Recent Struggles In One Table

Magic Formula Investing has always been streaky. The 12 open tracking portfolios that i create monthly are all sucking wind big time.  I am not sure what to make of this, but interested in opinions.

Date	MFI	R3K	Lead
8/26/2016	10.4%	16.0%	0
9/30/2016	10.1%	15.7%	0
10/28/2016	9.6%	18.3%	0
11/25/2016	0.6%	12.4%	0
12/30/2016	-1.5%	11.0%	0
1/27/2017	-1.6%	8.3%	0
2/24/2017	-3.3%	4.9%	0
3/31/2017	-3.0%	5.0%	0
4/28/2017	-3.8%	4.0%	0
5/26/2017	-1.7%	2.7%	0
6/29/2017	-4.4%	2.1%	0
7/28/2017	-3.4%	0.1%	0
Average 12	0.7%	8.4%

That is really really bad to trail benchmark by almost 8 points.  We have clearly had a bad earnings season.  I just read the book, "Dead Companies Walking", do we have too many of those in MFI? (think GME, PBI or VIAB).  I know my kids don't watch Nickelodeon any more.

Of course even impaired companies can get too cheap.  Not sure what I will be doing in August, seems like a lot of landmines out there.

Thoughts?