Stock Picks for a Well Balanced International Portfolio

Are you looking for an international portfolio that is poised for aggressive growth and that keeps an eye on dividends as well?

I've been doing some research the past weeks, looking for great technicals and fundamentals, and finally I have come up with the following allocations.

I live in Italy, so this portfolio comprises a couple of stocks and one ETF from the Milan Stock Exchange; the rest is traded in the US.

10% Alerion (Milan:ARN.MI) a small cap holding ($ 400M) that invests in other companies - currently holds interests in alternate energies, real estate and financials - has seen a recent surge in volume and price on positive news and guidance

10% Strategic Hotels and Resorts (BEE) mid cap REIT - yields a 4% dividend and the price has recently hit a new 52 week high - solid fundamentals

10% Constellation Energy Partners (CEP) - besides an announced rich dividend north of 7%, since the recent IPO the priced has moved only one way: up. Shares have appreciated more than 50% since the IPO and the uptrend shows no signs of stopping.

5% Draxis Health (DRAX) - They recently posted record earnings and cash flow for 2006 - This small cap pharma hit a fresh 52 week high on march 6th.

10% Eems (Milan:EEMS.MI) - Small cap tech stock - This italian company is a market leader in semiconductor and subsystem assembly and test services - production facilities are located in China and Singapore - Citigroup raised target price after the announcement they are going to produce photovoltaic modules in 2008.

10% IShares Malaysia (EWM) - I see a great growth potential in Malaysia in the upcoming years; the recent increase in interest and price in this ETF is a confirmation something is going the right way.

15% IShares Asia Properties (Milan:IASP.MI) - Looks like Ishares hasn't issued a US counterpart to this ETF traded in the european exchanges; it tracks shares from REITs in Australia, Hong Kong, Singapore and Japan. It should yield a hefty dividend.

10% Ship Finance Intl. (SFL) - Great fundamentals and a fat yield of 8% for this company that engages primarily in the ownership and operation of oil tankers. Chart is looking good too.

20% iShares Lehman Aggregate Bond (AGG) - this ubiquitous ETF balances our portfolio - no risk and a dividend yield of almost 5%

Disclosure: Author holds positions in the above-mentioned securities.