As a Hindu I subscribe to both. They are not mutually exclusive. In chapter 10 of the Bhagavad Gita Sri Krishna details everything he is. Elsewhere he states that he is Brahman, the ground of all being, the only thing that exists. In that regard he is everything that exists.
"...know that all beautiful, glorious and mighty creations spring from but a spark of My splendor ... But what need is there Arjuna [his friend whom he is counseling]
for all this detailed knowledge? With a single fragment of Myself I pervade and support this entire universe.”
Additionally, the
Purusha Sukta of the Rig Veda refers to and describes the concepts of pantheism and panentheism.