Argentina is attracting back international investors through its debt restructuring programs and growth.

Stocks there have gained an average of 50%, the best performance of the major Latin America countries, so far this year. This week, the government again offered its creditors long-term government securities in exchange for $6.1 billion of debt.(It completed a similar program worth $12.2 billion in June). Along with better access to debt markets, the country's fundamentals should continue to improve in 2011. The central bank forecasts the economy will grow 9 percent this year, the fastest pace since 2005. Despite the upcoming presidential elections, Argentina's recovery will still benefit from higher exported commodity prices and strong growth in Brazil, the main destination for the country’s products.

On top of this, higher infrastructure investment will have an impact on the Argentine stocks in our portfolio.

Top performers in our coverage universe over the last week were:

• YPF S.A. (NYSE:YPF) +17.1%
• Brasil Telecom S.A. (NYSE:BTM) +8.9%
• Cemex SAB de C.V. (NYSE:CX) +5.6%
• Grupo Financiero Galicia S.A. (NasdaqSC:GGAL) +5.4%
• Cosan Limited (NYSE:CZZ) +5.3%