Vault-13

COPA HOLDINGS SA CPA

CL A · Common Stock · CUSIP P31076105 · ISIN PAP310761054

325 institutional holders +26 vs Q1 2026
25,751,93325.8m shares reported held*
$4.0bnreported value*
69 new 117 added 100 reduced 39 sold out net sold ≈ $156.2m (-986.4k 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 ($7.1m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $155.46. Options: 14 managers hold calls ($56.1m notional), 13 hold puts ($72.9m).

Trends to Q2 2026

Institutional holders

Managers reporting a position, each quarter

0200400Q3 22: 179Q4 22: 212Q1 23: 254Q2 23: 283Q3 23: 236Q4 23: 229Q1 24: 231Q2 24: 210Q3 24: 198Q4 24: 198Q1 25: 189Q2 25: 233Q3 25: 258Q4 25: 284Q1 26: 299Q2 26: 325325Q3 22Q3 23Q3 24Q3 25Q2 26
Numbers
QuarterHolders
Q3 2022179
Q4 2022212
Q1 2023254
Q2 2023283
Q3 2023236
Q4 2023229
Q1 2024231
Q2 2024210
Q3 2024198
Q4 2024198
Q1 2025189
Q2 2025233
Q3 2025258
Q4 2025284
Q1 2026299
Q2 2026325

Buyers vs sellers

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

Bought or addedCut or sold out
2000200Q3 24: 97 bought or addedQ3 24: 107 cut or sold outQ4 24: 99 bought or addedQ4 24: 95 cut or sold outQ4 24Q1 25: 99 bought or addedQ1 25: 83 cut or sold outQ2 25: 135 bought or addedQ2 25: 88 cut or sold outQ2 25Q3 25: 155 bought or addedQ3 25: 83 cut or sold outQ4 25: 160 bought or addedQ4 25: 93 cut or sold outQ4 25Q1 26: 161 bought or addedQ1 26: 132 cut or sold outQ2 26: 186 bought or addedQ2 26: 139 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q3 202497107
Q4 20249995
Q1 20259983
Q2 202513588
Q3 202515583
Q4 202516093
Q1 2026161132
Q2 2026186139

Calls vs puts

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

CallsPuts
$0$50m$100m$150mQ3 25 calls: $49.7mQ3 25 puts: $103.1mQ3 25P/C 2.07Q4 25 calls: $21.8mQ4 25 puts: $43.7mQ4 25P/C 2.00Q1 26 calls: $33.9mQ1 26 puts: $44.8mQ1 26P/C 1.32Q2 26 calls: $56.1mQ2 26 puts: $72.9mQ2 26P/C 1.30
Numbers
QuarterCallsPutsP/C
Q3 2025$49.7m$103.1m2.07
Q4 2025$21.8m$43.7m2.00
Q1 2026$33.9m$44.8m1.32
Q2 2026$56.1m$72.9m1.30

Biggest buyers

LAKEWOOD CAPITAL MANAGEMENT, LP New +494,900+494.9k
FIL Ltd Added +433,742+433.7k
JANE STREET GROUP, LLC Added +251,575+251.6k
UBS Group AG Added +167,005+167.0k
Cullen Capital Management, LLC Added +157,991+158.0k
Quantinno Capital Management LP Added +143,001+143.0k
MARSHALL WACE, LLP Added +139,123+139.1k
D. E. Shaw & Co., Inc. Added +109,153+109.2k
Bank of New York Mellon Corp Added +88,867+88.9k
HSBC HOLDINGS PLC Added +72,006+72.0k

Biggest sellers

Capital World Investors Reduced -856,792-856.8k
Artemis Investment Management LLP Reduced -523,428-523.4k
SPRUCEGROVE INVESTMENT MANAGEMENT LTD Reduced -247,418-247.4k
SPX Gestao de Recursos Ltda Sold out -224,792-224.8k
WASATCH ADVISORS LP Sold out -217,648-217.6k
AMERIPRISE FINANCIAL INC Reduced -140,817-140.8k
PAR CAPITAL MANAGEMENT INC Reduced -137,082-137.1k
BAILLIE GIFFORD & CO Reduced -125,815-125.8k
CITADEL ADVISORS LLC Reduced -119,616-119.6k
Carrhae Capital LLP Reduced -117,852-117.9k

Biggest calls

IMC-Chicago, LLC Added $13.4m86.4k shares
JANE STREET GROUP, LLC Added $11.2m71.8k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $8.9m57.2k shares
CITADEL ADVISORS LLC Added $6.4m41.1k shares
Squarepoint Ops LLC New $6.2m40.1k shares
D. E. Shaw & Co., Inc. Unchanged $3.0m19.1k shares
UBS Group AG Unchanged $2.2m14.4k shares
Caption Management, LLC Unchanged $2.0m12.6k shares
TUDOR INVESTMENT CORP ET AL Added $886.7k5.7k shares
PEAK6 LLC Reduced $731.2k4.7k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $17.7m113.6k shares
CITADEL ADVISORS LLC Added $13.1m83.9k shares
JANE STREET GROUP, LLC Added $10.7m68.8k shares
Walleye Capital LLC Reduced $6.6m42.3k shares
IMC-Chicago, LLC Added $6.0m38.6k shares
D. E. Shaw & Co., Inc. New $3.9m25.0k shares
Squarepoint Ops LLC New $3.7m24.1k shares
PEAK6 LLC Reduced $3.1m19.7k shares
Walleye Trading LLC Added $2.9m18.4k shares
UBS Group AG Unchanged $2.2m14.4k 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 since 1 Apr 2026

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 since 1 Apr 2026.

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Capital World Investors 0.05% of their portfolio LOS ANGELES, CA 2,856,7172.9m $444.4m $444.4m 0.05% Reduced -856.8k -856,792
2 BAILLIE GIFFORD & CO 0.35% of their portfolio EDINBURGH, X0 2,455,8102.5m $382.1m $382.1m 0.35% Reduced -125.8k -125,815
3 JPMORGAN CHASE & CO 0.01% of their portfolio NEW YORK, NY 1,541,5261.5m $239.8m $239.8m 0.01% Reduced -56.8k -56,806
4 DIMENSIONAL FUND ADVISORS LP 0.04% of their portfolio AUSTIN, TX 1,453,3511.5m $226.1m $226.1m 0.04% Added +56.4k +56,388
5 SPRUCEGROVE INVESTMENT MANAGEMENT LTD 35.33% of their portfolio TORONTO, A6 1,451,5921.5m $225.8m $225.8m 35.33% Reduced -247.4k -247,418
6 FMR LLC 0.01% of their portfolio BOSTON, MA 1,223,8381.2m $190.4m $190.4m 0.01% Added +10.9k +10,934
7 Capital Research Global Investors 0.02% of their portfolio Los Angeles, CA 1,042,8311.0m $162.2m $162.2m 0.02% Added +11.4k +11,433
8 RENAISSANCE TECHNOLOGIES LLC 0.17% of their portfolio NEW YORK, NY 772,928772.9k $120.2m $120.2m 0.17% Added +38.5k +38,500
9 BRANDES INVESTMENT PARTNERS, LP 0.84% of their portfolio LA JOLLA, CA 769,630769.6k $119.7m $119.7m 0.84% Added +33.4k +33,402
10 FIL Ltd 0.06% of their portfolio HAMILTON, D0 579,229579.2k $90.1m $90.1m 0.06% Added +433.7k +433,742
11 Cullen Capital Management, LLC 0.87% of their portfolio New York, NY 571,263571.3k $88.9m $88.9m 0.87% Added +158.0k +157,991
12 Vontobel Holding Ltd. 0.26% of their portfolio ZURICH, V8 504,469504.5k $78.5m $78.5m 0.26% Reduced -6.4k -6,413
13 LAKEWOOD CAPITAL MANAGEMENT, LP 3.99% of their portfolio New York, NY 494,900494.9k $77.0m $77.0m 3.99% New
14 Wishbone Management, LP 31.72% of their portfolio Chicago, IL 472,500472.5k $73.5m $73.5m 31.72% Unchanged
15 Marathon Asset Management Ltd 2.62% of their portfolio London, X0 414,473414.5k $64.5m $64.5m 2.62% Reduced -9.7k -9,685
16 TWO SIGMA INVESTMENTS, LP 0.05% of their portfolio NEW YORK, NY 414,136414.1k $64.4m $64.4m 0.05% Reduced -61.2k -61,207
17 Carrhae Capital LLP 4.10% of their portfolio London, X0 400,262400.3k $62.3m $62.3m 4.10% Reduced -117.9k -117,852
18 RAYMOND JAMES FINANCIAL INC 0.02% of their portfolio ST. PETERSBURG, FL 392,231392.2k $61.0m $61.0m 0.02% Reduced -76.3k -76,298
19 JANE STREET GROUP, LLC 0.04% of their portfolio NEW YORK, NY 385,249385.2k $59.9m $59.9m 0.04% Added +251.6k +251,575
20 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 363,505363.5k $56.6m $56.6m 0.00% Added +42.9k +42,905
21 Artisan Partners Limited Partnership 0.08% of their portfolio Milwaukee, WI 330,738330.7k $51.5m $51.5m 0.08% Added +27.1k +27,091
22 Clark Capital Management Group, Inc. 0.27% of their portfolio PHILADELPHIA, PA 317,881317.9k $49.5m $49.5m 0.27% Added +5.0k +4,985
23 Quantinno Capital Management LP 0.05% of their portfolio NEW YORK, NY 286,619286.6k $44.6m $44.6m 0.05% Added +143.0k +143,001
24 SEI INVESTMENTS CO 0.04% of their portfolio OAKS, PA 282,848282.8k $44.0m $44.0m 0.04% Reduced -68.5k -68,462
25 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 281,884281.9k $43.9m $43.9m 0.00% Reduced -52.1k -52,099
26 UBS Group AG 0.01% of their portfolio ZURICH, V8 261,356261.4k $40.7m $40.7m 0.01% Added +167.0k +167,005
27 INCA Investments LLC 10.44% of their portfolio MIAMI, FL 237,214237.2k $36.9m $36.9m 10.44% Unchanged
28 LETKO, BROSSEAU & ASSOCIATES INC 0.48% of their portfolio MONTREAL, A8 207,978208.0k $32.4m $32.4m 0.48% Added +5.2k +5,175
29 MARSHALL WACE, LLP 0.02% of their portfolio LONDON, X0 174,230174.2k $27.1m $27.1m 0.02% Added +139.1k +139,123
30 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 162,829162.8k $25.3m $25.3m 0.00% Reduced -18.8k -18,765
31 HRT FINANCIAL LP 0.06% of their portfolio NEW YORK, NY 158,937158.9k $24.7m $24.7m 0.06% Added +57.9k +57,903
32 Cape Ann Asset Management Ltd 5.13% of their portfolio LONDON, X0 143,256143.3k $22.3m $22.3m 5.13% Reduced -10.0k -9,992
33 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 120,818120.8k $18.8m $18.8m 0.01% Reduced -49.5k -49,532
34 D. E. Shaw & Co., Inc. 0.01% of their portfolio New York, NY 118,212118.2k $18.4m $18.4m 0.01% Added +109.2k +109,153
35 HSBC HOLDINGS PLC 0.01% of their portfolio LONDON, X0 110,426110.4k $17.2m $17.2m 0.01% Added +72.0k +72,006
36 MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.02% of their portfolio CAUSEWAY BAY, K3 106,732106.7k $16.6m $16.6m 0.02% Added +4.4k +4,440
37 CITADEL ADVISORS LLC 0.01% of their portfolio MIAMI, FL 105,864105.9k $16.5m $16.5m 0.01% Reduced -119.6k -119,616
38 Bridgewater Associates, LP 0.07% of their portfolio Westport, CT 104,487104.5k $16.3m $16.3m 0.07% Added +13.5k +13,494
39 Artemis Investment Management LLP 0.13% of their portfolio EDINBURGH, X0 96,77096.8k $15.1m $15.1m 0.13% Reduced -523.4k -523,428
40 Trexquant Investment LP 0.09% of their portfolio STAMFORD, CT 94,50794.5k $14.7m $14.7m 0.09% Added +52.7k +52,662
41 TUDOR INVESTMENT CORP ET AL 0.06% of their portfolio STAMFORD, CT 93,62393.6k $14.6m $14.6m 0.06% Added +10.0k +9,952
42 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 92,34692.3k $14.4m $14.4m 0.00% Added +88.9k +88,867
43 Trek Financial, LLC 0.71% of their portfolio Scottsdale, AZ 92,19192.2k $14.3m $14.3m 0.71% Reduced -10.8k -10,778
44 Shellback Capital, LP 1.21% of their portfolio Boston, MA 88,90088.9k $13.8m $13.8m 1.21% Reduced -31.1k -31,100
45 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 88,62888.6k $13.8m $13.8m 0.00% Added +5.3k +5,330
46 GLOBEFLEX CAPITAL L P 1.74% of their portfolio SAN DIEGO, CA 87,28387.3k $13.6m $13.6m 1.74% Unchanged
47 Banco BTG Pactual S.A. 1.76% of their portfolio RIO DE JANEIRO, D5 85,00085.0k $13.2m $13.2m 1.76% Unchanged
48 Qube Research & Technologies Ltd 0.01% of their portfolio LONDON, X0 80,66380.7k $12.5m $12.5m 0.01% Reduced -14.7k -14,722
49 BURNEY CO/ 0.33% of their portfolio RESTON, VA 77,57677.6k $12.1m $12.1m 0.33% Added +16.8k +16,787
50 Knights of Columbus Asset Advisors LLC 0.58% of their portfolio NEW HAVEN, CT 74,82174.8k $11.6m $11.6m 0.58% Added +1.0k +1,038
51 Truxt Investmentos Ltda. 12.83% of their portfolio RIO DE JANEIRO, D5 71,41671.4k $11.1m $11.1m 12.83% New
52 Amundi 0.00% of their portfolio Paris, I0 67,00067.0k $10.4m $10.4m 0.00% Added +14.0k +14,000
53 Aptus Capital Advisors, LLC 0.08% of their portfolio FAIRHOPE, AL 66,89266.9k $10.4m $10.4m 0.08% Added +370 +370
54 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 64,68764.7k $10.1m $10.1m 0.00% Reduced -21.2k -21,230
55 CAPTRUST FINANCIAL ADVISORS 0.02% of their portfolio RALEIGH, NC 63,97164.0k $10.0m $10.0m 0.02% Reduced -23.1k -23,067
56 Hosking Partners LLP 0.33% of their portfolio LONDON, X0 63,18663.2k $9.8m $9.8m 0.33% Reduced -1.7k -1,692
57 Concurrent Investment Advisors, LLC 0.08% of their portfolio Tampa, FL 59,16659.2k $9.2m $9.2m 0.08% Reduced -434 -434
58 1492 Capital Management LLC 2.64% of their portfolio MILWAUKEE, WI 57,50857.5k $8.9m $8.9m 2.64% Added +3.8k +3,765
59 CSM Advisors, LLC 0.18% of their portfolio WARRENDALE, PA 55,52555.5k $8.6m $8.6m 0.18% Added +3.8k +3,784
60 Russell Investments Group, Ltd. 0.01% of their portfolio Seattle, WA 55,13355.1k $8.6m $8.6m 0.01% Added +42.2k +42,193
61 Ruffer LLP 0.29% of their portfolio LONDON, X0 52,22752.2k $8.1m $8.1m 0.29% Added +8.1k +8,128
62 Ethic Inc. 0.09% of their portfolio NEW YORK, NY 46,80146.8k $7.3m $7.3m 0.09% Reduced -153 -153
63 Virtus Family Office LLC 5.69% of their portfolio EL PASO, TX 46,28646.3k $7.2m $7.2m 5.69% Added +730 +730
64 Turas Capital Management LP 3.20% of their portfolio BOSTON, MA 44,80044.8k $7.0m $7.0m 3.20% New
65 PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.02% of their portfolio COLUMBUS, OH 44,70444.7k $7.0m $7.0m 0.02% Unchanged
66 COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.03% of their portfolio HARRISBURG, PA 44,16344.2k $6.9m $6.9m 0.03% Reduced -12.4k -12,423
67 XTX Topco Ltd 0.09% of their portfolio LONDON, X0 43,95944.0k $6.8m $6.8m 0.09% Reduced -29.7k -29,698
68 LAZARD ASSET MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 42,87442.9k $6.7m $6.7m 0.01% Added +6.5k +6,525
69 Empowered Funds, LLC 0.03% of their portfolio NEWTOWN SQUARE, PA 42,69942.7k $6.6m $6.6m 0.03% Added +21.9k +21,914
70 Point72 Asset Management, L.P. 0.01% of their portfolio STAMFORD, CT 42,13142.1k $6.6m $6.6m 0.01% Added +24.5k +24,518
71 VELA Investment Management, LLC 1.50% of their portfolio NEW ALBANY, OH 39,11939.1k $6.1m $6.1m 1.50% Added +85 +85
72 Journey Advisory Group, LLC 0.46% of their portfolio COVINGTON, KY 39,02039.0k $6.1m $6.1m 0.46% Added +9.0k +8,955
73 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 37,21037.2k $5.8m $5.8m 0.00% Reduced -140.8k -140,817
74 CREDIT AGRICOLE S A 0.01% of their portfolio Montrouge Cedex, I0 35,90035.9k $5.6m $5.6m 0.01% Added +17.1k +17,073
75 Corient Private Wealth LP 0.01% of their portfolio MIAMI, FL 31,23231.2k $4.9m $4.9m 0.01% Added +22.1k +22,132
76 Coppell Advisory Solutions LLC 0.21% of their portfolio COPPELL, TX 31,19831.2k $2.4m $2.4m 0.21% New
77 Balyasny Asset Management L.P. 0.01% of their portfolio Chicago, IL 30,75530.8k $4.8m $4.8m 0.01% New
78 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 30,55530.6k $4.8m $4.8m 0.00% Added +3.0k +3,043
79 U S GLOBAL INVESTORS INC 0.45% of their portfolio SAN ANTONIO, TX 29,83329.8k $4.6m $4.6m 0.45% Added +1.3k +1,326
80 Engineers Gate Manager LP 0.06% of their portfolio NEW YORK, NY 28,05728.1k $4.4m $4.4m 0.06% Reduced -26.0k -26,021
81 NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 0.01% of their portfolio PHILADELPHIA, PA 27,52227.5k $4.3m $4.3m 0.01% Reduced -937 -937
82 DELTEC ASSET MANAGEMENT LLC 0.63% of their portfolio New York, NY 27,32527.3k $4.3m $4.3m 0.63% Reduced -600 -600
83 Lifetime Wealth Management P.C. 2.48% of their portfolio ROCKWALL, TX 27,32027.3k $4.3m $4.3m 2.48% Reduced -7.7k -7,680
84 Boston Partners 0.00% of their portfolio BOSTON, MA 26,89826.9k $4.2m $4.2m 0.00% Added +13.8k +13,764
85 DEPRINCE RACE & ZOLLO INC 0.07% of their portfolio Winter Park, FL 26,28926.3k $4.1m $4.1m 0.07% Reduced -190 -190
86 Fourth Sail Capital LP 0.58% of their portfolio GRAND CAYMAN, E9 24,48124.5k $3.8m $3.8m 0.58% Reduced -112.3k -112,303
87 CM Management, LLC 2.37% of their portfolio GULF BREEZE, FL 24,00024.0k $3.7m $3.7m 2.37% Added +9.0k +9,000
88 MARATHON CAPITAL MANAGEMENT 0.74% of their portfolio Hunt Valley, MD 23,48323.5k $3.7m $3.7m 0.74% Reduced -4.3k -4,305
89 Pictet Asset Management Holding SA 0.00% of their portfolio CAROUGE, V8 22,93922.9k $3.6m $3.6m 0.00% Reduced -5.3k -5,324
90 McGowan Group Asset Management, Inc. 0.43% of their portfolio DALLAS, TX 22,71422.7k $3.5m $3.5m 0.43% Added +1.7k +1,734
91 Uniplan Investment Counsel, Inc. 0.33% of their portfolio MILWAUKEE, WI 22,50522.5k $3.5m $3.5m 0.33% Added +7.7k +7,720
92 SMA Capital LLC 1.44% of their portfolio NEW YORK, NY 22,00022.0k $3.4m $3.4m 1.44% New
93 Kestra Advisory Services, LLC 0.01% of their portfolio AUSTIN, TX 21,50521.5k $3.3m $3.3m 0.01% Added +3.7k +3,662
94 MIRABELLA FINANCIAL SERVICES LLP 0.32% of their portfolio London, X0 21,17021.2k $3.3m $3.3m 0.32% Added +10.4k +10,400
95 Aberdeen Group plc 0.00% of their portfolio EDINBURGH, X0 21,02921.0k $3.3m $3.3m 0.00% Reduced -3.7k -3,653
96 PAR CAPITAL MANAGEMENT INC 0.08% of their portfolio BOSTON, MA 20,11520.1k $3.1m $3.1m 0.08% Reduced -137.1k -137,082
97 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 19,91919.9k $3.1m $3.1m 0.00% Reduced -16.4k -16,401
98 POLEN CAPITAL MANAGEMENT LLC 0.03% of their portfolio Boca Raton, FL 18,94818.9k $2.9m $2.9m 0.03% New
99 MML INVESTORS SERVICES, LLC 0.01% of their portfolio SPRINGFIELD, MA 18,66818.7k $2.9m $2.9m 0.01% Added +397 +397
100 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 17,81917.8k $2.8m $2.8m 0.00% Reduced -689 -689