TheStreet.com Ratings: Five ETFs to Own

Spring is in the air. And at this time of year, our minds turn to growth.

With first-quarter earnings season looming and the International Monetary Fund reiterating its forecast on growth rates, I dug through TheStreet.com Ratings' database to come up with five region-specific exchange-traded funds I think would make a good addition to almost any portfolio.

It is no surprise that three of the top five ETFs on the list would be from the Pacific region. First on the list is iShares MSCI Singapore(EWS Quote), which recovered from the China scare during the early days of March to post a return of 10.5% for the first quarter.

As pointed out last week in a ratings article on overseas investing, Singapore clearly has the best economic statistics, not only in the region but, arguably, in the world. For investors committed to the region and concerned about the state of the Chinese economy, Singapore offers the best option as a safe haven. iShares MSCI Singapore seeks to track the MSCI Singapore Free Index and invests half its assets in the banking and real estate sectors.

Next on the list is iShares MSCI Malaysia (EWM Quote) with a total return of 19% for the first quarter. The ETF consists primarily of those stocks traded on the Bursa Malaysia, formerly known as the Kuala Lumpur Stock Exchange. Commercial banks and financials represent 29% of the ETF. The tourism industry is also well represented --11% of the fund is in hotels, restaurants and leisure.

Malaysia, where about 60% of the population is Muslim, is positioning itself as a center for Islamic capital markets, competing with Bahrain and other Persian Gulf states.

In recent comments, its prime minister noted that Islamic financial assets account for more than 12% of the country's total banking assets. Last week, the Malayan Banking Berhad, Malaysia's biggest bank, announced plans to raise $300 million in its first overseas debt sale that complies with Islamic law.