SmartGit stores program updates which have been downloaded automatically through SmartGit itself by default in the subdirectory
updates of the Settings root directory (see Default Location of SmartGit's Settings Directory). This allows "light - weight", patch-like updates which do not require write access to the actual SmartGit installation directory. As a consequence, your SmartGit installation directory is usually not up-to-date, but it will launch the downloaded updates from the
updates directory. Only under specific conditions, SmartGit will detect that an upgrade of the installation directory itself is necessary ("genuine upgrade").
You can manually trigger the update of the installation directory from the About dialog, section Information, ...-button right beside Version.
If you prefer to keep your SmartGit installation always up-to-date, you can select Update SmartGit application in place in the Preferences, section SmartGit Updates. Note, that updating with this option selected may require administrator privileges.