A Skandia Investment Management fund has returned 30% in its first year of operation, beating 95% of other funds in its sector and vindicating its investment strategy, which has been criticised by rivals.

The Skandia Best Ideas fund, a multi-manager investment vehicle, invests in the top 10 stock picks of a group of global fund managers. The managers are able to hold significant positions in individual stocks, with up to 25% of a manager's allocation invested in a single company.