I have a number of smart folders that do not appear to behave as I expect them to. I have a set of conditions in the smart folder definition that should determine which records show in the smart folder. The criteria are a set of tags - a record needs to have all the tags to show in the smart folder. Instead, the smart folder shows records that have some, though not all of the tags.
For instance, I have a smart folder where the search is set to look inside records, all subfolders and mailboxes - so everywhere. I then set the conditions to include All of the following, with one condition - Tags contains all of, and then an enumeration of tags. The smart folder shows records that do not include all of the tags, but just a couple.