Copa Holdings, S.A.
US ˙ NYSE ˙ PAP310761054

SecurityCPA / Copa Holdings, S.A.
InstitutionMacquarie Group Ltd
Latest Disclosed Ownership0 shares
Latest Disclosed Value $ 0
Macquarie Group Ltd closes position in CPA / Copa Holdings, S.A.

On February 13, 2026 - Macquarie Group Ltd filed a 13F-HR form disclosing ownership of 0 shares of Copa Holdings, S.A. (US:CPA) valued at $0 USD as of December 31, 2025. The entity filed a previous 13F-HR on November 13, 2025 disclosing 28,836 shares of Copa Holdings, S.A.. The current value of the position is $0 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-02-13 2025-12-31 13F COPA HOLDINGS CL A P31076105 0 -100.00 0
2025-11-13 2025-09-30 13F COPA HOLDINGS CL A P31076105 28,836 -1,170 -3.90 3,426 3.82 0.0040
2025-08-14 2025-06-30 13F COPA HOLDINGS CL A P31076105 30,006 3,975 15.27 3,300 37.10 0.0040
2025-08-14 2025-03-31 13F/A-1 COPA HOLDINGS CL A P31076105 26,031 -1,280 -4.69 2,407 0.29 0.0030
2025-05-15 2025-03-31 13F COPA HOLDINGS CL A P31076105 26,031 -1,280 2,407 0.0031
2025-02-14 2024-12-31 13F COPA HOLDINGS CL A P31076105 27,311 -1,078 -3.80 2,400 -9.91 0.0029
2024-11-14 2024-09-30 13F COPA HOLDINGS CL A P31076105 28,389 0 0.00 2,664 -1.41 0.0029
2024-08-09 2024-06-30 13F COPA HOLDINGS CL A P31076105 28,389 0 0.00 2,702 -8.62 0.0031
2024-05-14 2024-03-31 13F COPA HOLDINGS CL A P31076105 28,389 -1,377 -4.63 2,957 -6.54 0.0034
2024-02-14 2023-12-31 13F COPA HOLDINGS CL A P31076105 29,766 -3,148 -9.56 3,164 7.88 0.0037
2023-11-14 2023-09-30 13F COPA HOLDINGS CL A P31076105 32,914 0 0.00 2,933 -19.42 0.0037
2023-10-27 2023-06-30 13F/A-2 COPA HOLDINGS CL A P31076105 32,914 -4,078 -11.02 3,640 6.56 0.0042
2023-10-12 2023-06-30 13F/A-1 COPA HOLDINGS CL A P31076105 32,914 -4,078 3,640 0.0037
2023-08-14 2023-06-30 13F COPA HOLDINGS CL A P31076105 32,914 -4,078 3,640 0.0037
2023-06-01 2023-03-31 13F/A-1 COPA HOLDINGS CL A P31076105 36,992 0 0.00 3,416 11.02 0.0041
2023-05-15 2023-03-31 13F COPA HOLDINGS CL A P31076105 36,992 0 3,416 0.0031
2023-02-21 2022-12-31 13F COPA HOLDINGS CL A P31076105 36,992 -19,930 -35.01 3,077 -19.32 0.0036
2022-11-14 2022-09-30 13F COPA HOLDINGS CL A P31076105 56,922 4,164 7.89 3,814 14.09 0.0047
2022-08-17 2022-06-30 13F/A-1 COPA HOLDINGS CL A P31076105 52,758 -54,195 -50.67 3,343 -62.63 0.0038
2022-08-15 2022-06-30 13F COPA HOLDINGS CL A P31076105 52,758 -54,195 3,343 0.0012
2022-05-16 2022-03-31 13F COPA HOLDINGS CL A P31076105 106,953 -280,969 -72.43 8,946 -72.10 0.0068
2022-02-11 2021-12-31 13F COPA HOLDINGS CL A P31076105 387,922 -189,344 -32.80 32,066 -31.74 0.0267
2021-11-12 2021-09-30 13F COPA HOLDINGS CL A P31076105 577,266 91,928 18.94 46,977 28.49 0.0400
2021-08-13 2021-06-30 13F COPA HOLDINGS CL A P31076105 485,338 485,338 36,560 0.0300
2019-08-14 2019-06-30 13F COPA HOLDINGS CL A P31076105 0 -125,413 -100.00 0 -100.00
2019-05-15 2019-03-31 13F COPA HOLDINGS CL A P31076105 125,413 4,245 3.50 10,110 6.01 0.0172
2019-02-15 2018-12-31 13F COPA HOLDINGS CL A P31076105 121,168 120,468 17,209.71 9,537 16,930.36 0.0184
2018-11-15 2018-09-30 13F COPA HOLDINGS CL A P31076105 700 -5,800 -89.23 56 -90.89 0.0001
2019-03-21 2018-06-30 13F/A-1 COPA HOLDINGS CL A P31076105 6,500 3,300 103.12 615 49.27 0.0011
2018-08-14 2018-06-30 13F COPA HOLDINGS CL A P31076105 6,500 3,300 615
2018-05-11 2018-03-31 13F COPA HOLDINGS CL A P31076105 3,200 -1,100 -25.58 412 -28.47 0.0008
2018-02-14 2017-12-31 13F COPA HOLDINGS CL A P31076105 4,300 0 0.00 576 7.66 0.0010
2017-11-08 2017-09-30 13F COPA HOLDINGS CL A P31076105 4,300 4,300 0.00 535 -7.12 0.0010
2016-05-16 2016-03-31 13F COPA HOLDINGS COMMON P31076105 0 0 0 0.0000
2015-11-16 2015-09-30 13F COPA HOLDINGS COMMON P31076105 0 -33,253 -100.00 0 -100.00
2015-08-21 2015-06-30 13F/A-1 COPA HOLDINGS COMMON P31076105 33,253 17 0.05 2,746 -18.18 0.0054
2015-08-14 2015-06-30 13F COPA HOLDINGS COMMON P31076105 33,253 2,746
2015-05-18 2015-03-31 13F COPA HOLDINGS COMMON P31076105 33,236 0 0.00 3,356 -2.58 0.0066
2015-02-17 2014-12-31 13F COPA HOLDINGS COMMON P31076105 33,236 -18,012 -35.15 3,445 -37.34 0.0071
2014-11-14 2014-09-30 13F COPA HOLDINGS COMMON P31076105 51,248 -5,347 -9.45 5,498 -31.86 0.0118
2014-08-14 2014-06-30 13F COPA HOLDINGS COMMON P31076105 56,595 42,295 295.77 8,069 288.68 0.0180
2014-05-15 2014-03-31 13F COPA HOLDINGS Common P31076105 14,300 2,100 17.21 2,076 6.30 0.0036
2014-02-14 2013-12-31 13F COPA HOLDINGS Common Stock P31076105 12,200 -59,987 -83.10 1,953 -80.49 0.0035
2013-11-14 2013-09-30 13F COPA HOLDINGS Common Stock P31076105 72,187 0 0.00 10,010 5.76 0.0196
2013-08-16 2013-06-30 13F/A-1 COPA HOLDINGS COMMON P31076105 72,187 72,187 9,465 0.0206
2013-08-14 2013-06-30 13F COPA HOLDINGS COMMON P31076105 72,187 9,465 0.0206
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.