Sprucegrove discloses 4.57% stake in Copa Holdings

Sprucegrove Investment Management Ltd., a Canadian investment manager based in Toronto, reported beneficial ownership of Class A shares of Copa Holdings.

Rhea-AI Filing Summary

Sprucegrove Investment Management Ltd., a Canadian investment manager based in Toronto, reported beneficial ownership of Class A shares of Copa Holdings. Sprucegrove holds 1,451,592 Class A shares, representing 4.57% of the class.

The firm has sole voting power over 1,088,816 shares and sole dispositive power over all 1,451,592 shares, with no shared voting or dispositive power. The filing characterizes this as ownership of 5 percent or less of the class.

Key Figures

Beneficial ownership: 1,451,592 shares Percent of class: 4.57 % Sole voting power: 1,088,816 shares +3 more

6 metrics

Beneficial ownership 1,451,592 shares Class A shares beneficially owned by Sprucegrove Investment Management Ltd.

Percent of class 4.57 % Percentage of Copa Holdings Class A shares owned by Sprucegrove

Sole voting power 1,088,816 shares Shares for which Sprucegrove has sole power to vote or direct the vote

Sole dispositive power 1,451,592 shares Shares for which Sprucegrove has sole power to dispose or direct disposition

Ownership threshold note 5 percent or less Ownership of 5 percent or less of a class as stated in Item 5

Filing date 07/31/2026 Date signed by Chief Compliance Officer Joe DaSilva

Key Terms

beneficially owned, Sole Voting Power, Sole Dispositive Power, Schedule 13G, +1 more

5 terms

beneficially owned financial

"Item 4. | Ownership (a) | Amount beneficially owned"

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 Voting Power financial

"5 | Sole Voting Power 1,088,816.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

Sole Dispositive Power financial

"7 | Sole Dispositive Power 1,451,592.00"

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.

Schedule 13G regulatory

"form_type: "SCHEDULE 13G""

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.

percent of class financial

"(b) | Percent of class: 4.57 %"

Percent of class is the portion of a specific category of securities—such as a company’s common shares, preferred shares, or a bond series—that takes part in or approves a corporate action (vote, consent, tender, etc.). Investors watch this number because it reveals how much support or opposition exists within that particular shareholder group; like counting how many members of a club back a proposal, it can determine whether a plan passes or how influence is distributed.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What percentage of Copa Holdings (CPA) does Sprucegrove Investment Management own?

Sprucegrove Investment Management Ltd. reports beneficial ownership of 4.57% of Copa Holdings’ Class A shares, corresponding to 1,451,592 shares, according to its Schedule 13G filing as of July 31, 2026.

How many Copa Holdings (CPA) shares can Sprucegrove vote?

Sprucegrove has sole voting power over 1,088,816 Copa Holdings Class A shares and no shared voting power, according to the reported ownership structure in the Schedule 13G.

What is Sprucegrove’s dispositive power over Copa Holdings (CPA) shares?

Sprucegrove reports sole dispositive power over 1,451,592 Copa Holdings Class A shares and no shared dispositive power, meaning it alone can decide whether to sell or otherwise dispose of those shares.

Is Sprucegrove a major (over 5%) holder of Copa Holdings (CPA)?

No. Sprucegrove’s Schedule 13G states ownership of 4.57% of Copa Holdings’ Class A shares and indicates it holds 5 percent or less of the class, below the 5% large-holder threshold.

Where is Sprucegrove Investment Management, a holder of Copa Holdings (CPA), based?

Sprucegrove Investment Management Ltd. lists its principal business office at 181 University Avenue, Suite 1300, Toronto, Ontario, M5H 3M7, Canada, and identifies its citizenship as Canadian.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/07/2026 - 04:45 PM Accepted by SEC EDGAR 08/07/2026 - 04:45 PM Learn about SEC filing dates

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)

07/31/2026

(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

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 1,088,816.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,451,592.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,451,592.00

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)

4.57 %

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: 4.57 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1088816
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 1451592
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
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:	07/31/2026