Unicode characters conflation?

In the find and replace tool in Word (ctrl+H) I would like to replace the left single quotation mark [ ' = U+2018] with the upper left double quotation mark [ “ = U+201C] (to insert the Unicode values I use the hex value and Alt+X.). Yet, Word consistently replaces the latter with the lower left single quotation mark [ „ = U+201E]. 

Is this me doing something wrong, or is it a bug?