ARGUS INVESTORS' COUNSEL, INC.

NEW YORK, NY · CIK 7195 · 13F filing filed 2025-07-17

SEC-registered investment adviser since 1960 · corporation

Assets managed$137.3m
Staff8 · 6 in investment roles
Main clients (by assets)Individuals 68%, High net worth individuals 18%, Pension plans 11%
Websiteargusresearch.com
Form ADV · 2026-01-26SEC adviser record

$140.9m reported value +7.3% vs Q1 2025

111positions

29.4%in top 10

5 new 31 added 52 reduced 8 sold out vs Q1 2025

Holdings, Q2 2025

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	COSTCO WHSL CORP NEW COM COST	COST	5,097	$5.0m3.58%	3.58%	Reduced -747	-747 -12.8%
2	NVIDIA CORPORATION COM NVDA	NVDA	31,011	$4.9m3.48%	3.48%	Added +22	+22 0.1%
3	META PLATFORMS INC CL A META	META	6,474	$4.8m3.39%	3.39%	Added +75	+75 1.2%
4	JPMORGAN CHASE & CO COM JPM	JPM	15,329	$4.4m3.15%	3.15%	Reduced -2.3k	-2,296 -13.0%
5	APPLE INC COM AAPL	AAPL	19,901	$4.1m2.90%	2.90%	Reduced -2.3k	-2,294 -10.3%
6	TRANE TECHNOLOGIES PLC SHS TT	TT	8,533	$3.7m2.65%	2.65%	Reduced -939	-939 -9.9%
7	ELI LILLY & CO COM LLY	LLY	4,784	$3.7m2.65%	2.65%	Reduced -40	-40 -0.8%
8	AXON ENTERPRISE INC COM AXON	AXON	4,408	$3.6m2.59%	2.59%	Added +82	+82 1.9%
9	ORACLE CORP COM ORCL	ORCL	16,469	$3.6m2.56%	2.56%	Added +261	+261 1.6%
10	AMAZON COM INC COM AMZN	AMZN	15,864	$3.5m2.47%	2.47%	Reduced -841	-841 -5.0%
11	VISA INC COM CL A V	V	9,679	$3.4m2.44%	2.44%	Added +2	+2 0.0%
12	ALPHABET INC CAP STK CL A GOOGL	GOOGL	18,380	$3.2m2.30%	2.30%	Reduced -1.2k	-1,219 -6.2%
13	QUANTA SVCS INC COM PWR	PWR	8,370	$3.2m2.25%	2.25%	Added +130	+130 1.6%
14	BLACKROCK INC COM BLK	BLK	2,924	$3.1m2.18%	2.18%	Added +8	+8 0.3%
15	ANALOG DEVICES INC COM ADI	ADI	12,739	$3.0m2.15%	2.15%	Added +95	+95 0.8%
16	BOSTON SCIENTIFIC CORP COM BSX	BSX	26,863	$2.9m2.05%	2.05%	Added +415	+415 1.6%
17	SCHWAB CHARLES CORP COM SCHW	SCHW	28,819	$2.6m1.87%	1.87%	Reduced -530	-530 -1.8%
18	S&P GLOBAL INC COM SPGI	SPGI	4,901	$2.6m1.83%	1.83%	Reduced -455	-455 -8.5%
19	MICROSOFT CORP COM MSFT	MSFT	5,165	$2.6m1.82%	1.82%	Reduced -968	-968 -15.8%
20	UNITED RENTALS INC COM URI	URI	3,358	$2.5m1.80%	1.80%	Added +60	+60 1.8%
21	WELLS FARGO CO NEW COM WFC	WFC	31,422	$2.5m1.79%	1.79%	Added +552	+552 1.8%
22	TARGA RES CORP COM TRGP	TRGP	13,575	$2.4m1.68%	1.68%	Added +251	+251 1.9%
23	INTUITIVE SURGICAL INC COM NEW ISRG	ISRG	4,094	$2.2m1.58%	1.58%	Reduced -53	-53 -1.3%
24	BROADCOM INC COM AVGO	AVGO	6,989	$1.9m1.37%	1.37%	Reduced -971	-971 -12.2%
25	ROYAL CARIBBEAN GROUP COM RCL	RCL	6,024	$1.9m1.34%	1.34%	Added +198	+198 3.4%
26	NETFLIX INC COM NFLX	NFLX	1,350	$1.8m1.28%	1.28%	Added +101	+101 8.1%
27	SERVICENOW INC COM NOW	NOW	1,744	$1.8m1.27%	1.27%	Added +20	+20 1.2%
28	AMERICAN EXPRESS CO COM AXP	AXP	5,471	$1.7m1.24%	1.24%	Reduced -133	-133 -2.4%
29	ADOBE INC COM ADBE	ADBE	4,397	$1.7m1.21%	1.21%	Added +47	+47 1.1%
30	APPLIED MATLS INC COM AMAT	AMAT	9,193	$1.7m1.19%	1.19%	Added +104	+104 1.1%
31	WALMART INC COM WMT	WMT	15,448	$1.5m1.07%	1.07%	Added +4.4k	+4,384 39.6%
32	STRYKER CORPORATION COM SYK	SYK	3,641	$1.4m1.02%	1.02%	Reduced -749	-749 -17.1%
33	PAYPAL HLDGS INC COM PYPL	PYPL	17,612	$1.3m0.93%	0.93%	Added +634	+634 3.7%
34	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	3,065	$1.2m0.88%	0.88%	Added +59	+59 2.0%
35	EXXON MOBIL CORP COM XOM	XOM	11,325	$1.2m0.87%	0.87%	Reduced -941	-941 -7.7%
36	HOME DEPOT INC COM HD	HD	3,301	$1.2m0.86%	0.86%	Reduced -405	-405 -10.9%
37	ISHARES TR RUS 1000 GRW ETF IWF	IWF	2,806	$1.2m0.85%	0.85%	Reduced -54	-54 -1.9%
38	TJX COS INC NEW COM TJX	TJX	9,612	$1.2m0.84%	0.84%	Added +4.0k	+3,997 71.2%
39	SALESFORCE INC COM CRM	CRM	4,096	$1.1m0.79%	0.79%	Reduced -687	-687 -14.4%
40	MASTERCARD INCORPORATED CL A MA	MA	1,676	$941.9k0.67%	0.67%	Reduced -402	-402 -19.4%
41	TEXAS INSTRS INC COM TXN	TXN	4,064	$843.8k0.60%	0.60%	Added +880	+880 27.6%
42	PROCTER AND GAMBLE CO COM PG	PG	5,235	$834.0k0.59%	0.59%	Reduced -3	-3 -0.1%
43	CORNING INC COM GLW	GLW	15,505	$815.4k0.58%	0.58%	Added +70	+70 0.5%
44	GE AEROSPACE COM NEW GE	GE	3,148	$810.3k0.58%	0.58%	New
45	UBER TECHNOLOGIES INC COM UBER	UBER	8,662	$808.2k0.57%	0.57%	New
46	ABBOTT LABS COM ABT	ABT	5,796	$788.4k0.56%	0.56%	Reduced -745	-745 -11.4%
47	AMGEN INC COM AMGN	AMGN	2,768	$772.9k0.55%	0.55%	Reduced -1	-1 -0.0%
48	NUCOR CORP COM NUE	NUE	5,930	$768.2k0.55%	0.55%	Added +294	+294 5.2%
49	VERIZON COMMUNICATIONS INC COM VZ	VZ	17,642	$763.4k0.54%	0.54%	Unchanged
50	ZOETIS INC CL A ZTS	ZTS	4,712	$734.8k0.52%	0.52%	Reduced -7	-7 -0.1%
51	DISNEY WALT CO COM DIS	DIS	5,885	$729.8k0.52%	0.52%	Added +150	+150 2.6%
52	JOHNSON & JOHNSON COM JNJ	JNJ	4,759	$726.9k0.52%	0.52%	Reduced -273	-273 -5.4%
53	MORGAN STANLEY COM NEW MS	MS	5,100	$718.4k0.51%	0.51%	Unchanged
54	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	2,289	$705.9k0.50%	0.50%	Reduced -438	-438 -16.1%
55	CISCO SYS INC COM CSCO	CSCO	9,985	$692.8k0.49%	0.49%	Unchanged
56	CINTAS CORP COM CTAS	CTAS	3,075	$685.3k0.49%	0.49%	Reduced -208	-208 -6.3%
57	AMERICAN TOWER CORP NEW COM AMT	AMT	3,075	$679.6k0.48%	0.48%	Unchanged
58	CATERPILLAR INC COM CAT	CAT	1,745	$677.4k0.48%	0.48%	Unchanged
59	US BANCORP DEL COM NEW USB	USB	14,933	$675.7k0.48%	0.48%	Unchanged
60	GENERAL DYNAMICS CORP COM GD	GD	2,251	$656.5k0.47%	0.47%	Unchanged
61	EMERSON ELEC CO COM EMR	EMR	4,910	$654.6k0.46%	0.46%	Unchanged
62	KLA CORP COM NEW KLAC	KLAC	720	$644.9k0.46%	0.46%	Reduced -50	-50 -6.5%
63	INTUIT COM INTU	INTU	819	$644.8k0.46%	0.46%	Reduced -58	-58 -6.6%
64	MARRIOTT INTL INC NEW CL A MAR	MAR	2,355	$643.4k0.46%	0.46%	Unchanged
65	MCDONALDS CORP COM MCD	MCD	2,168	$633.4k0.45%	0.45%	Unchanged
66	ISHARES TR 3 7 YR TREAS BD IEI	IEI	5,267	$627.2k0.45%	0.45%	Unchanged
67	ILLINOIS TOOL WKS INC COM ITW	ITW	2,447	$605.0k0.43%	0.43%	Unchanged
68	BANK NEW YORK MELLON CORP COM BNY	BNY	6,640	$605.0k0.43%	0.43%	Reduced -670	-670 -9.2%
69	VANGUARD BD INDEX FDS SHORT TRM BOND BSV	BSV	7,618	$599.5k0.43%	0.43%	Unchanged
70	AIR PRODS & CHEMS INC COM APD	APD	2,100	$592.3k0.42%	0.42%	Unchanged
71	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	1,998	$589.0k0.42%	0.42%	Reduced -6	-6 -0.3%
72	NASDAQ INC COM NDAQ	NDAQ	6,580	$588.4k0.42%	0.42%	Reduced -475	-475 -6.7%
73	VANGUARD SCOTTSDALE FDS INT-TERM CORP VCIT	VCIT	6,854	$568.3k0.40%	0.40%	Unchanged
74	UNION PAC CORP COM UNP	UNP	2,450	$563.7k0.40%	0.40%	Reduced -643	-643 -20.8%
75	BONDBLOXX ETF TRUST BLOOMBERG ONE YR XONE	XONE	11,356	$563.6k0.40%	0.40%	Unchanged
76	ISHARES TR FLTG RATE NT ETF FLOT	FLOT	10,925	$557.4k0.40%	0.40%	Added +150	+150 1.4%
77	INTERNATIONAL PAPER CO COM IP	IP	11,790	$552.1k0.39%	0.39%	Unchanged
78	ISHARES TR MSCI EAFE ETF EFA	EFA	6,029	$538.9k0.38%	0.38%	Added +468	+468 8.4%
79	DUKE ENERGY CORP NEW COM NEW DUK	DUK	4,490	$529.8k0.38%	0.38%	Unchanged
80	ECOLAB INC COM ECL	ECL	1,952	$525.9k0.37%	0.37%	New
81	BONDBLOXX ETF TRUST BLOOMBERG SIX MN XHLF	XHLF	10,281	$517.5k0.37%	0.37%	Reduced -2.4k	-2,360 -18.7%
82	PARKER-HANNIFIN CORP COM PH	PH	733	$512.0k0.36%	0.36%	Reduced -50	-50 -6.4%
83	ARISTA NETWORKS INC COM SHS ANET	ANET	4,957	$507.2k0.36%	0.36%	Added +60	+60 1.2%
84	JACOBS SOLUTIONS INC COM J	J	3,857	$507.0k0.36%	0.36%	Reduced -225	-225 -5.5%
85	HCA HEALTHCARE INC COM HCA	HCA	1,320	$505.7k0.36%	0.36%	Reduced -93	-93 -6.6%
86	AMERICAN INTL GROUP INC COM NEW AIG	AIG	5,689	$486.9k0.35%	0.35%	Reduced -484	-484 -7.8%
87	INVESCO EXCHANGE TRADED FD T S&P500 QUALITY SPHQ	SPHQ	6,777	$482.9k0.34%	0.34%	Unchanged
88	INVESCO EXCH TRADED FD TR II PFD ETF PGX	PGX	43,169	$480.5k0.34%	0.34%	Unchanged
89	MCKESSON CORP COM MCK	MCK	654	$479.2k0.34%	0.34%	Added +247	+247 60.7%
90	BADGER METER INC COM BMI	BMI	1,921	$470.5k0.33%	0.33%	Reduced -141	-141 -6.8%
91	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	2,065	$467.7k0.33%	0.33%	Reduced -213	-213 -9.3%
92	ISHARES TR RUSSELL 2000 ETF IWM	IWM	2,038	$439.8k0.31%	0.31%	Reduced -7	-7 -0.3%
93	NEXTERA ENERGY INC COM NEE	NEE	6,296	$437.1k0.31%	0.31%	Reduced -1.7k	-1,749 -21.7%
94	BECTON DICKINSON & CO COM BDX	BDX	2,530	$435.8k0.31%	0.31%	Added +420	+420 19.9%
95	RAYMOND JAMES FINL INC COM RJF	RJF	2,830	$434.0k0.31%	0.31%	Reduced -189	-189 -6.3%
96	PEPSICO INC COM PEP	PEP	3,124	$412.5k0.29%	0.29%	Reduced -590	-590 -15.9%
97	SCHWAB STRATEGIC TR US DIVIDEND EQ SCHD	SCHD	14,375	$380.9k0.27%	0.27%	Unchanged
98	AMERIPRISE FINL INC COM AMP	AMP	610	$325.6k0.23%	0.23%	Reduced -3	-3 -0.5%
99	CHIPOTLE MEXICAN GRILL INC COM CMG	CMG	5,761	$323.5k0.23%	0.23%	Reduced -2.1k	-2,082 -26.6%
100	ISHARES TR CORE S&P500 ETF IVV	IVV	500	$310.4k0.22%	0.22%	Reduced -93	-93 -15.7%

Sold out since Q1 2025

Security	Ticker	Shares held before	Value then
UNITEDHEALTH GROUP INC UNH	UNH	4,382	$2.3m4.4k shares
OLD DOMINION FREIGHT LINE IN ODFL	ODFL	3,984	$659.1k4.0k shares
DELL TECHNOLOGIES INC DELL	DELL	4,572	$416.7k4.6k shares
ROPER TECHNOLOGIES INC ROP	ROP	667	$393.2k667 shares
D R HORTON INC DHI	DHI	2,789	$354.6k2.8k shares
PHILLIPS 66 PSX	PSX	1,939	$239.4k1.9k shares
LOCKHEED MARTIN CORP LMT	LMT	464	$207.5k464 shares
SHELL PLC SHEL	SHEL	2,751	$201.6k2.8k shares