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The Skandia Property Fund aims to outperform the median fund in the Property Sector, as published by Standard & Poor's Micropal over rolling 3 year periods. It invests in a diversified portfolio of properties. Skandia has appointed a specialist manager to manage the fund, and continuously monitors this appointment. Investments may be made through collective investment schemes or through directly invested portfolios. In the case of this fund, Skandia Life may have to exercise a longer deferral period (for switches and encashments) because the property in fund may not be readily saleable. It should be noted that the value of the property is generally a matter of valuer's opinion rather than fact. The Property Fund should not be viewed as an altenative to Deposit. Because this is a specialist fund there is a much higher risk that switches or encashments will cause Skandia to vary the method of calculating its unit prices to reflect whether it is appropriate to value the assets of the Fund on a purchase or sale valuation.