Morgan Dempsey Capital Management LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 29, 2025), Morgan Dempsey Capital Management LLC reported 129 stock positions worth $239.3 million. Its top holding was AT&T (T) at 4.4% of the portfolio, followed by Citigroup (C, 4.3%) and Cisco Systems (CSCO, 3.8%). Compared with Q1 2025, it opened 21 new positions, sold out of 2, added to 35 and reduced 47. The biggest buy was a new position in Oneok (OKE) and the biggest sale Philip Morris International (PM, shares −35%).
- Most Recent 13F
- Q2 2026
- Location
- MILWAUKEE, WI
- CIK
- 0001050463
- Portfolio Value
- $239.3M (Q2 2025)
- SEC Filing
- 0001941040-25-000372 ↗ filed Jul 29, 2025
Holdings Value
Holdings 129 stocks · $239.3M
| T AT&T Inc. | 4.45% | 367,544 | $10.6M | Reduce -1.4% |
| C Citigroup Inc. | 4.27% | 119,950 | $10.2M | Reduce -1.3% |
| CSCO Cisco Systems Inc. | 3.76% | 129,557 | $9.0M | Reduce -1.4% |
| WEC WEC Energy Group Inc. | 3.51% | 80,629 | $8.4M | Reduce -1.2% |
| XOM Exxon Mobil Corp. | 3.48% | 77,133 | $8.3M | Reduce -1.2% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 3.36% | 27,271 | $8.0M | Reduce -1.4% |
| ETR Entergy Corp. | 3.25% | 93,437 | $7.8M | Reduce -1.0% |
| WFC Wells Fargo & Co. | 3.09% | 92,304 | $7.4M | Add +25.3% |
| KO The Coca-Cola Co. | 3.05% | 102,382 | $7.3M | Reduce -1.3% |
| CMI Cummins Inc. | 2.93% | 21,434 | $7.0M | Reduce -1.6% |
| PM Philip Morris International | 2.92% | 38,035 | $7.0M | Reduce -35.5% |
| LMT Lockheed Martin Corp. | 2.91% | 15,051 | $7.0M | Reduce -0.7% |
| PBA Pembina Pipeline Corp. | 2.91% | 185,719 | $7.0M | Reduce -1.4% |
| CVX Chevron Corp. | 2.89% | 48,267 | $6.9M | Reduce -1.5% |
| MDT Medtronic PLC | 2.82% | 76,792 | $6.7M | Reduce -1.1% |
| GD General Dynamics Corp. | 2.80% | 22,935 | $6.7M | Reduce -0.8% |
| VZ Verizon Communications Inc. | 2.75% | 152,123 | $6.6M | Reduce -1.5% |
| CCI Crown Castle Inc. | 2.73% | 63,586 | $6.5M | Reduce -1.3% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 2.68% | 69,802 | $6.4M | Reduce -2.9% |
| PRU Prudential Financial Inc. | 2.61% | 58,186 | $6.3M | Reduce -1.3% |
| DUK Duke Energy Corp. | 2.57% | 52,068 | $6.1M | Reduce -1.1% |
| SO The Southern Co. | 2.51% | 65,415 | $6.0M | Reduce -1.2% |
| ES Eversource Energy | 2.44% | 91,953 | $5.9M | Reduce -1.1% |
| MAIN Main Street Capital Corp. | 2.26% | 91,517 | $5.4M | Reduce -0.8% |
| JNJ Johnson & Johnson | 2.11% | 33,044 | $5.0M | Reduce -1.3% |
| PFE Pfizer Inc. | 1.97% | 194,271 | $4.7M | Reduce -1.1% |
| UPS United Parcel Service Class B | 1.93% | 45,768 | $4.6M | Reduce -0.9% |
| MRK Merck & Co. Inc. | 1.88% | 56,136 | $4.5M | Reduce -1.6% |
| PG The Procter & Gamble Co. | 1.83% | 27,464 | $4.4M | Reduce -1.8% |
| KHC The Kraft Heinz Co. | 1.80% | 166,503 | $4.3M | Reduce -1.7% |
| LYB Lyondellbasell Indu Class A | 1.71% | 70,596 | $4.1M | Reduce -0.7% |
| GIS General Mills Inc. | 1.70% | 78,481 | $4.1M | Reduce -1.5% |
| SBUX Starbucks Corp. | 1.62% | 42,342 | $3.9M | Reduce -1.4% |
| MCD McDonald's Corp. | 1.61% | 13,224 | $3.9M | Reduce -0.2% |
| VOYA Voya Financial Inc. | 1.52% | 51,249 | $3.6M | Reduce -0.3% |
| OKE Oneok Inc. | 1.46% | 42,843 | $3.5M | New |
| RIO Rio Tinto PLC-Spon ADR | 1.32% | 54,270 | $3.2M | Reduce -1.3% |
| ARE Alexandria Real Estate Equit | 1.00% | 32,472 | $2.4M | Reduce -1.3% |
| MDLV Morgan Dempsey LC Value ETF | 0.22% | 19,247 | $519K | Reduce -10.5% |
| ESP Espey MFG & Electronics Corp. | 0.17% | 8,945 | $409K | Add +41.8% |
| DAC Danaos Corp. | 0.16% | 4,564 | $394K | Add +41.7% |
| EGY Vaalco Energy Inc. | 0.15% | 100,999 | $365K | Add +40.4% |
| UFPT Ufp Technologies Inc. | 0.14% | 1,344 | $328K | Add +41.8% |
| HWKN Hawkins Inc. | 0.12% | 1,949 | $277K | Add +41.9% |
| KEQU Kewaunee Scientific CP | 0.10% | 4,229 | $247K | Add +41.8% |
| BKTI BK Technologies Corp. | 0.10% | 5,062 | $243K | Add +41.8% |
| IVV iShares Core S&P 500 ETF | 0.10% | 375 | $233K | New |
| TATT Tat Technologies Ltd. | 0.09% | 7,256 | $221K | Add +72.5% |
| SUB iShares Short-Term National | 0.09% | 2,080 | $221K | New |
| MYRG MYR Group Inc./Delaware | 0.09% | 1,218 | $221K | Add +31.1% |
| SENEA Seneca Foods Corp. Class A | 0.09% | 2,151 | $218K | Add +41.4% |
| UCTT Ultra Clean Holdings Inc. | 0.08% | 8,594 | $194K | Add +41.8% |
| SPNS Sapiens International Corp. | 0.08% | 6,636 | $194K | Add +41.8% |
| NULV Nuveen ESG Large-Cap Val ETF | 0.08% | 4,617 | $194K | Reduce -16.9% |
| PDEX Pro-Dex Inc. | 0.07% | 4,109 | $179K | New |
| RSP Invesco S&P 500 Equal Weight | 0.07% | 970 | $176K | Reduce -8.0% |
| HG Hamilton Insurance Grou Class B | 0.07% | 7,729 | $167K | Add +41.8% |
| CGCB Cap Group Core Bond | 0.06% | 5,622 | $148K | Add +15.8% |
| COHU Cohu Inc. | 0.06% | 7,609 | $146K | Add +41.8% |
| GRW TCW Durable Growth ETF | 0.06% | 4,143 | $145K | Add +128.1% |
| KE Kimball Electronics Inc. | 0.06% | 7,494 | $144K | Add +12.1% |
| MCRI Monarch Casino & Resort Inc. | 0.06% | 1,660 | $143K | Add +19.2% |
| VLGEA Village Super Market Class A | 0.06% | 3,713 | $143K | Add +41.8% |
| OUSM Alps Oshares US Small-Cap Qu | 0.06% | 3,291 | $142K | Add +67.4% |
| XLP SS Consumer Staples Sel Sect | 0.06% | 1,706 | $138K | No change |
| DIAL Columbia Divers Fix Inc. ETF | 0.05% | 6,888 | $125K | Add +13.9% |
| TDTT NT Iboxx 3Y Dur Tips ETF | 0.05% | 4,926 | $119K | New |
| MSFT Microsoft Corp. | 0.05% | 240 | $119K | Add +45.5% |
| TRNS Transcat Inc. | 0.05% | 1,352 | $116K | Add +41.7% |
| IWD iShares Russell 1000 Value E | 0.05% | 582 | $113K | Reduce -1.7% |
| IBIT iShares Bitcoin Trust ETF | 0.04% | 1,640 | $100K | New |
| AAPL Apple Inc. | 0.04% | 430 | $88K | Add +41.0% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.04% | 140 | $87K | Add +1066.7% |
| LLY Eli Lilly & Co. | 0.03% | 107 | $83K | Reduce -4.5% |
| BIPC Brookfield Infrastructure-A | 0.03% | 1,993 | $83K | Reduce -15.1% |
| ATNI Atn International Inc. | 0.03% | 4,977 | $82K | Add +41.8% |
| SPIP SS SPDR P Tips ETF | 0.03% | 3,130 | $82K | Add +117.7% |
| MDY State Street SPDR S&P Midcap | 0.03% | 125 | $71K | New |
| FBTC Fidelity Wise Origin Bitcoin | 0.03% | 751 | $71K | Add +24.8% |
| CAT Caterpillar Inc. | 0.03% | 180 | $70K | No change |
| AM Antero Midstream Corp. | 0.03% | 3,519 | $67K | Add +1.3% |
| IGF iShares Global Infrastructur | 0.03% | 1,101 | $65K | Add +150.8% |
| IVE iShares S&P 500 Value ETF | 0.02% | 280 | $55K | New |
| MFSI MFS Active International | 0.02% | 1,916 | $55K | Add +1595.6% |
| DVYE iShares Emerging Markets Div | 0.02% | 1,839 | $53K | New |
| POWL Powell Industries Inc. | 0.02% | 246 | $52K | New |
| V Visa Inc. Class A | 0.02% | 140 | $50K | No change |
| LSEQ Harbor Long-Short Equity ETF | 0.02% | 1,676 | $47K | Add +59.5% |
| IVW iShares S&P 500 Growth ETF | 0.02% | 400 | $44K | New |
| GILD Gilead Sciences Inc. | 0.02% | 350 | $39K | No change |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.02% | 800 | $38K | No change |
| EWJ iShares MSCI Japan ETF | 0.01% | 480 | $36K | New |
| ENB Enbridge Inc. | 0.01% | 738 | $33K | No change |
| QQQ Invesco QQQ Trust Series 1 | 0.01% | 55 | $30K | New |
| COM Direxion Auspice BRD Cmdty | 0.01% | 1,056 | $29K | Add +46.9% |
| HAS Hasbro Inc. | 0.01% | 361 | $27K | Reduce -27.7% |
| PSX Phillips 66 | 0.01% | 214 | $26K | Reduce -28.9% |
| PAVE Global X US Infrastructure | 0.01% | 545 | $24K | New |
| VWO Vanguard Ftse Emerging Marke | 0.01% | 396 | $20K | New |
| ABBV Abbvie Inc. | 0.01% | 100 | $19K | New |
Options reported separately and not counted above: GD calls ($29K), WEC calls ($21K), T calls ($20K), C calls ($17K), ETR calls ($17K), WFC calls ($16K), JNJ calls ($15K), CVX calls ($14K), CSCO calls ($14K), VZ calls ($13K), DUK calls ($12K), PBA calls ($11K), and 12 more.
Portfolio Sells Q1 2025 → Q2 2025
| PM Philip Morris International | Reduce -35.5% | 2.92% | −1.02 |
| CVX Chevron Corp. | Reduce -1.5% | 2.89% | −0.53 |
| XOM Exxon Mobil Corp. | Reduce -1.2% | 3.48% | −0.40 |
| LYB Lyondellbasell Indu Class A | Reduce -0.7% | 1.71% | −0.38 |
| KHC The Kraft Heinz Co. | Reduce -1.7% | 1.80% | −0.35 |
| GIS General Mills Inc. | Reduce -1.5% | 1.70% | −0.29 |
| ARE Alexandria Real Estate Equit | Reduce -1.3% | 1.00% | −0.28 |
| MRK Merck & Co. Inc. | Reduce -1.6% | 1.88% | −0.28 |
| PBA Pembina Pipeline Corp. | Reduce -1.4% | 2.91% | −0.22 |
| JNJ Johnson & Johnson | Reduce -1.3% | 2.11% | −0.21 |
| WEC WEC Energy Group Inc. | Reduce -1.2% | 3.51% | −0.20 |
| UPS United Parcel Service Class B | Reduce -0.9% | 1.93% | −0.19 |
| VZ Verizon Communications Inc. | Reduce -1.5% | 2.75% | −0.17 |
| PG The Procter & Gamble Co. | Reduce -1.8% | 1.83% | −0.16 |
| SBUX Starbucks Corp. | Reduce -1.4% | 1.62% | −0.13 |
| PRU Prudential Financial Inc. | Reduce -1.3% | 2.61% | −0.13 |
| ETR Entergy Corp. | Reduce -1.0% | 3.25% | −0.12 |
| MDT Medtronic PLC | Reduce -1.1% | 2.82% | −0.11 |
| MCD McDonald's Corp. | Reduce -0.2% | 1.61% | −0.11 |
| DUK Duke Energy Corp. | Reduce -1.1% | 2.57% | −0.11 |
| PFE Pfizer Inc. | Reduce -1.1% | 1.97% | −0.11 |
| RIO Rio Tinto PLC-Spon ADR | Reduce -1.3% | 1.32% | −0.11 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Reduce -2.9% | 2.68% | −0.07 |
| KO The Coca-Cola Co. | Reduce -1.3% | 3.05% | −0.07 |
| CCI Crown Castle Inc. | Reduce -1.3% | 2.73% | −0.07 |
| SO The Southern Co. | Reduce -1.2% | 2.51% | −0.03 |
| MDLV Morgan Dempsey LC Value ETF | Reduce -10.5% | 0.22% | −0.03 |
| DVY iShares Select Dividend ETF | Reduce -85.6% | 0.00% | −0.03 |
| ELMD Electromed Inc. | Sold out | 0.00% | −0.02 |
| NULV Nuveen ESG Large-Cap Val ETF | Reduce -16.9% | 0.08% | −0.01 |
| PSX Phillips 66 | Reduce -28.9% | 0.01% | −0.00 |
| ORCL Oracle Corp. | Sold out | 0.00% | −0.00 |
| LLY Eli Lilly & Co. | Reduce -4.5% | 0.03% | −0.00 |
| SGOV iShares 0-3 Month Treasury B | Reduce -98.7% | 0.00% | −0.00 |
| RSP Invesco S&P 500 Equal Weight | Reduce -8.0% | 0.07% | −0.00 |
| HAS Hasbro Inc. | Reduce -27.7% | 0.01% | −0.00 |
| JEPI JPMorgan Equity Premium Inco | Reduce -98.5% | 0.00% | −0.00 |
| BIPC Brookfield Infrastructure-A | Reduce -15.1% | 0.03% | −0.00 |
| IWD iShares Russell 1000 Value E | Reduce -1.7% | 0.05% | +0.00 |
| ES Eversource Energy | Reduce -1.1% | 2.44% | +0.04 |
| T AT&T Inc. | Reduce -1.4% | 4.45% | +0.05 |
| VOYA Voya Financial Inc. | Reduce -0.3% | 1.52% | +0.07 |
| CMI Cummins Inc. | Reduce -1.6% | 2.93% | +0.08 |
| MAIN Main Street Capital Corp. | Reduce -0.8% | 2.26% | +0.09 |
| LMT Lockheed Martin Corp. | Reduce -0.7% | 2.91% | +0.09 |
| GD General Dynamics Corp. | Reduce -0.8% | 2.80% | +0.17 |
| CSCO Cisco Systems Inc. | Reduce -1.4% | 3.76% | +0.38 |
| IBM Intl Business Machines Corp. | Reduce -1.4% | 3.36% | +0.49 |
| C Citigroup Inc. | Reduce -1.3% | 4.27% | +0.67 |
Portfolio Buys Q1 2025 → Q2 2025
| OKE Oneok Inc. | New | 1.46% | +1.46 |
| WFC Wells Fargo & Co. | Add +25.3% | 3.09% | +0.89 |
| ESP Espey MFG & Electronics Corp. | Add +41.8% | 0.17% | +0.10 |
| IVV iShares Core S&P 500 ETF | New | 0.10% | +0.10 |
| SUB iShares Short-Term National | New | 0.09% | +0.09 |
| PDEX Pro-Dex Inc. | New | 0.07% | +0.07 |
| DAC Danaos Corp. | Add +41.7% | 0.16% | +0.06 |
| UFPT Ufp Technologies Inc. | Add +41.8% | 0.14% | +0.06 |
| HWKN Hawkins Inc. | Add +41.9% | 0.12% | +0.05 |
| KEQU Kewaunee Scientific CP | Add +41.8% | 0.10% | +0.05 |
| TDTT NT Iboxx 3Y Dur Tips ETF | New | 0.05% | +0.05 |
| MYRG MYR Group Inc./Delaware | Add +31.1% | 0.09% | +0.05 |
| TATT Tat Technologies Ltd. | Add +72.5% | 0.09% | +0.04 |
| BKTI BK Technologies Corp. | Add +41.8% | 0.10% | +0.04 |
| IBIT iShares Bitcoin Trust ETF | New | 0.04% | +0.04 |
| EGY Vaalco Energy Inc. | Add +40.4% | 0.15% | +0.04 |
| GRW TCW Durable Growth ETF | Add +128.1% | 0.06% | +0.04 |
| SENEA Seneca Foods Corp. Class A | Add +41.4% | 0.09% | +0.03 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +1066.7% | 0.04% | +0.03 |
| MDY State Street SPDR S&P Midcap | New | 0.03% | +0.03 |
| SPNS Sapiens International Corp. | Add +41.8% | 0.08% | +0.03 |
| COHU Cohu Inc. | Add +41.8% | 0.06% | +0.03 |
| UCTT Ultra Clean Holdings Inc. | Add +41.8% | 0.08% | +0.03 |
| OUSM Alps Oshares US Small-Cap Qu | Add +67.4% | 0.06% | +0.03 |
| MSFT Microsoft Corp. | Add +45.5% | 0.05% | +0.02 |
| HG Hamilton Insurance Grou Class B | Add +41.8% | 0.07% | +0.02 |
| IVE iShares S&P 500 Value ETF | New | 0.02% | +0.02 |
| DVYE iShares Emerging Markets Div | New | 0.02% | +0.02 |
| MFSI MFS Active International | Add +1595.6% | 0.02% | +0.02 |
| POWL Powell Industries Inc. | New | 0.02% | +0.02 |
| VLGEA Village Super Market Class A | Add +41.8% | 0.06% | +0.02 |
| IVW iShares S&P 500 Growth ETF | New | 0.02% | +0.02 |
| SPIP SS SPDR P Tips ETF | Add +117.7% | 0.03% | +0.02 |
| TRNS Transcat Inc. | Add +41.7% | 0.05% | +0.02 |
| IGF iShares Global Infrastructur | Add +150.8% | 0.03% | +0.02 |
| EWJ iShares MSCI Japan ETF | New | 0.01% | +0.01 |
| MCRI Monarch Casino & Resort Inc. | Add +19.2% | 0.06% | +0.01 |
| KE Kimball Electronics Inc. | Add +12.1% | 0.06% | +0.01 |
| QQQ Invesco QQQ Trust Series 1 | New | 0.01% | +0.01 |
| FBTC Fidelity Wise Origin Bitcoin | Add +24.8% | 0.03% | +0.01 |
| PAVE Global X US Infrastructure | New | 0.01% | +0.01 |
| AAPL Apple Inc. | Add +41.0% | 0.04% | +0.01 |
| CGCB Cap Group Core Bond | Add +15.8% | 0.06% | +0.01 |
| VWO Vanguard Ftse Emerging Marke | New | 0.01% | +0.01 |
| ABBV Abbvie Inc. | New | 0.01% | +0.01 |
| IJR iShares Core S&P Small-Cap E | New | 0.01% | +0.01 |
| DIAL Columbia Divers Fix Inc. ETF | Add +13.9% | 0.05% | +0.01 |
| LSEQ Harbor Long-Short Equity ETF | Add +59.5% | 0.02% | +0.01 |
| ATNI Atn International Inc. | Add +41.8% | 0.03% | +0.01 |
| IEFA iShares Core MSCI Eafe ETF | New | 0.01% | +0.01 |
Options Activity Q1 2025 → Q2 2025
| WFC Wells Fargo & Co. | call | Add +100.0% | 200 | $16K |
| PM Philip Morris International | call | Sold out | 100 | $16Kbefore exit |
| KO The Coca-Cola Co. | call | Sold out | 200 | $14Kbefore exit |
| PBA Pembina Pipeline Corp. | call | New | 300 | $11K |
| PFE Pfizer Inc. | call | Sold out | 400 | $10Kbefore exit |
| SBUX Starbucks Corp. | call | Sold out | 100 | $10Kbefore exit |
| KHC The Kraft Heinz Co. | call | Sold out | 300 | $9Kbefore exit |
| OKE Oneok Inc. | call | New | 100 | $8K |
| ES Eversource Energy | call | Sold out | 100 | $6Kbefore exit |
| LYB Lyondellbasell Indu Class A | call | New | 100 | $6K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 122 | $233.4M | BIL, C, CMI, ETR, CSCO |
| Q1 2026 | 123 | $219.4M | XOM, C, T, ETR, CSCO |
| Q4 2025 | 125 | $205.2M | C, CSCO, XOM, T, CMI |
| Q3 2025 | 131 | $224.9M | C, T, WEC, CSCO, ETR |
| Q2 2025 | 129 | $239.3M | T, C, CSCO, WEC, XOM |
| Q1 2025 | 110 | $239.8M | T, PM, XOM, WEC, C |
| Q4 2024 | 104 | $248.5M | ETR, C, T, XOM, CSCO |
| Q3 2024 | 99 | $291.1M | IBM, XOM, LMT, T, WEC |
| Q2 2024 | 86 | $299.6M | XOM, IBM, C, T, MRK |
| Q1 2024 | 85 | $312.3M | PSX, XOM, IBM, C, MRK |