<SEC-DOCUMENT>0001193125-25-281203.txt : 20251114
<SEC-HEADER>0001193125-25-281203.hdr.sgml : 20251114
<ACCEPTANCE-DATETIME>20251114060112
ACCESSION NUMBER:		0001193125-25-281203
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251114
DATE AS OF CHANGE:		20251114

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Copa Holdings, S.A.
		CENTRAL INDEX KEY:			0001345105
		STANDARD INDUSTRIAL CLASSIFICATION:	AIR TRANSPORTATION, SCHEDULED [4512]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		STATE OF INCORPORATION:			R1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-81363
		FILM NUMBER:		251480788

	BUSINESS ADDRESS:	
		STREET 1:		AVENIDA PRINCIPAL, COSTA DEL ESTE
		STREET 2:		COMPLEJO BUSINESS PARK, TORRE NORTE
		CITY:			PANAMA CITY
		STATE:			R1
		ZIP:			00000
		BUSINESS PHONE:		011 507 227 2522

	MAIL ADDRESS:	
		STREET 1:		AVENIDA PRINCIPAL, COSTA DEL ESTE
		STREET 2:		COMPLEJO BUSINESS PARK, TORRE NORTE
		CITY:			PANAMA CITY
		STATE:			R1
		ZIP:			00000

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SPRUCEGROVE INVESTMENT MANAGEMENT LTD
		CENTRAL INDEX KEY:			0001234074
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G

	BUSINESS ADDRESS:	
		STREET 1:		181 UNIVERSITY AVE
		STREET 2:		STE 1300
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5H 3M7
		BUSINESS PHONE:		416-363-5854

	MAIL ADDRESS:	
		STREET 1:		181 UNIVERSITY AVE
		STREET 2:		STE 1300
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5H 3M7
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <headerData>
    <submissionType>SCHEDULE 13G</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001234074</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <securitiesClassTitle>Class A</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>11/14/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001345105</issuerCik>
        <issuerName>COPA HOLDINGS</issuerName>
        <issuerCusip>P31076105</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <street1 xmlns="http://www.sec.gov/edgar/common">Costa del Este, Complejo Business Park</street1>
          <city xmlns="http://www.sec.gov/edgar/common">Panama City</city>
          <stateOrCountry xmlns="http://www.sec.gov/edgar/common">R1</stateOrCountry>
          <zipCode xmlns="http://www.sec.gov/edgar/common">0831-0206</zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>SPRUCEGROVE INVESTMENT MANAGEMENT LTD</reportingPersonName>
      <citizenshipOrOrganization>A6</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>1676269</soleVotingPower>
        <sharedVotingPower>0</sharedVotingPower>
        <soleDispositivePower>2301884</soleDispositivePower>
        <sharedDispositivePower>0</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2301884</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>7.24</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>Investment Manager</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>COPA HOLDINGS</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>Costa del Este, Complejo Business Park, Panama City, Panama 0831-0206 Panama</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>SPRUCEGROVE INVESTMENT MANAGEMENT LTD.</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>181 UNIVERSITY AVENUE, SUITE 1300, TORONTO, ONTARIO M5H 3M7</principalBusinessOfficeOrResidenceAddress>
        <citizenship>CANADIAN</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>Toronto, Ontario Canada</amountBeneficiallyOwned>
        <classPercent>7.24</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>1676269</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>0</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>2301884</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>0</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <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.</certifications>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>SPRUCEGROVE INVESTMENT MANAGEMENT LTD</reportingPersonName>
      <signatureDetails>
        <signature>/s/ JOE DASILVA</signature>
        <title>JOE DASILVA CHIEF COMPLIANCE OFFICER</title>
        <date>11/11/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
