Does p/e matter?

As someone new to value investing, I still hold a lot funds that are full of stocks with a very high p/e ratio. (Over 70 p/e).

Recently I've been investing in stocks that seem to have awesome fundamentals, with good yoy growth and low debt but appear undervalued, with ratios below 15 p/e.

As you can predict, my funds full of "overvalued" stocks are crushing my value picks.

Why do those stocks never seem to be hampered by their high p/e?

Cheers!