SQC Research 2026 Market Recovery Portfolio – up over 5.4% in three days

Mark Watson-Mitchell - 26.03.2026

Last Monday morning, 23^rd March, I was reminded by a reader that six years ago, on Tuesday 24^th March 2020, I published a Covid-19 Market Recovery Portfolio of ten stocks – it scored well, with a 48.35% gain in less than three months, triple the performance of the FTSE100 in the same period.

By 8.30am on Monday, the FTSE100 stood at 9750, within three hours it was down another 33 points to 9717.

However, my choices were made within minutes of the opening.

This week’s selection of stocks will not surprise many regular readers.

But I make no promises of similar reaction to come, instead using it as a point of reference should help in terms of performance.

The SQC Research 2026 Market Recovery Portfolio (23.03.2026)

The ten companies selected were as follows:

AO World (LON:AO.) @ 85p

Ashtead Technology Holdings (LON:AT.) @ 390p

Chemring Group (LON:CHG) @ 485p

Costain Group (LON:COST) @ 177p

Currys (LON:CURY) @ 128p

Filtronic (LON:FTC) @ 145p

James Fisher & Sons (LON:FSJ) @ 470p

Ramsdens Holdings (LON:RFX) @ 340p

SigmaRoc (LON:SRC) @ 108p

SRT Marine Systems (LON:SRT) @ 78p

The Constituents

AO World (LON:AO.) @ 85p

Based in Bolton this group is the UK's ‘most trusted online electricals retailer’, offering major and small domestic appliances and a growing range of mobile phones, audio visual, consumer electricals and laptops.

It also provides ancillary services such as the installation of new and collection of old products and offer product protection plans and customer finance.

The group’s musicMagpie subsidiary operates a leading UK re-commerce platform enabling consumers to buy and sell pre-owned consumer technology and media products.

AO Business serves the B2B market in the UK, providing electricals and installation services at scale.

The business also has a WEEE processing facility, ensuring customers' electronic waste is dealt with responsibly.

Market Capitalisation: £493m

Profile 18.06.25 @ 100.30p set a Target Price of 120p*

Last SQC Research comment 17.12.25

Ashtead Technology Holdings (LON:AT.) @ 390p

This group is a leading subsea technology solutions provider to the global offshore energy sector.

Its specialist equipment, engineered solutions, technical expertise and support services enable its customers to understand the subsea environment and manage offshore energy production infrastructure.

The group operates globally, servicing customers from its facilities located in key offshore energy hubs.

Market Capitalisation: £313m

Profile 26.08.25 @ 344p set a Target Price of 430p*

Last SQC Research comment 19.03.26

Chemring Group (LON:CHG) @ 485p

This FTSE-250 global business specialises in the manufacture of high technology products and the provision of services to the defence, security and aerospace markets.

It employs some 2,700 people worldwide, with production facilities in four countries, meeting the needs of customers in more than fifty countries.

Offering a diverse portfolio of products that deliver high reliability solutions to protect people, platforms, missions and information against constantly changing threats, it is organised under two strategic product segments: Sensors & Information and Countermeasures & Energetics.

Market Capitalisation: £1.3bn

Profile 04.12.25 @ 475p set a Target Price of 550p

Last SQC Research comment 24.02.26

Costain Group (LON:COST) @ 177p

With a record £7bn order book, the group improves people's lives by creating connected, sustainable infrastructure that enables people and the planet to thrive.

Through the delivery of predictable, best-in-class solutions across the transport, water, energy and defence markets, it is creating a sustainable future and securing a more prosperous, resilient and decarbonised UK.

Market Capitalisation: £475m

Profile 02.03.26 @ 182p set a Target Price of 210p

Last SQC Research comment 18.03.26

Currys (LON:CURY) @ 128p

This group is a leading omnichannel retailer of technology products and services, operating online and through 702 stores in 6 countries. 

In the UK & Ireland it trades as Currys and in the UK, it operates its own mobile virtual network, iD Mobile, while in the Nordics it trades under the Elkjøp brand.

It is the market leader in all of its markets, able to serve all households and employing more than 25,000 capable and committed colleagues.

The group's operations include one of Europe's largest technology repair facilities, a sourcing office in Hong Kong and an extensive distribution network, centred on Newark in the UK and Jönköping in Sweden, enabling fast and efficient delivery to stores and homes.

Market Capitalisation: £1.45bn

Profile 19.02.26 @ 155.90p set a Target Price of 190p

Last SQC Research comment 24.02.26

Filtronic (LON:FTC) @ 145p

This Sedgefield-based group is at the leading edge of advanced microelectronics globally, specialising in the design and manufacture of mission-critical communication networks.

Operating from two global manufacturing sites and three engineering centres of excellence, the company delivers solutions that span the full RF spectrum.

It has an extensive patent portfolio highlighting its ongoing drive for innovation and technological leadership and is trusted across high-performance sectors including space, aerospace, defence, telecoms infrastructure and critical communications.

Its expertise enables seamless data transmission, delivering greater bandwidth, lower latency and enhanced connectivity.

The strategic markets of LEO space, aerospace and defence are the focus of current product development programmes, where it can add significant value, realise long-term sustainable margins and deliver shareholder value.

Market Capitalisation: £317m

Profile 04.02.26 @ 186p set a Target Price of 232p

Last SQC Research comment 19.02.26

James Fisher & Sons (LON:FSJ) @ 470p

This group, which is a leading provider of unique marine solutions in Energy, Defence and Maritime Transport, pioneers safe, innovative solutions that solve complex customer challenges for industries and governments around the world. 

Market Capitalisation: £237m

Profile 24.02.26 @ 498p set a Target Price of 580p

Last SQC Research comment 19.03.26

Ramsdens Holdings (LON:RFX) @ 340p

is a growing, diversified, financial services provider and retailer, operating in the four core business segments of foreign currency exchange, pawnbroking loans, precious metals buying and selling and retailing of second hand and new jewellery. 

The Teesside-based group operates from 172 stores within the UK (including one franchised store) and has a growing online presence.

It is fully FCA authorised for its pawnbroking, credit broking activities and as an authorised payments institution.

Market Capitalisation: £109m

Profile 15.12.25 @ 357.50p set a Target Price of 440p

Last SQC Research comment 18.03.26

SigmaRoc (LON:SRC) @ 108p

This group has developed into a leading lime and minerals group targeting quarried materials assets in the UK and Northern Europe.

Lime and limestone are key resources in the transition to a more sustainable economy.

New applications for lime and limestone products as part of a drive for sustainability include the production and recycling of lithium batteries, the decarbonisation of construction including through substitution of cementitious material and new building materials, and environmental applications including lake liming, air pollution and direct air capture.

The group seeks to create value by purchasing assets in fragmented markets and extracting efficiencies through active management and by forming the assets into larger groups.

Market Capitalisation: £1.2bn

Profile 24.07.25 @ 113p set a Target Price of 140p*

Last SQC Research comment 12.03.26

SRT Marine Systems (LON:SRT) @ 78p

This group is a global provider of civil defence maritime intelligence and surveillance systems, as well as navigation safety and efficiency solutions.

Its systems provide MDA intelligence that enables sovereign agencies such as coast guards and fisheries authorities to adopt a new nationwide intelligence-led operations doctrine that is highly effective and efficient for maritime safety and security.

SRT navigation safety systems enable vessel operators to navigate digitally more safely and efficiently.

The group’s customers range from government agencies, such as coast guards, fisheries authorities, and ports and waterways authorities, to commercial and leisure vessel owners.

Market Capitalisation: £195m

Profile 03.09.25 @ 80p set a two-year Target Price of 150p

Last SQC Research comment 16.03.26

Conclusion – this virtual portfolio has performed satisfactorily with a 5.42% increase in three days.

The worst performer is James Fisher & Sons, down 0.85% in the period, while the three best performers are Costain Group, up 8.14%, SigmaRoc, up 12.96%, and Filtronic, up 26.90%.

On the Up again

mark@sqcresearch.com