Since our portfolio’s inception (March 17) through June 2, it’s declined 2.7 percent. While our goal is to generate absolute positive returns through a total return approach to portfolio management –we hold ETFs representing equities as well as bonds– that’s a respectable performance considering that during the same period the S&P 500 has declined by 8.5 percent.

An even more accurate comparison given our portfolio’s global scope is the MSCI EAFE Index, which measures the equity market performance of the developed markets of Europe, Australasia and the Far East. It’s lost 16.1 percent.

While you can treat each of the recommendations as individual trades in your portfolio, given our emphasis on a balanced portfolio, the key to your successfully using Global ETF Profits is to hold all of our portfolio recommendations while being mindful of only purchasing shares when they’re under our buy targets.

With that in mind, let’s review our portfolio components:

We timed the additions of iShares MSCI BRIC Index (NYSE: BKF) and iShares MSCI South Korea Index (NYSE: EWY) to perfection: They’ve gone a long way towards boosting returns. And the Income & Hedges component of our portfolio deserves the lion’s share of the credit after returning 2.8 percent.

Safe haven buying of gold and US dollars drove a better-than 10 percent return in SPDR Gold Trust (NYSE: GLD) and almost 3 percent return in iShares Barclays 3-7 Year Treasury Bond (NYSE: IEI). All remain buys under our recommended prices.

Despite a pullback in WisdomTree Dreyfus Indian Rupee (NYSE: ICN), our South Korea ETF pulled our Short-Term Opportunities portfolio into the green with an overall return of 1.8 percent.

We suspect that we’ll see a turn in the rupee in the short-term because the Reserve Bank of India is likely to tighten rates after an 8.6 percent surge in year-over-year GDP growth in the first quarter and inflation running around 10 percent. That will draw the attention of the currency traders and make Indian assets more attractive, which should create a pop in our rupee leveraged ETF. WisdomTree Dreyfus Indian Rupee remains a buy under 27.

Our Growth portfolio has performed largely in line with the broader markets, giving up 10.1 percent since inception.

Market Vectors Agribusiness (NYSE: MOO) has been the biggest drag on performance and one almost has to wonder if the cow isn’t being dragged into the slaughterhouse.

But hold the view that there’s opportunity in the fact that the world’s population is rapidly growing and is expected to reach 9.2 billion by 2050 even as the arable land is in increasingly short supply. And traditional diets in many parts of the world are rapidly evolving to include more meat, fruits and vegetables that are extremely agriculture-intensive.

Because of those trends the mechanization of farming and high-technology methods are fast becoming the norm. Technologies that allow for substantial increases in yields per acre and protection against crop destruction are also more relevant than ever. Market Vectors Agribusiness is long all of those themes and remains a buy.

Portfolio Moves

As Yiannis points out in our feature article, on May 25 we issued a flash alert in which we added iShares Global Technology (NYSE: IXN), iShares MSCI BRIC Index (NYSE: BKF) and iShares MSCI South Korea Index (NYSE: EWY) to our portfolios for reasons that he explained.

Note that our buy targets on iShares MSCI BRIC Index and iShares MSCI South Korea Index have been raised to 44 and 47, respectively.