BOKF, NA

BOKF, NA's $6.5 billion Q1 2026 book (1,421 positions, mostly index and factor ETFs layered with megacap stocks) delivered a striking case of price doing the work: Exxon Mobil's share count barely moved (1,821,309 vs 1,821,087 shares, essentially flat) yet the position's dollar value jumped from $219.1 million to $309.0 million — a 41% increase driven entirely by the stock's own rally, pushing Exxon from 3.4% to 4.7% of the entire book. That price-driven surge came alongside genuine new energy conviction: a fresh $32.4 million stake in ConocoPhillips and a 17.8% share increase in Chevron ($7.6 million) show the bank building out its energy sleeve by choice, not just by market luck. Elsewhere, the book rotated within mid-caps — the broad Russell Mid-Cap ETF (IWR) was sold entirely (-$26.0 million) while the growth-tilted Russell Mid-Cap Growth ETF (IWP) became a new $28.9 million position — and iShares S&P 500 Growth (IVW) was trimmed 21.6% (-$9.5 million), the quarter's largest reduction. Tesla and Mastercard were both sold entirely.