Copa Holdings

CPA • NYSE

Copa Holdings is a airlines, airports & air services company in the industrials sector on NYSE, led by Pedro Heilbron, with a market cap of $4.9B. As of Q3 2025, 66% of shares are held by 251 institutional investors, with Capital World Investors as the largest holder at 11.12%.

Executive Chairman and Chief Executive OfficerPedro Heilbron

Market Cap$4.9B

Airlines, Airports & Air Services

Industrials

Employees7.6K

Websitecopaair.com

Overview

Overview of institutional ownership in CPA as of Q3 2025 with a market cap of $4.9B

All Institutions

Institutions: 251
Value Held: $3.2B
Shares Held: 27.0M
Avg Position: $12.8M
Median Position: $696.4K

Hedge Funds

Hedge Funds: 35
Value Held: $446.0M
Shares Held: 3.8M
Avg Position: $12.7M
Median Position: $3.5M

Ownership Breakdown

Institutional (non-HF)

56.63%

$2.8B

Hedge Funds

9.13%

$446.0M

Retail & Other

34.25%

$1.7B

Based on market cap of $4.9B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in CPA as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
C Capital World Investors Institution	-	$543.4M 0.07% of portfolio	11.12% 4.6M shares	Q4 2020 Held for 4y 11m	$730.00B
B BAILLIE GIFFORD & CO Institution	-	$328.6M 0.24% of portfolio	6.72% 2.8M shares	≤ Q2 2013 Held for 12y 5m+	$134.80B
SPRUCEGROVE INVESTMENT MANAGEMENT LTD Long Only Manager	Arjun Nmn Kumar CEO	$273.5M 28.18% of portfolio	5.60% 2.3M shares	Q1 2016 Held for 9y 8m	$970.6M
JPMORGAN CHASE & CO Institution	Jamie Dimon CEO	$190.5M 0.01% of portfolio	3.90% 1.6M shares	≤ Q2 2013 Held for 12y 5m+	$1.56T
FMR LLC Institution	-	$158.7M 0.01% of portfolio	3.25% 1.3M shares	≤ Q2 2013 Held for 12y 5m+	$1.92T
DIMENSIONAL FUND ADVISORS LP Long Only Manager	David Paul Butler CEO	$156.0M 0.03% of portfolio	3.19% 1.3M shares	≤ Q2 2013 Held for 12y 5m+	$466.32B
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	Peter Fitzhugh Brown CEO	$105.4M 0.14% of portfolio	2.16% 887.4K shares	Q1 2017 Held for 8y 8m	$75.8B
DRIEHAUS CAPITAL MANAGEMENT LLC Hedge Fund•Event Driven	Stephen Thomas Weber CEO	$77.8M 0.56% of portfolio	1.59% 654.4K shares	Q2 2025 Held for 5 months	$13.9B
CAPTRUST FINANCIAL ADVISORS RIA/Wealth	James Fielding Miller CEO	$76.4M 0.16% of portfolio	1.56% 642.8K shares	Q1 2023 Held for 2y 8m	$48.9B
B BRANDES INVESTMENT PARTNERS, LP Long Only Manager	Oliver Michael Murray CEO	$75.1M 0.60% of portfolio	1.54% 632.1K shares	Q4 2018 Held for 6y 11m	$12.5B

Net Capital Flow

Institutional buying and selling activity for CPA in Q3 2025

Traded: +$7.5M
Buyers: 158
Sellers: 80
Total Bought: +$285.0M
Total Sold: −$277.5M
Avg Position: $11.7M

Biggest Buyers

Institution	Net Bought	Current Position
DRIEHAUS CAPITAL MANAGEMENT LLC Hedge Fund•Event Driven	+$68.6M +577.7K shares	$77.8M 654.4K shares
A Artemis Investment Management LLP Institution	+$25.4M +214.2K shares	$46.8M 393.6K shares
Clark Capital Management Group, Inc. RIA/Wealth	+$17.1M +143.5K shares	$65.4M 550.8K shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	+$16.5M +138.7K shares	$27.2M 229.1K shares
WASATCH ADVISORS INC Long Only Manager	+$16.2M +136.7K shares	$65.1M 547.6K shares
F Freestone Grove Partners LP Hedge Fund•Multi-Strategy	+$11.9M +100.5K shares	$11.9M 100.5K shares
P PAR CAPITAL MANAGEMENT INC Hedge Fund•Long/Short	+$11.3M +95.0K shares	$17.6M 148.0K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$8.7M +72.8K shares	$53.9M 453.4K shares
Point72 Asset Management, L.P. Hedge Fund•Multi-Strategy	+$7.0M +59.1K shares	$7.0M 59.1K shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$5.8M +48.9K shares	$5.8M 48.9K shares

Biggest Sellers

Institution	Net Sold	Current Position
C Carrhae Capital LLP Hedge Fund•Long/Short	−$56.3M −512.1K shares	Sold Off 0 shares
JPMORGAN CHASE & CO Institution	−$48.2M −406.0K shares	$190.5M 1.6M shares
SPRUCEGROVE INVESTMENT MANAGEMENT LTD Long Only Manager	−$27.5M −231.9K shares	$273.5M 2.3M shares
F Fourth Sail Capital LP Institution	−$20.3M −185.0K shares	Sold Off 0 shares
B BAILLIE GIFFORD & CO Institution	−$16.4M −137.8K shares	$328.6M 2.8M shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	−$13.1M −110.4K shares	$105.4M 887.4K shares
Kingstone Capital Partners Texas, LLC RIA/Wealth	−$9.7M −88.3K shares	Sold Off 0 shares
Marshall Wace LLP Institution	−$8.5M −71.4K shares	$14.4M 121.5K shares
V Vontobel Holding Ltd. Institution	−$7.3M −61.7K shares	$58.3M 490.5K shares
GOLDMAN SACHS GROUP INC Institution	−$7.1M −59.6K shares	$28.9M 243.1K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited CPA in Q3 2025

New Positions: 25
New Value: $20.0M
Exited Positions: 23
Exited Value: $103.7M

New Positions

Institution	Position Value
F Freestone Grove Partners LP Hedge Fund•Multi-Strategy	$11.9M 100.5K shares
Carrera Capital Advisors RIA/Wealth	$4.4M 36.7K shares
KLEIN PAVLIS & PEASLEY FINANCIAL, INC. RIA/Wealth	$873.2K 7.3K shares
BURNEY CO/ RIA/Wealth	$703.5K 5.9K shares
T THOMIST CAPITAL MANAGEMENT, LP Hedge Fund•Long/Short	$581.3K 4.9K shares
TOTH FINANCIAL ADVISORY CORP RIA/Wealth	$395.1K 3.3K shares
Optimize Financial Inc RIA/Wealth	$319.3K 2.7K shares
CONFLUENCE INVESTMENT MANAGEMENT LLC Long Only Manager	$223.4K 1.9K shares
Merit Financial Group, LLC RIA/Wealth	$208.0K 1.8K shares
Severin Investments, LLC RIA/Wealth	$200.3K 1.7K shares

Exited Positions

Institution	Previous Position
C Carrhae Capital LLP Hedge Fund•Long/Short	$56.3M 512.1K shares
F Fourth Sail Capital LP Institution	$20.3M 185.0K shares
Kingstone Capital Partners Texas, LLC RIA/Wealth	$9.7M 88.3K shares
B BW Gestao de Investimentos Ltda. Institution	$5.5M 50.0K shares
$DEUTSCHE BANK AG\ logo$ DEUTSCHE BANK AG\ Institution	$4.5M 40.7K shares
VICTORY CAPITAL MANAGEMENT INC Long Only Manager	$2.8M 25.8K shares
W Winton Capital Group Ltd Institution	$1.1M 9.6K shares
Q Quadrature Capital Ltd Institution	$845.1K 7.7K shares
N NOMURA HOLDINGS INC Institution	$538.9K 4.9K shares
P Petrus Trust Company, LTA Institution	$514.7K 4.7K shares

Options Activity

Institutions with the largest Call and Put options positions in CPA as of Q3 2025

Call Positions: 9
Call Value: $36.7M
Put Positions: 8
Put Value: $97.4M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$9.5M 800.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$9.2M 776.0 contracts
P PEAK6 LLC Institution	$8.9M 750.0 contracts
J JANE STREET GROUP, LLC Institution	$6.2M 520.0 contracts
W WOLVERINE TRADING, LLC Institution	$1.3M 107.0 contracts
Walleye Trading LLC RIA/Wealth	$594.1K 50.0 contracts
D D. E. Shaw & Co., Inc. Institution	$392.1K 33.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$368.3K 31.0 contracts
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	$285.2K 24.0 contracts

Put Positions

Institution	Position Value
HBK INVESTMENTS L P Hedge Fund•Multi-Strategy	$55.5M 4.7K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$22.7M 1.9K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$10.5M 887.0 contracts
J JANE STREET GROUP, LLC Institution	$6.8M 570.0 contracts
W WOLVERINE TRADING, LLC Institution	$1.2M 100.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$415.9K 35.0 contracts
Walleye Trading LLC RIA/Wealth	$308.9K 26.0 contracts
P PEAK6 LLC Institution	- - contracts

Most Committed Institutions

Institutions with CPA as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
W Wishbone Management, LP Hedge Fund•Multi-Strategy	John Brooks Harris Managing Partner	30.18% $56.1M	1.15% 472.5K shares	Q2 2024 Held for 1y 5m	$186.0M
SPRUCEGROVE INVESTMENT MANAGEMENT LTD Long Only Manager	Arjun Nmn Kumar CEO	28.18% $273.5M	5.60% 2.3M shares	Q1 2016 Held for 9y 8m	$970.6M
Cape Ann Asset Management Ltd Long Only Manager	Jonathan Bell Chairman	8.73% $25.9M	0.53% 218.0K shares	Q4 2024 Held for 11 months	$296.8M
Virtus Family Office LLC Family Office	Norma Angelica Peralta Morales CCO	4.51% $4.8M	0.10% 40.4K shares	Q2 2023 Held for 2y 5m	$106.4M
S SPX Equities Gestao de Recursos Ltda Institution	-	4.07% $48.3M	0.99% 406.6K shares	Q2 2023 Held for 2y 5m	$1.2B
1492 Capital Management LLC Long Only Manager	Joseph Anthony Frohna Managing Partner	2.84% $7.1M	0.15% 59.7K shares	Q3 2020 Held for 5y 2m	$249.8M
MARATHON CAPITAL MANAGEMENT RIA/Wealth	Edward George Hart Partner	1.96% $8.5M	0.17% 71.4K shares	Q4 2021 Held for 3y 11m	$433.1M
Marathon Asset Mgmt Ltd Long Only Manager	Robert Charles Hingley Chairman	1.64% $44.5M	0.91% 374.6K shares	Q3 2022 Held for 3y 2m	$2.7B
GLOBEFLEX CAPITAL L P Long Only Manager	Marina Loretta Marrelli CEO	1.52% $9.8M	0.20% 82.5K shares	≤ Q2 2013 Held for 12y 5m+	$644.8M
VELA Investment Management, LLC Long Only Manager	Roderick Hadley Dillon CEO	1.21% $4.2M	0.09% 35.3K shares	Q4 2021 Held for 3y 11m	$347.1M

Hedge Fund Spotlight

Discover hedge funds investing in CPA

Hudson Bay Capital Management LP

Hedge Fund • Multi-Strategy

Portfolio ManagerSander Ross Gerber

Portfolio Value: $14.7B
Positions: 892
Last Reported: Q3 2025

Sector Allocation

Position in Copa Holdings

Market Value: $3.5M
Shares Held: 29.6K
Portfolio Weight: 0.02%
Owned Since: 2022-Q1

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