Matt Philo
Senior Portfolio Manager, Co-Head of High Yield

Matt joined First State Investments in May 2016, and has 31 years of industry experience.

Previous to First State Investments, Matt was Executive  Managing Director/Head of High Yield at MacKay Shields LLC. He served as Portfolio Manager of $22 billion in Group assets across institutional and retail accounts. Matt joined MacKay Shields in 1996 and managed institutional accounts for the firm from September 1996 through May 2014.

Matt was portfolio manager of the MacKay Mainstay  High Yield Corporate Bond Fund (MHYIX) from December 2000 through May 2014.

Under his tenure, the MacKay group also managed long/short credit funds primarily focused on noninvestment grade debt; the largest with approximately $800 million AUM.

Prior to Matt's 18 year tenure at MacKay Shields, he was a  Partner and Portfolio Manager at Thorsell Parker Partners, a value oriented equity asset management firm. He started his career as an Equity Analyst at Moran Asset Management, a TMT focused equity management firm.

Matt has an MBA in Finance from New York University Stern School of Business and a BA in Economics from University at Albany SUNY. Matt is a CFA Charterholder.

Jason Epstein
Senior Portfolio Manager, Co-Head of High Yield

Jason joined First State Investments in September  2016.

Jason has over 18 years fixed income investment  experience, most recently as a Managing Director  with Oak Hill Advisors where he was responsible  for managing investments in the building  products, chemicals, homebuilding, lodging and  paper & packaging sectors. Jason managed a  team of six analysts who supported his research  efforts.

Jason also has extensive experience as a research  analyst in the airlines, automotive, consumer, food  & beverage, media & telecom, metals & mining,  restaurants, retail, services and software sectors.  While at Oak Hill, Jason spent two years in London  helping to start the firm’s investment efforts across  Europe.

Prior to Oak Hill, Jason was an analyst within  investment banking at Credit Suisse First Boston  where he was a member of both the Financial  Sponsors and Technology groups.

Jason has a BS in Economics from The Wharton  School, University of Pennsylvania.

Linda Grillo
Head High Yield Trader

Linda has 28 years of experience as Head Trader through multiple credit market cycles and across most high yield strategies.

She was most recently affiliated with GoldenTree Asset Management LP, a hedge fund with $23 billion in assets under management, where she served as Co-Head of High Yield Trading since 2002. Linda’s notable achievements included collaborating in the build-out of the New York trading desk and establishing the trading desk in London.

Prior to joining GoldenTree Asset Management LP, Linda was Director and Head Trader of High Yield with MacKay-Shields Financial Corporation from 1989 – 2002. Linda was recognized for her ability to strategically execute high yield transactions and was instrumental in the growth of AUM from $2.7 billion to $10.5+ billion.  She propelled trade volume three-fold and aided in the portfolio’s outperformance of the Merrill Lynch High Yield Index by an average of 500-600 basis points. 

Linda holds a Bachelor of Arts in Economics from Brooklyn College.

Ryan Spitz
Senior Analyst

Ryan has over 11 years of fixed income experience. Prior to joining FSI, he was a Global Credit Analyst with Stone Harbor Investment Partners from 2012-2017. Ryan was primarily responsible for covering U.S. and European high yield, and focused on Aerospace & Defense, Food & Beverage and Construction Materials companies. Prior to his role as a Global Credit Analyst, Ryan joined Stone Harbor as a Compliance Analyst in 2008.

Ryan holds a Bachelor of Arts in Philosophy with a minor concentration in Economics from Lafayette College, and is a CFA Charterholder.

Jonathan Mann

Jon has 9 years of fixed income investment experience. Prior to joining FSI, he was a Corporate Credit Research Analyst for 3 years at Henderson Global investors. Jon covered US credits across the Basic Materials, Healthcare, Consumer Staples, Autos, Retail and Transports sectors.

Prior to joining Henderson, Jon spent 3 years as a Corporate Credit Research Analyst at JPMorgan Chase & Co. Jon was a member of the 2013 Institutional Investor second ranked High Yield Paper & Packaging, and second ranked High Yield Chemicals teams.

Jon began his career as a corporate Credit Research Associate at Lord Abbett & Co., where he covered the High Yield Media and Entertainment sectors.

Jon has a BA, magna cum laude, in Economics-Mathematics from Columbia University, and is a CFA Charterholder.