Defined Name used in Formula within Conditional Formatting

Result I want - highlight any cell that has the matching text from a list on another sheet that has a defined name

I have selected a group of cells on a worksheet and named this "AgedInv"
In conditional formatting, I have placed this formula - =SUM(COUNTIF(A4,"*"&AgedInv&"*"))
Then I choose to have the formatting result in red font for matching the text in the defined name list

Either I haven't noticed this previously or something has changed, but all of a sudden there are inconsistencies in the data that is changed to red font. Some highlighted results are not on the Defined list and some on the defined list are not highlighted.

I attached sample workbook. Does anyone have any ideas about what the issue is?