Normalizing multiple clips puts everything into one big file

If I select several clips and/or tracks and then do "Process/Apply Effect/Normalize..." the normalize works, nice and fast now thanks to the Optimization in 2016.06.
 
But if I then right-click on any of the normalized clips and look at "Associated Audio Files", they all are associated with the same file!
The file has the name of the first clip except where the original name had "Rec" at the end, it now says "Edit".
 
If I look in the Audio folder and open this file, then I find firstly that it is much bigger than all other files (the other files are the same size because they were multitrack recorded), and secondly, it does indeed contain all of the clips, normalized!
 
Very strange.
 
Not a big deal (except if I want to send files to collaborators I guess), but strange nevertheless.