Depending on the option chosen in Tools > Query Options > Gift Processing > Credit Soft credits to, you'll receive the following result:
Soft credits to Donor: Only the donor's record (Angela Diresta) is checked for the Constituency Code. The gift is excluded because the donor has the Constituency Code.
Soft credits to Recipient: Only the recipient's record (Joseph Diresta) is checked for the constituency code. The gift it included because the recipient does not have the Constituency code.
Soft credits to both: Both constituent records are checked for the constituency code. Because the Donor HAS it, the gift is removed from the results. We have told query NOT to include the gift in the group of records we're creating. Even though the recipient doesn't have the constituency code, that gift has already been removed because of the donor's constituency code.
Note: This only occurs in a Gift query and not in a constituent query, because the constituent query is looking at each constituent record. This means that Angela Diresta is excluded from the results, but Joseph Diresta is not. The soft credit that exists on his record can then be included in the output of the query.
For more information on how negative operators can affect query results, see Records are excluded when querying using the does not equal operator.