The firm sold its position in Copa Holdings as shares surged 24.72% over the past year amid market volatility and rising oil prices.
Night Watch Investment Management divested its entire stake in Copa Holdings (CPA) during Q1 2026, as disclosed in its investor letter. The firm’s portfolio appreciated 2.69% net of fees despite volatility driven by AI disruptions and geopolitical tensions, including the Iran conflict, which lifted oil prices and pressured physical businesses.
Copa Holdings, trading at $135.37 on June 9, 2026, posted a 15.20% one-month return and a 24.72% gain over the past 52 weeks. The airline, with a $5.43 billion market capitalization, operates passenger and cargo services in Panama. The firm’s strategy focuses on identifying businesses with earnings growth potential and adapting to shifting market conditions.
The decision to exit follows strong performance in Copa Holdings, though no immediate market reaction was detailed in the release.