[SCHEDULE 13G/A] Copa Holdings, S.A. Amended Passive Investment Disclosure
Baillie Gifford reports 8.55% stake in Copa Holdings
Copa Holdings, S.A. ownership disclosure: Baillie Gifford & Co reports beneficial ownership of 2,581,625 shares of Class A Common Stock, representing 8.55% of the class.
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Copa Holdings, S.A. ownership disclosure: Baillie Gifford & Co reports beneficial ownership of 2,581,625 shares of Class A Common Stock, representing 8.55% of the class. The filing lists 1,418,691 shares as sole voting power and confirms holdings are managed on behalf of advisory clients.
Key Figures
Beneficial ownership:2,581,625 sharesPercent of class:8.55%Sole voting power:1,418,691 shares+2 more
5 metrics
Beneficial ownership2,581,625 sharesAmount beneficially owned per Schedule 13G/A
Percent of class8.55%Percent of Class A Common Stock reported
Sole voting power1,418,691 sharesShares with sole power to vote as reported
CUSIPP31076105CUSIP for Copa Holdings Class A Common Stock
Filing signature date04/24/2026Signature date on the amendment
Key Terms
Schedule 13G/A, beneficially owned, sole dispositive power, investment adviser
4 terms
Schedule 13G/Aregulatory
"Amendment No. 13 ) Capa Holdings, S.A. Class A Common Stock"
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
sole dispositive powerregulatory
"(iii) Sole power to dispose or to direct the disposition of: 2,581,625"
Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.
investment adviserfinancial
"Baillie Gifford & Co ... Title of class of securities: Class A Common Stock ... Investment Adviser"
An investment adviser is a person or firm that professionally manages money and gives recommendations about buying, selling, or holding investments. Like a financial coach or guide, they have a legal duty to act in a client's best financial interest, so their advice, fees and potential conflicts can directly affect returns and risk — making their role important for investors who want informed, accountable help with portfolios.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many Copa Holdings (CPA) shares does Baillie Gifford report owning?
Baillie Gifford reports 2,581,625 shares of Copa Holdings Class A Common Stock. The filing explicitly labels this as the amount beneficially owned and ties voting and dispositive powers to that holding.
What percentage of Copa Holdings does Baillie Gifford own according to the 13G/A?
The filing states Baillie Gifford beneficially owns 8.55% of the Class A Common Stock. That percentage is given in the ownership section of the Schedule 13G/A as the percent of class.
How many shares does Baillie Gifford have sole voting power over in CPA?
Baillie Gifford reports 1,418,691 shares as shares with sole voting power. The Schedule 13G/A entry lists sole voting power separately from sole dispositive power in the ownership table.
Are Baillie Gifford's Copa shares held for clients or the firm?
The filing states the shares are held by Baillie Gifford and/or its investment adviser subsidiaries on behalf of investment advisory clients, including funds and institutional clients. It does not attribute ownership to a single client.
When was the amended Schedule 13G/A signed for Baillie Gifford's CPA position?
The signature block shows the filing was signed by Grant Meikle, Regulatory Reporting Manager, with a signature date of 04/24/2026. That date appears in the filing's signature section.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 13)
Copa Holdings, S.A.
(Name of Issuer)
Class A Common Stock
(Title of Class of Securities)
P31076105
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
P31076105
1
Names of Reporting Persons
BAILLIE GIFFORD & CO
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED KINGDOM
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
1,418,691.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
2,581,625.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,581,625.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
8.6 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Copa Holdings, S.A.
(b)
Address of issuer's principal executive offices:
AVENIDA PRINCIPAL, COSTA DEL ESTE, AVENIDA PRINCIPAL, COSTA DEL ESTE, PANAMA CITY, PANAMA, 00000.
Item 2.
(a)
Name of person filing:
Baillie Gifford & Co
(b)
Address or principal business office or, if none, residence:
Calton Square
1 Greenside Row
Edinburgh
EH1 3AN
Scotland
UK
(c)
Citizenship:
Scotland
(d)
Title of class of securities:
Class A Common Stock
(e)
CUSIP No.:
P31076105
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Investment Adviser
Item 4.
Ownership
(a)
Amount beneficially owned:
2,581,625
(b)
Percent of class:
8.55 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
1,418,691
(ii) Shared power to vote or to direct the vote:
0
(iii) Sole power to dispose or to direct the disposition of:
2,581,625
(iv) Shared power to dispose or to direct the disposition of:
0
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
Securities reported on this Schedule 13G as being beneficially owned by Baillie Gifford & Co. are held by Baillie Gifford & Co. and/or one or more of its investment adviser subsidiaries, which may include Baillie Gifford Overseas Limited, on behalf of investment advisory clients, which may include investment companies registered under the Investment Company Act, employee benefit plans, pension funds or other institutional clients.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ? 240.14a-11.
By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to Investment Adviser is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
