A design of circular polarized(CP) microstrip antenna with a fenced ground is proposed and the equivalent circuit is derived. The antenna consists of a square radiating patch with a pair of truncated comers, a bottom ground and a fenced ground. From conducted experiments, a patch size reduction using the metal fence as large as 25% from the conventional patch structure, has been obtained. The input admittance of the extracted equivalent circuit is shown to agree with that of the measurement. And the design parameters and performance of the proposed antenna are examined by analyzing the fields and circuit behaviors.