[SCHEDULE 13G] Copa Holdings, S.A. SEC Filing

Rhea-AI Filing Summary

Sprucegrove Investment Management Ltd. filed a Schedule 13G reporting a passive stake in Copa Holdings Class A shares. The firm disclosed beneficial ownership of 2,301,884 shares, representing 7.24% of the class as of the event date 11/14/2025.

Sprucegrove reported sole voting power over 1,676,269 shares and sole dispositive power over 2,301,884 shares, with no shared voting or dispositive power. The filing includes the standard certification that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control. The report is signed by the Chief Compliance Officer, Joe DaSilva.

Insights

Equity ownership & governance analyst

Passive 7.24% 13G stake; notable but routine disclosure.

Sprucegrove Investment Management reported beneficial ownership of 2,301,884 Class A shares of Copa Holdings, equal to 7.24% of the class. The filing indicates sole voting power over 1,676,269 shares and sole dispositive power over 2,301,884 shares, with no shared powers.

This is a Schedule 13G, which signals a passive intent. The certification states the position was acquired and is held in the ordinary course and not to influence control. Actual market impact depends on future portfolio decisions by the holder, which are not indicated here.

The event date is 11/14/2025. Subsequent ownership updates, if any, would typically appear in later beneficial ownership filings.

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)

11/14/2025

(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)

SCHEDULE 13G

CUSIP No. 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 1,676,269.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,301,884.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,301,884.00

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)

7.24 %

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 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).
Item 4.	Ownership
(a)	Amount beneficially owned: Toronto, Ontario Canada
(b)	Percent of class: 7.24 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1676269
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 2301884
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	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:	11/11/2025

FAQ

What stake in Copa Holdings (CPA) did Sprucegrove disclose?

Sprucegrove reported beneficial ownership of 7.24% of Copa Holdings Class A, totaling 2,301,884 shares.

How much voting and dispositive power does Sprucegrove have over CPA shares?

It has sole voting power over 1,676,269 shares and sole dispositive power over 2,301,884 shares, with no shared powers.

What form did Sprucegrove file for Copa Holdings (CPA)?

A Schedule 13G, indicating a passive ownership position rather than an intent to influence control.

What is the event date tied to Sprucegrove’s 13G on CPA?

The date of event requiring the filing is 11/14/2025.

Did Sprucegrove state an intent to influence control at Copa Holdings?

No. The certification states the shares were acquired and are held in the ordinary course and not to change or influence control.

Is Sprucegrove part of a group for this CPA holding?

No. The filing indicates Not Applicable for group membership.

Who signed the 13G for Sprucegrove and when?

It was signed by Joe DaSilva, Chief Compliance Officer, dated 11/11/2025.