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

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $312.3M Q1 2024 Q2 2024: $299.6M Q2 2024 Q3 2024: $291.1M Q3 2024 Q4 2024: $248.5M Q4 2024 Q1 2025: $239.8M Q1 2025 Q2 2025: $239.3M Q2 2025 Q3 2025: $224.9M $224.9M Q3 2025 Q4 2025: $205.2M Q4 2025 Q1 2026: $219.4M Q1 2026 Q2 2026: $233.4M Q2 2026

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
VWO Vanguard Ftse Emerging Marke 0.01% 396 $21K No change
KHC The Kraft Heinz Co. 0.01% 779 $20K Reduce -99.5%
IJR iShares Core S&P Small-Cap E 0.01% 162 $19K No change
MPWR Monolithic Power Systems Inc. 0.01% 19 $18K No change
IEF iShares 7-10 Year Treasury B 0.01% 172 $17K No change
EMR Emerson Electric Co. 0.01% 105 $14K No change
HON Honeywell International Inc. 0.01% 62 $13K No change
MARA Mara Holdings Inc. 0.01% 700 $13K No change
IEFA iShares Core MSCI Eafe ETF 0.01% 145 $13K No change
FXI iShares China Large-Cap ETF 0.01% 304 $13K No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.01% 83 $12K Reduce -32.0%
DVY iShares Select Dividend ETF 0.00% 75 $11K No change
HEI Heico Corp. 0.00% 32 $10K Reduce -31.9%
COST Costco Wholesale Corp. 0.00% 11 $10K No change
MDLZ Mondelez International Inc. Class A 0.00% 154 $10K No change
CWB SS SPDR BB Conv Sec ETF 0.00% 100 $9K No change
ICE Intercontinental Exchange Inc. 0.00% 50 $8K No change
ABT Abbott Laboratories 0.00% 61 $8K No change
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 0.00% 100 $8K No change
PEP Pepsico Inc. 0.00% 54 $8K No change
JEPQ JPM Nasdaq Equity Premium filed as J P MORGAN EXCHANGE TRADED F 0.00% 108 $6K Add +1.9%
CI The Cigna Group 0.00% 20 $6K No change
NEE Nextera Energy Inc. 0.00% 74 $6K Reduce -36.2%
TGT Target Corp. 0.00% 57 $5K No change
IWF iShares Russell 1000 Growth 0.00% 9 $4K No change
PINS Pinterest Inc. Class A 0.00% 100 $3K New
SGOV iShares 0-3 Month Treasury B 0.00% 22 $2K Add +2100.0%
JEPI JPMorgan Equity Premium Inco 0.00% 5 $273 Add +400.0%
B Barrick Mining Corp. 0.00% 5 $164 New
PESI Perma-Fix Environmental SVCS 0.00% 1 $10 No change
IDN Intellicheck Inc. 0.00% 1 $2 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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 122$233.4MBIL, C, CMI, ETR, CSCO
Q1 2026 123$219.4MXOM, C, T, ETR, CSCO
Q4 2025 125$205.2MC, CSCO, XOM, T, CMI
Q3 2025 131$224.9MC, T, WEC, CSCO, ETR
Q2 2025 129$239.3MT, C, CSCO, WEC, XOM
Q1 2025 110$239.8MT, PM, XOM, WEC, C
Q4 2024 104$248.5METR, C, T, XOM, CSCO
Q3 2024 99$291.1MIBM, XOM, LMT, T, WEC
Q2 2024 86$299.6MXOM, IBM, C, T, MRK
Q1 2024 85$312.3MPSX, XOM, IBM, C, MRK