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Skandia Distribution Portfolio, as with all Skandia products is a manager of manager or fund of funds product. That is Skandia's well resourced fund analysis team select external managers to manage the various asset classes of the fund. The advantage of this is that the best managers from different fund management groups can be contracted to manage separate portions of the fund. The resulting overall combined portfolio benefits not only from some of the best managers available but also from a high degree of diversification at stock level.
Fund managers are picked using the "four P's", philosophy, process, people and performance. Skandia themselves have no style bias but may choose managers with stylistic leanings.