Morgan Dempsey Capital Management LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Morgan Dempsey Capital Management LLC reported 125 stock positions worth $205.2 million. Its top holding was Citigroup (C) at 4.7% of the portfolio, followed by Cisco Systems (CSCO, 3.9%) and Exxon Mobil (XOM, 3.6%). Compared with Q3 2025, it opened 3 new positions, sold out of 9, added to 15 and reduced 38. The biggest buy was Pepsico (PEP, shares +37869%) and the biggest sale Pfizer (PFE, shares −98%).

Most Recent 13F
Q2 2026
Location
MILWAUKEE, WI
CIK
0001050463
Portfolio Value
$205.2M (Q4 2025)
SEC Filing
0001941040-26-000137 ↗ filed Feb 13, 2026

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 Q3 2025 Q4 2025: $205.2M $205.2M Q4 2025 Q1 2026: $219.4M Q1 2026 Q2 2026: $233.4M Q2 2026

Holdings 125 stocks · $205.2M
C Citigroup Inc. 4.72% 83,027 $9.7M Reduce -9.3%
CSCO Cisco Systems Inc. 3.89% 103,496 $8.0M Reduce -9.5%
XOM Exxon Mobil Corp. 3.62% 61,756 $7.4M Reduce -9.4%
T AT&T Inc. 3.56% 293,772 $7.3M Reduce -9.5%
CMI Cummins Inc. 3.44% 13,817 $7.1M Reduce -9.4%
WFC Wells Fargo & Co. 3.38% 74,489 $6.9M Reduce -9.2%
ETR Entergy Corp. 3.38% 75,086 $6.9M Reduce -9.4%
WEC WEC Energy Group Inc. 3.32% 64,571 $6.8M Reduce -9.3%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 3.13% 21,710 $6.4M Reduce -9.9%
GD General Dynamics Corp. 3.02% 18,424 $6.2M Reduce -9.3%
JNJ Johnson & Johnson 2.94% 29,162 $6.0M Add +0.1%
CME Cme Group Inc. 2.94% 22,071 $6.0M Add +32.5%
MDT Medtronic PLC 2.90% 61,476 $5.9M Reduce -9.4%
CVX Chevron Corp. 2.87% 38,665 $5.9M Reduce -9.4%
LMT Lockheed Martin Corp. 2.86% 12,118 $5.9M Reduce -9.2%
KO The Coca-Cola Co. 2.79% 81,874 $5.7M Reduce -9.5%
PBA Pembina Pipeline Corp. 2.75% 148,446 $5.7M Reduce -9.4%
BIL SS SPDR BB 1-3M T-Bill ETF 2.56% 57,512 $5.3M Reduce -4.7%
PRU Prudential Financial Inc. 2.56% 46,498 $5.2M Reduce -9.5%
VZ Verizon Communications Inc. 2.42% 121,808 $5.0M Reduce -9.5%
ES Eversource Energy 2.42% 73,596 $5.0M Reduce -9.4%
PM Philip Morris International 2.39% 30,251 $4.9M Reduce -9.7%
DUK Duke Energy Corp. 2.38% 41,599 $4.9M Reduce -9.4%
UPS United Parcel Service Class B 2.35% 48,617 $4.8M Reduce -6.9%
MRK Merck & Co. Inc. 2.31% 44,711 $4.7M Reduce -8.9%
SO The Southern Co. 2.22% 52,229 $4.6M Reduce -9.7%
OKE Oneok Inc. 2.22% 61,844 $4.5M Add +4.8%
MCD McDonald's Corp. 2.17% 14,543 $4.4M Add +23.8%
MAIN Main Street Capital Corp. 2.16% 73,426 $4.4M Reduce -9.4%
CCI Crown Castle Inc. 2.13% 49,258 $4.4M Reduce -9.8%
RIO Rio Tinto PLC-Spon ADR 2.07% 53,092 $4.2M Add +10.7%
UNP Union Pacific Corp. 1.55% 13,735 $3.2M Reduce -8.9%
VOYA Voya Financial Inc. 1.50% 41,275 $3.1M Reduce -9.3%
PEP Pepsico Inc. 1.45% 20,503 $3.0M Add +37868.5%
GIS General Mills Inc. 1.36% 60,129 $2.8M Reduce -7.2%
SBUX Starbucks Corp. 1.35% 32,986 $2.8M Reduce -10.7%
MDLV Morgan Dempsey LC Value ETF 0.47% 34,103 $967K Add +8.8%
EGY Vaalco Energy Inc. 0.26% 145,223 $529K Add +2.9%
DAC Danaos Corp. 0.21% 4,562 $430K No change
TATT Tat Technologies Ltd. 0.19% 8,505 $380K No change
ESP Espey MFG & Electronics Corp. 0.18% 8,039 $378K No change
FEIM Frequency Electronics Inc. 0.17% 6,578 $354K No change
BKTI BK Technologies Corp. 0.16% 4,453 $332K Reduce -12.0%
UFPT Ufp Technologies Inc. 0.16% 1,449 $322K No change
POWL Powell Industries Inc. 0.15% 942 $300K No change
NRC NRC Health filed as NATIONAL RESH CORP 0.14% 15,656 $296K New
UCTT Ultra Clean Holdings Inc. 0.14% 11,075 $281K No change
MYRG MYR Group Inc./Delaware 0.13% 1,218 $266K No change
IVV iShares Core S&P 500 ETF 0.13% 375 $257K No change
OPXS Optex Systems Holdings Inc. 0.11% 16,018 $227K No change
SUB iShares Short-Term National 0.11% 2,080 $222K No change
HG Hamilton Insurance Grou Class B 0.11% 7,729 $216K No change
SPY SS SPDR S&P 500 ETF Trust-US 0.10% 308 $211K Add +43.9%
PDEX Pro-Dex Inc. 0.10% 5,469 $210K No change
RSP Invesco S&P 500 Equal Weight 0.09% 970 $186K No change
NULV Nuveen ESG Large-Cap Val ETF 0.09% 3,977 $179K Reduce -3.2%
COHU Cohu Inc. 0.09% 7,609 $177K No change
SENEA Seneca Foods Corp. Class A 0.08% 1,558 $172K No change
GRW TCW Durable Growth ETF 0.08% 5,464 $170K No change
CGCB Cap Group Core Bond 0.07% 5,622 $149K No change
OUSM Alps Oshares US Small-Cap Qu 0.07% 3,291 $144K No change
VLGEA Village Super Market Class A 0.06% 3,713 $132K No change
DIAL Columbia Divers Fix Inc. ETF 0.06% 6,888 $126K No change
IWD iShares Russell 1000 Value E 0.06% 588 $124K Add +5.4%
TDTT NT Iboxx 3Y Dur Tips ETF 0.06% 4,926 $119K No change
HWKN Hawkins Inc. 0.06% 810 $115K No change
LLY Eli Lilly & Co. 0.06% 107 $115K No change
ATNI Atn International Inc. 0.06% 4,977 $115K No change
MSFT Microsoft Corp. 0.05% 228 $110K No change
AAPL Apple Inc. 0.05% 400 $109K No change
IGF iShares Global Infrastructur 0.05% 1,768 $108K Add +22.4%
XLP SS Consumer Staples Sel Sect 0.05% 1,307 $102K No change
CAT Caterpillar Inc. 0.05% 165 $95K No change
BIPC Brookfield Infrastructure-A 0.04% 1,993 $90K No change
MFSI MFS Active International 0.04% 2,954 $90K No change
PENG Penguin Solutions Inc. 0.04% 3,986 $78K New
MDY State Street SPDR S&P Midcap 0.04% 125 $76K No change
PFE Pfizer Inc. 0.04% 2,940 $73K Reduce -98.2%
SPIP SS SPDR P Tips ETF 0.03% 2,734 $71K No change
KE Kimball Electronics Inc. 0.03% 2,550 $71K Reduce -56.1%
AM Antero Midstream Corp. 0.03% 3,608 $64K Add +1.3%
IVE iShares S&P 500 Value ETF 0.03% 280 $59K No change
DVYE iShares Emerging Markets Div 0.03% 1,839 $57K No change
QQQ Invesco QQQ Trust Series 1 0.02% 82 $50K Add +2.5%
IVW iShares S&P 500 Growth ETF 0.02% 400 $49K No change
V Visa Inc. Class A 0.02% 140 $49K No change
LSEQ Harbor Long-Short Equity ETF 0.02% 1,676 $46K No change
EWJ iShares MSCI Japan ETF 0.02% 480 $39K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.02% 635 $35K No change
COM Direxion Auspice BRD Cmdty 0.02% 1,056 $31K No change
PAVE Global X US Infrastructure 0.01% 545 $26K No change
ABBV Abbvie Inc. 0.01% 100 $23K No change
VWO Vanguard Ftse Emerging Marke 0.01% 396 $21K No change
IJR iShares Core S&P Small-Cap E 0.01% 162 $19K No change
PG The Procter & Gamble Co. 0.01% 132 $19K Reduce -99.5%
MPWR Monolithic Power Systems Inc. 0.01% 19 $17K No change
IEF iShares 7-10 Year Treasury B 0.01% 172 $17K No change
IBIT iShares Bitcoin Trust ETF 0.01% 285 $14K Reduce -77.8%
EMR Emerson Electric Co. 0.01% 105 $14K No change
IEFA iShares Core MSCI Eafe ETF 0.01% 145 $13K No change

Show all 125 holdings

Options reported separately and not counted above: WFC calls ($123K), GD calls ($34K), XOM calls ($24K), C calls ($23K), WEC calls ($21K), JNJ calls ($21K), ETR calls ($18K), T calls ($17K), CSCO calls ($15K), CVX calls ($15K), VZ calls ($12K), MAIN calls ($12K), and 13 more.

Portfolio Sells Q3 2025 → Q4 2025
PFE Pfizer Inc. Reduce -98.2% 0.04% −1.85
PG The Procter & Gamble Co. Reduce -99.5% 0.01% −1.64
LYB Lyondellbasell Indu Class A Reduce -99.5% 0.01% −1.33
ARE Alexandria Real Estate Equit Sold out 0.00% −1.07
T AT&T Inc. Reduce -9.5% 3.56% −0.52
WEC WEC Energy Group Inc. Reduce -9.3% 3.32% −0.31
SO The Southern Co. Reduce -9.7% 2.22% −0.22
VZ Verizon Communications Inc. Reduce -9.5% 2.42% −0.21
CCI Crown Castle Inc. Reduce -9.8% 2.13% −0.21
PBA Pembina Pipeline Corp. Reduce -9.4% 2.75% −0.20
ES Eversource Energy Reduce -9.4% 2.42% −0.16
DUK Duke Energy Corp. Reduce -9.4% 2.38% −0.15
MAIN Main Street Capital Corp. Reduce -9.4% 2.16% −0.13
LMT Lockheed Martin Corp. Reduce -9.2% 2.86% −0.11
GIS General Mills Inc. Reduce -7.2% 1.36% −0.09
CVX Chevron Corp. Reduce -9.4% 2.87% −0.08
GD General Dynamics Corp. Reduce -9.3% 3.02% −0.06
ETR Entergy Corp. Reduce -9.4% 3.38% −0.05
TRNS Transcat Inc. Sold out 0.00% −0.04
KE Kimball Electronics Inc. Reduce -56.1% 0.03% −0.04
UNP Union Pacific Corp. Reduce -8.9% 1.55% −0.04
SBUX Starbucks Corp. Reduce -10.7% 1.35% −0.04
FBTC Fidelity Wise Origin Bitcoin Sold out 0.00% −0.03
IBIT iShares Bitcoin Trust ETF Reduce -77.8% 0.01% −0.03
PM Philip Morris International Reduce -9.7% 2.39% −0.03
BKTI BK Technologies Corp. Reduce -12.0% 0.16% −0.03
KEQU Kewaunee Scientific CP Sold out 0.00% −0.02
GILD Gilead Sciences Inc. Sold out 0.00% −0.02
VOYA Voya Financial Inc. Reduce -9.3% 1.50% −0.02
PSX Phillips 66 Sold out 0.00% −0.01
HAS Hasbro Inc. Sold out 0.00% −0.01
ENB Enbridge Inc. Sold out 0.00% −0.01
KHC The Kraft Heinz Co. Reduce -86.0% 0.00% −0.01
B Barrick Mining Corp. Sold out 0.00% −0.00
MDT Medtronic PLC Reduce -9.4% 2.90% +0.00
NULV Nuveen ESG Large-Cap Val ETF Reduce -3.2% 0.09% +0.01
BIL SS SPDR BB 1-3M T-Bill ETF Reduce -4.7% 2.56% +0.10
KO The Coca-Cola Co. Reduce -9.5% 2.79% +0.10
IBM Intl Business Machines Corp. Reduce -9.9% 3.13% +0.11
PRU Prudential Financial Inc. Reduce -9.5% 2.56% +0.19
XOM Exxon Mobil Corp. Reduce -9.4% 3.62% +0.20
WFC Wells Fargo & Co. Reduce -9.2% 3.38% +0.33
CSCO Cisco Systems Inc. Reduce -9.5% 3.89% +0.41
UPS United Parcel Service Class B Reduce -6.9% 2.35% +0.41
MRK Merck & Co. Inc. Reduce -8.9% 2.31% +0.46
CMI Cummins Inc. Reduce -9.4% 3.44% +0.57
C Citigroup Inc. Reduce -9.3% 4.72% +0.59

Portfolio Buys Q3 2025 → Q4 2025
PEP Pepsico Inc. Add +37868.5% 1.45% +1.45
CME Cme Group Inc. Add +32.5% 2.94% +0.94
RIO Rio Tinto PLC-Spon ADR Add +10.7% 2.07% +0.66
MCD McDonald's Corp. Add +23.8% 2.17% +0.58
JNJ Johnson & Johnson Add +0.1% 2.94% +0.54
OKE Oneok Inc. Add +4.8% 2.22% +0.30
NRC NRC Health New 0.14% +0.14
MDLV Morgan Dempsey LC Value ETF Add +8.8% 0.47% +0.08
SPY SS SPDR S&P 500 ETF Trust-US Add +43.9% 0.10% +0.04
PENG Penguin Solutions Inc. New 0.04% +0.04
IGF iShares Global Infrastructur Add +22.4% 0.05% +0.01
IWD iShares Russell 1000 Value E Add +5.4% 0.06% +0.01
EGY Vaalco Energy Inc. Add +2.9% 0.26% +0.01
VEA Vanguard Ftse Developed ETF New 0.00% +0.00
QQQ Invesco QQQ Trust Series 1 Add +2.5% 0.02% +0.00
JEPI JPMorgan Equity Premium Inco Add +1040.0% 0.00% +0.00
JEPQ JPM Nasdaq Equity Premium Add +19.4% 0.00% +0.00
AM Antero Midstream Corp. Add +1.3% 0.03% +0.00

Options Activity Q3 2025 → Q4 2025
WFC Wells Fargo & Co. call Add +100.0% 200 $123K
KO The Coca-Cola Co. call Sold out 200 $13Kbefore exit
PBA Pembina Pipeline Corp. call Sold out 300 $12Kbefore exit
MDT Medtronic PLC call Sold out 100 $10Kbefore exit

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