Marathon Halves Its Copa Stake—The Panama Hub Advantage Still Stands

CPA On May 13, 2026, Marathon Capital Management disclosed in an SEC filing that it sold 23,765 shares of Copa Holdings (NYSE:CPA), an estimated $3.12 million trade based on quarterly average pricing. Sold 23,765 shares of Copa Holdings; estimated trade size was $3.12 million based on quarterly average pricing Quarter-end position value decreased by $3.06 million, reflecting both share sales and stock price movements Transaction represented a 0.7% change in 13F reportable AUM Post-trade stake: 27,788 shares valued at $3.16 million Position now accounts for 0.71% of fund AUM, which places it outside the fund s top five holdings According to a SEC filing dated May 13, 2026, Marathon Capital Management reduced its holding in Copa Holdings by 23,765 shares during the first quarter of 2026. The estimated transaction value was $3.12 million, based on the average unadjusted closing price for the quarter. The quarter-end value of the position decreased by $3.06 million, reflecting both trading activity and market price changes. The firm now holds 27,788 shares, worth $3.16 million at quarter end. Marathon Capital Management continued to reduce its position in Copa Holdings, which now represents 0.71% of 13F reportable AUM NASDAQ:TROW: $57.56 million (12.9% of AUM) NYSEMKT:BIL: $17.91 million (4.0% of AUM) NASDAQ:GOOGL: $14.19 million (3.2% of AUM) As of May 21, 2026, shares of Copa Holdings were priced at $137.07, up 34.37% over the past year, underperforming the S&P 500 by 6.9 percentage points CPA provides scheduled airline passenger and cargo services across 69 destinations in the Americas and the Caribbean, operating a fleet of Boeing 737 aircraft. Copa generates revenue primarily from ticket sales, ancillary services, and cargo transport, leveraging its hub-and-spoke model based in Panama City. The company serves business and leisure travelers, as well as commercial cargo clients, with a focus on connectivity throughout North, Central, and South America. Copa Holdings is a leading Latin American airline group, operating over 200 daily flights from its strategic hub in Panama City. Marathon trimmed Copa Holdings during the first quarter, and with the stock up nearly 19% over the past year, the trade reads more like portfolio housekeeping than a change in view. Copa is worth understanding on its own terms. The airline operates out of Tocumen International Airport in Panama City, which functions as the busiest connecting hub in Latin America — a geographic position that no single-country carrier in the Americas can easily replicate. The business model is simple and disciplined: one fleet type, a focused route network, and a cost structure that has historically supported margins well above the regional airline average. That combination of hub scarcity, operational focus, and lean costs is a durable setup, not one that ages quickly. The risks are real. Copa s passenger base spans markets that can turn fast on currency moves or political instability, and fuel costs come in dollars while revenue is partly denominated in weaker regional currencies. The metrics worth watching are load factor and unit costs — when those move together, the earnings story tends to follow. Copa isn t priced like a premium business despite operating like one, which is partly the EM risk discount that follows any Latin American asset. For investors comfortable with that trade-off, the setup is more interesting than a routine institutional trim might suggest. Before you buy stock in Copa, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Copa wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $477,813!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,320,088!* Now, it’s worth noting Stock Advisor’s total average return is 986% — a market-crushing outperformance compared to 208% for the S&P 500. Don t miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. *Stock Advisor returns as of May 23, 2026. Seena Hassouna has positions in Alphabet. The Motley Fool has positions in and recommends Alphabet, AstraZeneca Plc, Corning, and T. Rowe Price Group. The Motley Fool recommends Copa. The Motley Fool has a disclosure policy. Marathon Halves Its Copa Stake—The Panama Hub Advantage Still Stands was originally published by The Motley Fool

Marathon Halves Its Copa Stake—The Panama Hub Advantage Still Stands

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