Override URL still has arguments in it

When I attempt to override the 'more' link URL by using the 'Override URL' option but have arguments, the arguments get tacked on to the ending of the URL.

For example, my view pane's content type argument is set to 'input on pane config', where it is set to 'news'.

In the override URL, I specify 'news/portfolio' assuming that the 'more' link would be 'news/portfolio'. However, the more link becomes '/news/portfolio/news'. Is this by design?