Carrhae Capital LLP — COPA HOLDINGS SA CPA: Quarterly 13F Position History
Carrhae Capital LLP has reported COPA HOLDINGS SA (CPA) on 26 13F-HR filings in Pactolio's tracked window, first appearing in Q4 2018. As of Q1 2026, the position is sized at 518,114 shares ($58.9M market value, 4.15% of the equity book). Quarter-over-quarter share count change: + 393,397 (+315.4%) .
- 518,114Shares Held (Latest Filing)
- $58.9MReported Market Value (Latest Filing)
- 4.15%Portfolio Weight (% of 13F Equity Book)
- +393,397Quarter-over-Quarter Share Change
- +$43.8MQuarter-over-Quarter Value Change
- 777,929Peak Reported Shares (Historical)
Quarterly 13F-HR Disclosure History Source: SEC 13F-HR filings, 26 quarter s
| Quarter | Shares | QoQ Share Change | Share Change (%) | Market Value | Weight | Implied Price |
|---|---|---|---|---|---|---|
| Q1 2026 | 518,114 | +393,397 | +315.4% | $58.9M | 4.15% | $113.61 |
| Q4 2025 | 124,717 | +124,717 | — | $15.0M | 1.00% | $120.61 |
| Q3 2025 | 0 | 512,143 | -100.0% | $0 | 0.00% | — |
| Q2 2025 | 512,143 | 265,786 | -34.2% | $56.3M | 5.39% | $109.97 |
| Q1 2025 | 777,929 | +76,062 | +10.8% | $71.9M | 8.36% | $92.46 |
| Q4 2024 | 701,867 | +701,867 | — | $61.7M | 7.29% | $87.88 |
| Q3 2023 | 0 | 0 | — | $0 | 0.00% | — |
| Q2 2023 | 0 | 0 | — | $0 | 0.00% | — |
| Q1 2023 | 0 | 0 | — | $0 | 0.00% | — |
| Q4 2022 | 0 | 0 | — | $0 | 0.00% | — |
| Q3 2022 | 0 | 92,905 | -100.0% | $0 | 0.00% | — |
| Q2 2022 | 92,905 | +92,905 | — | $5.9M | 4.98% | $63.37 |
| Q1 2022 | 0 | 0 | — | $0 | 0.00% | — |
| Q4 2021 | 0 | 0 | — | $0 | 0.00% | — |
| Q3 2021 | 0 | 0 | — | $0 | 0.00% | — |
| Q2 2021 | 0 | 0 | — | $0 | 0.00% | — |
| Q1 2021 | 0 | 0 | — | $0 | 0.00% | — |
| Q4 2020 | 0 | 0 | — | $0 | 0.00% | — |
| Q3 2020 | 0 | 0 | — | $0 | 0.00% | — |
| Q2 2020 | 0 | 36,472 | -100.0% | $0 | 0.00% | — |
| Q1 2020 | 36,472 | 121,370 | -76.9% | $1.7M | 1.34% | $45.29 |
| Q4 2019 | 157,842 | +80,399 | +103.8% | $17.1M | 10.30% | $108.08 |
| Q3 2019 | 77,443 | 41,746 | -35.0% | $7.6M | 5.02% | $98.75 |
| Q2 2019 | 119,189 | +119,189 | — | $11.6M | 5.29% | $97.57 |
| Q1 2019 | 0 | 299,527 | -100.0% | $0 | 0.00% | — |
| Q4 2018 | 299,527 | — | — | $23.6M | 12.55% | $78.71 |
Methodology & FAQ
How This Position History Is Sourced
Each row is one SEC Form 13F-HR filing disclosing this position. Share count, market value, and reported quarter are taken verbatim from the filing; portfolio weight is recomputed against the same filing's total reported equity book. Implied price-per-share is market value divided by shares — a quarter-end mark, not the manager's cost basis. See the full methodology document for the normalization rules.
When did Carrhae Capital LLP first disclose a CPA position in 13F-HR filings?
Carrhae Capital LLP first reported COPA HOLDINGS SA (CPA) on its 13F-HR filing for the period ending 2018-12-31 (Q4 2018). The position has appeared on 26 reported quarters within Pactolio's tracked window.
What was Carrhae Capital LLP's most recent quarter-over-quarter share-count change in CPA?
Between Q4 2025 and Q1 2026, Carrhae Capital LLP added 393,397 shares of CPA (+315.4%), bringing the total reported position to 518,114 shares at a market value of $58.9M.
Does the implied price-per-share represent Carrhae Capital LLP's cost basis in CPA?
No. The implied price-per-share column is the 13F-HR reported market value divided by reported share count on the filing date (end of quarter). It is a quarter-end mark, not a cost basis or transaction price. Use it as a sanity check on the value column, not as an indicator of the manager's entry or exit price.