Sprucegrove reports 1,699,010 COPA Class A shares (NASDAQ: CPA)

Rhea-AI Filing Summary

COPA HOLDINGS ownership disclosure: Sprucegrove Investment Management Ltd. reports beneficial ownership of 1,699,010 Class A shares, representing 5.35% of the Class A stock as of 05/12/2026. The filing shows sole voting power for 1,253,734 shares and sole dispositive power for 1,699,010 shares.

Insights

Institutional Ownership Analyst

Large passive holder reports a 5.35% stake in COPA Class A shares.

Sprucegrove Investment Management discloses beneficial ownership of 1,699,010 Class A shares with sole dispositive authority and sole voting power for 1,253,734 shares. The filing is a standard Schedule 13G ownership disclosure.

Position size and voting split are explicit in the filing; subsequent filings would show any changes in stake or voting arrangements.

Compliance & Governance Specialist

Documented voting and disposal powers clarify the reporting manager's authority.

The filing lists sole power to vote 1,253,734 shares and sole power to dispose 1,699,010 shares, and is signed by the firm's Chief Compliance Officer on 05/12/2026. This indicates the manager reports control metrics accurately under Schedule 13G rules.

Any change that converts this Schedule 13G to a Schedule 13D would require new disclosure.

Key Figures

Beneficial ownership: 1,699,010 shares Percent of class: 5.35% Sole voting power: 1,253,734 shares +1 more

4 metrics

Beneficial ownership 1,699,010 shares Class A shares, as of <date>05/12/2026</date>

Percent of class 5.35% Percentage of COPA Class A shares reported

Sole voting power 1,253,734 shares Sole power to vote reported in the filing

Sole dispositive power 1,699,010 shares Sole power to dispose reported in the filing

Key Terms

Schedule 13G, Beneficial ownership, Sole dispositive power

3 terms

Schedule 13G regulatory

"Item 1. (a) Name of issuer: COPA HOLDINGS"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

Beneficial ownership financial

"Item 4. Ownership (a) Amount beneficially owned: 1,699,010"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

Sole dispositive power regulatory

"Item 4. (iii) Sole power to dispose or to direct the disposition of: 1699010"

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.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

COPA HOLDINGS

(Name of Issuer)

Class A

(Title of Class of Securities)

P31076105

(CUSIP Number)

05/12/2026

(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

SPRUCEGROVE INVESTMENT MANAGEMENT LTD

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

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,253,734.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,699,010.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,699,010.00

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)

5.35 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Investment Manager

SCHEDULE 13G

Item 1.
(a)	Name of issuer: COPA HOLDINGS
(b)	Address of issuer's principal executive offices: Costa del Este, Complejo Business Park, Panama City, Panama 0831-0206 Panama
Item 2.
(a)	Name of person filing: SPRUCEGROVE INVESTMENT MANAGEMENT LTD.
(b)	Address or principal business office or, if none, residence: 181 UNIVERSITY AVENUE, SUITE 1300, TORONTO, ONTARIO M5H 3M7
(c)	Citizenship: CANADIAN
(d)	Title of class of securities: Class A
(e)	CUSIP Number(s): 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).
Item 4.	Ownership
(a)	Amount beneficially owned: Toronto, Ontario Canada
(b)	Percent of class: 5.35 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1253734
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 1699010
	(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.
	Not Applicable
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.

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.

SPRUCEGROVE INVESTMENT MANAGEMENT LTD

Signature:	/s/ Joe DaSilva
Name/Title:	JOE DASILVA CHIEF COMPLIANCE OFFICER
Date:	05/12/2026

FAQ

What stake does Sprucegrove report in COPA (CPA)?

Sprucegrove reports beneficial ownership of 1,699,010 Class A shares, representing 5.35% of COPA Class A stock as of 05/12/2026. The filing is a Schedule 13G reflecting the position and voting/dispositive powers.

How many shares does Sprucegrove have voting power over in COPA?

The filing states Sprucegrove has sole voting power for 1,253,734 shares and shared voting power of 0. These figures are reported directly in the Schedule 13G signed on 05/12/2026.

Who signed the COPA Schedule 13G for Sprucegrove?

The Schedule 13G is signed by Joe DaSilva, Chief Compliance Officer for Sprucegrove Investment Management Ltd., dated 05/12/2026. The signature affirms the accuracy of the ownership and power information provided.

Does the filing indicate how Sprucegrove acquired the COPA shares?

The Schedule 13G lists ownership amounts, voting power, and dispositive power but does not describe acquisition methods. The filing focuses on current beneficial ownership as of 05/12/2026 without transaction details.