Global Growth means just that: looking around the world for great companies with growth and solid earnings, improving business models, and the opportunities to profit from all of those factors.

Here are 5 solid global stock plays we recommend right now for your portfolio:

1) Taro Pharmaceutical:

Israel’s Taro Pharmaceutical Industries (NYSE:TARO) pulled back slightly for its first week on the Global Growth Buy List, and this is an exceptional buying opportunity for the stock if you haven’t already entered into a position. Taro Pharmaceutical focuses on topical skincare prescription products—like creams, ointments and gels—and was just recently listed on the New York Stock Exchange from the Pink Sheets, and as a result should be appearing on more and more analysts’ radars in the coming weeks and months.

2) Altisource Portfolio:

Luxembourg’s Altisource Portfolio Solutions  (NASDAQ:ASPS) consolidated a bit this week, dropping to No. 2 on our Global Growth Buy List. This company is a strong way to profit from the foreclosure mess that continues to derail major U.S. banks.

3) Telecom of New Zealand:

Telecom Corporation of New Zealand (NYSE:NZT) will join forces with Paymark Ltd., which processes three-quarters of New Zealand’s electronic card payments, as well as several other telecom companies, in order to create a service that will allow customers to make secure payments, collect loyalty points and use public transport with their mobile phones as a “virtual wallet.”

4) Elan Corporation:

Ireland’s Elan (NYSE:ELN) hasn’t had much news in recent weeks, but the stock continues to be a strong performer on the excitement that its drugs will soon have broader worldwide distribution, including its multiple sclerosis (MS) therapy Tysabri. Elan’s pipeline of potential future releases includes drugs for the treatment of Alzheimer’s disease and Parkinson’s disease.

5) Top Image Systems:

Israel’s Top Image Systems (NASDAQ:TISA) has been a solid performer, and I continue to see additional upside ahead due to its robust revenue growth and notable return on equity.