Carlton Delfeld reveals his latest global ETF picks and warns of leveraged funds.

Q. Carlton, in your last newsletter, you commented on the low valuations of several global markets, including Ireland, Singapore, UK, and Sweden, among others. Have you since added any ETFs from these regions to your portfolios?

A. Yes, I have added iShares MSCI South Africa Index (NYSEArca: EZA), iShares MSCI Singapore Index (NYSEArca: EWS), and the iShares MSCI United Kingdom (NYSEArca: EWU). South Africa is in part a currency and commodity play. The United Kingdom is very much predicated on global financial recovery, and Singapore will likely be a core holding.

Q. Each of these regions seems to have its own stress points right now. Do you think that South Africa is particularly vulnerable to a global slowdown? Hasn't Singapore been hit hard by the bear market in China? And isn't the UK just moving into a housing decline that may rival that of the US?

A. South Africa, China and the UK are all trading at attractive valuations. They all have challenges. The South Africa Rand has been a strong currency and will come back with higher gold prices, the UK is already moving through the housing issue and its financial-oriented market has already been hammered. Lastly, Singapore is a very high-quality China play.