message to clients as we head into 2026?
A year ago, I said: “For the first time in more than a decade, I am cautiously optimistic that we are on the cusp of a long overdue cycle of economic growth and significantly stronger markets. Why? Because periods of (relative) political stability, declining inflation and interest rates, and undervalued assets, invariably lead to increased optimism and investment, which in turn leads to economic growth, earnings growth and asset price growth.”
I may have jumped the gun in certain areas, but heading into 2026 it’s fair to say that my caution has reduced slightly, while my optimism has surged. Thank you to our longstanding clients, and a warm welcome to the many new ones that joined our fold this year. I hope I’m right about 2026.
