COPA HOLDINGS SA CPA
CL A · Common Stock · CUSIP P31076105 · ISIN PAP310761054
- SectorIndustrials
- IndustryAir Transportation, Scheduled
- FilingsSEC EDGAR
* 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
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 179 |
| Q4 2022 | 212 |
| Q1 2023 | 254 |
| Q2 2023 | 283 |
| Q3 2023 | 236 |
| Q4 2023 | 229 |
| Q1 2024 | 231 |
| Q2 2024 | 210 |
| Q3 2024 | 198 |
| Q4 2024 | 198 |
| Q1 2025 | 189 |
| Q2 2025 | 233 |
| Q3 2025 | 258 |
| Q4 2025 | 284 |
| Q1 2026 | 299 |
| Q2 2026 | 325 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2024 | 97 | 107 |
| Q4 2024 | 99 | 95 |
| Q1 2025 | 99 | 83 |
| Q2 2025 | 135 | 88 |
| Q3 2025 | 155 | 83 |
| Q4 2025 | 160 | 93 |
| Q1 2026 | 161 | 132 |
| Q2 2026 | 186 | 139 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2025 | $49.7m | $103.1m | 2.07 |
| Q4 2025 | $21.8m | $43.7m | 2.00 |
| Q1 2026 | $33.9m | $44.8m | 1.32 |
| Q2 2026 | $56.1m | $72.9m | 1.30 |
Biggest buyers
| LAKEWOOD CAPITAL MANAGEMENT, LP | New | +494.9k |
| FIL Ltd | Added | +433.7k |
| JANE STREET GROUP, LLC | Added | +251.6k |
| UBS Group AG | Added | +167.0k |
| Cullen Capital Management, LLC | Added | +158.0k |
| Quantinno Capital Management LP | Added | +143.0k |
| MARSHALL WACE, LLP | Added | +139.1k |
| D. E. Shaw & Co., Inc. | Added | +109.2k |
| Bank of New York Mellon Corp | Added | +88.9k |
| HSBC HOLDINGS PLC | Added | +72.0k |
Biggest sellers
| Capital World Investors | Reduced | -856.8k |
| Artemis Investment Management LLP | Reduced | -523.4k |
| SPRUCEGROVE INVESTMENT MANAGEMENT LTD | Reduced | -247.4k |
| SPX Gestao de Recursos Ltda | Sold out | -224.8k |
| WASATCH ADVISORS LP | Sold out | -217.6k |
| AMERIPRISE FINANCIAL INC | Reduced | -140.8k |
| PAR CAPITAL MANAGEMENT INC | Reduced | -137.1k |
| BAILLIE GIFFORD & CO | Reduced | -125.8k |
| CITADEL ADVISORS LLC | Reduced | -119.6k |
| Carrhae Capital LLP | Reduced | -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.
| Holder | Stake |
|---|---|
| BAILLIE GIFFORD & CO 13G · institution -1.0 pts · filed 2026-05-07 | 8.6% |
| JPMORGAN CHASE & CO 13G · institution filed 2025-10-24 | 5.3% |
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
| Manager | Shares | Change |
|---|---|---|
| Capital World Investors 0.05% of their portfolio | 2.9m $444.4m | Reduced -856.8k |
| BAILLIE GIFFORD & CO 0.35% of their portfolio | 2.5m $382.1m | Reduced -125.8k |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 1.5m $239.8m | Reduced -56.8k |
| DIMENSIONAL FUND ADVISORS LP 0.04% of their portfolio | 1.5m $226.1m | Added +56.4k |
| SPRUCEGROVE INVESTMENT MANAGEMENT LTD 35.33% of their portfolio | 1.5m $225.8m | Reduced -247.4k |
| FMR LLC 0.01% of their portfolio | 1.2m $190.4m | Added +10.9k |
| Capital Research Global Investors 0.02% of their portfolio | 1.0m $162.2m | Added +11.4k |
| RENAISSANCE TECHNOLOGIES LLC 0.17% of their portfolio | 772.9k $120.2m | Added +38.5k |
| BRANDES INVESTMENT PARTNERS, LP 0.84% of their portfolio | 769.6k $119.7m | Added +33.4k |
| FIL Ltd 0.06% of their portfolio | 579.2k $90.1m | Added +433.7k |
| Cullen Capital Management, LLC 0.87% of their portfolio | 571.3k $88.9m | Added +158.0k |
| Vontobel Holding Ltd. 0.26% of their portfolio | 504.5k $78.5m | Reduced -6.4k |
| LAKEWOOD CAPITAL MANAGEMENT, LP 3.99% of their portfolio | 494.9k $77.0m | New |
| Wishbone Management, LP 31.72% of their portfolio | 472.5k $73.5m | Unchanged |
| Marathon Asset Management Ltd 2.62% of their portfolio | 414.5k $64.5m | Reduced -9.7k |
| TWO SIGMA INVESTMENTS, LP 0.05% of their portfolio | 414.1k $64.4m | Reduced -61.2k |
| Carrhae Capital LLP 4.10% of their portfolio | 400.3k $62.3m | Reduced -117.9k |
| RAYMOND JAMES FINANCIAL INC 0.02% of their portfolio | 392.2k $61.0m | Reduced -76.3k |
| JANE STREET GROUP, LLC 0.04% of their portfolio | 385.2k $59.9m | Added +251.6k |
| MORGAN STANLEY 0.00% of their portfolio | 363.5k $56.6m | Added +42.9k |
| Artisan Partners Limited Partnership 0.08% of their portfolio | 330.7k $51.5m | Added +27.1k |
| Clark Capital Management Group, Inc. 0.27% of their portfolio | 317.9k $49.5m | Added +5.0k |
| Quantinno Capital Management LP 0.05% of their portfolio | 286.6k $44.6m | Added +143.0k |
| SEI INVESTMENTS CO 0.04% of their portfolio | 282.8k $44.0m | Reduced -68.5k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 281.9k $43.9m | Reduced -52.1k |
| UBS Group AG 0.01% of their portfolio | 261.4k $40.7m | Added +167.0k |
| INCA Investments LLC 10.44% of their portfolio | 237.2k $36.9m | Unchanged |
| LETKO, BROSSEAU & ASSOCIATES INC 0.48% of their portfolio | 208.0k $32.4m | Added +5.2k |
| MARSHALL WACE, LLP 0.02% of their portfolio | 174.2k $27.1m | Added +139.1k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 162.8k $25.3m | Reduced -18.8k |
| HRT FINANCIAL LP 0.06% of their portfolio | 158.9k $24.7m | Added +57.9k |
| Cape Ann Asset Management Ltd 5.13% of their portfolio | 143.3k $22.3m | Reduced -10.0k |
| MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio | 120.8k $18.8m | Reduced -49.5k |
| D. E. Shaw & Co., Inc. 0.01% of their portfolio | 118.2k $18.4m | Added +109.2k |
| HSBC HOLDINGS PLC 0.01% of their portfolio | 110.4k $17.2m | Added +72.0k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.02% of their portfolio | 106.7k $16.6m | Added +4.4k |
| CITADEL ADVISORS LLC 0.01% of their portfolio | 105.9k $16.5m | Reduced -119.6k |
| Bridgewater Associates, LP 0.07% of their portfolio | 104.5k $16.3m | Added +13.5k |
| Artemis Investment Management LLP 0.13% of their portfolio | 96.8k $15.1m | Reduced -523.4k |
| Trexquant Investment LP 0.09% of their portfolio | 94.5k $14.7m | Added +52.7k |
| TUDOR INVESTMENT CORP ET AL 0.06% of their portfolio | 93.6k $14.6m | Added +10.0k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 92.3k $14.4m | Added +88.9k |
| Trek Financial, LLC 0.71% of their portfolio | 92.2k $14.3m | Reduced -10.8k |
| Shellback Capital, LP 1.21% of their portfolio | 88.9k $13.8m | Reduced -31.1k |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 88.6k $13.8m | Added +5.3k |
| GLOBEFLEX CAPITAL L P 1.74% of their portfolio | 87.3k $13.6m | Unchanged |
| Banco BTG Pactual S.A. 1.76% of their portfolio | 85.0k $13.2m | Unchanged |
| Qube Research & Technologies Ltd 0.01% of their portfolio | 80.7k $12.5m | Reduced -14.7k |
| BURNEY CO/ 0.33% of their portfolio | 77.6k $12.1m | Added +16.8k |
| Knights of Columbus Asset Advisors LLC 0.58% of their portfolio | 74.8k $11.6m | Added +1.0k |
| Truxt Investmentos Ltda. 12.83% of their portfolio | 71.4k $11.1m | New |
| Amundi 0.00% of their portfolio | 67.0k $10.4m | Added +14.0k |
| Aptus Capital Advisors, LLC 0.08% of their portfolio | 66.9k $10.4m | Added +370 |
| FRANKLIN RESOURCES INC 0.00% of their portfolio | 64.7k $10.1m | Reduced -21.2k |
| CAPTRUST FINANCIAL ADVISORS 0.02% of their portfolio | 64.0k $10.0m | Reduced -23.1k |
| Hosking Partners LLP 0.33% of their portfolio | 63.2k $9.8m | Reduced -1.7k |
| Concurrent Investment Advisors, LLC 0.08% of their portfolio | 59.2k $9.2m | Reduced -434 |
| 1492 Capital Management LLC 2.64% of their portfolio | 57.5k $8.9m | Added +3.8k |
| CSM Advisors, LLC 0.18% of their portfolio | 55.5k $8.6m | Added +3.8k |
| Russell Investments Group, Ltd. 0.01% of their portfolio | 55.1k $8.6m | Added +42.2k |
| Ruffer LLP 0.29% of their portfolio | 52.2k $8.1m | Added +8.1k |
| Ethic Inc. 0.09% of their portfolio | 46.8k $7.3m | Reduced -153 |
| Virtus Family Office LLC 5.69% of their portfolio | 46.3k $7.2m | Added +730 |
| Turas Capital Management LP 3.20% of their portfolio | 44.8k $7.0m | New |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.02% of their portfolio | 44.7k $7.0m | Unchanged |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.03% of their portfolio | 44.2k $6.9m | Reduced -12.4k |
| XTX Topco Ltd 0.09% of their portfolio | 44.0k $6.8m | Reduced -29.7k |
| LAZARD ASSET MANAGEMENT LLC 0.01% of their portfolio | 42.9k $6.7m | Added +6.5k |
| Empowered Funds, LLC 0.03% of their portfolio | 42.7k $6.6m | Added +21.9k |
| Point72 Asset Management, L.P. 0.01% of their portfolio | 42.1k $6.6m | Added +24.5k |
| VELA Investment Management, LLC 1.50% of their portfolio | 39.1k $6.1m | Added +85 |
| Journey Advisory Group, LLC 0.46% of their portfolio | 39.0k $6.1m | Added +9.0k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 37.2k $5.8m | Reduced -140.8k |
| CREDIT AGRICOLE S A 0.01% of their portfolio | 35.9k $5.6m | Added +17.1k |
| Corient Private Wealth LP 0.01% of their portfolio | 31.2k $4.9m | Added +22.1k |
| Coppell Advisory Solutions LLC 0.21% of their portfolio | 31.2k $2.4m | New |
| Balyasny Asset Management L.P. 0.01% of their portfolio | 30.8k $4.8m | New |
| LPL Financial LLC 0.00% of their portfolio | 30.6k $4.8m | Added +3.0k |
| U S GLOBAL INVESTORS INC 0.45% of their portfolio | 29.8k $4.6m | Added +1.3k |
| Engineers Gate Manager LP 0.06% of their portfolio | 28.1k $4.4m | Reduced -26.0k |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 0.01% of their portfolio | 27.5k $4.3m | Reduced -937 |
| DELTEC ASSET MANAGEMENT LLC 0.63% of their portfolio | 27.3k $4.3m | Reduced -600 |
| Lifetime Wealth Management P.C. 2.48% of their portfolio | 27.3k $4.3m | Reduced -7.7k |
| Boston Partners 0.00% of their portfolio | 26.9k $4.2m | Added +13.8k |
| DEPRINCE RACE & ZOLLO INC 0.07% of their portfolio | 26.3k $4.1m | Reduced -190 |
| Fourth Sail Capital LP 0.58% of their portfolio | 24.5k $3.8m | Reduced -112.3k |
| CM Management, LLC 2.37% of their portfolio | 24.0k $3.7m | Added +9.0k |
| MARATHON CAPITAL MANAGEMENT 0.74% of their portfolio | 23.5k $3.7m | Reduced -4.3k |
| Pictet Asset Management Holding SA 0.00% of their portfolio | 22.9k $3.6m | Reduced -5.3k |
| McGowan Group Asset Management, Inc. 0.43% of their portfolio | 22.7k $3.5m | Added +1.7k |
| Uniplan Investment Counsel, Inc. 0.33% of their portfolio | 22.5k $3.5m | Added +7.7k |
| SMA Capital LLC 1.44% of their portfolio | 22.0k $3.4m | New |
| Kestra Advisory Services, LLC 0.01% of their portfolio | 21.5k $3.3m | Added +3.7k |
| MIRABELLA FINANCIAL SERVICES LLP 0.32% of their portfolio | 21.2k $3.3m | Added +10.4k |
| Aberdeen Group plc 0.00% of their portfolio | 21.0k $3.3m | Reduced -3.7k |
| PAR CAPITAL MANAGEMENT INC 0.08% of their portfolio | 20.1k $3.1m | Reduced -137.1k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 19.9k $3.1m | Reduced -16.4k |
| POLEN CAPITAL MANAGEMENT LLC 0.03% of their portfolio | 18.9k $2.9m | New |
| MML INVESTORS SERVICES, LLC 0.01% of their portfolio | 18.7k $2.9m | Added +397 |
| Cetera Investment Advisers 0.00% of their portfolio | 17.8k $2.8m | Reduced -689 |