Correct. Angled brackets will not work within a TERM. On the other hand a slash will.
https://docs.splunk.com/Documentation/Splunk/8.0.2/Search/UseCASEandTERMtomatchphrases
The TERM directive only works for terms that are bounded by major or minor breakers. The term you are searching for cannot contain major breakers. For example, you cannot search for Maria Dubois with TERM because there is a space between the names. This is illustrated in the examples below.
MAJOR =
* Set major breakers.
* Major breakers are words, phrases or terms in your data that are surrounded
by set breaking characters.
* By default, major breakers are set to most characters and blank spaces.
* Typically, major breakers are single characters.
* Please note: \s represents a space; \n, a newline; \r, a carriage return; and
\t, a tab.
* Default is [ ] < > ( ) { } | ! ; , ' " * \n \r \s \t & ? + %21 %26 %2526 %3B %7C %20 %2B %3D -- %2520 %5D %5B %3A %0A %2C %28 %29
https://docs.splunk.com/Documentation/Splunk/8.0.2/Admin/Segmentersconf
MINOR =
* Set minor breakers.
* In addition to the segments specified by the major breakers, for each minor
breaker found, Splunk indexes the token from the last major breaker to the
current minor breaker and from the last minor breaker to the current minor
breaker.
* Default is / : = @ . - $ % \ _
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