Smart Content; Sort by Last Update

I've always wondered why the sorting of the Smart Content icons, when "Sort by Last Update" is selected, doesn't sort by the last updated file. Unless, apparently, the name of the file is new. Change the scene/whatever, all you want, but unless you change the file name too it won't pop to the top of the Sort by Last Update/Recent First list. 

Or is there a setting I'm missing?

Thanks.

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