ARGUS INVESTORS' COUNSEL, INC.

NEW YORK, NY · CIK 7195 · 13F filing filed 2025-10-28

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

$125.8m reported value -10.7% vs Q2 2025

110positions

33.0%in top 10

5 new 13 added 86 reduced 6 sold out vs Q2 2025

Holdings, Q3 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	NVIDIA CORPORATION COM NVDA	NVDA	27,936	$5.2m4.14%	4.14%	Reduced -3.1k	-3,075 -9.9%
2	META PLATFORMS INC CL A META	META	6,321	$4.6m3.69%	3.69%	Reduced -153	-153 -2.4%
3	ORACLE CORP COM ORCL	ORCL	16,052	$4.5m3.59%	3.59%	Reduced -417	-417 -2.5%
4	APPLE INC COM AAPL	AAPL	17,446	$4.4m3.53%	3.53%	Reduced -2.5k	-2,455 -12.3%
5	JPMORGAN CHASE & CO COM JPM	JPM	13,426	$4.2m3.37%	3.37%	Reduced -1.9k	-1,903 -12.4%
6	COSTCO WHSL CORP NEW COM COST	COST	4,545	$4.2m3.35%	3.35%	Reduced -552	-552 -10.8%
7	ALPHABET INC CAP STK CL A GOOGL	GOOGL	16,494	$4.0m3.19%	3.19%	Reduced -1.9k	-1,886 -10.3%
8	TRANE TECHNOLOGIES PLC SHS TT	TT	8,444	$3.6m2.83%	2.83%	Reduced -89	-89 -1.0%
9	QUANTA SVCS INC COM PWR	PWR	8,348	$3.5m2.75%	2.75%	Reduced -22	-22 -0.3%
10	UNITED RENTALS INC COM URI	URI	3,355	$3.2m2.55%	2.55%	Reduced -3	-3 -0.1%
11	AXON ENTERPRISE INC COM AXON	AXON	4,399	$3.2m2.51%	2.51%	Reduced -9	-9 -0.2%
12	ANALOG DEVICES INC COM ADI	ADI	12,663	$3.1m2.47%	2.47%	Reduced -76	-76 -0.6%
13	ELI LILLY & CO COM LLY	LLY	4,006	$3.1m2.43%	2.43%	Reduced -778	-778 -16.3%
14	BLACKROCK INC COM BLK	BLK	2,516	$2.9m2.33%	2.33%	Reduced -408	-408 -13.9%
15	VISA INC COM CL A V	V	8,309	$2.8m2.26%	2.26%	Reduced -1.4k	-1,370 -14.2%
16	AMAZON COM INC COM AMZN	AMZN	12,628	$2.8m2.20%	2.20%	Reduced -3.2k	-3,236 -20.4%
17	SCHWAB CHARLES CORP COM SCHW	SCHW	28,739	$2.7m2.18%	2.18%	Reduced -80	-80 -0.3%
18	WELLS FARGO CO NEW COM WFC	WFC	31,327	$2.6m2.09%	2.09%	Reduced -95	-95 -0.3%
19	BOSTON SCIENTIFIC CORP COM BSX	BSX	26,795	$2.6m2.08%	2.08%	Reduced -68	-68 -0.2%
20	S&P GLOBAL INC COM SPGI	SPGI	4,876	$2.4m1.89%	1.89%	Reduced -25	-25 -0.5%
21	TARGA RES CORP COM TRGP	TRGP	13,508	$2.3m1.80%	1.80%	Reduced -67	-67 -0.5%
22	ARISTA NETWORKS INC COM SHS ANET	ANET	14,313	$2.1m1.66%	1.66%	Added +9.4k	+9,356 188.7%
23	MICROSOFT CORP COM MSFT	MSFT	4,019	$2.1m1.66%	1.66%	Reduced -1.1k	-1,146 -22.2%
24	APPLIED MATLS INC COM AMAT	AMAT	9,139	$1.9m1.49%	1.49%	Reduced -54	-54 -0.6%
25	DOORDASH INC CL A DASH	DASH	6,373	$1.7m1.38%	1.38%	New
26	ROYAL CARIBBEAN GROUP COM RCL	RCL	4,983	$1.6m1.28%	1.28%	Reduced -1.0k	-1,041 -17.3%
27	SERVICENOW INC COM NOW	NOW	1,737	$1.6m1.27%	1.27%	Reduced -7	-7 -0.4%
28	BROADCOM INC COM AVGO	AVGO	4,126	$1.4m1.08%	1.08%	Reduced -2.9k	-2,863 -41.0%
29	PALO ALTO NETWORKS INC COM PANW	PANW	6,455	$1.3m1.05%	1.05%	New
30	ISHARES TR RUS 1000 GRW ETF IWF	IWF	2,761	$1.3m1.03%	1.03%	Reduced -45	-45 -1.6%
31	ADOBE INC COM ADBE	ADBE	3,603	$1.3m1.01%	1.01%	Reduced -794	-794 -18.1%
32	AMERICAN EXPRESS CO COM AXP	AXP	3,773	$1.3m1.00%	1.00%	Reduced -1.7k	-1,698 -31.0%
33	PAYPAL HLDGS INC COM PYPL	PYPL	17,540	$1.2m0.94%	0.94%	Reduced -72	-72 -0.4%
34	UBER TECHNOLOGIES INC COM UBER	UBER	11,096	$1.1m0.86%	0.86%	Added +2.4k	+2,434 28.1%
35	STRYKER CORPORATION COM SYK	SYK	2,721	$1.0m0.80%	0.80%	Reduced -920	-920 -25.3%
36	GE AEROSPACE COM NEW GE	GE	3,169	$953.3k0.76%	0.76%	Added +21	+21 0.7%
37	NETFLIX INC COM NFLX	NFLX	791	$948.3k0.75%	0.75%	Reduced -559	-559 -41.4%
38	MASTERCARD INCORPORATED CL A MA	MA	1,657	$942.6k0.75%	0.75%	Reduced -19	-19 -1.1%
39	WALMART INC COM WMT	WMT	9,109	$938.8k0.75%	0.75%	Reduced -6.3k	-6,339 -41.0%
40	EXXON MOBIL CORP COM XOM	XOM	8,199	$924.5k0.74%	0.74%	Reduced -3.1k	-3,126 -27.6%
41	TJX COS INC NEW COM TJX	TJX	6,340	$916.4k0.73%	0.73%	Reduced -3.3k	-3,272 -34.0%
42	HOME DEPOT INC COM HD	HD	2,175	$881.2k0.70%	0.70%	Reduced -1.1k	-1,126 -34.1%
43	KLA CORP COM NEW KLAC	KLAC	728	$785.2k0.62%	0.62%	Added +8	+8 1.1%
44	BANK NEW YORK MELLON CORP COM BNY	BNY	6,530	$711.5k0.57%	0.57%	Reduced -110	-110 -1.7%
45	ISHARES TR 3 7 YR TREAS BD IEI	IEI	5,424	$648.2k0.52%	0.52%	Added +157	+157 3.0%
46	CINTAS CORP COM CTAS	CTAS	3,063	$628.7k0.50%	0.50%	Reduced -12	-12 -0.4%
47	VANGUARD BD INDEX FDS SHORT TRM BOND BSV	BSV	7,586	$598.6k0.48%	0.48%	Reduced -32	-32 -0.4%
48	ISHARES TR FLTG RATE NT ETF FLOT	FLOT	11,535	$589.3k0.47%	0.47%	Added +610	+610 5.6%
49	NASDAQ INC COM NDAQ	NDAQ	6,498	$574.8k0.46%	0.46%	Reduced -82	-82 -1.2%
50	VANGUARD SCOTTSDALE FDS INT-TERM CORP VCIT	VCIT	6,812	$573.0k0.46%	0.46%	Reduced -42	-42 -0.6%
51	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	2,051	$572.8k0.46%	0.46%	Reduced -14	-14 -0.7%
52	JACOBS SOLUTIONS INC COM J	J	3,811	$571.1k0.45%	0.45%	Reduced -46	-46 -1.2%
53	ISHARES TR MSCI EAFE ETF EFA	EFA	6,044	$564.3k0.45%	0.45%	Added +15	+15 0.2%
54	BONDBLOXX ETF TRUST BLOOMBERG ONE YR XONE	XONE	11,356	$563.9k0.45%	0.45%	Unchanged
55	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	1,996	$563.2k0.45%	0.45%	Reduced -2	-2 -0.1%
56	DUKE ENERGY CORP NEW COM NEW DUK	DUK	4,486	$555.1k0.44%	0.44%	Reduced -4	-4 -0.1%
57	HCA HEALTHCARE INC COM HCA	HCA	1,300	$554.1k0.44%	0.44%	Reduced -20	-20 -1.5%
58	INTUIT COM INTU	INTU	811	$553.6k0.44%	0.44%	Reduced -8	-8 -1.0%
59	PARKER-HANNIFIN CORP COM PH	PH	724	$548.9k0.44%	0.44%	Reduced -9	-9 -1.2%
60	BONDBLOXX ETF TRUST BLOOMBERG SIX MN XHLF	XHLF	10,781	$543.6k0.43%	0.43%	Added +500	+500 4.9%
61	ECOLAB INC COM ECL	ECL	1,933	$529.4k0.42%	0.42%	Reduced -19	-19 -1.0%
62	INVESCO EXCH TRADED FD TR II PFD ETF PGX	PGX	45,099	$523.1k0.42%	0.42%	Added +1.9k	+1,930 4.5%
63	MCKESSON CORP COM MCK	MCK	649	$501.4k0.40%	0.40%	Reduced -5	-5 -0.8%
64	INVESCO EXCHANGE TRADED FD T S&P500 QUALITY SPHQ	SPHQ	6,777	$496.7k0.39%	0.39%	Unchanged
65	ISHARES TR RUSSELL 2000 ETF IWM	IWM	2,038	$493.1k0.39%	0.39%	Unchanged
66	RAYMOND JAMES FINL INC COM RJF	RJF	2,804	$484.0k0.38%	0.38%	Reduced -26	-26 -0.9%
67	AMERICAN INTL GROUP INC COM NEW AIG	AIG	5,610	$440.6k0.35%	0.35%	Reduced -79	-79 -1.4%
68	TEXAS INSTRS INC COM TXN	TXN	2,259	$415.0k0.33%	0.33%	Reduced -1.8k	-1,805 -44.4%
69	PROCTER AND GAMBLE CO COM PG	PG	2,698	$414.5k0.33%	0.33%	Reduced -2.5k	-2,537 -48.5%
70	CORNING INC COM GLW	GLW	5,047	$414.0k0.33%	0.33%	Reduced -10.5k	-10,458 -67.5%
71	SCHWAB STRATEGIC TR US DIVIDEND EQ SCHD	SCHD	14,350	$391.8k0.31%	0.31%	Reduced -25	-25 -0.2%
72	ZOETIS INC CL A ZTS	ZTS	2,660	$389.2k0.31%	0.31%	Reduced -2.1k	-2,052 -43.5%
73	JOHNSON & JOHNSON COM JNJ	JNJ	2,037	$377.7k0.30%	0.30%	Reduced -2.7k	-2,722 -57.2%
74	AMGEN INC COM AMGN	AMGN	1,334	$376.5k0.30%	0.30%	Reduced -1.4k	-1,434 -51.8%
75	CATERPILLAR INC COM CAT	CAT	770	$367.4k0.29%	0.29%	Reduced -975	-975 -55.9%
76	MORGAN STANLEY COM NEW MS	MS	2,150	$341.8k0.27%	0.27%	Reduced -3.0k	-2,950 -57.8%
77	BADGER METER INC COM BMI	BMI	1,902	$339.7k0.27%	0.27%	Reduced -19	-19 -1.0%
78	ISHARES TR CORE S&P500 ETF IVV	IVV	494	$330.6k0.26%	0.26%	Reduced -6	-6 -1.2%
79	VERIZON COMMUNICATIONS INC COM VZ	VZ	7,236	$318.0k0.25%	0.25%	Reduced -10.4k	-10,406 -59.0%
80	NORFOLK SOUTHN CORP COM NSC	NSC	1,000	$300.4k0.24%	0.24%	Unchanged
81	AMERIPRISE FINL INC COM AMP	AMP	607	$298.2k0.24%	0.24%	Reduced -3	-3 -0.5%
82	GENERAL DYNAMICS CORP COM GD	GD	851	$290.2k0.23%	0.23%	Reduced -1.4k	-1,400 -62.2%
83	NUCOR CORP COM NUE	NUE	2,140	$289.8k0.23%	0.23%	Reduced -3.8k	-3,790 -63.9%
84	BLACKSTONE INC COM BX	BX	1,673	$285.8k0.23%	0.23%	Reduced -16	-16 -0.9%
85	CISCO SYS INC COM CSCO	CSCO	4,156	$284.4k0.23%	0.23%	Reduced -5.8k	-5,829 -58.4%
86	ABBOTT LABS COM ABT	ABT	2,115	$283.3k0.23%	0.23%	Reduced -3.7k	-3,681 -63.5%
87	VANGUARD SPECIALIZED FUNDS DIV APP ETF VIG	VIG	1,293	$279.0k0.22%	0.22%	Unchanged
88	T-MOBILE US INC COM TMUS	TMUS	1,162	$278.2k0.22%	0.22%	Reduced -10	-10 -0.8%
89	SOUTHERN CO COM SO	SO	2,905	$275.3k0.22%	0.22%	Added +72	+72 2.5%
90	MARRIOTT INTL INC NEW CL A MAR	MAR	1,055	$274.8k0.22%	0.22%	Reduced -1.3k	-1,300 -55.2%
91	DISNEY WALT CO COM DIS	DIS	2,395	$274.2k0.22%	0.22%	Reduced -3.5k	-3,490 -59.3%
92	CONSTELLATION ENERGY CORP COM CEG	CEG	833	$274.1k0.22%	0.22%	Added +68	+68 8.9%
93	EMERSON ELEC CO COM EMR	EMR	2,010	$263.7k0.21%	0.21%	Reduced -2.9k	-2,900 -59.1%
94	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	894	$262.4k0.21%	0.21%	Reduced -1.4k	-1,395 -60.9%
95	WASTE MGMT INC DEL COM WM	WM	1,168	$257.9k0.21%	0.21%	Unchanged
96	US BANCORP DEL COM NEW USB	USB	5,233	$252.9k0.20%	0.20%	Reduced -9.7k	-9,700 -65.0%
97	MARVELL TECHNOLOGY INC COM MRVL	MRVL	2,970	$249.7k0.20%	0.20%	New
98	UNION PAC CORP COM UNP	UNP	1,050	$248.2k0.20%	0.20%	Reduced -1.4k	-1,400 -57.1%
99	DICKS SPORTING GOODS INC COM DKS	DKS	1,115	$247.8k0.20%	0.20%	Reduced -2	-2 -0.2%
100	ILLINOIS TOOL WKS INC COM ITW	ITW	944	$246.2k0.20%	0.20%	Reduced -1.5k	-1,503 -61.4%

Sold out since Q2 2025

Security	Ticker	Shares held before	Value then
INTUITIVE SURGICAL INC ISRG	ISRG	4,094	$2.2m4.1k shares
THERMO FISHER SCIENTIFIC INC TMO	TMO	3,065	$1.2m3.1k shares
SALESFORCE INC CRM	CRM	4,096	$1.1m4.1k shares
NEXTERA ENERGY INC NEE	NEE	6,296	$437.1k6.3k shares
PEPSICO INC PEP	PEP	3,124	$412.5k3.1k shares
GE HEALTHCARE TECHNOLOGIES I GEHC	GEHC	2,828	$209.5k2.8k shares