Update items when limit is reached

Hi all – Unless I'm missing something, it seems as though when the maximum number of records for an entity is reached, the module completely stops storing the records. In other words, if I view 20 nodes and the limit is set to 20, then no further records are kept.

Shouldn't the oldest records be removed as new nodes are viewed and added to the top of the list?

Any help is much appreciated. Thanks!