Piper Serica founder and fund manager Abhay Agarwal is looking towards "bottom of the cycle" areas where industries such as agro chemicals and fertilisers are undervalued and investor opportunities are overlooked. One such area is textiles, which has many profitable undervalued companies. Agarwal also believes that SME lending is a business to focus on over the next few years, stating that it is an area where fund managers like himself are finding attractive risk reward.