Djerriwarrh Investments is trading at the biggest premium to its net assets of any mainstream listed investment company. Its focus on yield attracts investors who are otherwise unnerved by shaky equity markets. Djerriwarrh has a conservative investment mandate, and it avoids investing in speculative resources and retailers. That approach caused it to underperform its peers when resources stocks ran hard. The company posted a 9.5 per cent drop in net profit to $23.1 million for the half year to December 31, due to unrealised losses. Like many fund managers, Djerriwarrh is awaiting a sustained return of investor confidence. It claims to focus on long-term portfolio performance, although its results are mixed: over the past 10 years it has underperformed the S&P/ASX 200 by an average of 0.40 percentage points, and outperformed by 1 percentage point over five years on average. It also uses option income to boost yield in volatile markets.