No matches from MT when string begins with hotkey

I do a lot of software localization and I've run into a potential bug with MT. When the first word in the Source string begins with a placeholder (e.g. &Image Effects`SE) then MT shows no matches for any of the words in the string i.e. I get nothing for "image" and nothing for "effects".

Or is this a setting I need to switch? There's nothing obvious.

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