As a business analyst and investment editor, John Christy III, CFA, has long been recognized as one of the advisory community's leading experts on global investing.

Although he offers global coverage in his Forbes International Investment Report, the stocks he recommends are typically those that can easily be bought, such as ADRs and ETFs, by U.S. investors on domestic exchanges.

Attesting to the diversity of his recommendations Christy looks at two new small-cap positions — an "outsourcing" play based in the Philippines and an advertising company in China — as well as a small-cap fund play on Japan.

"India is not the only game in town when it comes to outsourcing," says Christy, noting that the Philippines has been "quietly" developing its own outsourcing industry. And within this sector, he says, eTelecare Global Solutions, Inc. (Nasdaq: ETEL) is a leading player.

The $200-million-market-cap company is based in Manila, but also has 3,000 employees in the United States. He says that customers include Sprint Nextel Corp. (NYSE: S) and AT&T Inc. (NYSE: T). Its 2007 revenue, he says, should be about $250 million.

Christy says that ETEL went public last March at $13.50, but has since slumped.

"Investors have been nervous about ETEL's exposure to Vonage, one of its key customers. But at less than 11 times estimated 2008 earnings, the market appears to be pricing in a lot of bad news and ignoring ETEL's strong growth potential," Christy says.

Over the next three to five years, he says, analysts expect 20% annualized earnings growth. In time, he says, ETEL should sign up more customers who can offset the Vonage exposure.

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