When searching for the word 'managed', the result page displays content nodes with 'managed' in their description or title, but folder are not shown. 'Data Dictionary' should be found, as its description matches.
I think it's a bug in 'SearchContext code', and so I have raised an issue (http://issues.alfresco.com/browse/AWC-1458), but I wanted to know if anybody else is having this problem.