Can't help wondering why Djerriwarrh Investment's shareprice is...

Can't help wondering why Djerriwarrh Investment's shareprice is not higher.

On 3 January 2020 it announced it Net Tangible Asset backing as at 31 December 2019 of $3.27/share after tax.

DJW usually trades at a premium of about 10-20% above Net Tangible Asset backing.

It's shareprice at the time was $3.67

Since 3 January 2020 the ASX 200 is up approx. 6.7% yet DJW is trading at $3.63.

With a 6.7% increase in ASX 200 stocks DJW should be trading closer to $3.87.

Consider how the shareprice each of the top 20 investments it holds (below) have moved since 31 December 2019:-

Djerriwarrh Investments Limited
Monthly Net Tangible Asset Backing Per Share and Top 20 Investments
Before Tax* After Tax*
31 December 2019 $3.28 $3.27

It's shares held reflect closely the ASX 200

DJERRIWARRH INVESTMENTS LIMITED
Total Value
$ million
1 * CBA Commonwealth Bank of Australia 70.3 8.8%
2 * BHP BHP 53.7 6.7%
3 * WBC Westpac Banking Corporation 52.6 6.6%
4 * NAB National Australia Bank 38.7 4.8%
5 * MQG Macquarie Group 38.0 4.7%
6 * ANZ Australia and New Zealand Banking Group 37.9 4.7%
7 * CSL CSL 35.5 4.4%
8 * TCL Transurban Group . 31.9 4.0%
9 * WES Wesfarmers 27.0 3.4%
10 * TLS Telstra Corporation 22.6 2.8%
11 * WPL Woodside Petroleum 22.4 2.8%
12 * SYD Sydney Airport 20.4 2.6%
13 * BXB Brambles 17.8 2.2%
14 * ALX Atlas Arteria 17.6 2.2%
15 * GMG Goodman Group 17.6 2.2%
16 * AMC Amcor 16.9 2.1%
17 * OSH Oil Search 16.3 2.0%
18 * RHC Ramsay Health Care 15.9 2.0%
19 * WOW Woolworths Group 15.0 1.9%
20 * RIO Rio Tinto 13.3 1.7%
581.3
As % of Total Portfolio Value 72.6%
(excludes Cash)
* Indicates that options were outstanding