European equities are gaining fans in the new year.

Investors poured the most money since June 2017 into the Vanguard FTSE Europe ETF, the biggest exchange-traded fund for the region’s stocks. The ETF saw inflows of $234 million in the latest session that Bloomberg has data for. The fund is on track for a third consecutive month of inflows.

European equities surged 23% last year in the best performance since 2009, helped by global risk-on sentiment and optimism that the U.K. won’t crash out of the European Union without a deal. While this year started off on a volatile note because of worries over U.S.-Iran tensions, stocks have extended the rally as those concerns faded quickly and the U.S.-China phase-one trade deal boosted markets.

Low investor positioning, which offers ample room for new investments, has been among the factors cited by forecasters in their bullish calls for European stocks.

Strategists at JPMorgan Chase & Co. and Credit Suisse Group AG were among those that recommended buying European equities in the fall, citing the valuation discount versus the U.S. and bets of a macro recovery fueled by monetary stimulus.

This article was provided by Bloomberg News.