Why is my generic mecanim animation moving to the origin?

Using Unity 4.0.0f7

I have a simple .ma file with an object rotating. Only the y-axis rotation is keyed. There is only one object in the scene.

I import the animation by setting the 'Animation Type' to generic. I made an animator controller with one default state, my rotation animation.

When I hit play, the GameObject moves to the origin and performs the animation. Of course, I'd like it to stay in place. What am I doing wrong?

(I can get this to work with the 'Legacy' animation type, but I'd like to use mecanim's state machine capability)