According to the Make documentation here: http://www.ecoop.net/coop/translated/GNUMake3.77/make_8.html#SEC80
The only processing make does on the result, before substituting it into the surrounding text, is to convert each newline or carriage-return / newline pair to a single space. It also removes the trailing (carriage-return and) newline, if it's the last thing in the result.
Why does Make do this processing at all?
Without a recursive wildcard command, having the ability to return a delimited list from find
would sure be nice.