The Smart Folders section allows you to access saved searches easily. A smart folder is a always updated search query saved as a folder.
You can save Smart Folders from the Search section. after performing a search, you can click on the Save icon to save that search as a smart folder. Once you click on the icon, you will see a small summary of the search query terms and you can assign the name for the Smart Folder.
From the Smart Folders section, you can access and edit all your smart folders.