Vault-13

COPA HOLDINGS SA CPA

CL A · Common Stock · CUSIP P31076105 · ISIN PAP310761054

198 institutional holders +0 vs Q3 2024
27,738,52927.7m shares reported held*
67.4% of all shares outstanding*
$2.4bnreported value*
31 new 68 added 56 reduced 39 sold out net sold ≈ $242.4m (-2.8m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($285.3k this quarter). Holder counts are more reliable. Shares outstanding: 41.2m as of 2024-12-31, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $87.87. Options: 9 managers hold calls ($17.9m notional), 10 hold puts ($38.7m).

Trends to Q4 2024

Institutional holders

Managers reporting a position, each quarter

0100200300Q3 22: 179Q4 22: 212Q1 23: 254Q2 23: 283Q3 23: 236Q4 23: 229Q1 24: 231Q2 24: 210Q3 24: 198Q4 24: 198198Q3 22Q1 23Q3 23Q1 24Q3 24Q4 24
Numbers
QuarterHolders
Q3 2022179
Q4 2022212
Q1 2023254
Q2 2023283
Q3 2023236
Q4 2023229
Q1 2024231
Q2 2024210
Q3 2024198
Q4 2024198

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
2000200Q1 23: 137 bought or addedQ1 23: 94 cut or sold outQ2 23: 156 bought or addedQ2 23: 127 cut or sold outQ2 23Q3 23: 88 bought or addedQ3 23: 177 cut or sold outQ4 23: 107 bought or addedQ4 23: 128 cut or sold outQ4 23Q1 24: 116 bought or addedQ1 24: 107 cut or sold outQ2 24: 93 bought or addedQ2 24: 114 cut or sold outQ2 24Q3 24: 97 bought or addedQ3 24: 107 cut or sold outQ4 24: 99 bought or addedQ4 24: 95 cut or sold outQ4 24
Numbers
QuarterBought or addedCut or sold out
Q1 202313794
Q2 2023156127
Q3 202388177
Q4 2023107128
Q1 2024116107
Q2 202493114
Q3 202497107
Q4 20249995

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$10m$20m$30m$40mQ1 24 calls: $12.1mQ1 24 puts: $19.0mQ1 24P/C 1.57Q2 24 calls: $24.8mQ2 24 puts: $30.0mQ2 24P/C 1.21Q3 24 calls: $17.4mQ3 24 puts: $27.6mQ3 24P/C 1.59Q4 24 calls: $17.9mQ4 24 puts: $38.7mQ4 24P/C 2.17
Numbers
QuarterCallsPutsP/C
Q1 2024$12.1m$19.0m1.57
Q2 2024$24.8m$30.0m1.21
Q3 2024$17.4m$27.6m1.59
Q4 2024$17.9m$38.7m2.17

Biggest buyers

CAPTRUST FINANCIAL ADVISORS Added +529,569+529.6k
CANADA PENSION PLAN INVESTMENT BOARD New +458,702+458.7k
MILLENNIUM MANAGEMENT LLC Added +275,726+275.7k
FMR LLC Added +230,653+230.7k
Cape Ann Asset Management Ltd New +229,800+229.8k
DIMENSIONAL FUND ADVISORS LP Added +159,470+159.5k
SPRUCEGROVE INVESTMENT MANAGEMENT LTD Added +150,013+150.0k
Carrhae Capital LLP Added +145,967+146.0k
UBS Group AG Added +80,921+80.9k
Ruffer LLP New +76,658+76.7k

Biggest sellers

JPMORGAN CHASE & CO Reduced -2,606,009-2.6m
BAILLIE GIFFORD & CO Reduced -514,881-514.9k
CITIGROUP INC Reduced -495,818-495.8k
CITADEL ADVISORS LLC Reduced -396,911-396.9k
Shellback Capital, LP Reduced -194,717-194.7k
FRANKLIN RESOURCES INC Sold out -146,959-147.0k
Mesirow Institutional Investment Management, Inc. Sold out -127,200-127.2k
VOLORIDGE INVESTMENT MANAGEMENT, LLC Sold out -117,412-117.4k
Cullen Capital Management, LLC Reduced -111,985-112.0k
Trexquant Investment LP Sold out -80,070-80.1k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $14.0m158.9k shares
CITADEL ADVISORS LLC Reduced $1.5m17.4k shares
WOLVERINE TRADING, LLC Added $734.3k8.4k shares
JANE STREET GROUP, LLC Reduced $632.7k7.2k shares
SIMPLEX TRADING, LLC Added $623.0k7.1k shares
Walleye Trading LLC New $228.5k2.6k shares
Walleye Capital LLC New $140.6k1.6k shares
GROUP ONE TRADING LLC Reduced $35.2k400 shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $14.1m160.3k shares
CITADEL ADVISORS LLC Added $9.7m110.2k shares
JANE STREET GROUP, LLC Reduced $7.0m80.0k shares
PEAK6 LLC First filing $3.0m34.1k shares
SIMPLEX TRADING, LLC Added $1.8m20.3k shares
IMC-Chicago, LLC New $1.6m18.3k shares
WOLVERINE TRADING, LLC Added $1.3m14.6k shares
Walleye Trading LLC New $149.4k1.7k shares
GROUP ONE TRADING LLC New $123.0k1.4k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
BAILLIE GIFFORD & CO 13G · institution -1.0 pts · filed 2026-05-07 8.6% -1.0 pts 2.6m≈ $401.6m 2026-05-07
JPMORGAN CHASE & CO 13G · institution filed 2025-10-24 5.3% 1.6m≈ $249.4m 2025-10-24

Fell to 5% or below in the last year: SPRUCEGROVE INVESTMENT MANAGEMENT LTD (4.6%, 2026-08-07)

Insider purchases and sales in Q4 2024

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

None reported in Q4 2024.

Holders, Q4 2024

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Capital World Investors 0.06% of their portfolio LOS ANGELES, CA 4,704,0214.7m $413.4m $413.4m 0.06% Reduced -20.0k -19,995
2 SPRUCEGROVE INVESTMENT MANAGEMENT LTD 21.02% of their portfolio TORONTO, A6 3,339,5873.3m $293.5m $293.5m 21.02% Added +150.0k +150,013
3 BAILLIE GIFFORD & CO 0.21% of their portfolio EDINBURGH, X0 3,062,2473.1m $269.1m $269.1m 0.21% Reduced -514.9k -514,881
4 JPMORGAN CHASE & CO 0.02% of their portfolio NEW YORK, NY 2,628,6092.6m $231.0m $231.0m 0.02% Reduced -2.6m -2,606,009
5 FMR LLC 0.01% of their portfolio BOSTON, MA 1,503,7721.5m $132.2m $132.2m 0.01% Added +230.7k +230,653
6 DIMENSIONAL FUND ADVISORS LP 0.02% of their portfolio AUSTIN, TX 1,084,3231.1m $95.3m $95.3m 0.02% Added +159.5k +159,470
7 RENAISSANCE TECHNOLOGIES LLC 0.10% of their portfolio NEW YORK, NY 801,628801.6k $70.4m $70.4m 0.10% Reduced -68.8k -68,757
8 Carrhae Capital LLP 7.29% of their portfolio London, X0 701,867701.9k $61.7m $61.7m 7.29% Added +146.0k +145,967
9 BRANDES INVESTMENT PARTNERS, LP 0.55% of their portfolio LA JOLLA, CA 561,901561.9k $49.4m $49.4m 0.55% Added +44.3k +44,298
10 CAPTRUST FINANCIAL ADVISORS 0.14% of their portfolio RALEIGH, NC 542,601542.6k $47.7m $47.7m 0.14% Added +529.6k +529,569
11 RAYMOND JAMES FINANCIAL INC 0.02% of their portfolio ST. PETERSBURG, FL 528,372528.4k $46.4m $46.4m 0.02% First filing
12 Marathon Asset Management Ltd 1.28% of their portfolio London, X0 521,402521.4k $45.8m $45.8m 1.28% Added +6.7k +6,723
13 SEI INVESTMENTS CO 0.05% of their portfolio OAKS, PA 465,210465.2k $40.9m $40.9m 0.05% Added +57.4k +57,405
14 CANADA PENSION PLAN INVESTMENT BOARD 0.04% of their portfolio TORONTO ONTARIO, A6 458,702458.7k $40.3m $40.3m 0.04% New
15 Wishbone Management, LP 17.53% of their portfolio Chicago, IL 420,000420.0k $36.9m $36.9m 17.53% Unchanged
16 SPX Gestao de Recursos Ltda 5.15% of their portfolio RIO DE JANEIRO, D5 388,686388.7k $34.2m $34.2m 5.15% Added +3.7k +3,657
17 Vontobel Holding Ltd. 0.11% of their portfolio ZURICH, V8 375,906375.9k $33.0m $33.0m 0.11% Reduced -42.7k -42,682
18 MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 324,235324.2k $28.5m $28.5m 0.02% Added +275.7k +275,726
19 VICTORY CAPITAL MANAGEMENT INC 0.02% of their portfolio San Antonio, TX 272,481272.5k $23.9m $23.9m 0.02% Reduced -12.3k -12,315
20 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 233,621233.6k $20.5m $20.5m 0.00% Added +14.8k +14,751
21 Shellback Capital, LP 1.39% of their portfolio Boston, MA 230,000230.0k $20.2m $20.2m 1.39% Reduced -194.7k -194,717
22 Cape Ann Asset Management Ltd 12.72% of their portfolio LONDON, X0 229,800229.8k $20.2m $20.2m 12.72% New
23 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 218,141218.1k $19.2m $19.2m 0.00% Added +11.7k +11,737
24 Pictet Asset Management Holding SA 0.02% of their portfolio CAROUGE, V8 211,849211.8k $18.6m $18.6m 0.02% Added +18.3k +18,292
25 Fourth Sail Capital LP 5.43% of their portfolio GRAND CAYMAN, E9 207,790207.8k $18.3m $18.3m 5.43% Added +50.8k +50,805
26 TWO SIGMA ADVISERS, LP 0.04% of their portfolio NEW YORK, NY 186,900186.9k $16.4m $16.4m 0.04% Added +58.4k +58,395
27 LETKO, BROSSEAU & ASSOCIATES INC 0.31% of their portfolio MONTREAL, A8 184,750184.8k $16.2m $16.2m 0.31% Added +2.2k +2,175
28 MARSHALL WACE, LLP 0.02% of their portfolio LONDON, X0 178,127178.1k $15.7m $15.7m 0.02% Added +20.3k +20,324
29 Artisan Partners Limited Partnership 0.02% of their portfolio Milwaukee, WI 169,976170.0k $14.9m $14.9m 0.02% Reduced -41.2k -41,162
30 TWO SIGMA INVESTMENTS, LP 0.03% of their portfolio NEW YORK, NY 168,968169.0k $14.8m $14.8m 0.03% Reduced -22.1k -22,113
31 UBS Group AG 0.00% of their portfolio ZURICH, V8 148,078148.1k $13.0m $13.0m 0.00% Added +80.9k +80,921
32 RWC Asset Management LLP 0.64% of their portfolio LONDON, X0 144,468144.5k $12.7m $12.7m 0.64% Unchanged
33 Brandywine Global Investment Management, LLC 0.08% of their portfolio PHILADELPHIA, PA 119,110119.1k $10.5m $10.5m 0.08% Added +61.8k +61,800
34 PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.03% of their portfolio COLUMBUS, OH 104,054104.1k $9.1m $9.1m 0.03% Unchanged
35 Point72 Asset Management, L.P. 0.02% of their portfolio STAMFORD, CT 103,701103.7k $9.1m $9.1m 0.02% Reduced -46.5k -46,496
36 Banco BTG Pactual S.A. 2.05% of their portfolio RIO DE JANEIRO, D5 102,000102.0k $8.7m $8.7m 2.05% Reduced -17.2k -17,170
37 DELTEC ASSET MANAGEMENT LLC 1.48% of their portfolio New York, NY 85,33585.3k $7.5m $7.5m 1.48% Reduced -23.3k -23,252
38 GLOBEFLEX CAPITAL L P 0.61% of their portfolio SAN DIEGO, CA 82,50482.5k $7.3m $7.3m 0.61% Unchanged
39 Ruffer LLP 0.24% of their portfolio LONDON, X0 76,65876.7k $6.7m $6.7m 0.24% New
40 Invenomic Capital Management LP 0.37% of their portfolio BOSTON, MA 75,22075.2k $6.6m $6.6m 0.37% Added +37.3k +37,278
41 MARATHON CAPITAL MANAGEMENT 1.62% of their portfolio Hunt Valley, MD 73,70873.7k $6.5m $6.5m 1.62% Added +2.9k +2,945
42 Hosking Partners LLP 0.24% of their portfolio LONDON, X0 70,51470.5k $6.2m $6.2m 0.24% Reduced -13.6k -13,635
43 U S GLOBAL INVESTORS INC 0.53% of their portfolio SAN ANTONIO, TX 60,88060.9k $5.4m $5.4m 0.53% Added +3.9k +3,912
44 COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.03% of their portfolio HARRISBURG, PA 58,81158.8k $5.2m $5.2m 0.03% Unchanged
45 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 58,13558.1k $5.1m $5.1m 0.00% Reduced -396.9k -396,911
46 1492 Capital Management LLC 2.41% of their portfolio MILWAUKEE, WI 57,63857.6k $5.1m $5.1m 2.41% Reduced -634 -634
47 Ethic Inc. 0.10% of their portfolio NEW YORK, NY 57,31257.3k $5.0m $5.0m 0.10% Added +4.5k +4,508
48 Amundi 0.00% of their portfolio Paris, I0 54,42654.4k $4.9m $4.9m 0.00% Reduced -30.9k -30,937
49 Cullen Capital Management, LLC 0.05% of their portfolio New York, NY 52,69352.7k $4.6m $4.6m 0.05% Reduced -112.0k -111,985
50 Foundry Partners, LLC 0.21% of their portfolio MINNEAPOLIS, MN 48,52748.5k $4.3m $4.3m 0.21% Added +2.9k +2,946
51 Aptus Capital Advisors, LLC 0.05% of their portfolio FAIRHOPE, AL 46,43446.4k $4.1m $4.1m 0.05% Added +8.7k +8,692
52 HSBC HOLDINGS PLC 0.00% of their portfolio LONDON, X0 45,15145.2k $4.0m $4.0m 0.00% Added +3.4k +3,418
53 CAPITAL FUND MANAGEMENT S.A. 0.04% of their portfolio PARIS, I0 42,50742.5k $3.7m $3.7m 0.04% Reduced -1.9k -1,870
54 MACKENZIE FINANCIAL CORP 0.00% of their portfolio TORONTO ONTARIO, A6 35,70035.7k $3.0m $3.0m 0.00% Added +33.0k +33,010
55 VELA Investment Management, LLC 1.05% of their portfolio NEW ALBANY, OH 35,04235.0k $3.1m $3.1m 1.05% Added +2.7k +2,671
56 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 33,51933.5k $2.9m $2.9m 0.00% Reduced -3.3k -3,320
57 LEUTHOLD GROUP, LLC 0.33% of their portfolio MINNEAPOLIS, MN 31,18231.2k $2.7m $2.7m 0.33% New
58 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 30,72330.7k $2.7m $2.7m 0.00% Reduced -14.3k -14,341
59 CM Management, LLC 2.35% of their portfolio GULF BREEZE, FL 30,00030.0k $2.6m $2.6m 2.35% Added +12.5k +12,500
60 FIL Ltd 0.00% of their portfolio HAMILTON, D0 28,81928.8k $2.5m $2.5m 0.00% Reduced -2.2k -2,163
61 MACQUARIE GROUP LTD 0.00% of their portfolio Sydney, NSW 2000, C3 27,31127.3k $2.4m $2.4m 0.00% Reduced -1.1k -1,078
62 Hudson Bay Capital Management LP 0.01% of their portfolio STAMFORD, CT 27,00027.0k $2.4m $2.4m 0.01% Reduced -15.9k -15,914
63 ADVENT CAPITAL MANAGEMENT /DE/ 0.05% of their portfolio NEW YORK, NY 25,00025.0k $2.2m $2.2m 0.05% New
64 Liontrust Investment Partners LLP 0.03% of their portfolio LONDON, X0 24,95024.9k $2.2m $2.2m 0.03% Unchanged
65 State of Alaska, Department of Revenue 0.02% of their portfolio JUNEAU, AK 24,54924.5k $2.2m $2.2m 0.02% Unchanged
66 MIRABELLA FINANCIAL SERVICES LLP 0.19% of their portfolio London, X0 24,26024.3k $2.1m $2.1m 0.19% New
67 Pathstone Holdings, LLC 0.01% of their portfolio ENGLEWOOD, NJ 21,89021.9k $1.9m $1.9m 0.01% Added +10.0k +10,013
68 PDT Partners, LLC 0.16% of their portfolio New York, NY 21,18421.2k $1.9m $1.9m 0.16% Reduced -17.2k -17,164
69 Connor, Clark & Lunn Investment Management Ltd. 0.01% of their portfolio VANCOUVER, A1 21,12421.1k $1.9m $1.9m 0.01% Reduced -16.9k -16,860
70 Kestra Advisory Services, LLC 0.01% of their portfolio AUSTIN, TX 20,86220.9k $1.8m $1.8m 0.01% Added +3.0k +3,016
71 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 20,85020.9k $1.8m $1.8m 0.00% Added +3.4k +3,433
72 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 18,84718.8k $1.7m $1.7m 0.00% Reduced -495.8k -495,818
73 Kestra Investment Management, LLC 0.06% of their portfolio AUSTIN, TX 18,56818.6k $1.6m $1.6m 0.06% Added +10.1k +10,100
74 Richard P Slaughter Associates Inc 0.34% of their portfolio AUSTIN, TX 17,07517.1k $1.5m $1.5m 0.34% Reduced -1.2k -1,202
75 Moerus Capital Management LLC 0.54% of their portfolio NEW YORK, NY 16,70016.7k $1.5m $1.5m 0.54% Unchanged
76 Assenagon Asset Management S.A. 0.00% of their portfolio SENNINGERBERG, N4 16,36816.4k $1.4m $1.4m 0.00% New
77 SILVERCREST ASSET MANAGEMENT GROUP LLC 0.01% of their portfolio NEW YORK, NY 16,06016.1k $1.4m $1.4m 0.01% Added +169 +169
78 Oldfield Partners LLP 0.40% of their portfolio LONDON, X0 15,60015.6k $1.4m $1.4m 0.40% Added +1.7k +1,700
79 FORMULA GROWTH LTD 0.46% of their portfolio MONTREAL, A8 15,50015.5k $1.4m $1.4m 0.46% Unchanged
80 Thomas J. Herzfeld Advisors, Inc. 0.43% of their portfolio MIAMI BEACH, FL 15,25015.2k $1.3m $1.3m 0.43% Unchanged
81 MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.00% of their portfolio Boston, MA 14,88014.9k $1.3m $1.3m 0.00% Added +2.1k +2,112
82 HARBOR CAPITAL ADVISORS, INC. 0.06% of their portfolio CHICAGO, IL 14,85014.8k $1.3m $1.3m 0.06% Added +1.9k +1,850
83 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 14,49814.5k $1.3m $1.3m 0.00% Reduced -10.2k -10,223
84 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 14,28214.3k $1.3m $1.3m 0.00% Reduced -3.0k -3,043
85 PEAK6 LLC 0.05% of their portfolio AUSTIN, TX 14,13714.1k $1.2m $1.2m 0.05% First filing
86 Provida Pension Fund Administrator 0.02% of their portfolio LAS CONDES, SANTIAGO, F3 13,33013.3k $1.2m $1.2m 0.02% Unchanged
87 WASATCH ADVISORS LP 0.01% of their portfolio SALT LAKE CITY, UT 13,11913.1k $1.2m $1.2m 0.01% New
88 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 12,55012.6k $1.1m $1.1m 0.00% Added +393 +393
89 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 12,49912.5k $1.1m $1.1m 0.00% Reduced -53.7k -53,661
90 Range Financial Group LLC 0.50% of their portfolio TIGARD, OR 12,35512.4k $1.1m $1.1m 0.50% New
91 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 12,27612.3k $1.1m $1.1m 0.00% Added +3.3k +3,320
92 Bridgewater Associates, LP 0.00% of their portfolio Westport, CT 10,94010.9k $961.4k $961.4k 0.00% New
93 Virtus Family Office LLC 1.07% of their portfolio EL PASO, TX 9,7539.8k $857.1k $857.1k 1.07% Added +4.5k +4,473
94 Vanguard Personalized Indexing Management, LLC 0.01% of their portfolio OAKLAND, CA 9,1399.1k $803.1k $803.1k 0.01% Added +1.7k +1,670
95 LANDSCAPE CAPITAL MANAGEMENT, L.L.C. 0.08% of their portfolio Englewood, NJ 8,8578.9k $778.4k $778.4k 0.08% Reduced -37.9k -37,886
96 TD Waterhouse Canada Inc. 0.01% of their portfolio TORONTO, A6 8,6538.7k $760.2k $760.2k 0.01% New
97 FIRST HAWAIIAN BANK 0.02% of their portfolio HONOLULU, HI 8,5958.6k $755.3k $755.3k 0.02% Unchanged
98 Ellevest, Inc. 0.04% of their portfolio NEW YORK, NY 8,1508.2k $716.2k $716.2k 0.04% Reduced -1.2k -1,161
99 CWA Asset Management Group, LLC 0.04% of their portfolio NAPLES, FL 8,1168.1k $713.2k $713.2k 0.04% Added +1.6k +1,605
100 Handelsbanken Fonder AB 0.00% of their portfolio STOCKHOLM, V7 7,9007.9k $694.0k $694.0k 0.00% Reduced -100 -100