Cam degreeing help me understand!

New set-up. No change in numbers. Installed dot to dot (no advance) intake C/L is 111. Replace cam offset keyway and get 101 degrees.
The roller lifter is oriented properly same as before. I could try retarding the crank sprocket -4 degrees and should give me
103 with cam advanced as is but this still does not make sense!!! The offset came key should have me at 107 and not 101.
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