Coherence is a liquid alternative fixed income credit strategy with long and short exposure focused on investment grade, crossover, and high yield corporate credit markets mainly in North America and Europe. Its unconstrained approach seeks to capitalize on both improving and deteriorating changes in credit valuations and ratings trajectories with an emphasis on risk-adjusted absolute returns, capital preservation, and low volatility of returns. Coherence is a division of Tiptree Advisors, which manages $1.8 billion in assets and serves as the asset management arm of Tiptree Inc. (TIPT), a publicly traded company.