Porcupine fund defends itself from spiky market

One of the more unusual animals in the global hedge fund jungle is Castlestone Management's Porcupine Global Macro Plus fund. Like most global macro funds, it aims to profit from fundamental mis-pricing in the market. However, the fund's highly effective defensive strategy sets it apart from the pack.

Angus Murray, managing principal, founder of Castlestone Management and portfolio manager, says the fund takes inspiration from the ability of the porcupine to defend itself when faced with

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