The financial services firm surveyed 205 UK financial advisers to assess their views on the asset classes they expect to perform best and worst for clients over the next 12 months.
The survey found that emerging market equities (15%) was also ranked highly by advisers.
UK equity funds have seen record outflows since the referendum to leave the European Union in June 2016; but, despite this, advisers (14%) placed it in third placed.
Nick Dixon, investment director at Aegon, said: “In this highly volatile investment landscape, advisers are right to question whether the longest bull market in history could be coming to an end.
“When it comes to investment decisions, advisers and investors are having to face a number of concerns head on.
“This includes the impact of geopolitical stress on emerging markets, equity valuations, and potential impact of Brexit on UK equities.”
While cash may be viewed by some as a safe haven during times of volatility, research shows that advisers expect cash (24%) to be the worst performing asset over the next year.
UK gilts are ranked in second place (19%) with corporate bonds in third (8%).
A fifth (22%) of advisers said they were unsure of the asset class they would predict to generate the best returns over the next 12 months.
Dixon added: “Our research shows that advisers remain level-headed in the face of a very fickle market.
“Advisers are right to remain focused on long-term returns, diversification, and avoid reacting to fast moving market conditions.”