Why does a fund show every holding as a new buy?
Because it has no 13F for the quarter before: it's filing for the first time, or it skipped a quarter. With nothing to compare against, every position looks new, and its turnover shows as 100%.
New filers include funds that just grew past $100 million in 13F securities and new firms, as well as some large investors that file only every other quarter. HedgeFollow marks these funds, and leaves the buys in a first filing out of counts of funds buying a stock, so they don't look like a rush of new purchases.