CPA: Schedule 13G Reveals Sprucegrove’s 2.53M-Share Position

Rhea-AI Filing Summary

Sprucegrove Investment Management Ltd., a Toronto-based Canadian investment adviser, filed a Schedule 13G reporting 2,533,736 Class A shares of Copa Holdings (NYSE: CPA) as of 5 Aug 2025. The position equals 8.38 % of the outstanding class, crossing the 5 % threshold that requires disclosure. Sprucegrove controls 1,838,719 shares for voting and the full 2.53 million shares for dispositive purposes, with no shared voting or dispositive authority. The filing is made under Rule 13d-1(b)/(c)/(d), signalling a passive ownership stance rather than an activist intent. No group members, subsidiaries, or special arrangements are disclosed. The certifying officer affirms the shares were acquired in the ordinary course of business and not to influence control. For investors, the stake introduces a new sizeable institutional holder, potentially supporting liquidity and signalling confidence in Copa’s equity, but it does not imply forthcoming strategic initiatives.

Positive

• Sprucegrove now owns 8.38 % of Copa’s Class A shares, adding a reputable institutional holder and potential liquidity support.

Negative

• Stake is filed on Schedule 13G, implying no activist intent or immediate strategic catalyst for shareholders.

Insights

Equity Analyst

TL;DR: 8.38 % passive stake by Sprucegrove adds institutional support, modestly bullish but no governance catalyst.

Sizable positions from long-only asset managers often validate an issuer’s fundamentals. Sprucegrove’s purchase puts it among Copa’s top shareholders, increasing buy-side coverage and potentially tightening the float. Because the firm filed on Schedule 13G, it indicates no activist agenda; therefore, the near-term impact is limited to sentiment and liquidity rather than operational change. Still, a >8 % holding can provide incremental demand and reduce volatility, modestly improving the risk-reward profile for existing shareholders.

Corporate Governance Specialist

TL;DR: Filing is informational; passive status means no immediate governance implications.

Schedule 13G, unlike 13D, carries no intent to influence control. Sprucegrove disclosed sole voting/dispositive powers, signalling independent decision-making but no coordination with other holders. The absence of group activity, board nominations, or control language keeps corporate governance dynamics unchanged. Therefore, while transparency improves, the filing is not materially impactful on governance structures.

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)

08/05/2025

(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 1,838,719.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,533,736.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,533,736.00

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)

8.38 %

12

Type of Reporting Person (See Instructions)

OO

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: 8.38 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1838719
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 2533736
	(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. By signing below I certify that, to the best of my knowledge and belief, the securities referred to above 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:	08/05/2025

FAQ

How many Copa Holdings shares does Sprucegrove own?

Sprucegrove reports 2,533,736 Class A shares beneficially owned.

What percentage of Copa Holdings' Class A stock is held by Sprucegrove?

The filing shows 8.38 % ownership of the Class A shares.

Does the 13G filing indicate activist plans for CPA?

No. A Schedule 13G denotes a passive investment; Sprucegrove states it has no intent to influence control.

What voting power does Sprucegrove have in Copa Holdings?

It has 1,838,719 shares with sole voting power and zero shared voting power.

When was the reportable event for this Schedule 13G?

The event date triggering the filing is August 5, 2025.