Inherent risk mitigation
Interestingly, adopting a value approach is a risk mitigation in itself. Growth investing is more risky than value investing because a growth investor is singularly dependent on earnings growth materialising. If it doesn't it would most likely cause a share price decline).
This contrasts to value investing where the risk is principally around the timing of closing the gap from market value to intrinsic value. In effect, downside risk is already at least partly built into the share price.
A simple way to look at this is to consider that a low P/E represents asymmetry: because the share-price is already low compared to earnings, there is more upside than downside.