Bank of Hawaii's $2.02T Q4 Filing Is a Global ETF Engine With a Surprise QQQ and Netflix Overlay

Bank of Hawaii filed a portfolio that still looks like a global allocation engine first and a stock picker second. VEA, VUG, IVV, SPY, and VTI make up 39.6% of the Q4 2025 filing. But the quarter was not static. The bank added a new QQQ line, pushed Netflix up 1,081.9% by share count, and kept Microsoft in the top 10. This is what a growth tilt looks like when it happens inside a giant ETF core.

TL;DR

• 13F AUM: $2.02T across 226 positions.
• Core identity: The top seven holdings are dominated by broad-market ETFs.
• Top-5 concentration: 39.6%.
• Largest single holding: VEA at 11.6%.
• New tactical add: QQQ entered at $8.05B.
• Fastest riser: Netflix +1,081.9%.
• Takeaway: Bank of Hawaii nudged a diversified core toward growth rather than rebuilding the whole book.

Filing Snapshot

The Core Still Says Asset Allocation

Read the top of the filing and the structure is obvious: developed international through VEA, U.S. growth through VUG, large-cap benchmark exposure through IVV and SPY, and total-market beta through VTI. That is not the footprint of an aggressive thematic fund. It is an institution using ETFs as its main portfolio language.

What changed is the growth sleeve layered on top of that language. A new QQQ position, a much larger Netflix stake, and fresh single-stock adds such as Roku suggest the bank wanted more upside participation without abandoning diversification discipline.

Why Netflix Matters More Than Microsoft Here

Microsoft is already a top-10 holding, but that is almost expected in a big market-linked book. Netflix is different because the 1,081.9% share increase signals a live conviction change, not just benchmark gravity. That makes the quarter more informative than the ETF-heavy top five might imply at first glance.

What To Watch

• QQQ persistence: If QQQ stays in the filing, the growth overlay is strategic.
• Netflix follow-through: Another quarter of accumulation would confirm the signal.
• ETF balance: Watch whether VEA and VUG converge or diverge.
• Global allocation: The interaction of IXUS and VTV will show whether the bank is still broadening geographically or simply adding growth.

Questions Investors Search For

Is Bank of Hawaii's 13F mostly ETFs?

Yes. The top of the filing is dominated by broad equity ETFs, not single-name stock bets.

Why is the QQQ position notable?

Because it is a direct growth overlay inside a portfolio otherwise led by broader benchmarks.

Does Bank of Hawaii still make single-stock calls?

Yes, but the single-stock signal is more visible in the changes, like Netflix, than in the static top holdings.

What is the retail takeaway?

ETF-heavy filings still matter if you focus on what changed, not just what sits at the top.