Morgan Dempsey Capital Management LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Morgan Dempsey Capital Management LLC reported 131 stock positions worth $224.9 million. Its top holding was Citigroup (C) at 4.1% of the portfolio, followed by AT&T (T, 4.1%) and WEC Energy (WEC, 3.6%). Compared with Q2 2025, it opened 6 new positions, sold out of 4, added to 18 and reduced 55. The biggest buy was a new position in Cme (CME) and the biggest sale Kraft Heinz (KHC, shares −100%).
- Most Recent 13F
- Q2 2026
- Location
- MILWAUKEE, WI
- CIK
- 0001050463
- Portfolio Value
- $224.9M (Q3 2025)
- SEC Filing
- 0001941040-25-000656 ↗ filed Nov 14, 2025
Holdings Value
Holdings 131 stocks · $224.9M
| C Citigroup Inc. | 4.13% | 91,552 | $9.3M | Reduce -23.7% |
| T AT&T Inc. | 4.08% | 324,514 | $9.2M | Reduce -11.7% |
| WEC WEC Energy Group Inc. | 3.63% | 71,232 | $8.2M | Reduce -11.7% |
| CSCO Cisco Systems Inc. | 3.48% | 114,342 | $7.8M | Reduce -11.7% |
| ETR Entergy Corp. | 3.43% | 82,866 | $7.7M | Reduce -11.3% |
| XOM Exxon Mobil Corp. | 3.42% | 68,169 | $7.7M | Reduce -11.6% |
| GD General Dynamics Corp. | 3.08% | 20,307 | $6.9M | Reduce -11.5% |
| WFC Wells Fargo & Co. | 3.06% | 82,040 | $6.9M | Reduce -11.1% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 3.02% | 24,097 | $6.8M | Reduce -11.6% |
| LMT Lockheed Martin Corp. | 2.96% | 13,347 | $6.7M | Reduce -11.3% |
| PBA Pembina Pipeline Corp. | 2.95% | 163,883 | $6.6M | Reduce -11.8% |
| CVX Chevron Corp. | 2.95% | 42,685 | $6.6M | Reduce -11.6% |
| MDT Medtronic PLC | 2.90% | 67,864 | $6.5M | Reduce -11.6% |
| CMI Cummins Inc. | 2.87% | 15,258 | $6.4M | Reduce -28.8% |
| KO The Coca-Cola Co. | 2.69% | 90,430 | $6.0M | Reduce -11.7% |
| VZ Verizon Communications Inc. | 2.63% | 134,582 | $5.9M | Reduce -11.5% |
| ES Eversource Energy | 2.57% | 81,245 | $5.8M | Reduce -11.7% |
| DUK Duke Energy Corp. | 2.53% | 45,928 | $5.7M | Reduce -11.8% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 2.46% | 60,349 | $5.5M | Reduce -13.5% |
| SO The Southern Co. | 2.44% | 57,844 | $5.5M | Reduce -11.6% |
| PM Philip Morris International | 2.42% | 33,496 | $5.4M | Reduce -11.9% |
| JNJ Johnson & Johnson | 2.40% | 29,143 | $5.4M | Reduce -11.8% |
| PRU Prudential Financial Inc. | 2.37% | 51,372 | $5.3M | Reduce -11.7% |
| CCI Crown Castle Inc. | 2.34% | 54,626 | $5.3M | Reduce -14.1% |
| MAIN Main Street Capital Corp. | 2.29% | 81,063 | $5.2M | Reduce -11.4% |
| CME Cme Group Inc. | 2.00% | 16,655 | $4.5M | New |
| UPS United Parcel Service Class B | 1.94% | 52,206 | $4.4M | Add +14.1% |
| OKE Oneok Inc. | 1.91% | 58,984 | $4.3M | Add +37.7% |
| PFE Pfizer Inc. | 1.89% | 166,436 | $4.2M | Reduce -14.3% |
| MRK Merck & Co. Inc. | 1.85% | 49,058 | $4.2M | Reduce -12.6% |
| PG The Procter & Gamble Co. | 1.65% | 24,108 | $3.7M | Reduce -12.2% |
| MCD McDonald's Corp. | 1.59% | 11,744 | $3.6M | Reduce -11.2% |
| UNP Union Pacific Corp. | 1.59% | 15,083 | $3.6M | New |
| VOYA Voya Financial Inc. | 1.51% | 45,505 | $3.4M | Reduce -11.2% |
| GIS General Mills Inc. | 1.45% | 64,801 | $3.3M | Reduce -17.4% |
| RIO Rio Tinto PLC-Spon ADR | 1.41% | 47,944 | $3.2M | Reduce -11.7% |
| SBUX Starbucks Corp. | 1.39% | 36,927 | $3.1M | Reduce -12.8% |
| LYB Lyondellbasell Indu Class A | 1.34% | 61,354 | $3.0M | Reduce -13.1% |
| ARE Alexandria Real Estate Equit | 1.07% | 28,541 | $2.4M | Reduce -12.1% |
| MDLV Morgan Dempsey LC Value ETF | 0.39% | 31,347 | $878K | Add +62.9% |
| EGY Vaalco Energy Inc. | 0.25% | 141,146 | $567K | Add +39.8% |
| BKTI BK Technologies Corp. | 0.19% | 5,062 | $427K | No change |
| DAC Danaos Corp. | 0.18% | 4,562 | $410K | Reduce -0.0% |
| TATT Tat Technologies Ltd. | 0.17% | 8,505 | $372K | Add +17.2% |
| ESP Espey MFG & Electronics Corp. | 0.14% | 8,039 | $318K | Reduce -10.1% |
| UCTT Ultra Clean Holdings Inc. | 0.13% | 11,075 | $302K | Add +28.9% |
| UFPT Ufp Technologies Inc. | 0.13% | 1,449 | $289K | Add +7.8% |
| POWL Powell Industries Inc. | 0.13% | 942 | $287K | Add +282.9% |
| MYRG MYR Group Inc./Delaware | 0.11% | 1,218 | $253K | No change |
| IVV iShares Core S&P 500 ETF | 0.11% | 375 | $251K | No change |
| SUB iShares Short-Term National | 0.10% | 2,080 | $222K | No change |
| FEIM Frequency Electronics Inc. | 0.10% | 6,578 | $222K | New |
| OPXS Optex Systems Holdings Inc. | 0.09% | 16,018 | $207K | New |
| HG Hamilton Insurance Grou Class B | 0.09% | 7,729 | $192K | No change |
| PDEX Pro-Dex Inc. | 0.08% | 5,469 | $185K | Add +33.1% |
| RSP Invesco S&P 500 Equal Weight | 0.08% | 970 | $184K | No change |
| NULV Nuveen ESG Large-Cap Val ETF | 0.08% | 4,108 | $180K | Reduce -11.0% |
| GRW TCW Durable Growth ETF | 0.08% | 5,464 | $174K | Add +31.9% |
| KE Kimball Electronics Inc. | 0.08% | 5,809 | $173K | Reduce -22.5% |
| SENEA Seneca Foods Corp. Class A | 0.07% | 1,558 | $168K | Reduce -27.6% |
| COHU Cohu Inc. | 0.07% | 7,609 | $155K | No change |
| CGCB Cap Group Core Bond | 0.07% | 5,622 | $149K | No change |
| HWKN Hawkins Inc. | 0.07% | 810 | $148K | Reduce -58.4% |
| OUSM Alps Oshares US Small-Cap Qu | 0.07% | 3,291 | $147K | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.06% | 214 | $143K | Add +52.9% |
| VLGEA Village Super Market Class A | 0.06% | 3,713 | $139K | No change |
| DIAL Columbia Divers Fix Inc. ETF | 0.06% | 6,888 | $127K | No change |
| TDTT NT Iboxx 3Y Dur Tips ETF | 0.05% | 4,926 | $120K | No change |
| MSFT Microsoft Corp. | 0.05% | 228 | $118K | Reduce -5.0% |
| IWD iShares Russell 1000 Value E | 0.05% | 558 | $114K | Reduce -4.1% |
| XLP SS Consumer Staples Sel Sect | 0.05% | 1,307 | $102K | Reduce -23.4% |
| AAPL Apple Inc. | 0.05% | 400 | $102K | Reduce -7.0% |
| TRNS Transcat Inc. | 0.04% | 1,352 | $99K | No change |
| IGF iShares Global Infrastructur | 0.04% | 1,445 | $88K | Add +31.2% |
| MFSI MFS Active International | 0.04% | 2,954 | $87K | Add +54.2% |
| IBIT iShares Bitcoin Trust ETF | 0.04% | 1,285 | $84K | Reduce -21.6% |
| BIPC Brookfield Infrastructure-A | 0.04% | 1,993 | $82K | No change |
| LLY Eli Lilly & Co. | 0.04% | 107 | $82K | No change |
| CAT Caterpillar Inc. | 0.04% | 165 | $79K | Reduce -8.3% |
| ATNI Atn International Inc. | 0.03% | 4,977 | $76K | No change |
| FBTC Fidelity Wise Origin Bitcoin | 0.03% | 751 | $75K | No change |
| MDY State Street SPDR S&P Midcap | 0.03% | 125 | $75K | No change |
| SPIP SS SPDR P Tips ETF | 0.03% | 2,734 | $72K | Reduce -12.7% |
| AM Antero Midstream Corp. | 0.03% | 3,561 | $69K | Add +1.2% |
| IVE iShares S&P 500 Value ETF | 0.03% | 280 | $58K | No change |
| DVYE iShares Emerging Markets Div | 0.02% | 1,839 | $55K | No change |
| KEQU Kewaunee Scientific CP | 0.02% | 1,231 | $53K | Reduce -70.9% |
| IVW iShares S&P 500 Growth ETF | 0.02% | 400 | $48K | No change |
| QQQ Invesco QQQ Trust Series 1 | 0.02% | 80 | $48K | Add +45.5% |
| V Visa Inc. Class A | 0.02% | 140 | $48K | No change |
| LSEQ Harbor Long-Short Equity ETF | 0.02% | 1,676 | $47K | No change |
| GILD Gilead Sciences Inc. | 0.02% | 350 | $39K | No change |
| EWJ iShares MSCI Japan ETF | 0.02% | 480 | $39K | No change |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.01% | 635 | $33K | Reduce -20.6% |
| COM Direxion Auspice BRD Cmdty | 0.01% | 1,056 | $30K | No change |
| PSX Phillips 66 | 0.01% | 214 | $29K | No change |
| HAS Hasbro Inc. | 0.01% | 361 | $27K | No change |
| PAVE Global X US Infrastructure | 0.01% | 545 | $26K | No change |
| ENB Enbridge Inc. | 0.01% | 493 | $25K | Reduce -33.2% |
| ABBV Abbvie Inc. | 0.01% | 100 | $23K | No change |
Options reported separately and not counted above: GD calls ($34K), WEC calls ($23K), XOM calls ($23K), C calls ($20K), T calls ($20K), ETR calls ($19K), JNJ calls ($19K), CVX calls ($16K), CSCO calls ($14K), KO calls ($13K), VZ calls ($13K), MAIN calls ($13K), and 16 more.
Portfolio Sells Q2 2025 → Q3 2025
| KHC The Kraft Heinz Co. | Reduce -99.5% | 0.01% | −1.79 |
| PM Philip Morris International | Reduce -11.9% | 2.42% | −0.50 |
| CCI Crown Castle Inc. | Reduce -14.1% | 2.34% | −0.39 |
| T AT&T Inc. | Reduce -11.7% | 4.08% | −0.37 |
| LYB Lyondellbasell Indu Class A | Reduce -13.1% | 1.34% | −0.37 |
| KO The Coca-Cola Co. | Reduce -11.7% | 2.69% | −0.36 |
| IBM Intl Business Machines Corp. | Reduce -11.6% | 3.02% | −0.34 |
| CSCO Cisco Systems Inc. | Reduce -11.7% | 3.48% | −0.28 |
| GIS General Mills Inc. | Reduce -17.4% | 1.45% | −0.25 |
| PRU Prudential Financial Inc. | Reduce -11.7% | 2.37% | −0.24 |
| SBUX Starbucks Corp. | Reduce -12.8% | 1.39% | −0.23 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Reduce -13.5% | 2.46% | −0.21 |
| PG The Procter & Gamble Co. | Reduce -12.2% | 1.65% | −0.18 |
| C Citigroup Inc. | Reduce -23.7% | 4.13% | −0.13 |
| VZ Verizon Communications Inc. | Reduce -11.5% | 2.63% | −0.12 |
| PFE Pfizer Inc. | Reduce -14.3% | 1.89% | −0.08 |
| SPNS Sapiens International Corp. | Sold out | 0.00% | −0.08 |
| KEQU Kewaunee Scientific CP | Reduce -70.9% | 0.02% | −0.08 |
| SO The Southern Co. | Reduce -11.6% | 2.44% | −0.07 |
| CMI Cummins Inc. | Reduce -28.8% | 2.87% | −0.07 |
| MCRI Monarch Casino & Resort Inc. | Sold out | 0.00% | −0.06 |
| XOM Exxon Mobil Corp. | Reduce -11.6% | 3.42% | −0.06 |
| HWKN Hawkins Inc. | Reduce -58.4% | 0.07% | −0.05 |
| DUK Duke Energy Corp. | Reduce -11.8% | 2.53% | −0.04 |
| WFC Wells Fargo & Co. | Reduce -11.1% | 3.06% | −0.03 |
| ESP Espey MFG & Electronics Corp. | Reduce -10.1% | 0.14% | −0.03 |
| MCD McDonald's Corp. | Reduce -11.2% | 1.59% | −0.03 |
| MRK Merck & Co. Inc. | Reduce -12.6% | 1.85% | −0.03 |
| SENEA Seneca Foods Corp. Class A | Reduce -27.6% | 0.07% | −0.02 |
| XLP SS Consumer Staples Sel Sect | Reduce -23.4% | 0.05% | −0.01 |
| VOYA Voya Financial Inc. | Reduce -11.2% | 1.51% | −0.01 |
| IBIT iShares Bitcoin Trust ETF | Reduce -21.6% | 0.04% | −0.00 |
| ENB Enbridge Inc. | Reduce -33.2% | 0.01% | −0.00 |
| SPIP SS SPDR P Tips ETF | Reduce -12.7% | 0.03% | −0.00 |
| HEI Heico Corp. | Reduce -31.9% | 0.00% | −0.00 |
| TMO Thermo Fisher Scientific Inc. | Sold out | 0.00% | −0.00 |
| BAC Bank of America Corp. | Reduce -20.6% | 0.01% | −0.00 |
| WST West Pharmaceutical Services | Sold out | 0.00% | −0.00 |
| TJX TJX Companies Inc. | Reduce -32.0% | 0.01% | −0.00 |
| NEE Nextera Energy Inc. | Reduce -36.2% | 0.00% | −0.00 |
| NULV Nuveen ESG Large-Cap Val ETF | Reduce -11.0% | 0.08% | −0.00 |
| MSFT Microsoft Corp. | Reduce -5.0% | 0.05% | +0.00 |
| IWD iShares Russell 1000 Value E | Reduce -4.1% | 0.05% | +0.00 |
| CAT Caterpillar Inc. | Reduce -8.3% | 0.04% | +0.01 |
| AAPL Apple Inc. | Reduce -7.0% | 0.05% | +0.01 |
| KE Kimball Electronics Inc. | Reduce -22.5% | 0.08% | +0.02 |
| DAC Danaos Corp. | Reduce -0.0% | 0.18% | +0.02 |
| MAIN Main Street Capital Corp. | Reduce -11.4% | 2.29% | +0.03 |
| PBA Pembina Pipeline Corp. | Reduce -11.8% | 2.95% | +0.04 |
| LMT Lockheed Martin Corp. | Reduce -11.3% | 2.96% | +0.05 |
Portfolio Buys Q2 2025 → Q3 2025
| CME Cme Group Inc. | New | 2.00% | +2.00 |
| UNP Union Pacific Corp. | New | 1.59% | +1.59 |
| OKE Oneok Inc. | Add +37.7% | 1.91% | +0.45 |
| MDLV Morgan Dempsey LC Value ETF | Add +62.9% | 0.39% | +0.17 |
| POWL Powell Industries Inc. | Add +282.9% | 0.13% | +0.11 |
| EGY Vaalco Energy Inc. | Add +39.8% | 0.25% | +0.10 |
| FEIM Frequency Electronics Inc. | New | 0.10% | +0.10 |
| OPXS Optex Systems Holdings Inc. | New | 0.09% | +0.09 |
| TATT Tat Technologies Ltd. | Add +17.2% | 0.17% | +0.07 |
| UCTT Ultra Clean Holdings Inc. | Add +28.9% | 0.13% | +0.05 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +52.9% | 0.06% | +0.03 |
| GRW TCW Durable Growth ETF | Add +31.9% | 0.08% | +0.02 |
| MFSI MFS Active International | Add +54.2% | 0.04% | +0.02 |
| IGF iShares Global Infrastructur | Add +31.2% | 0.04% | +0.01 |
| QQQ Invesco QQQ Trust Series 1 | Add +45.5% | 0.02% | +0.01 |
| UPS United Parcel Service Class B | Add +14.1% | 1.94% | +0.01 |
| PDEX Pro-Dex Inc. | Add +33.1% | 0.08% | +0.01 |
| AM Antero Midstream Corp. | Add +1.2% | 0.03% | +0.00 |
| PINS Pinterest Inc. Class A | New | 0.00% | +0.00 |
| SGOV iShares 0-3 Month Treasury B | Add +2100.0% | 0.00% | +0.00 |
| JEPQ JPM Nasdaq Equity Premium | Add +1.9% | 0.00% | +0.00 |
| B Barrick Mining Corp. | New | 0.00% | +0.00 |
| JEPI JPMorgan Equity Premium Inco | Add +400.0% | 0.00% | +0.00 |
| UFPT Ufp Technologies Inc. | Add +7.8% | 0.13% | −0.01 |
Options Activity Q2 2025 → Q3 2025
| KO The Coca-Cola Co. | call | New | 200 | $13K |
| MAIN Main Street Capital Corp. | call | New | 200 | $13K |
| CCI Crown Castle Inc. | call | Sold out | 100 | $10Kbefore exit |
| PFE Pfizer Inc. | call | New | 400 | $10K |
| SBUX Starbucks Corp. | call | New | 100 | $8K |
| WFC Wells Fargo & Co. | call | Reduce -50.0% | 100 | $8K |
| ES Eversource Energy | call | New | 100 | $7K |
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 |